Research Disclosures

Research Disclosures

Leede Jones Gable Inc. (LJG) is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Research notes are not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular investing strategy. Data from various sources were used in the preparation of these documents; the information is believed but in no way warranted to be reliable, accurate and appropriate. All information is as of the date of publication and is subject to change without notice. Any opinions or recommendations expressed herein do not necessarily reflect those of LJG. LJG cannot accept any trading instructions via e-mail as the timely receipt of e-mail messages, or their integrity over the Internet, cannot be guaranteed. LJG employees may buy and sell shares of the companies that are recommended for their own accounts and for the accounts of other clients.

Canadian Disclosures

This research has been approved by Leede Jones Gable Inc. (LJG), which accepts sole responsibility for this research and its dissemination in Canada. LJG is registered and regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a Member of the Canadian Investor Protection Fund (CIPF). Canadian clients wishing to effect transactions in any designated investment discussed should do so through a LJG Registered Representative.

U.S. Disclosures

This research was prepared by Leede Jones Gable Inc. (LJG), a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). This report does not constitute an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. LJG is not registered as a broker-dealer in the United States and is not be subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. Any resulting transactions should be effected through a U.S. broker-dealer.

Dissemination

All final research reports are disseminated to existing and potential institutional clients of Leede Jones Gable Inc. (LJG) in electronic form to intended recipients thorough e-mail and third-party aggregators. Research reports are posted to the LJG website and are accessible to customers who are entitled the firm’s research. Reproduction of this report in whole or in part without permission is prohibited.

Rating Definitions

  • Buy: The security represents attractive relative value and is expected to appreciate significantly from the current price over the next 12 month time horizon.
  • Speculative Buy: The security is considered a BUY but carries an above-average level of risk.
  • Hold: The security represents fair value and no material appreciation is expected over the next 12 month time horizon.
  • Sell: The security represents poor value and is expected to depreciate over the next 12 month time horizon.
  • Under Review: The rating is temporarily placed under review until further information is disclosed.
  • Tender: Leede Jones Gable Inc. recommends that investors tender to an existing public offer for the securities in the absence of a superior competing offer.
  • Not Rated: Leede Jones Gable Inc. does not provide research coverage of the relevant issuer.