This publication is a general market commentary and does not constitute a research report. Any reference to a research report or a recommendation is not intended to represent the

whole report and is not itself a research report or recommendation. This commentary is for informational purposes only and does not contain investment advice. This publication may be

wholly or partially based on industry rumour, gossip and innuendo and as such is not to be relied upon as investment advice. Not authorized for distribution into the United States or to U.S.

persons. Canaccord Genuity Wealth Management is a division of Canaccord Corp. Member – Canadian Investor Protection Fund.

Thursday, May 10, 2018 Follow us on Twitter @CGWM_MrngCoffee

Overnight Futures Source: Bloomberg

Contract Last Change

S&P/TSX Composite 15,920.00 0.25%

S&P/TSX 60 Index 940.30 0.00%

S&P 500 2,702.70 0.25%

NASDAQ Composite 6,910.75 0.23%

Dow Jones Mini 24,547.00 0.16%

Commodities & Currencies Source: Thomson ONE

Last Change

Change Crude Oil (US$/brrl) 71.15 3.03%

Gas (US$/mmbtu) 2.74 0.18%

Gold (US$/oz) 1312.10 -0.12%

Copper (US$/oz) 3.06 0.07%

Canadian Dollar 0.7778 0.74%

Bitcoin (US$) 9278.90 1.21%

10-Year Canada 2.28 0.00%

10-Year U.S. 3.01 -0.07%

Volatility Index (VIX) 13.41 -8.84% Taking a Great Step Forward

They say one man’s

trash is another man’s

treasure. Adidas heartily

concurs, announcing

recently that they sold a whopping one

million pairs of shoes made from

reclaimed ocean plastic in 2017. Adidas, you might recall, formed a

partnership with Parley for the Oceans a

couple of years ago. The plan was simple enough: harvest

plastic garbage, shred it and turn it into

PET thread, and then knit shoes out of

the thread. What started as a single pair of Adidas x

Parley shoes has grown into an entire

section of its own. Adidas now offers

shirts, hoodies, leggings, and all kinds of

other apparel made from ocean plastic

fibre.

Before the Bell Source: Thomson Reuters Stock futures pointed to a higher opening for Canada's main stock

index after Israel said it attacked nearly all of Iran's military

infrastructure in Syria. Wall Street futures were higher, while the U.S.

dollar fell, ahead of the U.S. inflation data scheduled for release later

in the day. European equities edged lower, weighed down by

disappointing results from BT and weakness among utility stocks. Asian

shares were broadly higher, pushed by energy stocks.

Stocks to Watch

• Enbridge Inc (ENB). The company’s first-quarter profit fell 30 percent

as Canada's biggest pipeline operator incurred higher costs for debt-

servicing and income taxes. Enbridge said it moved 2.63 million barrels

per day of crude oil on its Mainline system across Canada and the

United States during the quarter, up from 2.59 million bpd in the same

quarter of last year.

• Magna International Inc (MG). The auto parts maker posted a 14.3

percent rise in first-quarter profit, helped by higher demand for mirrors

and electronic components.

• Telus Corp (T). The telecom provider reported a 2.4 percent drop in

quarterly profit, hurt by higher operating expenses.

• TMX Group Ltd (X). The company posted first-quarter earnings on

Wednesday that beat Wall Street estimates, driven by strong

performance of its global solutions, insights and analytics business.

• Canadian Tire Corp (CTCa). The company said it would buy

Norway-based sportswear and work-wear brand Helly Hansen for

C$985 million, including debt. Canadian Tire said the deal, which will

close in the third quarter, will add to earnings immediately.

Further to its press release of February 15, Aurora Cannabis (ACB) Inc.

announced that, following the satisfaction of the escrow release

conditions related to Alcanna Inc.'s (Formerly: Liquor Stores NA (LIQ))

previous private placement with Aurora, 2.3M subscription receipts

were converted, on a one-for-one basis, into 2.3M common shares of

Alcanna.

Thursday, May 10, 2018 2018Page 2

Featured in Today’s Canaccord Genuity Global Morning Summary Click here for more

Rating Changes

United States(1) SLM Solutions Group AG (AM3D-DE | €30.65 | € 552 M) Upgrading on increasing conviction in growth,

attractive valuation Astronics Corporation (ATRO-NASDAQ | US$34.90 | US$ 1,191 M) Downgrading

Australia(3) Greencross Limited (GXL-ASX | A$4.18 | A$ 492 M) Earnings put down

Target Price and Estimate Changes Canada(1) Agellan Commercial REIT (ACR.UN-TSX | C$12.10 | C$ 409 M) Improved occupancy drives internal growth of

5.2% Athabasca Oil Corporation (ATH-TSX | C$1.91 | C$ 975 M) Looking past Q1's Perfect Storm Bird Construction Inc. (BDT-TSX | C$8.17 | C$ 348 M) Looking through a weak Q1/2018 Birchcliff Energy Ltd. (BIR-TSX | C$4.40 | C$ 1,170 M) Q1/18 Results in line – focused on liquids growth and gas

market diversification Centric Health Corp. (CHH-TSX | C$0.29 | C$ 60.3 M) Q1 review: cost cutting becomes a priority Freehold Royalties Ltd. (FRU-TSX | C$12.88 | C$ 1,523 M) Q1/18 results Gibson Energy (GEI-TSX | C$17.05 | C$ 2,432 M) The numbers may require some work to understand, but they

tell a good story Jamieson Wellness, Inc. (JWEL-TSX | C$23.64 | C$ 938 M) An in-line quarter, outlook remains robust Liquor Stores N.A. Ltd. (LIQ-TSX | C$9.48 | C$ 351 M) Cautious near-term outlook reiterated while same-store

sales remain weak Pollard Banknote Limited (PBL-TSX | C$21.15 | C$ 547 M) Q1 underscores strong demand; You gotta be in it to

win it Slate Office REIT (SOT.UN-TSX | C$7.58 | C$ 569 M) Temporary dilution weighs on results Superior Plus Corporation (SPB-TSX | C$13.50 | C$ 1,928 M) Upper end of updated 2018 guidance possible Solium Capital Inc. (SUM-TSX | C$10.13 | C$ 566 M) Just what the doctor ordered TSO3 Inc. (TOS-TSX | C$0.67 | C$ 63.4 M) Elevated cash burn highlights financing overhang, but FDA approval is

a substantial positive

United States(1) Asure Software (ASUR-NASDAQ | US$16.78 | US$ 212 M) That’s more like it – closing the gap on targets

