Canaccord Genuity Company Disclosures

For company specific disclosures and 12-month recommendation history search companies by name

Disclosures for company {{LastSelectedCompany.Name}}

Required Company-Specific Disclosures

None

Quest^® 12 month recommendation history for {{LastSelectedCompany.Name}}

Date	Recommendation	Quest^® value/sh	Analysts	Market price	Direction
{{coverage.PublishDate \| jsDate}}	{{coverage.Recommendation}}	{{coverage.QVPSFormatted}} *	{{coverage.Analysts}}	{{coverage.SharePriceFormatted}}	{{coverage.Direction}}

* Adjusted Quest^® value

Important Disclosures

Quest® is produced by Canaccord Genuity Limited which is authorised and regulated by the Financial Conduct Authority (FCA). For the purposes of UK regulation Canaccord Genuity Limited (“CGL”) produces non-independent research which is a marketing communication under the Financial Conduct Authority (FCA) Conduct of Business Rules and an investment recommendation under the Market Abuse Regulation and is not prepared in accordance with legal requirements designed to promote the independence of investment research, nor is it subject to any prohibition on dealing ahead of the dissemination of investment research. However, Canaccord Genuity Limited does have procedures in place to identify and manage conflicts of interest which may arise in the production of non-independent research, which include preventing dealing ahead and Information Barrier procedures. For purposes of FINRA Rule 2241, this publication is considered third-party research. Further detail on Canaccord Genuity Limited’s conflict management policies can be accessed at the following website (provided as a hyperlink if this report is being read electronically): http://www.canaccordgenuity.com/en/cm/SiteInformation/Disclaimer/UK-Disclosures/.

All share price data is as of close of business on the previous business day unless otherwise stated.

Analyst Certification

Each authoring Quest^® analyst and/or sales person of Canaccord Genuity Limited whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the author’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein and (ii) the author’s compensation was, is, or will be split into 2 elements: 1) a fixed base salary amount and 2) a variable discretionary bonus amount which is based on, amongst a number of factors, commission revenues generated by CGL. Such commission revenues include commissions received by CGL that were, are, or will be, directly or indirectly, related to the specific recommendations or views expressed by the author in this research or public appearance. Opinions and recommendations set forth in my Research Reports and/or Sales Notes may be influenced by such variable compensation.

Analysts and salespersons employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account

Quest^® Methodology

Quest^® is an analytical tool that involves use of a set of proprietary quantitative algorithms and value calculations to derive a number of corporate performance and valuation metrics, including assigning a Default Quest^® value per share and generating a triAngle Score, which is a relative ranking based on a number of operational and valuation metrics. These algorithms and value calculations are consistently applied to all the companies included in the Quest^® database. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders. As the thirdparty data are updated, the triAngle Score generated by Quest^®, and the Default Quest^® value per share may change. The default variables may also be adjusted by the user to produce alternative values, any of which could occur. Additional information about the Quest^® methodology is available on request.

Risks to Quest^® Value Per Share

Quest^® valuation uses a set of future assumptions to generate a discounted cash flow valuation for each company. These are based either on a combination of consensus forecasts, default Quest^® algorithms and any adjustments which the author has made as defined within this note. The key risks to this scenario centre around whether the forecasts and assumptions used will be validated over time. This includes the effects of the macro economic environment, changes to political landscape in the company’s markets and exchange rate fluctuations. Aside from this, the competitive landscape in the industry may change, influencing the company’s ability to sustain its level of cash flow returns. The company’s own execution of it strategy may also be influential. In addition, any unforeseen change in the company’s strategic objectives to the extent that they change the company’s assets, the financial structure of the company and the cash flow generated.

Past performance

In line with Article 44(4)(b), MiFID II Delegated Regulation, we disclose price performance for the preceding five years or the whole period for which the financial instrument has been offered or investment service provided where less than five years.
Please note price history refers to actual past performance, and that past performance is not a reliable indicator of future price and/or performance.

