Canadian Equity Research

ESG Investing Canadian Equity Research Canadian Equity Research 22 July 2020 Canadian Equity Research | Canaccord Genuity Corp. (Canada) | [email protected] Derek Dley | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7270 An ESG Investing Roadmap Inside Sector/Industry Page Navigating a new normal Airlines and Aerospace 2 The last five months have been unprecedented within the global capital markets, with Cannabis 3 historic volatility, a laser focus on the “COVID-19 economy” and myriad projections on Consumer Products 4 how the world will look coming out of the pandemic. Many companies have been forced Energy 5 to rapidly adapt their business models to adjust to changing demand environments and Financials 6 new physical distancing requirements, and these changes have become the focus for many investors over the last few months. That said, prior to the COVID-19 pandemic, Health, Wellness and Lifestyle 7 one of the most powerful trends within both Canadian and global capital markets was an Industrials 8 increased focus on Environmental, Social, and Governance (ESG) practices. We believe Metals and Mining 9 this trend is poised to accelerate. Real Estate 10 Numerous studies have demonstrated how firms that score highly on an ESG framework Telecommunications 11 tend to provide stronger shareholder returns over the long term. This, in our view, is Technology 12 reflective of the long-term view employed by many leaders in the ESG space, and the ability of these leaders to identify both longer-term potential risks and opportunities for growth and efficiencies. The COVID-19 pandemic has provided a concrete example of why companies and investors have become more focused on longer-term risk mitigation, and on a company’s ability to pivot its growth strategy based on a rapidly changing environment. Leaders within the ESG space today have exhibited a shift from “reactive” to “proactive” ESG strategy implementation, and we expect the adoption of more formalized ESG practices to accelerate over the next decade. Identifying key ESG themes on a sector-specific basis Our Canadian Equity Research team has identified the ESG trends we believe are the most impactful for each individual market sector. Our goal is to provide investors with a framework of which ESG themes, metrics, and disclosure methods are most relevant within each sector. Our analysis has identified several common threads, with the “E” tending to be the most relevant topic of discussion. Carbon reduction remains a key universal trend, as do strong corporate governance practices. However, within each sector, there are unique themes and metrics that are of increasing focus for both investors and individual companies. This report identifies key ESG themes along with our views on the best ways to consistently track or “score” an individual company’s ESG performance. We recognize that, in many cases, tracking ESG performance is much more of a qualitative exercise than a quantitative one. However, we are confident that evaluating ESG performance has become, and will continue to be, a greater point of focus for much of the investing public. We have also identified a select group of companies in each sector which we believe are leaders on the ESG front, and that given the growth of ESG-focused investors are likely to attract incremental capital over the near and long term. We hope this report provides some useful perspectives for your investment decisions, and we welcome any feedback. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst’s personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. For important information, please see the Important Disclosures beginning on page 13 of this document.

Industry Update Airlines and Aerospace 22 July 2020 Doug Taylor, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.867.6101 Neil Bakshi | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.867.2366 Company Rating Price Target Aerospace ESG themes Airlines AC-TSX Buy C$16.98 C$25.00 Key themes impacting the sector CHR-TSX Buy C$2.55 C$5.00 Private Equity Social: The aerospace industry faces a potential near-term challenge as airlines resume EIF-TSX Buy C$26.72 C$35.00 full-cabin bookings. We note a recent poll conducted by Leger and the Association for Priced as of close of business 20 July 2020 Canadian Studies found that 72% of Canadians surveyed were not comfortable flying if seated next to another passenger. It remains to be seen how quickly passenger uptake will resume and the extent to which it could create knock-on effects through to aerospace manufacturing and training services. Environmental: The second, longer-term trend comes from the United Nations’ CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) initiative. From 2021 to 2026 (and mandatory from 2027 onward), participating countries’ airlines will buy carbon offsets for emissions produced above a specific baseline, which over the next three years will be based on 2019 emissions as opposed to the lower expected 2020 levels. Using 2019 as the baseline will provide some short-term relief to internationally focused airlines (CORSIA does not apply to domestic flights). However, as the industry has not traditionally been viewed as environmentally friendly, governments may face intensifying political pressure to implement more stringent carbon regulations or attach other ESG conditions to airlines and the broader aerospace sector, particularly on companies receiving taxpayer assistance. How do we measure company performance? We look to various airlines’ ESG initiatives as they comply with or exceed measures undertaken by the International Air Transport Association (IATA) industry group, the UN, and other government initiatives and regulations. We believe investors are seeking out companies which surpass government regulations and industry best practices and offer a high degree of transparency on the progress of achieving their ESG goals in areas such as community involvement and fleet retirements. Which companies are doing it best? Social: Air Canada received the Best Airline Cabin Cleanliness in North America at the 2019 Skytrax World Airline Awards, and recently launched its CleanCare+ initiative to ensure cabin sanitation. In March, the company was named one of Canada’s Best Diversity Employers for the fifth consecutive year, driven by its partnerships, including Indspire, which provides financial support for Indigenous students in an aviation-related program; a program with Jazz Aviation, operated by Chorus Aviation, to create a First Nations Technical Institute to help Aboriginal students become pilots; and Ready, Willing, and Able, which helps match candidates with intellectual disabilities on the Autism Spectrum Disorder with specific roles. Exchange Income’s airline operations include initiatives focused on First Nations groups: a pilot program with one community to fund a fish processing plant and discounted flight rates to southern markets; a chaperoned program which brings First Nations children to Winnipeg CFL and NHL games; and its Life in Flight pilot training program, which focuses on recruiting from First Nations communities. Environment: Air Canada’s Leave Less targets have endorsed industry-wide goals, including a 1.5% average improvement in fuel efficiency per year from 2009 to 2020, a cap on net aviation CO emissions from 2020, and a 50% reduction in net aviation CO 2 2 emissions by 2050 relative to 2005 levels. The company has also recently accelerated the retirement of 79 older aircraft, reducing its carbon footprint. Air Canada and Jazz are both participants in CORSIA. Governance: Air Canada’s board of directors is 91% independent, with women holding four of 12 seats and a third of executive committee positions. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 2