Thursday, May 10, 2018 2018Page 3

The Chefs' Warehouse (CHEF-NASDAQ | US$25.10 | US$ 687 M) Maintaining BUY as operating leverage builds

steam Evolent Health (EVH-NYSE | US$16.60 | US$ 1,287 M) Solid start to year with two notable client wins Lipocine (LPCN-NASDAQ | US$1.14 | US$ 24.2 M) CRL as expected; Lipocine already working to address issues Natera (NTRA-NASDAQ | US$12.00 | US$ 650 M) NTRA beats Q1, sits on unique oncology liquid biopsy offerings Pandora Media (P-NYSE | US$7.50 | US$ 2,339 M) Three reasons for increased confidence Plug Power (PLUG-NASDAQ | US$2.00 | US$ 535 M) ITC inviting increased interest Ultragenyx Pharmaceutical (RARE-NASDAQ | US$59.40 | US$ 2,952 M) Transitioning to commercial with 2 drug

launches and developing 2 gene therapy assets SailPoint Technologies (SAIL-NYSE | US$25.80 | US$ 2,294 M) Continued execution; continued high valuation SolarEdge (SEDG-NASDAQ | US$55.65 | US$ 2,545 M) The beat (and raise) goes on Sientra (SIEN-NASDAQ | US$16.71 | US$ 473 M) All systems go as SIEN "re-emerges" as a share-taker with

inventory building through 2018; miraDry looks strong Sequential Brands Group (SQBG-NASDAQ | US$1.68 | US$ 106 M) Foundational work on key growth vectors is

beginning to take hold Savara (SVRA-NASDAQ | US$9.79 | US$ 299 M) 1Q/18 update: Savara setting up for a strong year of catalysts Synacor (SYNC-NASDAQ | US$1.80 | US$ 69.8 M) Solid Q1 with full year guidance reiterated Tutor Perini (TPC-NYSE | US$21.45 | US$ 1,300 M) Another strong backlog quarter Upland Software (UPLD-NASDAQ | US$29.26 | US$ 613 M) A younger version of Constellation Software?

Initiating Coverage

Canada(1) Nighthawk Gold Corp. (NHK-TSXV | C$0.59 | C$ 111 M) Preying on higher-grade gold at Colomac

Change in Coverage Canada(1) Franco Nevada Corp. (FNV-TSX | C$96.38 | C$ 17,920 M) Q1/18 - Solid quarter; dividend raised

Technical Analysis Canada(1) Canadian Technical Comment Buying Beta to add Alpha – Adding exposure to Cannabis Stocks TSX Turning Point May 10, 2018

Company Updates Canada(1) EcoSynthetix Inc. (ECO-TSX | C$1.75 | C$ 101.3 M) First look: Edging towards break-even; secures new DuraBind

customer

Thursday, May 10, 2018 2018Page 4

Gear Energy Ltd. (GXE-TSX | C$1.05 | C$ 204.7 M) Inventory lifting could boost Q2/18 results Kinross Gold Corporation (K-TSX | C$4.73 | C$ 5,944 M) Searching for common ground at Tasiast Keyera Corp. (KEY-TSX | C$35.14 | C$ 7.2 B) Q1/18 Review and outlook Northland Power Inc. (NPI-TSX | C$23.49 | C$ 4,112.4 M C$ 4.1 M) Q1/18 first look – Quarterly beat, but

guidance maintained Park Lawn Corporation (PLC-TSX | C$24.74 | C$ 571 M) Q1/18 preview: Margins rising RioCan REIT (REI.UN-TSX | C$23.45 | C$ 7,456 M) Strong internal growth drives 6.1% increase in FFO per unit Seabridge Gold (SEA-TSX | C$13.56 | C$ 790.2 M) New Gold Zones at Courageous Lake Yangarra Resources Ltd. (YGR-TSX | C$6.35 | C$ 529.8 M) $5.1M of Cardium land acquired in Q1/18

From the Bond Desk The Bank of England was in the market this morning, and as expected stayed the course with both rates and their

asset purchase targets (0.5% / 435B asset / 10B corp). U.K. money markets have now priced the chance of a hike

out of 2018, but we should get a better feel for that by the time BOE boss Mark Carney finishes his press

conference.

Market Movers Source: Bloomberg

Toronto 52-Week Highs:

Alvopetro Energy LTD ALV $0.40

Arch Biopartners INC ARCH $0.85

Athabasca OIL Corp ATH $1.98

Aumento Capital VII Corp AUOC/P $0.55

BNK Petroleum INC BKX $0.67

Baytex Energy Corp BTE $6.23

Canfor Pulp Products INC CFX $20.48

Constellation Software INC CSU $978.35

Circa Enterprises INC CTO $1.29

Dundee Precious Metals INC DPM $3.60

Enerplus Corp ERF $16.40

Geomega Resources INC GMA $0.12

Gear Energy LTD GXE $1.08

Intercontinental Gold AND ME ICAU $0.55

International Petroleum Corp IPCO $6.64

Intact Gold Corp ITG $0.76

Kirkland Lake Gold LTD KL $24.92

Largo Resources LTD LGO $2.03

Logistec Corp - Class B LGT/B $50.05

Midas Gold Corp MAX $1.15

MEG Energy Corp MEG $7.99

Mitel Networks Corp MNW $14.52

Martinrea International INC MRE $17.49

Nickel Creek Platinum Corp NCP $0.25

Nuvista Energy LTD NVA $9.39

Parex Resources INC PXT $23.90

Quantum International Income QIC $0.94

Questor Technology INC QST $3.93

Superior Plus Corp SPB $13.51

Suncor Energy INC SU $50.34

Transglobe Energy Corp TGL $2.76

Teranga Gold Corp TGZ $5.32

Torc OIL & GAS LTD TOG $8.08

Titanium Transportation Grou TTR $1.30

Tamarack Valley Energy LTD TVE $3.81

Waste Connections INC WCN $97.35

Wall Financial Corp WFC $26.89

Westhaven Ventures INC WHN $0.18

Avante Logixx INC XX $0.48

Thursday, May 10, 2018 2018Page 5

Toronto 52-Week Lows:

Alaris Royalty Corp AD $15.30

Antioquia Gold INC AGD $0.04

Ashanti Gold Corp AGZ $0.16

Aralez Pharmaceuticals INC ARZ $0.49

Argentum Silver Corp ASL $0.16

Astorius Resources LTD ASQ $0.06

Acuityads Holding INC AT $0.65

Allegiant Gold LTD AUAU $0.39

Batero Gold Corp BAT $0.07

Peekaboo Beans INC BEAN $0.38

Broadway Gold Mining LTD BRD $0.17

Contact Gold Corp C $0.33

Cogeco INC CGO $64.85

Callinex Mines INC CNX $0.22

Canadian Utilities Ltd-A CU $31.99

Canadian Utilities LTD B CU/X $32.10

Calibre Mining Corp CXB $0.06

3D Signatures INC DXD $0.15

Gowest Gold LTD GWA $0.06

Nobilis Health Corp HLTH $1.62

Iplayco Corp LTD IPC $0.42

Inventronics LTD IVX $0.10

Lico Energy Metals INC LIC $0.07

Liquor Stores N.A. LTD LIQ $8.49

Lxrandco Inc-Class B LXR $1.06

M2 Cobalt Corp MC $0.39

Mogo Finance Technology INC MOGO $2.85

Minaean SP Construction Corp MSP $0.16

Nickel Creek Platinum Corp NCP $0.23

Newrange Gold Corp NRG $0.21

Nuvo Pharmaceuticals INC NRI $2.95

Oyster OIL AND GAS LTD OY $0.23

Premium Brands Hold-Sub RCT PBH/R $117.28

Real Matters INC REAL $5.82

Skyscape Capital INC SKY/P $0.57

Five Star Diamonds LTD STAR $0.11

Green Organic Dutchman Holdi TGOD $3.50

Tso3 INC TOS $0.53

Trakopolis IOT Corp TRAK $0.53

Urbana Corp-Non Voting A URB/A $2.93

Uniserve Communications Corp USS $0.17

VON Capital Corp VON/P $0.15

Westjet Airlines LTD WJA $19.18

Wealth Minerals LTD WML $1.08

Yellowhead Mining INC YMI $0.25

Zincore Metals INC ZNC/H $0.03

U.S. 52-Week Highs:

Abiomed INC ABMD $361.83

Adobe Systems INC ADBE $240.15

Automatic Data Processing ADP $127.92

Aercap Holdings NV AER $55.75

Ansys INC ANSS $171.95

Anadarko Petroleum Corp APC $68.84

Aspen Technology INC AZPN $93.28

Brown-Forman Corp-Class B BF/B $57.15

Bio-Rad Laboratories-A BIO $283.96

Bio-Rad Laboratories -CL B BIO/B $284.25

BP PLC BPAQF $7.82

Broadridge Financial Solutio BR $114.43

Commerce Bancshares INC CBSH $65.69

Cullen/Frost Bankers INC CFR $118.77

Chemed Corp CHE $324.19

Continental Resources Inc/Ok CLR $68.84

CSL LTD CMXHF $129.75

Constellation Software INC CNSWF $755.69

Conocophillips COP $70.15

Copart INC CPRT $53.89

Salesforce.Com INC CRM $129.74

CSX Corp CSX $62.45

Cintas Corp CTAS $179.00

Citrix Systems INC CTXS $107.99

Docusign INC DOCU $44.87

Electronic Arts INC EA $132.44

Energen Corp EGN $70.27

Encompass Health Corp EHC $63.80

E*Trade Financial Corp ETFC $64.28

East West Bancorp INC EWBC $69.61

Expeditors Intl Wash INC EXPD $70.79

Experian PLC EXPGF $23.88

Diamondback Energy INC FANG $137.41

First Data Corp- Class A FDC $19.62

F5 Networks INC FFIV $172.41

Fidelity National Info Serv FIS $103.93

Fortinet INC FTNT $59.07

Godaddy INC - Class A GDDY $69.71

Hess Corp HES $63.67

Hollyfrontier Corp HFC $68.54

Interactive Brokers Gro-Cl A IBKR $80.32

Illumina INC ILMN $264.20

Thursday, May 10, 2018 2018Page 6

IHS Markit LTD INFO $51.38

Intuit INC INTU $193.68

LPL Financial Holdings INC LPLA $69.92

Lamb Weston Holdings INC LW $68.31

Mastercard INC - A MA $191.68

Mondi PLC MONDF $27.18

Marathon OIL Corp MRO $21.68

Noble Energy INC NBL $35.32

Bandai Namco Holdings INC NCBDF $34.69

Nasdaq INC NDAQ $90.33

NEW Relic INC NEWR $91.79

Sompo Holdings INC NHOLF $42.29

Servicenow INC NOW $180.98

Netapp INC NTAP $71.42

Nutanix INC - A NTNX $58.85

Nvidia Corp NVDA $255.87

Oneok INC OKE $65.49

Okta INC OKTA $49.57

Occidental Petroleum Corp OXY $83.82

Palo Alto Networks INC PANW $207.06

Parsley Energy Inc-Class A PE $33.41

Penumbra INC PEN $154.05

Proofpoint INC PFPT $127.84

Prada S.P.A. PRDSF $5.72

Pure Storage INC - Class PSTG $23.19

Phillips 66 PSX $118.59

PTC INC PTC $87.65

U.S. 52-Week Lows:

Alimentation Couche-Tard INC ANCTF $42.05

Altice USA Inc- A ATUS $16.25

Berry Global Group INC BERY $47.35

Canadian Utilities Ltd-A CDUAF $25.20

Celgene Corp CELG $81.05

Colgate-Palmolive CO CL $61.75

Comcast Corp-Class A CMCSA $30.43

Coca-Cola Femsa Sab-Ser L COCSF $5.87

Coty Inc-Cl A COTY $14.09

Dominion Energy INC D $62.31

Dish Network Corp-A DISH $28.93

Danske Bank A/S DNSKF $34.46

Dover Corp DOV $75.74

Grupo Carso SAB DE Cv-Ser GPOVF $3.05

Grupo Bimbo Sab- Series A GRBMF $2.08

Ingredion INC INGR $109.18

ING Groep NV INGVF $15.84

Middleby Corp MIDD $100.32

Pepsico INC PEP $95.94

Regeneron Pharmaceuticals REGN $281.89

Skandinaviska Enskilda Ban-A SVKEF $9.67

At&T INC T $31.17

Takeda Pharmaceutical CO LTD TKPHF $40.99

Unum Group UNM $37.64

Thursday, May 10, 2018 2018Page 7

Canadian Technical Comment In his latest piece, Canaccord Genuity Technical Analyst Javed Mirza highlights Nutrien (NTR), which Martin

Roberge recently made a fundamental case for adding exposure. The case for investment is powerful when

multiple disciplines align, Mirza notes. He points to a technical profile that is seeing improvement.