Quest^® Distribution Rating History (as of {{LatestRatingHistory.PublishDate | jsDate}})

Date	Author	Rating	Quest^® value/sh
{{companyHistory.PublishDate \| jsDate}}	{{companyHistory.Analysts}}	{{companyHistory.Recommendation}}	{{companyHistory.QVPSFormatted}} *

* Adjusted Quest^® value

Note: Data from the launch of New Quest^® in May 2015

Quest^® Distribution of Ratings

Rating	Number of Recommendations		IB Clients
	#	%	%
{{ratingDistributionHistory.Recommendation}}	{{ratingDistributionHistory.RecommendationCount}}	{{ratingDistributionHistory.RecommendationPercentage}}	{{ratingDistributionHistory.IBClientPercentage}}

Note: Data from the launch of New Quest^® in May 2015

Quest^® Ratings

Quest^® Ratings are as of the date of the relevant publication only. Canaccord Genuity Limited does not undertake to update its Quest^® recommendations or research within a specified timeframe.

Quest^® Ratings:

BUY:We believe the stock to be undervalued on a net present value basis at the time of writing. This analysis can be based on the default Quest^®-based DCF model; alternatively, it can be based on an adjusted DCF model or other valuation metrics.

HOLD:We believe the stock to be fairly valued on a net present value basis at the time of writing. This analysis can be based on the default Quest^®-based DCF model; alternatively, it can be based on an adjusted DCF model or other valuation metrics.

SELL:We believe the stock to be overvalued on a net present value basis at the time of writing. This analysis can be based on the default Quest^®-based DCF model; alternatively, it can be based on an adjusted DCF model or other valuation metrics.

Short-Term Trade Ideas

Authoring Analysts may discuss “short-term trade ideas” in research reports. A short-term trade idea offers a near-term view on how a security may trade, based on market and trading events or catalysts, and the resulting trading opportunity that may be available. Separately, Canaccord Genuity may offer fundamental research on such securities. Any such trading strategies discussed in research reports are distinct from and do not affect the Canaccord Genuity research analysts' fundamental equity rating for such stocks. A short-term trade idea may differ from the price targets and recommendations in our published research reports that reflect the research analyst's views of the longer-term (i.e. one-year or greater) prospects of the subject company, as a result of the differing time horizons, methodologies and/or other factors. It is possible, for example, that a subject company's common equity that is considered a long-term ‘Hold' or 'Sell' might present a short-term buying opportunity as a result of temporary selling pressure in the market or for other reasons described in the research report; conversely, a subject company's stock rated a long-term 'Buy' or “Speculative Buy’ could be considered susceptible to a downward price correction, or other factors may exist that lead the research analyst to suggest a sale over the short-term. Short-term trade ideas are not ratings, nor are they part of any ratings system, and the firm does not intend, and does not undertake any obligation, to maintain or update short-term trade ideas. Short-term trade ideas are not suitable for all investors and are not tailored to individual investor circumstances and objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research.

General Disclaimers

See “Required Company-Specific Disclosures” above for any of the following disclosures required as to companies referred to in this report: manager or co-manager roles; 1% or other ownership; compensation for certain services; types of client relationships; research analyst conflicts; managed/co-managed public offerings in prior periods; directorships; market making in equity securities and related derivatives. “Canaccord Genuity” is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliated company that is 50% owned by Canaccord Genuity Group Inc.

The authors who are responsible for the preparation of this research are employed by Canaccord Genuity Limited, which is authorised and regulated by the Financial Conduct Authority.

The authors who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research.

The information contained in this research has been compiled by Canaccord Genuity Limited from sources believed to be reliable, but (with the exception of the information about Canaccord Genuity) no representation or warranty, express or implied, is made by Canaccord Genuity Limited, its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this research constitute Canaccord Genuity Limited’s judgement as of the date of this research, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

From time to time, Canaccord Genuity’s salespeople, traders, and other professionals provide oral or written market commentary or trading strategies to our clients and our proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research. Canaccord Genuity’s affiliates, principal trading desk, and investing businesses also from time to time make investment decisions that are inconsistent with the recommendations or views expressed in this research.

