Instinet Canada Limited is a Member of the Investment Industry Regulatory Organization of Canada ("IIROC") and the Canadian Investor Protection Fund ("CIPF").

For more information on IIROC and CIPF, please visit their web sites by clicking on the logos below.

IIROC Logo CIPF Logo

© 2022, Instinet Incorporated and its subsidiaries. All rights reserved. INSTINET is a registered trademark in the United States and other countries throughout the world.

This communication is intended solely for use by the named addressee(s). If you receive this transmission in error, please immediately notify the sender and destroy this message in its entirety, whether in electronic or hard copy format. Any unauthorized use (and reliance thereon), copying, disclosure, retention or distribution of this transmission or the material in this transmission is forbidden. We reserve the right to monitor and archive electronic communications.

This communication has been prepared, edited and compiled by individual sales and trading personnel of Instinet Canada Limited, Member – Canadian Investor Protection Fund ("Instinet"). It is provided for informational purposes only. This communication does not constitute an offer or solicitation for the purchase or sale of any security. The content of this communication, including market commentary, research summary or other information, is not a personal recommendation and does not purport to meet the particular objectives or needs of the addresses(s) or any other individual or account. It does not take into account whether any securities transaction or investment strategy is suitable for any particular client. Any investment decision by you should be based on your specific investment objectives and financial situation and needs. This communication is approved for distribution to institutional clients only. The information and ideas presented herein are based on the observations and views of the person(s) who prepared this communication, based on various market information, data and trends, including, but not limited to, trading volumes, oversold/undersold indicators and other technical information, market color, published news stories or research. The views expressed herein are as of the time of this transmission. They are subject to change without notice, and may differ from, or be inconsistent with, the views of other personnel within Instinet or other general market information, commentary or research.

The information contained herein has been obtained from or is based upon sources believed to be reliable, but none of Instinet, its affiliates or the author(s) makes any representation or warranty as to its accuracy, adequacy or completeness.  The recipient is directed to the original source of any material referenced herein for additional information. The information contained in this communication is as of the date specified herein. None of Instinet, its affiliates or the author(s) undertakes any obligation to monitor or update the information. All disclaimers set out with respect to Instinet apply equally to its affiliates.  Without limiting the foregoing, none of Instinet, its affiliates, or any of their respective directors, officers, employees or agents shall have any liability for any loss that may arise (whether direct or consequential) for any error, inaccuracy or incompleteness of fact or opinion in this communication or lack of care in its preparation or publication. Information may be available to Instinet or its affiliates that is not reflected in this communication. Instinet affiliates may act as financial advisor, lender and/or underwriter for the issuers mentioned herein and may receive remuneration for same.

This communication is not a research report or a trading idea, and the person(s) who prepared it is not a research analyst. In this regard, it is not intended to be a complete analysis of all material facts regarding any security, issuer or industry, and does not provide information sufficient upon which to base an investment decision. This communication is provided on an "as is" basis. It contains material that is owned by Instinet Incorporated, its subsidiaries or its or their licensors, and may not, in whole or in part, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) redistributed, posted, published, excerpted, or quoted without Instinet Incorporated’s prior written consent. Affiliates of Instinet may receive this communication contemporaneously with Instinet clients. For important related information, including compensation information, please visit https://www.instinet.com/legal-and-regulatory.php. Securities products and services are provided by locally registered brokerage subsidiaries of Instinet Incorporated:

Instinet, LLC, member SIPC;

Instinet Canada Limited, Member – Canadian Investor Protection Fund;

Instinet Europe Limited, authorized and regulated by the UK Financial Conduct Authority;

Instinet Germany GmbH, authorized and regulated by the BaFin and Deutsche Bundesbank;

Instinet Pacific Limited, authorized and regulated by the Securities and Futures Commission of Hong Kong;

Instinet Australia Pty Limited (ACN: 131 253 686 AFSL No: 327834), regulated by the Australian Securities & Investments Commission; and

Instinet Singapore Services Private Limited, regulated by the Monetary Authority of Singapore, trading member of The Singapore Exchange Securities Trading Private Limited and clearing member of The Central Depository (Pte) Limited.

This communication has been prepared by sales or trading personnel of Instinet Canada Limited, Member – Canadian Investor Protection Fund ("Instinet" or the "Firm"), for distribution to Instinet’s clients.