Industry Update Cannabis 22 July 2020 Matt Bottomley, CPA, CA, CBV | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.867.2394 Derek Dley, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7270 Company Rating Price Target Cannabis Cannabis ESG themes CCHW-NEO Spec Buy C$3.73 C$13.00 CL-CSE Spec Buy C$6.70 C$11.50 Key themes impacting the sector CURA-CSE Spec Buy C$9.51 C$15.00 In a sector that is still in a very nascent stage of its growth curve, the cannabis GTII-CSE Spec Buy C$15.60 C$22.00 industry has experienced its fair share of opportunities and challenges. Although Priced as of close of business 20 July 2020 ESG considerations are typically not at the forefront of many of our discussions with investors, we believe a number of important themes are starting to emerge, including: Canaccord Genuity Corp. acted as financial advisor to Tryke Companies • Community relations and support of social/criminal justice reforms. Due to for its proposed sale to Cresco Labs. the historical disparity in the implementation of strict laws for cannabis possession/ distribution among different social/racial groups in the US, regulators are increasingly Canaccord Genuity Corp. acted as calling for reforms as markets become legalized. In addition to expunging criminal financial advisor to Grassroots and records, many markets have earmarked license grants to groups that have been provided a fairness opinion to the disproportionally impacted by this issue. As a result, a number of companies have Board of Directors of Grassroots in begun providing assistance and advisory services to members of groups that do not its proposed acquisition by Curaleaf have the financial resources or legal expertise common to most public companies, in Holdings Inc. order to ensure these groups are also able to participate in the benefits brought on by cannabis legalization. As maintaining a good relationship with regulators is critical to success in any market, we believe these moves to help rectify past injustices are mutually beneficial. • Public health & safety in adapting to COVID-19. The cannabis sector has experienced a unique dynamic in the current COVID-19 environment, with demand surging in virtually all legal markets. However, in the US, state governors and regulators are also calling for strict social distancing measures, which increases the complexity of distributing product to end-users. As a result, we believe companies that are best able to pivot to curbside pickup and home delivery models, and/or manage foot traffic logistics, will be best suited to mitigate business interruptions in a sector where maintaining and holding market share is highly competitive. • Corporate governance. With company founders and other insiders holding large ownership interests throughout the sector, the need for improved corporate governance and independent board representation continues to be a theme among cannabis operators. We believe this is partially a function of the nascent state of the industry; however, the sector has nonetheless seen a number of notable missteps (failed M&A, poor capital allocation) that have weighed on investor confidence. How do we measure company performance? Although it is difficult to precisely measure and quantify the above factors, we believe investors should look toward operators which have publicly disclosed social justice initiatives, longstanding/strong relationships with regulators in their core markets, the ability to maintain sales/market share while complying with COVID-19 protocols, and boards that increasingly add independent directors. Which companies are doing it best? Based on the above criteria, we highlight four US cannabis companies: (1) Columbia Care, which has announced a number of social equity partnerships (link) and houses a board where four of its six directors are independent; (2) Cresco Labs, which launched its Social Equity & Educational Development initiative (link), with four of its nine directors being independent; (3) Curaleaf, which has launched its Rooted in Good initiative, continues to print all-time high revenues despite COVID-19 overhangs, and has a board with three of its five directors being independent; and (4) Green Thumb Industries, which has implemented its Social Equity License Education Assistance Program (including pro bono mentoring - link), remains one of the most profitable MSO’s, and has a board in which three of seven are independent directors. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 3

Industry Update Consumer Products 22 July 2020 Derek Dley, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7270 Luke Hannan, CPA | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.6618 Company Rating Price Target Consumer ESG themes Beverages PRMW-NYSE Buy US$13.71 US$15.00 Key themes impacting the sector Consumer Products While the Consumer Products space consists of several sub-industries, our conversations MFI-TSX Buy C$27.46 C$39.00 with both institutional investors and Consumer Products companies have given us Priced as of close of business 20 July 2020 some insight into what we believe are the most relevant ESG factors across the space. We believe reducing carbon intensity remains front of mind for both companies and investors, as is likely the case for many of the sub-indexes in the TSX. The push to lower carbon emissions has strengthened and is expected to continue to intensify. Many of the companies within our coverage universe have established targets for reducing carbon emissions and carbon footprints; however, we believe this is now essentially table stakes for companies in this space. Another theme we believe is of key interest to investors looking at the Consumer Products space is the ability of management teams to react to changes in shifting consumer trends, such as a focus on sustainability throughout the supply chain, and a greater penetration of e-commerce. We believe the COVID-19 pandemic further sharpened investor focus on how management teams adapt to rapidly changing