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5i Research (5i) is not a registered investment advisor. Any information, recommendations or statements of opinion provided here and throughout the 5i website are for general information purposes only. It is not intended to be personalized investment advice or a solicitation for the purchase or sale of securities. The information contained in this publication are obtained from, or based upon publicly available sources that we believe to be reliable. 5i makes no warranty as to their accuracy or usefulness of the information provided. Past performance is not indicative of future results. You further agree that 5i Research will not be liable for any losses or liabilities that may be occasioned as a result of the information or commentary provided. Do not buy or sell any stock without conducting your own due diligence or consulting an advisor. Opinions and views expressed throughout the 5i websites may change and/or differ from the opinions of individuals employed by 5i Research and/or affiliated companies. Employees of 5i Research involved in the research process cannot trade in Canadian traded stocks. Employees, directors, officers, related companies, and/or partners may hold a financial or other interest in funds or US and international securities mentioned. 5i Research is affiliated through common ownership with i2i Capital Management. Employees, directors, officers, and/or partners hold a financial or other interest in the i2i Long/Short US Equity Fund (i2i Fund) which from time to time may hold a financial or other interest in non-Canadian securities discussed throughout the 5i website. Clients of i2i Capital Managements Private Investment Counsel service (i2i PIC) may hold a financial interest in any companies discussed and the views of of i2i PIC may differ from the views of 5i Research. All information on this website is intended for Canadian residents only.