Maison Placements Canada Inc. — Legal Disclosure

Important Notice

Maison does not open accounts except in jurisdictions in which it is registered or in which it might otherwise lawfully offer its services.

Disclaimers & Disclosures

Below are links to our Legal disclosures and disclaimers:

Client Complaint Handling Procedures

Maison Placements Inc. prides itself in offering a high quality of service, however, if there is a complaint regarding the firm or any of its employees, we would ask that you bring it to our attention immediately in order that we may address it promptly.

Your first option is to contact your Investment Advisor with any questions or concerns you have for an immediate response. If you feel that your concern requires attention at a more senior level, we ask that you outline your issue in writing to our Chief Compliance Officer at Maison Placements Canada Inc, 130 Adelaide Street West, Suite 2116, Toronto, Ontario M5H 3P5. If you are unable to do so please contact the Compliance Department at (416) 947-6068 and we will assist you.

If the complaint needs to be escalated and a written complaint has been received by the firm or a phone conversation has transpired with the Chief Compliance Officer, Maison will acknowledge receipt of your complaint in writing within 5 business days and advise that we have initiated an investigation. We will advise you of the person who will be responsible for investigating the complaint. At Maison, all complaints are handled under the supervision of the Designated Complaints Officer who is also Maison’s Chief Compliance Officer.

Our investigation process consists of a complete review of all relevant documentation. The documents will be reviewed and discussions will be held with the appropriate parties. If there are further documents which you feel are relevant, we would ask you to forward them. In addition, you will have the opportunity to provide your personal input.

Upon completion of the investigation we will report to you in writing within 90 days of receipt of your written complaint the results of the investigation, our proposed course of action and any additional options available to you. If we expect the investigation will take longer than 90 days, we will advise you in writing and provide an estimated completion date.

In addition to, or in the alternative, you can also bring your complaint to the attention of the Investment Industry Regulatory Organization of Canada (IIROC), at 121 King St. W, 16th Floor, Toronto, ON, M5H 3T9 (phone 1-877-442-4322). A complaint form is available online at www.iiroc.ca. Other options include contacting the Ombudsman for Banking Services and Investments (OBSI), after 90 days have passed from the date of your complaint or receipt of our final response. OBSI may be contacted at P.O. Box 896, St. Adelaide, Toronto, ON, M5C 2K3 (phone 1-999-451-4519) or at www.obsi.ca. Please note that OBSI will not investigate any matter which has been submitted to arbitration or litigation.

Research Disclosures

Rating Structure

Number Rating: Our number rating system is a range from 1 to 5. (1=Strong Sell; 2=Sell; 3=Hold; 4=Buy; 5=Strong Buy) With 5 considered among the best performers among its peers and “1” is the worst performing stock lagging its peer group. A “3” would be market perform in line with the TSX market. UR is “under review” and is given to companies dealing with either a new issue or is waiting to clear. NR =we do not have an opinion.

Corporate commentaries in Gold addresses analysis of long-term factors, quarterly developments and sometimes changes since previous reports. Recommendations, if any are buys, sells or holds.

Ratings, however are short term in nature where the universe of followed companies are rated against each other, on a relative basis or an assessment of how that company will perform against or relative to the sector.

IIROC RULE 3400

Follow the following link to the IIROC's website to view IIROC RULE 3400

Analysts’ Disclosures

Disclosure Key:

1: At the end of the month preceding the date of issuance of the report or the end of the second most recent month if the issue date is less than 10 calendar days after the end of the most recent month, Maison Placements Canada Inc and its affiliates collectively beneficially own 1% or more of any class of the issuer’s equity securities.
2: Analyst or any associate of the analyst or any individuals directly involved in the preparation of this report hold or are short any of the issuer’s securities directly or through derivatives.
3: Any partner, director or officer of Maison Placements Canada Inc or any analyst involved in the preparation of the report during the preceding 12 months provided services to the issuer for remuneration other than normal course investment advisory or trade execution services.
4: Maison Placements Canada Inc has provided investment banking services for the issuer during the 12 months preceding the research report.
5: (employee name) who is a partner, director, officer employee or agent of Maison Placements Canada Inc is an officer, director or employee of the issuer, or serves in an advisory capacity to the issuer.
6: Maison Placements Canada Inc is making a market in an equity or equity related security of the issuer.
7: In the previous 12 months the analyst received compensation based on Maison Placements Canada Inc’s investment banking revenues.
8: Analyst has paid a visit to review material operations of the issuer with the past 12 months.
9: Analyst has received payment or reimbursement by the issuer for the analyst’s travel expenses within the past 12 months.