environments. In our view, this all boils down to companies implementing strong governance procedures, fostering input from leaders with a variety of different backgrounds, and developing a culture that embraces new thinking and creativity. How do we measure company performance? A select group of the companies we cover have implemented formal carbon emission reduction targets over the near and medium term. Some have gone the extra mile to release annual sustainability reports, whereby explicit targets and metrics are provided. We believe companies that provide shareholders with detailed updates regarding their sustainability metrics, ideally on a quarterly basis, are most likely to gain the attention of ESG-focused investors. Which companies are doing it best? Within our Consumer Products universe, two companies that stand out in terms of providing and executing on ambitious ESG goals are Maple Leaf Foods and Primo Water Corp. Maple Leaf has provided a target of reducing its carbon footprint by 50% by 2025. Also, in November 2019, the company announced it was the first large-scale food processing company to achieve carbon neutrality – an impressive feat. Furthermore, Maple Leaf has a goal of achieving 50% gender equality at the management level by the end of 2022. And perhaps most importantly, Maple Leaf is a global leader in the production of sustainable protein, with animal welfare and plant-based protein being two major areas of focus for the company. The company also provides a sustainability report to help investors track its ESG progress. At Primo Water, Eden Springs has achieved carbon neutrality, and is the largest carbon-neutral provider of water and coffee services in Europe. In North America, the company has a target of achieving carbon neutrality by 2022. The company’s plastic water bottles are recycled and reused ~60 times before being ground down and rebuilt, leading to a very environmentally friendly product offering. Primo Water appointed Shayron Barnes-Selby as VP Governmental Affairs and ESG in 2019, while also developing an ESG governance committee at the board level. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 4

Industry Update Oil and Gas, Exploration and Production 22 July 2020 Canaccord Genuity Corp. (Canada) Energy ESG themes Anthony Petrucci| Analyst - 1.403.691.7807 [email protected] John Bereznicki, CFA| Analyst - 1.403.691.7805 Key themes impacting the sector [email protected] The Canadian energy sector is composed of the upstream, midstream and downstream Nathan Croswell, CPA| Associate - 1.403.691.7812 sectors. While we believe each of these subsectors has somewhat different ESG [email protected] priorities, we nonetheless believe environmental considerations have become the focal Pulkit Sabharwal, MBA| Associate - 1.403.508.3837 [email protected] point for most energy sector stakeholders in recent years. More specifically, we see greenhouse gas emissions, protection of surrounding habitat, and water usage as three Myles Jenken| Associate - 1.403.691.7806 [email protected] of the most significant environmental considerations now facing the domestic energy sector. Beyond environmental considerations, we believe community engagement (particularly with Indigenous stakeholders) has also become critical to the long-term viability of the Canadian energy sector. In addition, we view the ongoing recruitment and development of a diverse and well-trained workforce as critical to the health of Canadian Company Rating Price Target energy. Based on our dialogue with institutional shareholders, we also believe senior Oil and Gas, Exploration and Production management and independent board teams that reflect a broad range of backgrounds VII-TSX Hold C$3.15 C$3.50 and skillsets are key to attracting capital to the industry in the longer term. Oilfield Services SES-TSX Hold C$1.62 C$2.00 How we measure company performance Pipelines, Power and Utilities Regarding environmental considerations, we can measure E&P performance in part by GEI-TSX Buy C$21.50 C$26.00 analyzing greenhouse gas emissions (GHG) intensity, which is calculated by dividing a Priced as of close of business 20 July 2020 company’s total GHG emissions on a tonnes of CO2 equivalent basis by the company’s production. This method adjusts for the size of the company and brings the focus onto the nature of the asset and the efforts of each firm to reduce GHG emissions intensity. Social and governance issues remain a major priority for companies under our coverage, with most undertaking initiatives to promote accountability, diversity and community engagement. However, while we believe that these measures are key to attracting investors in the long term, we remain cognizant of the challenges associated with measuring performance across companies for these metrics. Given these challenges, we believe investors should lean toward companies that have outlined specific social and governance goals, and have demonstrated progress in achieving these goals. Which companies are doing it best? Conventional E&P: Most E&P companies under our coverage have explicitly defined ESG goals and/or have disclosures including sustainability reports. Within our coverage universe, we highlight Seven Generations Energy for recently receiving Equitable Origin’s certification as a responsible natural gas producer and consequently being awarded a contract with Quebec’s largest natural gas distributor, Energir s.e.c. Further to this, the company is a signatory of the 30% club and has one the lowest GHG emissions intensities in our coverage universe. Oilfield: About half the constituents of our oilfield coverage universe published 2019 sustainability reports. Of these, Secure Energy Services has materially reduced its GHG intensity since 2016 and has articulated its goal of further lowering this figure 50% by 2030. In addition, the company’s new Pipestone water disposal facility has displaced more than 1,000 truckloads of waste since opening in October 2019. Midstream: In our view, most of the companies in our midstream coverage universe have well-developed ESG disclosure and targets. We note Gibson Energy has made a strategic investment at its Moose Jaw Facility to reduce the intensity of GHG emissions by installing innovative thermal heat exchanger technology and is preparing its first submission to the Carbon Disclosure Project. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 5

