Format of PrefLetter: Legal Terms

Every issue of PrefLetter repeats the legal terms and disclaimers applicable to subscribers. These terms are reproduced here:

This Newsletter has been prepared solely for the information of the person to whom it has been delivered by Hymas Investment Management Inc. (the “Investment Manager”), and is for the exclusive use of such person and, if he or she deems appropriate, his or her financial and other advisors; provided that if the recipient is a financial adviser, he or she may share the contents with clients who are at the time such information is shared with them proposing to invest in a particular security discussed in this Newsletter, and then only on the basis that such clients are in turn bound by the restrictions on dissemination set forth herein. By accepting this Newsletter, the recipient (and any client of a financial adviser, if applicable) agrees that he or she will not copy this Newsletter in whole or in part; discuss any of the investment recommendations contained herein with any other person; post this Newsletter in whole or in part or any summaries made therefrom on any website; or distribute it, whether in paper or electronic form, or otherwise disseminate it or any part thereof including the investment recommendations contained herein to any other persons, except as so permitted.

The recipient of this Newsletter must be a resident of Ontario (or a resident of Quebec that is a registrant in that province), and by accepting delivery of this Newsletter the recipient is deemed to have represented and warranted to the Investment Manager that he or she is so resident in Ontario (or is a registrant resident in Quebec), and to have agreed to inform the Investment Manager immediately if such status changes.

Although the Investment Manager is an investment counsel and portfolio manager in Ontario, this Newsletter has not been prepared so as to take into account the investment needs and objectives, personal financial circumstances, investment experience and risk tolerances of any particular investor. The contents of this Newsletter should therefore not be considered to be investment, legal or tax advice to any person, and are not intended to form the sole basis on which investors would decide to buy, sell or hold the preferred shares or other securities discussed in this Newsletter. Each recipient should therefore consult with his or her own financial and other advisers as to all matters concerning an investment in those securities.

The Investment Manager, its directors, officers, employees and clients (whether discretionary or non-discretionary and including any pooled funds or other collective investment vehicles managed by the Investment Manager) may have long or short positions in one or more of the securities discussed in this Newsletter and trades in these securities may be executed from time to time and at any time on their behalf, without notice to any subscriber to this Newsletter.

The Investment Manager has taken all reasonable care to ensure that the facts and opinions stated in this Newsletter are true and accurate in all material respects at the date of this Newsletter, but no representation or warranty is made as to their continued accuracy after that date. Further, information set forth in this Newsletter, or upon which the views expressed in this Newsletter have been based, will have been derived from sources the Investment Manager considers reliable, but will not have been independently verified by the Investment Manager, and the Investment Manager shall have no liability as a result of the inaccuracy or inadequacy of this information. Any duty to update this Newsletter is expressly disclaimed. If the information in this Newsletter changes, or if the views of the Investment Manager should subsequently change as a result of market or company or security changes or otherwise, the Investment Manager is under no obligation to update the information and views set forth in this Newsletter.