Nutrien (NTR) Daily (9 Months) Top Panel: MACD – The stock

remains on a short-term

“mechanical buy” signal, a

technical positive (see blue circle). Second Panel: SCTR – Relative

performance versus the TSX

Composite is improving, another

technical positive (see blue circle). Third Panel: Price – NTR is trading

below the 50/200-day moving

averages, a technical negative.

First support is near 58.25, then

55.14. First resistance is near the

200/50-day averages, currently at

59.85 and 61.09, respectively.

Important resistance is near 63.31,

then 66.22. Bottom Panel: Volume and On-

Balance-Volume are showing signs

of accumulation, another

technical positive (see blue circle).

Source: StockCharts.com, Canaccord Genuity Research Click here for more

Thursday, May 10, 2018 2018Page 8

Portfolio Strategy Indicator Mid-Week Market Observations In his latest piece, Canaccord Genuity North American Portfolio Strategist Martin Roberge notes the U.S. dollar

has been on a tear with the DXY rising ~5% since its February low at 88.59. While widening policy rate differentials

between the Fed and world central banks underpin the US$, how come the same backdrop could not prop the

US$ last year? The answer lies in growth differentials.

As the chart shows, last year the U.S.

economy was underperforming that in

Canada, Europe, U.K. and Japan. This year,

the momentum has reversed. Though the

U.S. economy has downshifted, the

slowdown is more pronounced elsewhere

as highlighted by falling spreads in the Citi

economic surprise indexes. This is why Roberge says he turned from

bearish to neutral on the DXY early this year.

As long as spreads are falling, the US$

should appreciate. Eventually, exchange

rates adjust, and weaker world currencies

should reflate world economies and shift

the momentum back outside the U.S. His

hunch is that this is a H2/18 story. Roberge expects the next leg down in the

US$ to bring the DXY to multi-year lows,

hence providing a final boost to

commodities. Meanwhile, Roberge says he

would not be surprised if the DXY re-rates to

its 200-wma at 94.66 while the euro drifts to

this average as well at ~1.15. As for the CDN$, Roberge doubts it falls

below 76 cents as the BoC will likely use this

bout of depreciation to lift its benchmark

rate on May 30 or July 11. Thus, Roberge

reiterates his 2018 year-end target of 92 for

the DXY, 1.22 for the euro and 78 cents for

the CDN$.

Click here for more

Thursday, May 10, 2018 2018Page 9

Canadian Equities of Interest Listed Alphabetically by Symbol

Aurora Cannabis* (ACB : $8.03), Net Change: 0.25, % Change: 3.21%, Vol: 5,743,920 Quest►6

Horizons Marijuana Life Sciences (HMMJ : $16.72), Net Change: 0.17, % Change: 1.03%, Vol: 233,937

"I shake it off, I shake it off." - Morning Coffee superfan T.Swift. Aurora reported FQ3 results that were below

Canaccord Genuity Life Sciences Neil Maruoka’s forecasts in a quarter muddied by the timing of the CanniMed

acquisition. As a result, he believes that investors should pay less attention to the headline numbers and focus on

underlying metrics, which are trending in a positive direction. While revenue for the quarter was in line with

Maruoka’s estimates, actual cannabis sales were below his forecasts on lower volumes and pricing. Nonetheless,

he is not concerned as production capacity and oil sales (driving higher average pricing) are expected to

increase into the second half of the year. For the quarter, Aurora reported an adjusted EBITDA loss of ($6.9 million) compared to Maruoka’s estimate of $0.7

million; however, he believes the company is growing expenses as it aggressively expands in Canada and

international markets. Maruoka believes Aurora is positioned to be a leading cannabis producer in Canada;

following the acquisition of CanniMed, the company has bolstered its medical strategy with a large cultivation

footprint and extraction capabilities. He remains bullish ahead of construction milestones for the Aurora Sky facility

(as well as the recently announced Aurora Sun) and the potential for a German production license in 2018.

Click here for more

CanWel Building Materials Group* (CWX : $7.33), Net Change: 0.53, % Change: 7.79%, Vol: 885,120 Quest►4

Built for success. Canaccord Genuity Engineering & Construction Yuri Lynk has raised his target price on CanWel,

amid a higher earnings forecast and stronger-than-expected Q1/2018 results. He continues to view CanWel as

an attractive investment given (1) its 8.2% dividend yield, (2) high degree of insider ownership, and (3) the upside

potential afforded by management’s plans to consolidate the highly fragmented treated wood industry. Q1/2018 adjusted-EBITDA was $15.6 million, exceeding Lynk’s $10.6-million estimate and consensus of $12.9 million.

The beat vis-a-vis was due to a 13% beat on revenue, better-than-expected gross margin (15.5% vs. 15.2%), and

better leverage on SG&A. Compared to Q1/2017, revenue increased 32% y/y due to 32% organic growth in the

U.S., 12% organic growth in Canada, and the Honsador acquisition boosting revenue by 19%. The average price

of benchmark SPF lumber increased 39% y/y in Q1/2018, which inflates CanWel’s top line, allowing an increasing

number of dollars to “drop down” to the bottom line. On a full-year basis, management believes SG&A as a percentage of sales will equate to ~10%. However, with

the seasonally strongest quarters of the year still to come, Lynk has difficulty getting to this figure and believes it

will be 80 bps lower. As is typical in the first quarter of the year, CanWel had a large working capital investment.

Because the North American construction season peaks in the third quarter, non-cash working capital related to

accounts receivable and inventory increased in Q1/2018, driving a $117 million investment in non-cash working

capital.