Analyst’s Certification

As to each company covered in this report, each analyst certifies that the views expressed accurately reflect the analyst’s personal views about the subject securities or issuers. Each analyst has not, and will not receive, directly or indirectly compensation in exchange for expressing specific recommendations in this report.

Analyst’s Compensation

The compensation of the analyst who prepared this research report is based upon in part; the overall revenues and profitability of Maison Placements Canada Inc. Analysts are compensated on a salary and bonus system. Some factors affecting compensation include the productivity and quality of research, support to institutional, investment bankers, net revenues to the equity and investment banking revenue as well as compensation levels for analysts at competing brokerage dealers.

Analyst Stock Holdings

Equity research analysts and members of their households are permitted to invest in securities covered by them. No Maison analyst, or employee is permitted to effect a trade in the security of an issuer whereby there is an outstanding recommendation for a period of thirty calendar days before and five calendar days after the issuance of the research report.

Dissemination of Research

Research is distributed via an email marketing service in pdf form. Electronic formats are available upon request.

Exchange Disclosures

Neo Exchange Inc.
As a shareholder of Aequitas Innovations Inc., the parent company of Neo Exchange Inc., Maison Placements Canada Inc. will have representation on the Aequitas Board of Directors. As a Canadian registered investment dealer bound by both internal and external requirements respecting the handling of client orders in a manner that provides each client with the most advantageous execution terms available, Maison Placements Canada Inc. will consider as part of its order routing protocol, execution opportunities on the Neo Exchange Inc.

General Disclosures

This report is approved by Maison Placements Canada Inc. (“Maison”) a Canadian investment dealer and a participating organization of the Toronto Stock Exchange and TSX Venture Exchange. Maison is a member of and is regulated by, the Investment Industry Regulatory Organization of Canada (IIROC). Maison is also a member of the Canadian Investor Protection Fund (CIPF).

The information contained in this report has been compiled by Maison from sources believed to be reliable, but no representation or warranty, express or implied, is made by Maison, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this report constitute Maison’s judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

Maison and its affiliates may have an investment banking or other relationship with the company that is the subject of this report and may trade in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Maison or their affiliates may at any time have a long or short position in any such securities, related securities or in options, futures, or other derivative instruments based thereon.

This report is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this report may not be eligible for sale in some jurisdictions. This report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction.

This material is prepared for general circulation to clients and does not have regard to the investment objective, financial situation or particular needs of any particular person. Investors should obtain advice on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, neither Maison, its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this report.

Membership Disclosures

Regulatory Memberships:

CIPF: Canadian Investor Protection Fund
IIROC: Investment Industry Regulatory Organization of Canada

Associations:
IIAC: Investment Industry Association of Canada

Exchange Memberships:
NEO: Neo Exchange Inc.

Participating Organizations
TSX: Toronto Stock exchange
TSXV: TSX Venture Exchange

Exchange Disclosures
Neo Exchange Inc.:
As a shareholder of Aequitas Innovations Inc., the parent company of Neo Exchange Inc., Maison Placements Canada Inc. will have representation on the Aequitas Board of Directors. As a Canadian registered investment dealer bound by both internal and external requirements respecting the handling of client orders in a manner that provides each client with the most advantageous execution terms available, Maison Placements Canada Inc. will consider as part of its order routing protocol, execution opportunities on the Neo Exchange Inc.

Website Disclaimer

DISCLAIMER

Terms of Use

By accessing this website, you signify your agreement and understanding of the following terms of use and legal information pertaining to both this website and any information contained in it. If you do not agree with the below terms, please do not access this website or any portion of it.

Use of Information

This website is made available to you for your lawful, personal, non-commercial use only. Unauthorized use, copy or reproduction and distribution of the materials on this site without prior written permission from Maison Placements Canada Inc is prohibited. You agree that this website and its content will not be used in any claims, proceedings, suits, or actions against Maison Placements Canada Inc or its directors, officers or employees.

