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Information contained herein represent the views of the writer, and not those of PI Financial Corp. or PI Financial (US) Corp. (collectively “PI Financial”), based on assumptions which the writer believes to be reasonable. The material contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. While the information herein cannot be guaranteed, it was obtained from sources the writer believes to be reliable, but in providing it neither the writer nor PI Financial assume any liability. This information is given as of the date appearing on this report, and the writer and PI Financial assume no obligation to update the information or advise on further developments relating to securities, products or services. This report is intended for distribution in those jurisdictions where PI Financial is registered as an advisor or a dealer in securities. Any distribution or dissemination of this report in any other jurisdiction is strictly prohibited.

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