Click here for more

Enbridge* (ENB : $41.48), Net Change: 1.07, % Change: 2.65%, Vol: 3,401,285 Quest▼3

All yours, Northland. Enbridge announced it will sell a U.S. gas pipelines business and part of its renewable energy

assets for a combined US$2.5 billion, as it seeks to shed secondary assets and reduce its massive debt load. The

company has sealed a US$1.35-billion agreement with the Canada Pension Plan Investment Board (CPPIB) to sell

a 49% stake in wind and solar power assets in North America and Germany. It will also sell Midcoast Operating LP,

its U.S. gas pipelines unit, to an affiliate of private equity firm ArcLight Capital Partners LLC for US$1.12 billion. Both deals advance Enbridge’s goal of selling assets worth C$3 billion this year. Analysts note the company has

faced pressure from investors to sell assets that are not integral to its main oil and natural gas pipelines business

Thursday, May 10, 2018 2018Page 10

since its US$28-billion purchase last year of U.S.-based Spectra Energy. Enbridge currently has about US$61 billion

in long-term debt. “The sale of Midcoast is an important step in our shift towards a pure regulated pipeline and utility model,”

Enbridge CEO Al Monaco said in a statement. For the CPPIB, its deal with Enbridge represents the second bet in

as many months on renewable energy, as it takes advantage of low prices in the sector. The pension fund

manager said last month it would buy U.S. utility NextEra Energy Partners’ (NEP) wind and solar assets in Ontario

for about US$582 million. Canaccord Genuity Pipelines Analyst David Galison notes that Northland Power (NPI) recently ended a strategic

review unsuccessfully. The company initially started the strategic review in 2016 to find a partner with favourable

access to cheaper capital in order to more competitively pursue its development pipeline. As Northland has two

large offshore wind projects entering service in 2018 and two more in development, Galison says it begs the

question, could the new JV look to pursue Northland?

Click here for more

Kinross Gold* (K : $4.73), Net Change: -0.61, % Change: -11.42%, Vol: 10,675,590 Quest▲10

Meanwhile in Nouakchott...Kinross reported Q1/18 adj. EPS of 10c, ahead of Canaccord Genuity Mining Analyst

Carey MacRury’s and consensus estimates of 5c, driven by better production and sales and lower operating

costs. The company posted attributable production of 653.9 koz AuEq (CG est 625.4 koz) at cash costs of $658/oz

AuEq (CG est $714/oz AuEq). MacRury notes that much of the production beat came from Maricunga with

residual leaching continuing into 2018 (he had assumed no production from Maricunga). Excluding Maricunga,

overall production beat expectations by ~1%. Kinross maintained its 2018 guidance at 2.5Moz Au Eq (+/- 5%) at

cost of sales of $730 (+/-5%). BUT…………Kinross has received a request by the Government of Mauritania for “mutually beneficial discussions

respecting all of Kinross’ activities in Mauritania with a view to improving economic benefits to the country,

including the potential impact on the Phase Two expansion”. MacRury notes that Kinross has had a positive

relationship with the government over the past eight years and the request for discussions seems to suggest a

more rational approach to re-dividing the economic benefits than recently seen in other countries. The current tax regime consists of a 3% NSR royalty and a 25% corporate income tax rate. Tasiast represents 31%

of MacRury's mining NAV ($3.2 billion). Kinross noted that its application to convert the Tasiast Sud exploration

permit to an exploitation permit was rejected. Kinross is currently assessing the situation, including the potential

impact of the request on Tasiast Sud and the Phase Two expansion.

Click here for more

Nighthawk Gold* (NHK : $0.58), Net Change: -0.01, % Change: -1.69%, Vol: 94,900 Quest►4

Meanwhile at Indin Lake...Canaccord Genuity Precious Metals Analyst Tom Gallo has initiated bullish coverage

on Nighthawk, which has claim to a district-scale exploration gold project located in the Northwest Territories in

the Indin Lake Greenstone Belt. The expansive land package hosts a large inferred mineral resource (2.1Moz @

1.64g/t). Gallo says its strong management and technical team (~5% ownership) has identified new geologic

controls that have aided in the discovery of a high-grade trend, disrupting the previous low-grade model of the

flagship Colomac project. Nighthawk looks to post an updated resource (Q2/18), which could demonstrate the district’s high-grade

potential and act as a base for future development and resource expansion. Though early stage, Gallo says the

presence of a high-grade mineralization at Zone 1.5 (CG base case 1.8Mt averaging 5.5g/t Au for 0.39Moz) is an

indicator that more of the same material could exist on the property. He does not view Zone 1.5 as an anomaly;

rather, Gallo sees it as an opportunity to vector in on further high-grade ounces.

Thursday, May 10, 2018 2018Page 11

Gallo sees several compelling reasons to own the stock, including: 1) Ample exploration upside on NHK’s camp

scale property; 2) A 25,000m drill program in 2018 – this could prove up additional critical mass; 3) A pending

resource update (Q2/18), which he expects to outline high-grade Zone 1.5; 4) Ongoing metallurgical testing

focused on heap-leach case; 5) Demonstrated torque to the gold price, with CG having a favourable gold

outlook (forward curve derived long-term deck including US$1553/oz); and 6) A strong, supportive technical and

management team.

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Shopify* (SHOP : $187.60), Net Change: 2.09, % Change: 1.13%, Vol: 290,517 Quest►4

Next year marks the 30th anniversary of Field of Dreams. Feel old? Canaccord Genuity Enterprise Software Analyst

David Hynes Jr. highlighted Shopify yesterday, citing the adage, if you build it, they will come. One of the keys to

building a durable, global growth business is fostering a vibrant partner ecosystem – for both distribution and

technology – the latter of which Hynes Jr. says was on full display at Shopify’s Unite developer conference in

Toronto. Given this was an event for the tech crowd, new announcements focused almost entirely on product. Hynes Jr.

came away with two key conclusions: (1) Shopify is very clearly differentiating via the depth and breadth of its

partner ecosystem, which is driving an innovation flywheel that continues to separate the firm from its

competition, and (2) the company is in a multiyear stretch of foundational investments – international, product,

partner enablement – that will drive the next leg of growth. To Hynes Jr., this means it’s prudent to temper near-term expectations around margin expansion. On the other

hand, this also means it’s fair to assume that growth will probably not decay nearly as fast as analyst models

suggest. While a lack of meaningful near-term profitability will make Shopify volatile when investors’ appetite for

risk changes, Hynes Jr. continues to believe this stock should be a core growth holding. Being mindful of valuation,

Hynes Jr. thinks Shopify is fine here, but would look for pullbacks to be even more constructive buyers.