Industry Update Financials 22 July 2020 Scott Chan, MBA, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.3549 Pratik Agarwal | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7348 Nicolas Racine | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.867.6108 Company Rating Price Target Canadian Banks Financials ESG themes RY-TSX Hold C$94.94 C$95.00 Insurance Key themes impacting the sector MFC-TSX Buy C$19.04 C$22.00 A growing number of Financials companies are increasingly adopting ESG practices Priced as of close of business 20 July 2020 in their decision-making, in response to larger regulations around compliance and disclosure, and to the expectations of investors and other stakeholders. Evidence suggests a strong correlation between the robustness of the ESG framework and the long-term financial performance of these companies. Based on management expectations and current trends, we identify three ESG factors impacting companies in our coverage: (1) diversity and inclusion; (2) sustainable financing; and (3) climate change. We have selected Royal Bank of Canada and Manulife Financial as companies taking significant and measurable steps toward driving these changes. Diversity and Inclusion At both RBC and MFC, women account for >55% of the workforce, with a significant proportion in middle management and executive positions. At RBC, visible minorities account for ~35% of the workforce and a similar proportion of middle management and above. People with disabilities and the indigenous group occupy 7% and 1.3% of the workforce, respectively. Over the last few months, RBC has committed $1.5M to fight racism against Black people and another $100M over five years in small business loans to Black entrepreneurs. The bank also committed 40% of all its summer opportunities to BIPOC youth (black, indigenous, & people of color). At MFC, women comprise 43% of middle to senior management, with a similar proportion as independent board members. This month, MFC committed to increasing BIPOC representation in the senior management roles by 30% by 2025, in addition to hiring at least 25% BIPOC in its Graduate program. Sustainable Financing RBC had ~$26B invested in sustainable finance (e.g., green bonds, affordable housing, renewable energy) as of F2019 and has committed a cumulative sum of $100B by 2025. During the year, the bank established the Sustainable Finance Group within the Capital Markets division in response to increasing demand for ESG products from clients. The firm initiated a Clean Energy Vehicle Financing Program, as the demand for hybrid and electric vehicles is on the rise. MFC was the first global insurer to issue a green bond (2017) and had >$1B in outstanding green bonds as of 2019. In 2019, MFC invested $1.2B in renewable energy and energy-efficient projects, bringing the total to $14.8B since 2002. Approximately 81% of the company’s real estate portfolio is certified to a green building standard. Climate Change RBC became carbon neutral in 2017 and has committed to achieving net-zero carbon emissions in its global operations. The bank significantly reduced greenhouse gas (GHG) emissions in 2019, and plans a further 15% reduction by F2023. During F2019, RBC sourced around 77% of its electricity from renewable or non-emitting sources, and plans to increase this to 90% by 2023. RBC is also actively investing in AI (e.g., Energy AI, AI for Climate Change project) to address climate and environmental changes. In 2019, MFC took proactive steps such as identifying climate-related risk across businesses, adding oversight of the ESG framework to the Board mandate, and establishing a Climate Change Working Group led by the Chief Risk Officer. MFC is a founding member of the Climate Action 100+ (five-year initiative launched in 2017 that encourages reduction of GHG emissions). This initiative is now supported by more than 450 asset managers from around the globe, managing >$40T in assets. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 6

Industry Update Health, Wellness and Lifestyle 22 July 2020 Tania Gonsalves, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.687.6300 Scott McFarland | Associate | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.687.5437 Company Rating Price Target Health and wellness ESG themes Health, Wellness and Lifestyle BU-TSX Buy C$1.78 C$2.50 Key themes impacting the sector JWEL-TSX Hold C$37.03 C$30.00 Priced as of close of business 20 July 2020 Social factors play a major role for healthcare companies. This is understandable, given the high proportion of public funding and reimbursement they receive. Notable themes include accessibility and affordability of medical treatments, innovation and R&D (specifically within areas of high unmet need), and product liability. Over the past several years, drug prices and transparency have been heavily debated in the media and politics. Companies that charge exorbitant and unsubstantiated prices are cast as public villains. The primary argument used to defend high drug prices is the R&D expense required to discover novel treatments. Given the sector encompasses products that can quite literally mean life or death, product liability is another big theme. While healthcare companies address medical problems, wellness companies strive to prevent these problems in the first place by augmenting society’s nutrition, fitness, mental health, sleep and more. As a result, sustainable socially responsible investing goes hand-in-hand with the wellness industry. Key areas of focus are product liability, namely clean transparent ingredients, and “green” initiatives, such as limiting waste and natural resource consumption. Consumer education, and the resultant change in preferences, has been the biggest driver of the industry. How we measure company performance While none of the companies we cover explicitly publishes ESG targets or performance metrics, there are certain criteria we look at. For healthcare companies, this includes treatment prices versus standard of care, how accessible treatments are for lower- income populations (e.g., reimbursement, market penetration), investment in R&D as a percent of revenue, product efficacy (i.e., is it curative?) and safety (i.e., no recalls, major side effects, deaths). For wellness companies, we look at qualitative metrics such as initiatives that reduce waste and resource consumption. Which companies are doing it best? The companies that stand out within our universe are Burcon NutraScience and Jamieson Wellness. Burcon has invested millions into R&D to create innovative organic, non-GMO, plant- based proteins. These proteins are not only seen as significantly healthier than the animal counterparts, but their production results in multiple-fold lower greenhouse gas emissions and utilizes less freshwater and land than animal agriculture. The proteins will be manufactured and sold through JV partner Merit Functional Foods. Merit's production facility was designed to minimize energy consumption and recycle water, yielding carbon neutrality from day one. This is facilitated by its location in Manitoba, where it uses hydroelectricity, versus US plants that use coal fire. In fact, its location was one of the main reasons ESG-conscious Nestlé chose Merit as a supply partner. Jamieson has implemented formal environmental programs, such as Jamieson Forest, a 10-year partnership to restore over 120 acres of former Carolinian forest in the greater Windsor area in Ontario to offset its wood-fibre consumption. In 2011, the company installed solar panels at its Windsor plant. It is constantly looking for ways to reduce packaging and/or find more environmentally friendly alternatives. In terms of product liability, JWEL exceeds regulatory minimums via its rigorous “360 Pure” program and TRU-ID testing. The company is an active donor to several charities, including Vitamin Angels, the Canadian Cancer Society, and more recently, to COVID-19 frontline workers and their families. In response to COVID-19, JWEL also introduced a bonus program for staff required to be physically present and implemented stringent safety measures across its manufacturing and distribution facilities. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 7