Information on this Web Site

The information contained in this website is drawn from sources to be reliable, but the accuracy and completeness of the information is not guaranteed, nor in providing it does Maison Placements Canada Inc assume any liability. This website and its contents may be changed, updated, modified, or deleted at any time and without notice. This website contains links to third party websites. These links are provided solely as a convenience to you and not as an endorsement. Maison Placements Canada is not responsible for the content or accuracy of materials on third-party websites. If you decide to access linked third party websites, you do so at your own risk.

Trademarks

The tradesmarks, logos, service marks and other names, logos and icons identifying products and services displayed on this website are registered and unregistered trademarks of Maison Placements Canada Inc and others.

Solicitation & Advice

The information contained on this website does not constitute an offer to sell or solicitation to buy securities. This communication is directed only to persons resident in the jurisdictions in which Maison Placements Canada Inc is permitted to transact business in accordance with regulatory authorities. The information on this website is not to be considered as financial, legal, accounting or tax advice.

Damage

Maison Placements Canada Inc assumes no responsibility and shall not be liable for any damages to, or viruses that may infect, your computer equipment or other property on account of your access to, use of, or borrowing on the website or your downloading of any materials, data, text, or images from the website.

Applicable Law

These Terms shall be governed by the laws of the province of Ontario and the federal laws of Canada, applicable therein, and you agree to be bound by the laws of these jurisdictions.

Electronic Mail Disclaimers

Security of Electronic Communications

Acceptance of orders communicated via email, voice mail or any other electronic means, other than a dedicated order-entry system, creates a number of risks, such as delays in opening and executing instructions or inadequate instructions being provided by the client.   Clients are strongly discouraged from communicating order instructions via email.

Computer viruses can be transmitted via email. The recipient should check this email and any attachments for the presence of viruses. Maison Placements Canada Inc accepts no liability for any damage caused by any virus transmitted by this email.

Email transmission cannot be guaranteed to be secure or error-free, as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender, therefore, does not accept liability for any errors or omissions in the contents of this message which arise as a result of email transmission. If verification is required, please request a hard copy version.

Maison Placements Canada Inc reserves the right to monitor and retain all incoming and outgoing communications as permitted by applicable law.

Not an Offer to Sell Securities

The information contained in this email should not be construed as an offer, recommendation or solicitation to buy or sell securities or related financial instruments.

Privacy Statement

Please see our web-site:  www.maisonplacements.com

Please note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of Maison Placements Canada Inc.

Client Priority in TSX Venture Private Placements

It is a Maison Placements Canada Inc. principle that the interests of clients take priority over those of registrants. From time to time Maison Placements Canada Inc.becomes involved in small financings or might have a small participation in a larger financing for a TSX Venture Private Placement. As a client of Maison Placements Canada Inc. it is your responsibility to express your interest in any such private placements to your advisor. Under the firms Policies and Procedures any expression of client interest in a private placement will be immediately communicated by the advisor to a central location and we will ensure that client interest at the firm is satisfied before any pro participants.

Business Continuity Plan

We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data backup and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.

Our Carrying Broker – Fidelity Clearing Canada ULC (FCC) backs up our important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by FCC that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within 24 hours. Your orders and requests for funds and securities could be delayed during this period.

For more information – If you have questions about our business continuity planning, you can contact us at (416) 947-6068.

Client Unclaimed Property

Maison Placements Canada Inc. may be in possession of unclaimed property. If you believe you are an owner of such property, please contact us as indicated below. Inquiries and claims relating to specific holdings must be made in writing with any relevant information and evidence to support your claim to these assets. This information can include personal identifying information, details of the purchase of the property and/or addresses where you have resided during the period the property was held with Maison Placements Canada Inc.

This information can be directed to: Maison Placements Canada Inc. 130 Adelaide Street West, Suite 2116, Toronto, Ontario M5H 3P5 Attention: Compliance Department

Privacy Policy

Our Privacy Statement

An Important Message About Protecting Your Privacy

Maison Placements Canada Inc. (Maison) earns your trust by adhering to privacy principles in protecting your personal information. This notice is provided on behalf of Maison and its service providers.