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TORC Oil & Gas* (TOG : $7.64), Net Change: 0.24, % Change: 3.24%, Vol: 7,984,697 Quest▲10

Good things come in threes. Canaccord Genuity Energy Analyst Anthony Petrucci notes that TORC yesterday

made three significant announcements that both reflect the current strength of the company and position the

company for continued outperformance: 1. A 10% increase in dividend; 2. Delineation of a new play that adds

150 drilling locations; and 3. Acquisition of 3,200 boe/d of production in its core area. Once again, by remaining well capitalized TORC has managed to be opportunistic and acquire top-tier assets

in its core area at an attractive valuation. In addition, the company’s foray into the frac'd Midale has seen

considerable initial success and will provide additional years of drilling inventory, in Petrucci’s view. This is similar

to the Torquay three years ago, which has now become a mainstay for the company. Both of these plays,

arguably, the company did not pay for, but rather were auxiliary benefits of acquiring quality assets with upside

potential. In Petrucci’s view, TORC continues to position itself for near-term growth in conjunction with long-term

sustainability. TORC announced a 10% bump to its dividend, increasing it to $0.264 annually, which is a yield of 3.6% on the

current share price. In 2019, Petrucci’s estimates suggest an all-in sustainability ratio of just 73%, while funding per

share growth of 6% at $60WTI. At current oil prices of $70 WTI, Petrucci estimates TORC would generate ~$450M in

cash flow, with spending of $200M in capex. Considering dividend obligations of ~$56M (pre-drip), this suggests

free cash flow of nearly $200M.

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Thursday, May 10, 2018 2018Page 12

Spin Master* (TOY : $53.57), Net Change: 3.65, % Change: 7.31%, Vol: 344,292 Quest►7

Paw Patrol update! Spin Master reported better-than-expected earnings results, with revenue of $286 million well

ahead Canaccord Genuity Consumer Products Analyst of Derek Dley’s $255-million estimate and up 26% YoY.

Adjusted EBITDA of $43 million was above consensus of $31 million, and his $35-million estimate. After adjusting for

a $15-million bad debt expense related to the pending bankruptcy of Toys “R” Us, adjusted EPS of $0.22 was

above consensus at $0.14 and Dley’s $0.18 estimate. Remote Control and Interactive Characters gross product sales led the way, jumping 96% YoY to $91 million,

driven by continued momentum from Hatchimals, and strong sales of Luvabella. Importantly, Paw Patrol returned

to growth during the quarter, with POS up low double-digit levels YoY, after declining in Q4/17 due to a delay in

promotional timing. Management commented that the age group for Paw Patrol is skewing older, leading to a

larger addressable market for the vertical. As expected, Spin Master was more than able to offset the weakness at Toys “R” Us through increased

international sales, which represented 36% of total sales during the quarter, up from 33% last year. Gross product

sales growth was notably strong in the Rest of the World, up 50% YoY, and Europe, with revenue increasing 33%

YoY. The company commented that China is exceeding its expectations and Spin Master plans to launch new

products in the region later this year. Spin Master’s balance sheet remains healthy, with the company boasting a net cash position of ~$8 million pro

forma the acquisition of GUND, which closed at the beginning of Q2/18. Dley believes Spin Master is well

positioned to remain a premier consolidator in the industry, while also having the ability to invest in its owned

content brands, which have generated robust growth, and typically carry higher margins, over the last two years.

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U.S. Macro Strategy May Picture Book In his latest piece, Canaccord Genuity Chief Market Strategist Tony Dwyer notes that we’ve gotten the expected

increase in volatility, and now he looks forward to the next leg higher. Talk of inflation driving long-term interest

rates higher, mid-term elections causing political upheaval, recognition of slowing global and domestic growth

from the peak, and a much more uncertain monetary policy all have investors on edge. That said, Dwyer thinks

the drivers of the nine-year bull market remain firmly in place: • Core inflation remains in the middle of its 30-year range, with Average Hourly Earnings growth flat over the past

two years. The higher average hourly earnings growth that caused a spike in rates in January has since been

revised and the most recent trend does not appear worrisome. • A still-positive yield curve, with no recession in sight. Dwyer again points to his study over recent months showing

that over the past seven economic cycles, a recession takes place a median 19 months after the initial date of

inversion of the 2-10yr U.S. Treasury yield spread. It has taken even longer over the past three cycles. • EPS likely up 25% in Q1/18 and over 20% for CY2018. Obviously, the 2017 tax cut legislation and improved

regulatory environment have helped ramp EPS for the current quarter and year. The great news is that top-line

growth should be up 8.4% for the quarter and mid- to upper-single digits the rest of the year. In addition, given

the current trend of the economic data and slope of the yield curve, it would take an economic catastrophe to

cause our 2018 operating EPS of $155 to be too high. • Record-high profit margins despite the fear labour inflation and higher input costs. Dwyer asks, have you ever

noticed the negatives are always considered dynamic, while the positives are considered static? Despite fear of

inflation hitting corporate profit margins, top-line growth and price flexibility must be in part responsible for record

high margins.

Thursday, May 10, 2018 2018Page 13

• Any valuation compression has been due to sharply higher earnings vs. any significant increase in rates over

the last three months. The SPX entered the year at 20x trailing 2017 operating EPS, and if the market is flat from

current levels by the end of the year, it would trade at just 17x with no significant increase in core inflation or

recession in sight. Fundamental, tactical and historical seasonality still suggest buying weakness. Dwyer thinks there is no doubt we

are entering a seasonally weaker period, but it should not be negative. It is essential to remember “the” peak of

a cycle comes well after the initial inversion of the 2-10yr UST yield curve that eventually results in a recession. Throughout this cycle, each intermediate-term correction feels like the fundamental backdrop is at risk, only to

ultimately realize that positive influences that drive Dwyer’s core thesis still exist. These include: 1) solid global

growth; 2) positive domestic activity driving EPS; 3) capital spending improvement; 4) real household median

incomes jumping with strong employment; and 5) the demographic-driven push to higher home ownership.

Dwyer would add to his overweight sectors of Financials, Info Tech and Industrials with an intermediate-term time

horizon.

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U.S. Equities of Interest Listed Alphabetically by Symbol

Boeing* (BA : US$344.50), Net Change: 6.13, % Change: 1.81%, Vol: 4,287,220 Quest►7

Taking their ball and going home. With the announcement that the U.S. is pulling out of the JCPOA, also known

as the Iran nuclear agreement, Canaccord Genuity Aerospace & Defense Analyst Ken Herbert has taken a look

at the potential implications. Of course, the increased risk to geopolitical affairs is a positive for defense stocks.

