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Research on this website is distributed by CIBC World Markets Inc., a member of the Investment Industry Regulatory Organization of Canada. This research has not been reviewed or approved by CIBC World Markets Corp., a member of FINRA. This report is intended for distribution in the United States only to major institutional investors ("MIIs") (as such term is defined in SEC Rule 15a-6) and is not intended for the use of any person or entity that is not an MII or any other person or entity qualified to receive this research under applicable SEC Rules. MIIs receiving this report should effect transactions in securities discussed in the report through CIBC World Markets Corp.

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