Industry Update Industrials 22 July 2020 Yuri Lynk, MSc, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.514.844.3708 Capital Goods ESG themes Company Rating Price Target Engineering and Construction Key themes impacting the sector ARE-TSX Buy C$15.00 C$19.00 BAD-TSX Buy C$30.40 C$32.00 ESG considerations in the capital goods space do more than just check the BDT-TSX Buy C$6.74 C$7.00 sustainability box, they are good for business. We highlight the social component NOA-TSX Buy C$7.55 C$16.00 of ESG as being particularly important to our coverage universe, which is dominated STN-TSX Buy C$43.71 C$46.00 by companies in the construction, engineering, and equipment supply chain. These WSP-TSX Buy C$86.14 C$95.00 are businesses that rely almost entirely on human capital to design, build, operate, Equipment Distribution and Rentals and maintain infrastructure and equipment, often in harsh geographic climates. When FTT-TSX Buy C$19.03 C$24.00 your primary asset is people, it pays to keep turnover low and engagement high while TIH-TSX Buy C$73.35 C$71.00 fostering a diverse workforce with a strong safety culture. Priced as of close of business 20 July 2020 Within the social aspects of ESG, we believe diversity and safety are of particular importance. In an industry where fatalities unfortunately do occur, safety is priority number one and a safe workplace helps attract and retain talent. Additionally, it is key for winning new business from customers that increasingly demand a clean safety record from suppliers. Importantly, industry safety records can be quantified, unlike many other ESG factors, through the Total Reportable Injury Frequency (TRIF) ratio and similar measures. In terms of diversity, engineering and construction, companies face labour constraints, so being able to attract people that are underrepresented in the industry, such as women and minorities, potentially alleviates the labour pinch point while fostering an environment of diversity and inclusion. Which companies are doing it best? Stantec - Stantec, in our view, has perhaps the most comprehensive ESG profile. On the environmental front, Stantec has achieved a 39% reduction in its emissions from its 2013 baseline and expects to surpass its 2028 reduction target of 40%. Its social leadership is also strong as evidenced by its inclusion in the Bloomberg Gender-Equality Index and the Jantzi Social Index, while its safety record has been improving since at least 2014. On the governance front, the board is 40% female comprised and 75% independent. WSP Global - WSP is making strides across all aspects of ESG and was named "Most Sustainable Company in the Engineering Industry - 2019" by World Finance magazine. It has a 25% GHG reduction target (2018-2030) in place and is making progress on achieving it. Its safety record is impressive, but its progress on filling over 30% of management positions by women requires improvement. In terms of governance, WSP scores well with an independent Chairperson and good shareholder alignment. We note 6 of 8 directors are independent and 3 of 8 are women. Toromont Industries - Toromont has reduced its GHG emission carbon intensity by 10% over the last three years and increased landfill diversion by 25%. The company scores well on social considerations, with senior leadership compensation tied to TRIF. In a tight labour market, Toromont was able to increase its workforce by 8% in 2019, reflecting successful recruiting, onboarding, and retention. Toromont values diversity, as evidenced by women comprising 22% of its leadership team and 30% of its Board. Aecon Group - Aecon has begun disclosing its carbon footprint and set reduction targets; possesses a strong safety culture; has relationships with over 40 Indigenous groups; and scores well on governance measures with 80% of the board independent and 100% of employees being shareholders. Best of the rest - We would be remiss if we did not mention the strong safety cultures at Badger Daylighting, Bird Construction, and North American Construction Group, while Finning International boasts a comprehensive ESG program and is on track to improve its safety measures. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 8

Industry Update Metals and Mining 22 July 2020 Canaccord Genuity Corp. (Canada) Metals and Mining ESG themes Dalton Baretto, CFA| Analyst - 1.416.869.7380 [email protected] Carey MacRury, CFA| Analyst - 1.416.867.6130 Key themes impacting the sector [email protected] The mining sector has often been perceived (sometimes, we believe, with justification) Kevin MacKenzie, P.Geo., MBA| Analyst - 1.604.643.7357 as a poor steward of ESG standards. The industry has collectively worked hard to [email protected] overturn this narrative, especially given the increased focus on ESG performance among Tom Gallo| Analyst - 1.416.869.3483 global institutional investors. We note that ESG was front and centre at the 2019 Denver [email protected] Gold Forum for many companies, including the royalty/streaming companies, with a Katie Lachapelle, CPA| Associate Analyst - general recognition that "it's the right thing to do". On September 12, 2019, the World 1.416.869.7294 [email protected] Gold Council unveiled an ESG framework, Responsible Gold Mining Principles, that many companies have since adopted. The framework addresses key environmental, social and governance issues for the gold mining sector. We believe that mining companies that meet stringent investor criteria will earn valuation premiums over time, and companies that do not will see their investor base shrink regardless of financial fundamentals. While the "G" in ESG is important, in this report we focus on the more often visible Company Rating Price Target factors related to mining: environmental and social factors. Base Metals - Producer Environmental: Mining, by nature, involves ground disturbance to extract minerals, ERO-TSX Buy C$17.23 C$22.00 and mines are often located in environmentally pristine and ecologically sensitive LUN-TSX Buy C$8.51 C$11.00 areas. As such, from an environmental perspective, the focus is generally