However, the implications for oil prices and the aerospace sector are more mixed. For example, rising crude prices are normally associated with periods of economic growth, which would be good

for both the demand for new aircraft as well as aftermarket demand. However, crude prices, if moving too fast,

can be a material risk to airline profitability. Herbert believes this could initially lead to less spend on older aircraft

(negative for the aftermarket) and be positive for the demand for new, fuel efficient aircraft, unless the overall

impact on airline profitability was substantial. In terms of direct impact, Boeing has options for 110 737 MAX and 30 777 aircraft with Iran Air that now appear

unlikely to get delivered. While these aircraft were not in the company’s firm backlog, the loss of the potential

777 orders is a setback, although these aircraft were not necessary for Boeing to hit its current 777 guidance. Note

that the strong demand for the 737 implies Boeing would have little trouble replacing these options. Across the industry, the most direct impact of the U.S. decision could be the impact on fuel prices. Note that since

January 1, crude prices are up ~14%, reflecting both the stronger economic outlook as well as incremental risk

around Iran. Herbert believes the impact on airline profitability, and discussion in the industry, will increase.

Specifically, he believes that markets that are more leveraged to absolute fleet growth have more risk than

markets where demand is more for replacement purposes.

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Walt Disney* (DIS : US$99.97), Net Change: -1.82, % Change: -1.79%, Vol: 17,968,859 Quest►5

What kind of car does Mickey drive? A mouserati. #DadJokes. Walt Disney’s quarterly profit topped Wall Street

forecasts, as higher returns from its theme parks and film studio offset ongoing pressure on the television business

from digital competition. The media conglomerate posted EPS of $1.84 for January through March, compared

with the $1.70 that analysts had expected.

Thursday, May 10, 2018 2018Page 14

Net income in the media networks unit, Disney’s largest division, fell 6% to $2.1 billion as ESPN continued to lose

subscribers. The results also were hurt by investments in streaming technology company BAMTech, which was

moved into the cable unit after Disney acquired a controlling stake to help its digital push. But the theme park

unit reported net income of $954 million, up 27% as attendance and guest spending rose; Disney raised some

single-day admission prices in February. CEO Bob Iger told analysts said the company would consider expanding

its parks business in China and other markets. “It doesn’t necessarily mean that we’re going to build something

anytime very soon, but we’re going to look,” he said. At the movie studio, profit hit $847 million, thanks largely to the success of superhero movie “Black Panther.” The

film from Disney’s Marvel Studios has exceeded expectations with $1.3 billion in global ticket sales, making it the

ninth-highest grossing film in movie history. In the meantime, Disney is attempting to close a $52-billion bid for film,

TV and international businesses from Fox (FOXA). The deal is under regulatory review and has been complicated

by U.S. cable operator Comcast’s (CMCSA) bigger offer for one of the businesses, Britain’s Sky.

TripAdvisor* (TRIP : US$47.62), Net Change: 8.84, % Change: 22.80%, Vol: 18,072,767 Quest▼3

First class, baby! TripAdvisor was helping investors upgrade their summer vacation plane tickets on Wednesday,

after posting Q1 results that came in ahead of expectations. For the quarter ended March 31, TripAdvisor posted

earnings of $0.30 per share on revenue of $378 million, handily beating the consensus of $0.15 on $360.8 million.

“We had a strong start to 2018,” CEO Steve Kaufer told analysts. “Our hotel results were ahead of our

expectations, and we delivered accelerated non-hotel revenue growth.” Unsurprisingly the company’s investor call was dominated by questions about Bokun. TripAdvisor announced its

acquisition of the Iceland-based tours and activities software platform in April. Kaufer said Bokun’s software

should, and would, be made available worldwide to make it easier and affordable for experience providers to

get their products in front of consumers. He added that the plan is to integrate Bokun and then “accelerate it

organically”. When asked about whether attractions would be included in TripAdvisor’s TV push, Kaufer said that as they were

part of the whole trip that the company feels it offers, attractions would be part of the marketing plan going

forward. Looking ahead, the company, which faces stiff competition from companies like Priceline (BKNG) and

Expedia (EXPE), now expects to deliver adjusted EBITDA growth in 2018, compared with its previous forecast for it

to remain flat.

Twilio* (TWLO : US$52.41), Net Change: 8.06, % Change: 18.17%, Vol: 9,253,495 Quest►6

It's pretty simple. Twilio delivered another strong quarter for Q1, with upside across the board, financially and

operationally; ex-Uber, base revenue grew 61% (vs 46% as reported) and net dollar expansion was an impressive

145% (vs 132% as reported); a record more than 5,000 customers were added in the quarter and ARPU grew over

9% y-o-y to $9.1K. Canaccord Genuity Enterprise Software Analyst Richard Davis says it’s pretty simple: it sure looks

like 2019E growth will be higher than the roughly 23% consensus that was out there before Tuesday n ight’s print.

Davis’ reasoning comes from experience and understanding Twilio’s fundamentals. First on the experience front,

no CFO ever wants to relive a guide down, so its assumed that Twilio was guiding conservatively. But even if you

adjust for that assumption, this was a quite strong quarter. Furthermore, the fact that the full-year guide added $18M more than the beat implies that outgoing CFO Lee

Kirkpatrick must be quite confident in the firm’s outlook because CFO’s almost never set the expectations bar too

high for their successors, Davis argues. On the fundamental front, Twilio has so many tools and use cases that it is

difficult to even approximate the impact of any one item to growth. Therefore, Davis thinks about Twilio along

use case demand for various channels such as Flex, its new programmable cloud centre technology that provides

omni-channel communications functionality (among other features). Stepping back further, for the past three years Davis says he’s been asserting that almost every application that

interacts with people will need a communications layer. Basically, Twilio enables firms to connect their customers’

Thursday, May 10, 2018 2018Page 15

needs to the organization's resources in real time. This can be a responsive SMS, a voice call with a call centre

rep or increasingly, a “conversation” with a pre-programmed natural language bot. If there is one thing Davis

says he’s 100% confident about, it is that the minimum standard for communications requires faster, more value-

added connectivity. Indeed.

