Regulatory Disclosures

Vertige Investment Group is a student organization based at the University of Toronto, established to provide its members with opportunities to engage in financial research and develop their understanding of the finance industry. It is important to understand that Vertige Investment Group is not an incorporated body, partnership, or legal entity of any kind. The organization operates purely as an educational entity, driven by students for the benefit of student learning and experience. The research publications produced by Vertige Investment Group are created with the sole purpose of enhancing educational knowledge and should in no way be interpreted as professional investment advice. These publications are the result of student efforts, relying on publicly available information and academic resources. Consequently, the accuracy, completeness, and reliability of the research cannot be guaranteed. The content presented is intended to foster academic discussion and learning among students and should not be used as the basis for making real-world investment decisions. Members of Vertige Investment Group are students who do not possess any professional licenses or certifications. They engage in research activities as part of their educational development, without the oversight or endorsement of any regulatory bodies. The insights and analyses presented in Vertige's publications reflect the students' academic understanding and interpretations, and not those of certified financial professionals. Given these circumstances, it is crucial for readers and recipients of Vertige Investment Group's research publications to exercise caution and seek advice from certified financial advisors before making any investment decisions. Vertige Investment Group disclaims any responsibility for any losses or damages incurred as a result of relying on the information contained in its publications.

Published content is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country, or other jurisdiction where such distribution, publication, availability, or use would be contrary to law or regulation.

The securities discussed on this site may not be eligible for sale in some jurisdictions. This research is not an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such an offer would be illegal. It does not constitute a personal recommendation nor does it take into account the particular investment objectives, financial situations, or needs of individual users. Information on this site should not be construed as advice designed to meet the individual objectives of any particular investor. Users should not consider this research as a factor in making their investment decision. Consultation with a investment advisor is recommended. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Any information provided is as of the date indicated and is subject to change. It should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Members of the Vertige Investment Group may have information that is not available to the contributors of the information contained in this publication. Vertige Investment Group, including affiliates and members, may execute transactions in the securities listed in publications that may not be consistent with the ratings appearing in publications. All expressions of opinion reflect the judgment of the Research Department of Vertige Investment Group or its affiliates as of the date of publication and are subject to change. Vertige Investment Group, including affiliates and members may perform services for, or solicit business from, any company mentioned in this document. Research reports by Vertige Investment Group are disseminated and made available for educational purposes via electronic publication on our internal proprietary websites. Not all research reports are directly distributed to external platforms or aggregators. Certain research reports may only be disseminated on our internal proprietary websites; however, such research reports will not contain estimates or changes to earnings forecasts, target price valuations, or investment or suitability ratings. Individual Research Analysts may also opt to circulate published research to select individuals electronically. This electronic communication distribution is discretionary and is done only after the research has been publicly disseminated via our internal proprietary websites. The level and types of communications provided by Research Analysts to recipients may vary depending on various factors, including but not limited to, individual preference regarding the frequency and manner of receiving communications from Research Analysts. For research reports, models, or other data available on a particular security, please visit our proprietary websites or contact Vertige Investment Group directly.

RATINGS AND DEFINITIONS

Vertige Investment Group (Canada) Definitions: Outperform (MO2): The stock is projected to appreciate and outperform the respective sector over the next 12 months. Market Perform (MP3): The stock is expected to perform roughly in line with the respective sector over the next 12 months and could potentially be used as a source of funds for higher-rated securities. Underperform (MU4): The stock is forecasted to underperform the respective sector over the next six to 12 months and should be sold. Suspended (S): The rating and price target have been temporarily suspended. This may be due to market events that have made coverage impractical, or to comply with regulations or firm policies under certain circumstances. The previous rating and price target are no longer valid and should not be relied upon.

Vertige Investment Group (U.S.) Definitions: Outperform (MO2): Expected to appreciate or outperform the respective sector over the next 12-18 months. For higher-yielding and more conservative equities, such as REITs and certain MLPs, this rating is used for securities where the relative safety of the dividend is acceptable and a total return modestly exceeding the dividend yield is anticipated over the next 12-18 months. Market Perform (MP3): Expected to perform generally in line with the respective sector over the next 12 months. Underperform (MU4): Expected to underperform the respective sector over the next six to 12 months and should be sold. Suspended (S): The rating and price target have been temporarily suspended. This may be due to market events that have made coverage impractical, or to comply with applicable regulations or firm policies in certain circumstances. The previous rating and price target are no longer effective and should not be relied upon.

SUITABILITY RATINGS (SR)

Medium Risk/Income (M/INC): Equities with lower to average risk from companies that have sound financials, consistent earnings, and dividend yields exceeding that of the S&P 500. These securities are often designed to provide a reliable dividend or return of capital. Medium Risk/Growth (M/GRW): Equities with lower to average risk from companies boasting sound financials, consistent earnings growth, potential for long-term price appreciation, a possible dividend yield, and/or share repurchase programs. High Risk/Income (H/INC): Equities with medium to higher risk from companies that focus on delivering a significant dividend but may experience less predictable earnings (or losses), more leveraged balance sheets, volatile market conditions, financial and competitive challenges, and higher price volatility (beta), along with potential principal risk. Income streams from dividends or capital distributions in this category may be less predictable. High Risk/Growth (H/GRW): Equities with medium to higher risk from companies in fast-growing and competitive sectors, facing less predictable earnings (or losses), more leveraged balance sheets, fluctuating market dynamics, financial or legal challenges, higher price volatility (beta), and potential principal risk. High Risk/Speculation (H/SPEC): Equities with high risk from companies with short or unprofitable operating histories, limited or unpredictable revenues, very high success risks, significant financial or legal issues, or substantial risk of principal loss.

ANALYST INFORMATION

At Vertige Investment Group (VIG), all roles, including those of Equity Research analysts, associates, vice presidents, and managing directors are held by students on a voluntary basis. As a student organization at the University of Toronto, VIG does not offer financial compensation for any position. Instead, members gain valuable experience, skills, and educational growth through their participation in research activities and other club initiatives. Factors contributing to the evaluation of an analyst's performance at VIG include: (i) Quality and overall productivity of research, including the accuracy and depth of analysis; (ii) Recognition and feedback from peers and academic mentors; (iii) Effectiveness in supporting and collaborating with other club members; (iv) Contributions to club initiatives and research publications; and (v) Engagement and active participation in VIG events and meetings.

The analysts responsible for the preparation of any research report attests to the following: (1) that the views and opinions rendered in this research report reflect their personal views about the subject companies or issuers, and (2) that no part of the research analyst’s work was, is, or will be directly or indirectly related to specific recommendations or views in this research report. Additionally, said analyst(s) has not received any form of compensation from any subject company. All research conducted and published by VIG is for educational purposes only and does not constitute professional investment advice.