Important Investor Disclosures

Complete disclosures for companies covered by Raymond James can be viewed at Research Disclosures.

Raymond James Ltd. (RJL) Private Client Solution group prepared this newsletter. The views expressed are those of Private Client Solutions and may differ from fundamental research views. These opinions are based on historical technical data and the expectation of the most probable direction of a security or market. This outcome is not guaranteed. This newsletter does not constitute research coverage of any company and the opinions expressed are subject to change without notice.

Raymond James Ltd. (RJL) prepared this newsletter. Information is from sources believed to be reliable but accuracy cannot be guaranteed. It is for informational purposes only. It is not meant to provide legal or tax advice; as each situation is different, individuals should seek advice based on their circumstances. Nor is it an offer to sell or the solicitation of an offer to buy any securities. It is intended for distribution only in those jurisdictions where RJL is registered. This report is made widely available at the same time to all RJL Financial Advisers and is not posted to any publicly available website. RJL, its officers, directors, agents, employees and families may from time to time hold long or short positions in the securities mentioned herein and may engage in transactions contrary to the conclusions in this newsletter. RJL may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this newsletter. Securities offered through Raymond James Ltd., MemberCanadian Investor Protection Fund. Financial planning and insurance offered through Raymond James Financial Planning Ltd., not a MemberCanadian Investor Protection Fund.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The results presented should not and cannot be viewed as an indicator of future performance. Individual results will vary and transaction costs relating to investing in these stocks will affect overall performance.

Clients can also access our research at, if you do not have an account, please contact your advisor.

RJL is a member of Canadian Investor Protection Fund.