Any views expressed herein are solely those of the person(s) who prepared this communication, except where the message states otherwise and the sender is authorized to state them to be the views of such other party. The views are current as of the date of the commentary and are subject to change without notice. This communication, including market commentary or other information is not a recommendation for any particular customer to take or refrain from taking any action with respect to any securities or strategies discussed herein and does not constitute an offer or solicitation with respect to the purchase or sale of any security. The communication does not take into account the particular investment objectives, financial situation or needs of individual clients and does not purport to meet the objectives or needs of the addressee(s) or any other individual or account. This communication and related material may have been received contemporaneously by affiliates of Instinet or other Instinet clients. This communication is approved for distribution to institutional clients only.

Views expressed in this communication are based on current market conditions, factors or trends, and are subject to change without notice. They may differ from, or be inconsistent with, the views of other personnel within Instinet or other general market information or commentary.

This communication is not a research report. It does not contain trading ideas or an analysis or information sufficient upon which to base an investment decision with respect to any security or trading strategy. The person(s) who prepared this communication is not a research analyst and is not licensed or registered as such with the Investment Industry Regulatory Organization of Canada (IIROC) or the Financial Industry Regulatory Authority (FINRA). This communication is not subject to Regulation AC under the Exchange Act or other rules that provide for the independence of research analysts or investment research. Conflicts of interest may exist as a result of the interactions between the person(s) who prepared this communication and other personnel of Instinet or its affiliates. Among other things, the person(s) who prepared this communication may receive compensation based, directly or indirectly, on commissions or profits earned by Instinet on transactions performed in securities mentioned herein, including any transaction by you.

The information, tools and material presented in this communication are based on the observations and views of Instinet’s sales or trading personnel of various market and trading data, including, but not limited to, trading volumes, oversold/undersold indicators and other technical information, market color, published news stories or research prepared by independent research providers.

This material is (1) for your information only; (2) not to be construed as an offer to sell or a solicitation of an offer to buy any security mentioned herein; and (3) based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Any projections, valuations or statistical analyses are provided to assist the recipient in its independent evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use methodologies that produce different results and, to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance.

Nothing herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Neither Instinet nor any other person accepts any liability whatsoever for any loss (howsoever arising and whether direct or consequential) from any use of the information contained herein or otherwise arising in connection herewith.

We do not provide legal, accounting or tax advice. In compliance with Internal Revenue Service Circular 230, we hereby notify you that any discussion of tax matters set forth herein was not intended or written to be used, and cannot be used by any person, for the purposes of avoiding tax‑related penalties under federal, state or local tax law. Each person should seek legal, accounting and tax advice based on its particular circumstances from independent advisors.

Instinet or its affiliates may from time to time participate or invest in transactions with issuers of securities which are the subject of this communication. Instinet may act as principal for its own account or agent for another customer with respect to any purchase or sale of securities that are the subject of this communication. Instinet may act as a selling agent for its affiliates.

Instinet’s affiliates may from time to time perform investment banking or other services (including acting as advisor, manager or lender) for or solicit investment banking or other business from, companies mentioned herein. Instinet’s affiliates may make a market or deal as principal in the securities mentioned in this document or in options, futures, or other derivatives based thereon. In addition, Instinet and its affiliates, and its or their shareholders, directors, officers and/or employees may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon.

If this material has been distributed by electronic transmission, such as e‑mail, then such transmission cannot be guaranteed to be secure or error‑free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this material, which may arise as a result of electronic transmission. If verification is required, please request a hard‑copy version.

Instinet is a registered investment dealer in Canada and a member of IIROC and Canadian Investor Protection Fund. Instinet is affiliated with Instinet, LLC, a registered broker‑dealer in the United States and a member of SIPC, and with Nomura Holdings, Inc., a publicly traded company, and its subsidiaries and branches worldwide.

Disclaimer for U.S. Institutional Investors (QIB’s)

Rule 15a-6 Form Disclosures and Disclaimers for Sales Commentary sent directly to U.S. Major U.S. Institutional Investors and Brokers

Notice to U.S. investors: This communication has been prepared by Instinet Canada Limited ("ICL"), a financial services company authorized to engage in securities activities in Canada. ICL is not a registered broker-dealer in the United States. This communication is provided for distribution to U.S. Institutional Investors and to U.S.-registered broker-dealers in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934. Any U.S. investor receiving this communication who wishes to effect transactions in any security mentioned herein or any related derivative instrument should do so through Instinet, LLC ("ILLC") and not through ICL.

