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This document was compiled by National Bank Financial Inc. (“NBF”), a member of the Investment Industry Regulatory Organization of Canada (“IIROC”), and was produced for information purposes only. The information contained herein was obtained primarily from public third-party sources which we believe to be reliable but have not been validated by us and for which we assume no responsibility. This document does not express the views, opinions or analyses of NBF, is not a product of the NBF Research Department and is not to be construed as research commentary or a recommendation, solicitation or offer to buy or sell any securities or any other financial product or a commitment of any kind with respect to any transaction.  If NBF offers research on any of these securities it will be included in a separate document prepared and distributed by our Research department.  Please feel free to contact us at should you wish to access NBF’s research services. 

NBF is an indirect wholly owned subsidiary of National Bank of Canada (“NBC”). NBC is a public company listed on Canadian stock exchanges.  From time to time NBC and one or more of its subsidiaries may enter into lending or financial arrangements with, or provide investment banking or other advisory services to, one or more companies that are referenced in this document.  NBC and/or its affiliates, officers, directors or employees may have a position in the securities of any issuer or in options, futures or other derivative instruments based on those securities or in an index which includes the securities of an issuer, and may make purchases and/or sales of these securities from time to time in the open market or otherwise as principal or agent.  NBC and/or its affiliates may provide market commentary or trading strategies to clients that reflect opinions contrary to opinions expressed in this document or in any document to which a link is provided herein. 

NBF 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.

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