Equity Research General Disclaimer

• Equity Research is sourced from various third parties and Scotia Capital Inc.
• ScotiaMcLeod and Scotia iTRADE are divisions of Scotia Capital Inc. ("SCI").
• Opinions, estimates and projections contained in the research reports are of the author as of the date published and are subject to change without notice
• The research reports are not, and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities.
• Unless otherwise noted, all research reports provide information of a general nature and do not address the circumstances of any particular investor.
• Neither SCI nor its affiliates accept liability whatsoever for any investment loss arising from any use of the research reports or their contents.
• The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.
• The research reports and all the information opinions and conclusions contained in them are protected by copyright.
• Scotia Capital Inc., its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts mentioned herein as principal or agent.
• Scotia Capital Inc. and/or its affiliates may have acted as financial advisor and/or underwriter for certain of the corporations mentioned in the research reports and may have received and may receive remuneration for same.
• Specific disclaimers and disclosures that appear on the individual research reports may override these general disclaimers.
• The research reports may not be reproduced or distributed in whole or in part without express consent of SCI.
• The research reports are subject to change without further notice.

Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.