All research reports will be approved by appropriate supervisory personnel before being distributed outside of Credit Suisse Securities (Canada), Inc. 's (the "Firm") Research Department.
Dissemination to Clients
Available in electronic or printed form. In order to ensure that all customers who have an interest in any research product have an equal opportunity to act on any recommendations or other information provided, research reports will be distributed contemporaneously to all customers on the distribution list for the particular product being issued. Changes in recommendations will be forwarded to all current customers who received the initial recommendation.
If the Firm has acted as manager or co-manager of a public offering of equity or equity related securities, the Firm will not publish a research report concerning the issuer until:
(a) 25 calendar days following the date of the offering for an initial public offering (including for an income trust), and
(b) 3 calendar days following the date of the offering for a secondary offering, but the foregoing prohibitions will not apply to a report if and to the extent that it concerns the impact of significant news or events involving the issuer, and the publication of the report has been authorized by the Firm's Research Department. The Firm may publish research reports during the specified periods where the subject securities are exempted from restrictions under provisions relating to market stabilization in securities legislation or the Universal Market Integrity Rules.
Whenever the Firm terminates research coverage of any issuer, it will publish a final report disclosing:
(a) that the report is the final report in respect of the issuer;
(b) the reasons for terminating research coverage of the issuer; and
(c) that the research analyst's last rating, earnings estimate and price target issued for the security should no longer be relied upon, except when the sole reason for the termination of coverage is that the issuer has been placed on the Firm's Restricted List. Similarly, the Firm will issue notice of its intention to suspend coverage of an issuer, except when the sole reason for the suspension is that an issuer has been placed on the Firm's Restricted List.
In general, no research report will be published concerning any issuer that appears on the Firm's Restricted List unless specifically approved in advance by the Research Department.
Dissemination Within The Firm
Oral recommendations to sales personnel made prior to the release of a written report will be addressed to the entire sales force and will not be disseminated to sales representatives or customers on a preferential or selective basis. When material information concerning an issuer is brought to the attention of sales representatives and traders by a research analyst through an oral communication, a written broadcast summarizing the points of the oral communication will be distributed contemporaneously with the oral communication unless instructed otherwise by the Firm's Research Department. The written broadcast must be specifically approved by the Firm's Research Department prior to its distribution.
Publications prepared by the Firm's Research Department solely for internal use contain the legend "Not to Be Distributed Outside Credit Suisse Securities (Canada),Inc. Under Any Circumstances" or "For Internal Distribution Only". Such material will not be shown or transmitted to customers, the press or any other non-Firm personnel under any circumstances.
No advance notice of a rating or a change in rating on a covered issuer will be provided to the Firm's investment banking department.
Dissemination to the Press
No research products may be released to the press unless they have been previously circulated to customers, and then only with the approval of the Firm's Research Department. The Corporate Communications Department must also be advised in advance of the release of any research product to the press and provided with a copy.