Investment Recommendations

Based on our research, our investment recommendations are made with exacting standards that come from hours of examination. We pour over every detail and nuance. Our recommendations are based on independent thought and decades of experience.

Rating System

Mackie Research Capital's Rating System

Buy

The total annualized return from the investment is expected to be 15% or more.

Speculative Buy

The total annualized return from the investment is expected to be equal to 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.

Hold

The total annualized return falls in the range of 0% up to (but less than) 15%.

Sell

The total annualized return is expected to be less than 0%.

Under Review

The analyst is reconsidering the rating. This may be due to significant new information or events.

Percentage Distribution of Research Ratings

As required by the Investment Industry Regulatory Organization of Canada, Mackie 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 Mackie Research Capital's analysts is to find opportunities for its clients to make profits from purchasing investments. Mackie 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.mackieresearch.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 Mackie 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).