Definition of Personal Information

The term "personal information" refers to information that specifically identifies you as an individual and is provided to or collected by us. It includes, for example, your name and address, age and gender, personal information records, identification numbers such as your social insurance number (SIN), and your employment information.

For business clients, "information" includes the above data plus names of officers, directors, owners, shareholders, jurisdiction of incorporation, financial information, and ownership structure.

Why We Ask for Your Personal Information

From time to time, Maison may collect financial and other information about you. This information includes transaction-related details arising from your relationship with us and with third parties with whom you negotiate through us. We may obtain this information from a variety of sources, including from you, from our records, and from references you provide to us. Finally, we may also collect information from credit reporting agencies, other financial institutions or service providers. When you open an account with us, you authorize us to collect this information during the course of our relationship.

Sharing Your Personal Information

The only occasions we are permitted to disclose client information is when it is authorized by the client or required or permitted by law.

We may use and share your personal information with our employees, third party agents employed by us, third party service providers and other financial institutions, but they will not share this information with others. The information will only be used for the following purposes:

to verify your identity and conduct background verification;

to operate your account and provide you with products and services you may request;

to better understand your financial situation;

to set up, manage and offer products and services;

if you provide us your social insurance number, we may share it with government authorities for tax purposes. We may share it with credit reporting agencies to ensure the accurate matching of credit history files; or

if you select to disclose or specifically direct us to disclose your personal information to a third party (as in the case where you request a product, such as a mutual fund or a service from a third party, after receiving information or to securities issuers under National Instrument 54-101).

We may also use or share your personal information in order to meet the requirements of legal and securities regulatory authorities and self-regulatory organizations including Market Regulation Services Inc., the Investment Industry Regulatory Organization of Canada, and the Canadian Investor Protection Fund (collectively, "SROs"). SROs collect, use or disclose such personal information obtained from registrants for regulatory purposes, including:

surveillance of trading-related activity;

sales, financial compliance, trade desk review and other regulatory audits;

investigation of potential regulatory and statutory violations;

regulatory databases;

enforcement or disciplinary proceeding; and

reporting to securities regulators.

Maison has summarized the ten principles, which have been built upon the values set by the Canadian Standards Association's Model Code for the Protection of Personal Information and Canada's Personal Information Protection and Electronic Documents Act (PIPEDA).

Accountability

Maison is responsible for maintaining and protecting client information under its control.

Identifying Purposes

The purposes for which customer information is collected shall be identified before or at the time the information is collected.

Consent

The knowledge and consent of the customer are required for the collection, use or disclosure of customer information except where required or permitted by law.

Limits to the Collection of Personal Information

Maison will limit the amount and type of personal information collected to which is necessary for its purpose. Personal information will be collected by fair and lawful means.

Limits to the Use and Disclosure of Personal Information

Maison will not use or disclose personal information for purposes other than those for which it was collected except with the consent of the individual or as required or permitted by law. Personal information will be retained only as long as necessary for the fulfillment of those purposes.

Accuracy

Maison will keep personal information as accurate, complete and up-to-date as necessary for its purposes.

Safeguarding Customer Information

Customer information is protected by security safeguards that are appropriate to the sensitivity level of the information. Every Maison employee, as a condition of employment, takes responsibility for protecting customer privacy, confidentiality and security. This obligation remains in effect even after an employee leaves Maison. Suppliers of services to Maison, such as data processing firms, are required to sign contracts obligating them to protect the privacy and confidentiality of personal information provided to them, to enable them to perform their function. Appropriate controls are in place over computer systems and these controls are reviewed on an ongoing basis to ensure compliance with our security and privacy policies.

Individual Access

Upon request in writing, clients shall be informed of the existence, use and disclosure of their information and shall be given access to it. Clients may verify the accuracy and completeness of their information, and may request that it be amended if appropriate.

 

Handling Customer Complaints and Suggestions

Questions and concerns regarding personal information held by Maison or about its compliance with the Maison’s Privacy Code can be answered by the Privacy Officer at Maison Placements Canada Inc. The Privacy Officer holds the Chief Compliance Officer position as well and can be reached at 416-947-6068.