on leaving Mining Royalties as small a footprint as possible. Key areas of focus for the industry include 1) tailings WPM-TSX Buy C$66.94 C$75.00 dam standards; 2) processing plant effluent discharge into local watersheds; and 3) Precious Metals - Producer "greening” operations to limit fossil fuel consumption, including electric transport and AEM-TSX Buy C$93.00 C$110.00 renewable power installations. AGI-TSX Buy C$14.56 C$17.50 BTO-TSX Buy C$8.63 C$11.00 Social: Community relations and social impact can often be a contentious topic NEM-NYSE Buy US$64.19 US$83.00 within the mining industry, as many mines are located on Indigenous lands and PAAS- Hold US$35.68 US$36.00 can dramatically affect traditional ways of life. Key areas of focus include 1) quality NASDAQ of relationships with local communities, proper consultation and ability to resolve SSRM-TSX Buy C$30.59 C$35.00 differences; 2) size and nature of revenue and other benefit-sharing agreements with Priced as of close of business 20 July 2020 local communities and governments; 3) job creation and training programs for local communities; and 4) more recently, support programs for workers and communities during the COVID-19 pandemic. How do we measure a company’s ESG performance? Most mining companies now release an annual ESG report, and many hold open calls to discuss their results. In addition, most institutional investors now have an ESG scorecard on each company, or a dedicated ESG team that will generate an internal view on the company’s ESG performance. Factors being considered vary from a mining- specific suite at some clients to a general sector-agnostic list at other clients (which tends to put mining at a disadvantage). In addition, specific events can lead to industry- wide movements; as an example, following VALE’s Brumadinho tailings dam tragedy, the Church of England led an institutional investor mandate requesting that major mining companies globally provide full disclosure on their tailings dam designs and risk- mitigation measures. Which companies are doing it best? Every mining company we cover is now making a significant effort to improve its ESG score, although we generally observe more focus on the ‘E’ and ‘S’ than on the ‘G’. Among the base metals companies we cover, our conversations with investors have indicated a preference for Lundin Mining and Ero Copper from an ESG perspective. Among the senior precious metals companies, Newmont, Agnico Eagle Mines, B2Gold, Pan American Silver, and Wheaton Precious Metals are perceived as ESG leaders. Among the mid-cap precious metals companies, we have observed a general preference for Alamos Gold and SSR Mining. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 9

Industry Update Real Estate 22 July 2020 Canaccord Genuity Corp. (Canada) Real Estate ESG themes Mark Rothschild| Analyst - 1.416.869.7280 [email protected] Brendon Abrams, CPA, CA| Analyst - Key themes impacting the sector 1.416.687.5270 [email protected] Within the REIT sector, ESG programs have largely evolved from existing initiatives Christopher Koutsikaloudis| Associate - aimed at improving efficiency and operating in a more sustainable manner. However, 1.416.869.7307 as investor awareness relating to ESG has grown, this has become an increasing focus [email protected] for REITs, and ESG initiatives are now an element of most Canadian REITs’ public Michael Pennington| Associate - 1.416.869.7351 disclosure. The themes of these programs vary, but in general the focus is on: [email protected] • Reducing energy consumption and waste at properties; • Increasing the diversity of the REIT’s workforce, including senior management and the board; and, • Charitable giving and encouraging volunteerism among employees. Company Rating Price Target How do we measure company performance? Real Estate BAM-NYSE Buy US$34.30 US$42.50 There are a number of independent rating systems which have been established to Real Estate Investment Trusts provide assessments of companies’ ESG programs, mainly regarding environmental FCR.UN-TSX Buy C$13.62 C$17.50 sustainability. We highlight three of the most notable rating systems below: Priced as of close of business 20 July 2020 • Building Owners and Managers Association (BOMA) BEST, an independently verified building certification program with established standards for energy and environmental performance of existing buildings. • Leadership in Energy and Environmental Design (LEED), a rating system for buildings which evaluates performance based on location and transportation availability, sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality. • Global Real Estate Sustainability Benchmark (GRESB), a benchmark for the ESG performance of commercial property owners based on annual survey data. In addition to the above, most REITs report workforce diversity (including that of the board and senior management), which is expressed on a percentage basis and serves as an additional objective ESG-related measurement. Which companies are doing it best? Within our coverage universe, we highlight two names which stand out with respect to their commitment to ESG principles: Brookfield Asset Management and First Capital REIT. Within BAM’s property segment, it has achieved a number of certifications, including 48 LEED certifications in its North American office portfolio, 44 Energy Star certifications in the United States, and 52 BOMA 360 certifications in the United States and Canada. BAM is also the asset manager to, and owns a 57% interest in, Brookfield Renewable Partners, a renewable power company with US$47 billion of assets under management across the Americas, Europe and Asia. FCR is targeting a 9% reduction in greenhouse gas emissions between 2018 and 2021 and has announced that it will be upgrading all exterior lighting to LED lighting by the end of 2020. The REIT has achieved a BOMA BEST rating for properties amounting to 76% of its GLA and has obtained LEED certifications for properties amounting to 16%. In addition, over 50% of the REIT’s workforce is female, and all full-time employees are entitled to one paid day off annually to volunteer for a charity of their choice. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 10

