Sales and Marketing Disclosures

Sales and Marketing Disclosures

The attached comments are a product of National Bank Financial Inc. (“NBF”) (a Canadian Investment dealer, member of IIROC) and reflect the opinions of its author and reflect his/her personal views on the subject matter unless clearly indicated otherwise in writing.  The information is drawn from sources believed to be reliable but the accuracy and completeness of the information is not guaranteed, and in providing it, solely for the use of sophisticated institutional investors, neither the author of this document nor NBF assume any liability. The information is current as of the date on this document and is subject to change at any time.  Neither the author nor NBF assumes any obligation to update the information or advise on further developments relating to the topics or securities discussed. These comments are intended for distribution in those jurisdictions where the authors and NBF are registered. Any distribution or dissemination in any other jurisdiction is prohibited.

These comments alone are not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required by you in making an investment decision.

The opinions expressed herein reflect a trading perspective. NBF may publish fundamental research on the subject issuer(s), which may reflect a different opinion. NBF clients should contact their NBF representative to request such research material. These comments are not produced by the NBF Research Department, have not been reviewed by the NBF Research Department, and should not be considered a research product.  Consequently this commentary is not governed by rules applicable to the publication and distribution of research reports, including relevant restrictions or disclosures required to be included in research reports. 

NBF may engage in any trading strategies described herein for its own account and may, as market conditions change, amend or change its investment strategy including full and complete divestment.  NBF may act as financial advisor, agent or underwriter for certain issuers mentioned herein and may receive remuneration for its services. As well NBF and/or its officers, directors, representatives, associates, may have a position in the securities mentioned herein and may make purchases and/or sales of these securities from time to time in the open market or otherwise. 


E-mail” includes the e-mail and any attachments.  If a report is attached to this e-mail as a document or as a link, you should read the disclaimers and disclosures which form part of the relevant report.  To view company specific disclosures for any companies covered by NBF, please go to


National Bank Financial Inc. is a Canadian Investment dealer a member IIROC/CIPF and is  wholly owned by National Bank of Canada. National Bank Financial Inc. is an affiliate of National Bank of Canada Financial Inc., which is also a subsidiary of National Bank Financial.

This e-mail may not be reproduced or redistributed by any other person other than the named recipient.  If you are not the named recipient, please notify the author immediately and permanently destroy this e-mail and all copies of it.  Internet e-mail is not private, secure, or reliable.

UK Residents

In respect of the distribution of this report to UK residents, National Bank Financial Inc. has approved the contents (including, where necessary, for the purposes of Section 21(1) of the Financial Services and Markets Act 2000). National Bank Financial Inc. and/or its parent and/or any companies within or affiliates of the National Bank of Canada group and/or any of their directors, officers and employees may have or may have had interests or long or short positions in, and may at any time make purchases and/or sales as principal or agent, or may act or may have acted as market maker in the relevant securities or related financial instruments discussed in this report, or may act or have acted as investment and/or commercial banker with respect thereto. The value of investments can go down as well as up. Past performance will not necessarily be repeated in the future. The investments contained in this report are not available to retail customers. This report does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for the securities described herein nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

This information is only for distribution to Eligible Counterparties and Professional Clients in the United Kingdom within the meaning of the rules of the Financial Conduct Authority. National Bank Financial Inc. is authorised and regulated by the Financial Conduct Authority and has its registered office at 71 Fenchurch Street, London, EC3M 4HD. National Bank Financial Inc. is not authorised by the Prudential Regulation Authority and the Financial Conduct Authority to accept deposits in the United Kingdom.

US Residents

With respect to the distribution of this report in the United States of America, National Bank of Canada Financial Inc. (“NBCFI”) which is regulated by the Financial Industry Regulatory Authority (FINRA) and a member of the Securities Investor Protection Corporation (SIPC), an affiliate of NBF, accepts responsibility for its contents, subject to any terms set out above.  To make further inquiry related to this report, or to effect any transaction, United States residents should contact their NBCFI registered representative.  

National Bank of Canada Financial Markets is a trade name used by National Bank Financial and National Bank of Canada Financial Inc.

National Bank Financial Inc. or an affiliate thereof, owns or controls an equity interest in TMX Group Limited (“TMX Group”) and has a nominee director serving on the TMX Group’s board of directors. As such, each such investment dealer may be considered to have an economic interest in the listing of securities on any exchange owned or operated by TMX Group, including the Toronto Stock Exchange, the TSX Venture Exchange and the Alpha Exchange. No person or company is required to obtain products or services from TMX Group or its affiliates as a condition of any such dealer supplying or continuing to supply a product or service.