Sales and Marketing Disclosures
attached comments are a product of National Bank Financial Inc.
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 or any of its affiliates 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 or its affiliates are registered. Any
distribution or dissemination in any other jurisdiction is prohibited.
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
opinions expressed herein reflect a trading perspective. NBF or its affiliates may
publish fundamental research on the subject issuer(s), which may reflect a
different opinion. NBF or its affiliates’ clients should contact their respective
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 or its
affiliates may act as financial advisor, agent or underwriter for certain
issuers mentioned herein and may receive remuneration for its services. As well
NBF its affiliates 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
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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.
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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
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.
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.
respect to the distribution of this email in Hong Kong by NBC Financial Markets
Asia Limited ("NBCFMA")which is licensed by the Securities and
Futures Commission ("SFC") to conduct Type 1 (dealing in
securities) regulated activity, the contents of this email are solely for informational
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any regulator in Hong Kong. Nothing herein is a recommendation, advice, offer
or solicitation to buy or sell a product or service, nor an official
confirmation of any transaction. None of the products issuers, NBCFMA or its
affiliates or other persons or entities named herein are obliged to notify you
of changes to any information and none of the foregoing assume any loss
suffered by you in reliance of such information.
content of this email may contain information about investment products which
are not authorized by SFC for offering to the public in Hong Kong and such
information will only be available to, those persons who are Professional
Investors (as defined in the Securities and Futures Ordinance of Hong Kong
("SFO")). If you are in any doubt as to your status you should
consult a financial adviser or contact us. This material is not meant to be
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be conflicts of interest relating to NBCFMA or its affiliates'
businesses. These activities and interests include potential multiple advisory,
transactional and financial and other interests in securities and instruments
that may be purchased or sold by NBCFMA or its affiliates, or in other
investment vehicles which are managed by NBCFMA or its affiliates that may purchase
or sell such securities and instruments.
entity within the National Bank of Canadagroup, including NBF, is licensed or
registered with the SFC. Accordingly, such entities and their employees are not
permitted and do not intend to: (i) carry on a business in any regulated
activity in Hong Kong; (ii) hold themselves out as carrying on a business in
any regulated activity in Hong Kong; or (iii) actively market their services to
the Hong Kong public.
Bank of Canada Financial Markets is a trade name used by National Bank
Financial and National Bank of Canada Financial Inc.
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.