This research is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the designated investments discussed in this research may not be eligible for sale in some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general circulation to clients and does not have regard to the investment objectives, financial situation or particular needs of any particular person. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, none of Canaccord Genuity Limited, its affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this research.

For Canadian Residents:

This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this research and its dissemination in Canada. Canaccord Genuity Corp. is registered and regulated by the Canadian Investment Regulatory Organization (CIRO) and is a Member of the Canadian Investor Protection Fund. Canadian clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their particular province or territory.

For United Kingdom and European Residents:

This research is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 (or any analogous legislation) on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment Professionals) and 49(2) (High Net Worth companies, unincorporated associations etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This material is not for distribution in the United Kingdom or Europe to retail clients, as defined under the rules of the Financial Conduct Authority.

For United States Persons:

This research is distributed by Canaccord Genuity Limited in the United States to “major US institutional investors”, as defined under Rule 15a-6 promulgated under the US Securities Exchange Act of 1934, as amended, and as interpreted by the staff of the US Securities and Exchange Commission (SEC). This research is also distributed in the United States to other institutional investors by Canaccord Genuity LLC, who accepts responsibility for this report and its dissemination in the United States. US clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity LLC Analysts employed outside the US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

For Jersey, Guernsey and Isle of Man Residents:

This research is sent to you by Canaccord Genuity Wealth (International) Limited ("CGWI") for information purposes and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This research has been produced by an affiliate of CGWI for circulation to its institutional clients and also CGWI. Its contents have been approved by CGWI and we are providing it to you on the basis that we believe it to be of interest to you. This statement should be read in conjunction with your client agreement, CGWI's current terms of business and the other disclosures and disclaimers contained within this research. If you are in any doubt, you should consult your financial adviser.

CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the Isle of Man Financial Supervision Commission. CGWI is registered in Guernsey and is a wholly owned subsidiary of Canaccord Genuity Group Inc.

For Australian Residents:

This research is distributed in Australia by Canaccord Genuity Limited. Under ASIC Class Order (CO 03/1099), Canaccord Genuity Limited is exempt from the requirement to hold an Australian financial services licence for the provision of its financial services to you. Canaccord Genuity Limited is authorised and regulated by the Financial Conduct Authority under the laws of the United Kingdom which differ from Australian laws. This research is provided to you on the basis that you are a 'wholesale client' within the meaning of section 761G of the Corporations Act 2001 (Cth). To the extent that this research contains any advice, this is limited to general advice only. Recipients should take into account their own personal circumstances before making an investment decision. Clients wishing to effect any transactions in any financial products discussed in this report should do so through a qualified representative of Canaccord Genuity (Australia) Limited AFS Licence No 234666.

For Hong Kong Residents:

This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited who is licensed by the Securities and Futures Commission. This research is only intended for persons who fall within the definition of professional investor as defined in the Securities and Futures Ordinance. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord Genuity (Hong Kong) Ltd. (Contact Tel: +852 3919 2561) in respect of any matters arising from, or in connection with, this research.

Additional information is available on request.

Accounts, Share Prices & Global Consensus Estimates data provided in conjunction with S&P Capital IQ © ; Benchmark Sector comparatives are based on the Global Industry Classification Standard (GICS^®) and provided in conjunction with S&P Capital IQ © (and its affiliates, as applicable). Share prices are relative to the relevant regional benchmark MSCI Index. Please note that analyst data and Quest^® data may differ due to different sources and calculation methods.

All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity Corp., Canaccord Genuity Limited, Canaccord Genuity LLC or Canaccord Genuity Group Inc.

None of the material, nor its content, nor any copy of it, may be altered in any way, reproduced, or distributed to any other party including by way of any form of social media, without the prior express written permission of the entities listed above.