Industry Update Telecommunications 22 July 2020 Aravinda Galappatthige, CFA | Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.869.7303 Matthew Lee, CFA | Associate Analyst | Canaccord Genuity Corp. (Canada) | [email protected] | 1.416.687.5363 Company Rating Price Target Telecommunications Telecom ESG themes BCE-TSX Buy C$56.70 C$61.00 RCI.B-TSX Buy C$55.53 C$60.00 Three key themes impacting the sector T-TSX Hold C$23.56 C$24.00 Priced as of close of business 20 July 2020 Within the telecom space, the greatest ESG focus is on affordability and viewing connectivity as a human right, as communications services are increasingly recognized as vital to social participation, education, and employment. As a result, the incumbents in the telecommunications industry have grown their efforts to offer affordable products to disenfranchised members of the community. Rogers, for example, subsidizes over 25,000 households with its “Connected for Success” program, while TELUS offers all students in need within Western Canada access to high-speed internet for $10 with its “Internet for Good” program. These programs have become increasingly important during the COVID-19 pandemic, as unemployment rates have risen substantially and communication has become a greater part of everyday life, for work, education, and leisure. In addition to affordability, we see a greater demand for telecommunications companies to be involved in conversations around health. Bell’s “Let’s Talk Day”, for example, has become one of the country's most recognized charity events supporting mental health, while TELUS’ “Health for Good” helps make healthcare more accessible to Canadians. Lastly, as with many other corporations, diversity has come into greater focus, with social movements demanding that companies hold themselves to higher standards in terms of inclusion. With those criteria in mind, TELUS is leading the way TELUS continuously demonstrates its commitment to the environment, the communities it serves, and its shareholders. The company has shown its understanding of the symbiotic relationship between profitability and sustainability. Through initiatives such as the TELUS Friendly Future Foundation, the company has donated over $1.2 billion and 1.3 billion hours to a variety of causes since 2000. Throughout the pandemic, in addition to its programs connecting low-income families and students, TELUS distributed 10,000 free phones to isolated seniors and vulnerable Canadians, with a free 3GB data plan. The “For Good” suite of services removes the barriers to connectivity. Utilizing its telecom infrastructure and broad health offerings, TELUS offers communities a variety of services under its “For Good” program, which is split into four categories. “Health for Good” offers mobile health clinics, using technology to improve the effectiveness of outreach nurses. “Mobility for Good” helps children in foster care to stay connected, with subsidized phone plans and handsets. “Internet for Good” provides low-cost internet access. Lastly, “Tech for Good” invests in solutions to assist differently abled Canadians in staying connected. Diversity and independence a key focus on the TELUS board. TELUS’ desire to support diversity and strong governance is clearly reflected in its board of directors. Currently, 45% of TELUS’ independent directors are women, and 55% of independent directors represent diversity. TELUS is one of the companies committed to the Catalyst Accord 2022, which pledges to increase the average percentage of women on boards and in executive positions to 30%+ by 2022. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 11

Industry Update Technology, Media and Telecom 22 July 2020 Canaccord Genuity Corp. (Canada) Technology ESG themes Robert Young, MBA| Analyst - 1.416.869.7341 [email protected] Doug Taylor, CFA| Analyst - 1.416.867.6101 Key themes impacting the sector [email protected] As technology, particularly cloud software, emerges from the global pandemic thus Christian Sgro, CPA, CA, CFA| Associate - 1.416.869.7364 far relatively unscathed, we expect to see more of a focus on ESG issues. Technology [email protected] companies have played a key role in the response to the global pandemic, and Neil Bakshi| Associate - 1.416.867.2366 while technology companies have a relatively strong reputation for equal access to [email protected] information and tools, diversity/inclusiveness and the environment, there have been missteps. Although technology companies do not have a reputation for overconsumption of resources, we see a growing concern related to energy usage in some corners. For example, the cryptocurrency boom focused attention on the inefficient use of energy Company Rating Price Target in the mining process. We have also seen some concern about the amount of energy Enterprise Software consumed in data centres, where AI model development and training is performed. ABT-TSX Buy C$15.43 C$13.50 Data security and privacy is another key dimension, as regulators assess the control REAL-TSX Buy C$29.03 C$25.00 that large technology companies have over our digital lives, irrespective of the value Enterprise Software - Software as a Service aggregation provides. As users surrender biometric data, which can identify us by voice, DCBO-TSX Buy C$38.97 C$32.00 fingerprint, optical scan, gait and face, we become easier to track and trace. Technology DSGX- Buy US$53.94 US$50.00 NASDAQ companies are amassing comprehensive data on how their users browse and search KXS-TSX Buy C$199.16 C$190.00 online, and even on how they behave when they are offline. This has temporarily taken SHOP-NYSE Hold US$1,009.39 US$700.00 a back seat through the global pandemic; however, we believe there is still appropriate Priced as of close of business 20 July 2020 concern over how the data is stored and used. *Shopify (SHOP-NYSE) is co-covered with David Hynes Jr. | How do we measure company performance? Canaccord Genuity LLC (US) A critical measure of a data centre’s environmental impact is the source of energy. Large data centre operators track energy usage and renewable energy purchases, and we have seen increasing investment in clean energy projects and internal carbon taxes that incentivize decisionmakers to minimize their climate impact. These companies are best measured by their commitment to, and usage of, renewable energy, as data and security performance is often more difficult to measure. As we often see in the media, missteps will often come under close regulatory and public scrutiny. Which companies are doing it best? Within our coverage, we highlight Kinaxis as a protagonist due to its efforts to help customers cut carbon emissions. The company aims to identify the most efficient route with real-time scenario planning, helping customers to reduce their environmental footprint. Outside of our coverage, many companies that operate in the cloud computing space publish detailed sustainability reports. Most of these large North American players have announced long-term commitments aiming to improve usage of renewable energy and to reach net zero carbon emissions. Within data and privacy, our Canadian coverage universe has largely operated without fault. Most Canadian, data-rich software companies (Kinaxis, Docebo, Descartes, Shopify, Real Matters, Absolute Software) handle enterprise data, and several rely on the larger cloud providers for storage and security. Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX) The recommendations and opinions expressed in this research report accurately reflect the research analyst's personal, independent and objective views about any and all the companies and securities that are the subject of this report discussed herein. 22 July 2020 12

