Maison Placements Canada Inc. — Legal Disclosure

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.

CIRO Investment Dealer and Partially Consolidated Rules

Follow the following link to the CIRO's website to view CIRO Investment Dealer and Partially Consolidated Rules

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.

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 Canadian Investment Regulatory Organization (CIRO). 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.

Maison Placements Canada Inc. is an investment bank owned by Mr. John Ing. Mr. Ing has more than 50 years' experience in investment banking, advising and research. Mr. Ing occupies multiple roles at Maison Placements Canada Inc. including President, Chief Executive Officer, Investment Banker and the Ultimate Designated Person responsible for ensuring that Maison Placements Canada Inc. complies with all industry rules. He is also a Registered Representative and an Analyst.

Maison Placements Canada Inc.’s policies and procedures regarding conflicts of interest are designed to avoid and to manage any perceived or actual conflicts of interest. Maison does not publish research covering any issuers that Mr. Ing has provided advisory or investment banking services to in the preceeding 12 months, or in the 12 months after Mr. Ing has provided such services. Education about what a potential or actual conflict is, the ability to identify a conflict and how to avoid them are the foundation of Maison Placement Canada Inc’s policies and procedures. Mr. Ing’s knowledge gained from his many years of industry experience coupled with monitoring of all his activities by the Head of Research and the Head of Capital Markets protects against conflicts of interest and ensures compliance.