This communication is provided for general informational purposes only, and is not intended as a specific recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument. This communication is not intended to be an analysis of any particular issuer or security; nor is it intended to provide information sufficient upon which to base an investment decision in any particular instance. Any investment decision by you should be based on your specific investment objectives and financial situation. THIS COMMUNICATION IS NOT A RESEARCH REPORT. The author of this communication is not a research analyst and is not licensed or registered as such with any U.S. or non-U.S regulatory authority. This communication is not subject to Regulation AC under the Exchange Act or other rules that provide for the independence of research analysts or investment research. Conflicts of interest may exist as a result of the author’s interaction with the sales and trading personnel of ICL or its affiliates, including ILLC. Among other things, the author may receive compensation based on commissions or profits earned by ICL on transactions performed in securities mentioned in this communication. ICL or its affiliates, including ILLC, may engage in securities transactions that are not consistent with the information and or positions expressed in this communication.  ICL or its affiliates, including ILLC, may trade in the securities (or in related derivatives) referred to in this communication. ICL affiliates, including ILLC, may have provided investment banking or other services to the issuers mentioned herein and may solicit such services in the future. Other potential conflicts may exist with regard to this communication and the other businesses or activities of ICL or its affiliates, including ILLC.

The views expressed herein may differ from the information, views or analysis expressed by ICL’s affiliates, including ILLC. The information contained herein should not be construed as an indication or prediction of future results. Investing in any non-U.S. securities or related financial instruments mentioned in this communication may present certain risks.  The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the SEC in the United States.  Information on such non-U.S. securities or related financial instruments may be limited. Non-U.S. companies may not subject to audit and reporting standards and regulatory requirements comparable to those in effect in the United States. The value of any investment or income from any securities or related derivative instruments denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related derivative instruments.

The information contained herein has been obtained from or is based upon sources believed to be reliable, but none of ICL, the author or ILLC makes any representation or warranty as to its accuracy, adequacy or completeness.  The recipient is directed to the original source of any material referenced herein for additional information. The information contained in this communication is as of the date specified herein. None of ICL, the author or ILLC undertakes any obligation to monitor or update the information. All disclaimers set out above with respect to ICL apply equally to ILLC.  Without limiting the foregoing, neither ILLC nor any of its directors, officers, employees or agents shall have any liability for any loss that may arise (whether direct or consequential) for any error, inaccuracy or incompleteness of fact or opinion in this communication or lack of care in its preparation or publication.

GLOSSARY OF KEY TERMS

"Supervisor" means an individual given responsibility and authority by ICL, and approved by IIROC, to manage the activities of ICL’s other employees, partners, Directors and officers, to ensure they comply with IIROC requirements and securities legislation in conducting their and ICL’s securities-related activities.

"advertisement(s) or advertising" include television or radio commercials or commentaries, newspaper and magazine advertisements or commentaries, and any published material including materials disseminated or made available electronically promoting the business of ICL.

"sales literature" includes any written or electronic communication other than advertisements and correspondence, distributed to or made generally available to a client or potential client which includes a recommendation with respect to a security or trading strategy. Sales literature includes but is not limited to records, videotapes and similar material, market letters, research reports, circulars, promotional seminar text, telemarketing scripts and reprints or excerpts of any other sales literature or published material, but does not include preliminary prospectuses and prospectuses.

"correspondence" means any written or electronic business related communication prepared for delivery to a single current or prospective client, and not for dissemination to multiple clients or to the general public.

"trading strategy" means a broad general approach to investments including matters such as the use of specific products, leverage, frequency of trading or a method of selecting particular investments but does not include specific trade or sectoral weighting recommendations.

"research report" means any written or electronic communication that ICL has distributed or will distribute to its clients or the general public, which contains an analyst's recommendation concerning the purchase, sale or holding of a security (but shall exclude all government debt and government guaranteed debt).

An "Investment Analysis Tool" typically uses mathematical formulas and assumptions to calculate the probability of certain investment outcomes. It is an interactive technological tool that produces simulations and statistical analyses that present the likelihood of various investment outcomes if certain investments are made or certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices. Investment Analysis Tools include Quant Research for the purposes of this Checklist and ICL’s Communications Policy.

"Qualified Institutional Buyer" or "QIB" refer to entities deemed to be an accredited investor for the purposes of the U.S. Securities and Exchange Commission’s Rule 510 of Regulation D.

Rev. June 17, 2022