Our Research - Research Capital Corporation

RATING SYSTEM

A Glossary of Rating Terminology

Speculative Buy

The total annualized return from the investment is expected to be equal or greater than 15%; however, there are risks in the fundamentals of the security that could cause price volatility, and the potential for a significant loss exists.

Buy

The stock is attractively priced relative to the company's fundamentals. We expect the total annualized return to be 15% or more.

Hold

The stock is fairly priced and lacks a near-term catalyst. We expect annualized performance to be in the range of between 0% to 15% , based on the long-term fundamental value of the company.

Sell

The stock is overpriced relative to the company's fundamentals. We expect total annualized returns to be less than 0%.

Tender

Shareholders submit their shares or securities in response to a takeover bid or offer.

Under Review

We are placing our recommendation under review. This may be due to to significant news or events preventing us from determining a rating or a target price.

Percentage Distribution of Research Ratings

As required by the Canadian Investment Regulatory Organization, Research Capital provides a summary of the percentage of its recommendations that fall into each category of our ratings. The summary below shows those percentages as of the current business day. Please note that the primary objective of Research Capital's analysts is to find opportunities for its clients to make profits from purchasing investments. Research Capital typically does not initiate coverage on companies unless they meet this objective. Consequently, under most market conditions one should expect that more of the company's recommendations will fall into the BUY category than those in the HOLD or SELL categories.

Distribution Policy

Through www.researchcapital.com, our institutional and corporate clients can access our research as soon as it becomes available, 24-7. New reports are continually uploaded to the site as they become available throughout the day. Clients may also receive our research via Reuters, Bloomberg, FactSet, and Capital IQ. All of our research is made widely available at the same time to all Research Capital client groups entitled to our research. In addition, research reports are sent directly to our clients based on their delivery preference (mail, fax, e-mail).

POLICY AND DISCLOSURES

Research Dissemination Policy,
Disclosures and Disclaimers

Fair Dissemination of Research Reports and Ratings

To the extent reasonably practicable, Research Reports will be disseminated contemporaneously to all of Research Capital Corporation ("RCC") customers who are entitled to receive the firm's research. Until such time, Research Analysts will not discuss the contents of their reports with Sales and Trading or Investment Banking employees. RCC equity research is posted to our proprietary website to ensure eligible clients receive coverage initiations and changes in rating, targets, and opinions in a timely manner. Additional distribution may be done by the sales personnel via email, fax, or regular mail. Please contact your investment advisor for more information regarding RCC research.

Disclaimers

The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation ("RCC") are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Research Reports disseminated by RCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

Potential Conflicts of Interest

All Research Capital Corporation ("RCC") Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Coverage Disclosures

Click here to view our most recent relevant disclosures applicable to all companies under coverage.

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