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Walmart* (WMT : US$83.06), Net Change: -2.68, % Change: -3.13%, Vol: 32,116,476 Quest►6

Thank you, come again. Walmart announced it will pay $16 billion for roughly a 77% stake in Indian e-commerce

firm Flipkart, the U.S. retailer’s largest-ever transaction, in an attempt to compete with rival Amazon (AMZN) in a

key growth market. The company warned the deal would hurt fiscal 2019 earnings per share by 25-30 cents if the

deal closes before the end of the second quarter. Although some analysts were quick to point out Walmart has a very poor track record operating outside North

America, the deal opens a new front in Walmart’s battle with Amazon, which had expressed interest in making a

competing offer for a stake. Amazon currently holds about 27% of India’s burgeoning e-commerce market,

according to Euromonitor, where Walmart operates only 21 cash-and-carry wholesale stores in the country that

sell to businesses. The purchase is about “setting the company up for growth and profits in the future,” Walmart CEO said on a call

with investors, nothing Flipkart’s logistics, payments and apparel businesses offer new areas of growth. Indeed,

Flipkart sells consumer goods ranging from soaps to smartphones and clothes, and gives Walmart access to an

e-commerce market that could be worth $200 billion a year within a decade.

Coffee Beans Now we know what taken to the cleaners means. The busy business traveler will definitely need to make sure the

suits are clean before jumping on the next flight to Oslo. Dry cleaning a suit in the Norwegian capital will set you

back $50, a price that’s a whopping 30% above the European average, according to a study by the U.K.-based

on-line dry-cleaning service Zipjet. The world’s cheapest? Jakarta, where it costs just a little over $2. Oslo, of

course, also offers high wages, so cleaning a suit is covered by working just 2.3 hours at the minimum wage. By

that measure, it would take 22.2 hours in the world’s most expensive city, Lagos. The cheapest is Dubai, where

you’d have to work just 0.5 hours. Comparing the price of dry cleaning services in 100 cities around the world,

the study also revealed that Russians were the biggest spenders on dry cleaning services, followed by the U.S.

and Brazil. (Bloomberg) A Belgian driver was shocked to learn recently that his compact economy car had a top speed of over 600 km/h.

That was according to a speed camera citation mailed to him that said his Opel Astra, (which is sold here as the

Chevy Cruze), was clocked doing 654 kilometres per hour in a 50 km/h zone. The ticket came with a fine for 6,579

euros, but he didn’t have to pay it. According to DriveTribe, he brought the matter to the police and they

admitted the malfunction and let him off the hook. (Fox news)

Expected Earnings Source: Thomson Reuters

Algonquin Power & Utilities Corp (AQN). Expected Q1 earnings of 24 Canadian cents per share

Aptose Biosciences Inc (APS). Expected Q1 loss of 9 Canadian cents per share

Brookfield Asset Management Inc (BAMa). Expected Q1 earnings of 16 cents per share

Canadian Tire Corporation Ltd (CTCa). Expected Q1 earnings of C$1.38 per share

CES Energy Solutions Corp (CEU). Expected Q1 earnings of 6 Canadian cents per share

Thursday, May 10, 2018 2018Page 16

Chartwell Retirement Residences (CSH_u). Expected Q1 earnings of 16 Canadian cents per share

CI Financial Corp (CIX). Expected Q1 earnings of 59 Canadian cents per share

Diversified Royalty Corp (DIV). Expected Q1 earnings of 3 Canadian cents per share

Emera Inc (EMA). Expected Q1 earnings of 81 Canadian cents per share

Equitable Group Inc (EQB). Expected Q1 earnings of C$2.34 per share

Extendicare Inc (EXE). Expected Q1 earnings of 43 Canadian cents per share

Finning International Inc (FTT). Expected Q1 earnings of 39 Canadian cents per share

High Arctic Energy Services Inc (HWO). Expected Q1 earnings of 9 Canadian cents per share

Industrial Alliance Insurance and Financial Services Inc (IAG). Expected Q1 earnings of C$1.21 per share

Intelgenx Technologies Corp (IGX). Expected Q1 loss of 2 cents per share

Magna International Inc (MG). Expected Q1 earnings of $1.70 per share

MEG Energy Corp (MEG). Expected Q1 loss of 17 Canadian cents per share

Power Financial Corp (PWF). Expected Q1 earnings of 80 Canadian cents per share

Ritchie Bros. Auctioneers Inc (RBA). Expected Q1 earnings of 17 cents per share

Sienna Senior Living Inc (SIA). Expected Q1 earnings of 53 Canadian cents per share

Stantec Inc (STN). Expected Q1 earnings of 45 Canadian cents per share

Stars Group Inc (TSGI). Expected Q1 earnings of 49 cents per share

Strad Energy Services Ltd (SDY). Expected Q1 loss of 3 Canadian cents per share

Telus Corp (T). Expected Q1 earnings of 75 Canadian cents per share

Trican Well Service Ltd (TCW). Expected Q1 earnings of 6 Canadian cents per share

Wheaton Precious Metals Corp (SLW). Expected Q1 earnings of 15 cents per share

THE LAST DROP: Dr. Dre is not a medical doctor nor is he qualified to provide any type of medical services or sell

products specifically in the medical or healthcare industry.

– Pennsylvania gynecologist Draion M. Burch, fighting a lawsuit from hip-hop mogul Dr. Dre,

while seeking to trademark his name as Dr. Drai

Quest®: Canaccord Genuity’s proprietary online valuation and analytical tool which combines consensus

market figures with the Quest® Discounted Cash Flow (DCF) Valuation Model. Quest® triAngle is Canaccord Genuity’s proprietary 15-factor, stock-picking tool, which systematically measures

Value, Quality and Momentum and presents the results in a simple, easy to understand score. It takes a multi-

pronged approach to Value, Quality and Momentum using five factors for each component, which adds more

consistency of performance unlike a reliance on one single measure. It uses a mix of historic and forecast data,

and combines absolute valuation data with comparisons relative to history. The triAngle is designed to

generate stock ideas and provide a consistent framework for analysis of portfolio holdings. How the triAngle score is calculated * Canaccord Genuity and its affiliated companies may have a Corporate Finance or other relationship with the

company and may trade in any of the Designated Investments mentioned herein either for their own account

or the accounts of their customers, in good faith and in the normal course of market making. The authors have

Thursday, May 10, 2018 2018Page 17

not received, and will not receive, compensation that is directly based upon or linked to one or more specific

Corporate Finance activities, or to coverage contained in the Morning Coffee. 1. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX)

The recommendations and opinions expressed in this research report accurately reflect the Investment

Analyst’s personal, independent and objective views about any and all the Designated Investments and

Relevant Issuers discussed herein. 3. Canaccord Genuity (Australia) Limited is the Australian affiliate of global capital markets group Canaccord

Genuity Group Inc. (CF : TSX). The recommendations and opinions expressed in this research report accurately

reflect the Analyst’s personal, independent and objective views about any and all the designated investments

and relevant issuers discussed herein.