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 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.

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 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 otherwise. 


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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.

HK Residents

With 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 purposes. It has not been approved by, reviewed by, verified by or filed with 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.

The 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 marketing materials and is not intended for public distribution. Please note that neither this material nor the product referred to is authorized for sale by SFC. Please refer to product prospectus for full details.

There may 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.

No other 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.

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.