Canadian Equity Research Industry Update Appendix: Important Disclosures Analyst Certification Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer. Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Sector Coverage Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report. Investment Recommendation Date and time of first dissemination: July 22, 2020, 04:40 ET Date and time of production: July 21, 2020, 15:55 ET Compendium Report This report covers six or more subject companies and therefore is a compendium report and Canaccord Genuity and its affiliated companies hereby direct the reader to the specific disclosures related to the subject companies discussed in this report, which may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http:// disclosures.canaccordgenuity.com/EN/Pages/default.aspx; or by sending a request to Canaccord Genuity Corp. Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a request by email to [email protected]. The reader may also obtain a copy of Canaccord Genuity’s policies and procedures regarding the dissemination of research by following the steps outlined above. Past performance In line with Article 44(4)(b), MiFID II Delegated Regulation, we disclose price performance for the preceding five years or the whole period for which the financial instrument has been offered or investment service provided where less than five years. Please note price history refers to actual past performance, and that past performance is not a reliable indicator of future price and/or performance. Distribution of Ratings: Global Stock Ratings (as of 07/22/20) Rating Coverage Universe IB Clients # % % Buy 499 60.85% 54.71% Hold 188 22.93% 40.43% Sell 17 2.07% 35.29% Speculative Buy 116 14.15% 69.83% 820* 100.0% *Total includes stocks that are Under Review Canaccord Genuity Ratings System BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months. HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months. SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months. NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer. “Risk-adjusted return” refers to the expected return in relation to the amount of risk associated with the designated investment or the relevant issuer. Risk Qualifier 22 July 2020 13

Canadian Equity Research Industry Update SPECULATIVE: Stocks bear significantly higher risk that typically cannot be valued by normal fundamental criteria. Investments in the stock may result in material loss. 12-Month Recommendation History (as of date same as the Global Stock Ratings table) A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosures- mar.canaccordgenuity.com/EN/Pages/default.aspx Required Company-Specific Disclosures (as of date of this publication) Manulife Financial Corp.Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Absolute Software Corp., Air Canada, Agnico Eagle Mines Limited, Alamos Gold Inc., Aecon Group Inc., Badger Daylighting Ltd., Brookfield Asset Management Inc., Bell Canada Enterprises Inc., Bird Construction Inc., B2Gold Corp., Burcon NutraScience Corporation, Columbia Care Inc., Chorus Aviation Inc., Cresco Labs, Inc., Celestica Inc., Docebo Inc., Descartes Systems Group, Exchange Income Corporation, Ero Copper Corp., EXFO Inc., First Capital REIT, Finning International Inc., Gibson Energy, CGI Group Inc., Green Thumb Industries Inc., Jamieson Wellness, Inc., Kinaxis Inc., Lundin Mining Corporation, Manulife Financial Corp., Maple Leaf Foods Inc., Newmont Corporation, North American Construction Group Ltd., Pan American Silver Corp., Primo Water Corporation, Rogers Communications Inc., Real Matters Inc., Royal Bank of Canada, Secure Energy Services Inc., Shopify, SSR Mining Inc., Stantec Inc., TELUS Corporation, Toromont Industries Ltd., Seven Generations Energy Ltd., Wheaton Precious Metals Corp. and WSP Global Inc. in the next three months.Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in the securities of Air Canada, Alamos Gold Inc., Brookfield Asset Management Inc., Bell Canada Enterprises Inc., B2Gold Corp., Celestica Inc., Descartes Systems Group, CGI Group Inc., Kinaxis Inc., Lundin Mining Corporation, Manulife Financial Corp., Newmont Corporation, Rogers Communications Inc., Royal Bank of Canada, Shopify, SSR Mining Inc., TELUS Corporation, Seven Generations Energy Ltd. and Wheaton Precious Metals Corp. or in any related derivatives. Manulife Financial Corp.Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Absolute Software Corp., Air Canada, Agnico Eagle Mines Limited, Alamos Gold Inc., Aecon Group Inc., Badger Daylighting Ltd., Brookfield Asset Management Inc., Bell Canada Enterprises Inc., Bird Construction Inc., B2Gold Corp., Burcon NutraScience Corporation, Columbia Care Inc., Chorus Aviation Inc., Cresco Labs, Inc., Celestica Inc., Docebo Inc., Descartes Systems Group, Exchange Income Corporation, Ero Copper Corp., EXFO Inc., First Capital REIT, Finning International Inc., Gibson Energy, CGI Group Inc., Green Thumb Industries Inc., Jamieson Wellness, Inc., Kinaxis Inc., Lundin Mining Corporation, Manulife Financial Corp., Maple Leaf Foods Inc., Newmont Corporation, North American Construction Group Ltd., Pan American Silver Corp., Primo Water Corporation, Rogers Communications Inc., Real Matters Inc., Royal Bank of Canada, Secure Energy Services Inc., Shopify, SSR Mining Inc., Stantec Inc., TELUS Corporation, Toromont Industries Ltd., Seven Generations Energy Ltd., Wheaton Precious Metals Corp. and WSP Global Inc. in the next three months.Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in the securities of Air Canada, Alamos Gold Inc., Brookfield Asset Management Inc., Bell Canada Enterprises Inc., B2Gold Corp., Celestica Inc., Descartes Systems Group, CGI Group Inc., Kinaxis Inc., Lundin Mining Corporation, Manulife Financial Corp., Newmont Corporation, Rogers Communications Inc., Royal Bank of Canada, Shopify, SSR Mining Inc., TELUS Corporation, Seven Generations Energy Ltd. and Wheaton Precious Metals Corp. or in any related derivatives. General Disclaimers See “Required Company-Specific Disclosures” above for any of the following disclosures required as to companies referred to in this report: manager or co-manager roles; 1% or other ownership; compensation for certain services; types of client relationships; research analyst conflicts; managed/co-managed public offerings in prior periods; directorships; market making in equity securities and related derivatives. For reports identified above as compendium reports, the foregoing required company-specific disclosures can be found in a hyperlink located in the section labeled, “Compendium Reports.” “Canaccord Genuity” is the business name used by certain wholly owned subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, Canaccord Genuity Corp., and Canaccord Genuity (Australia) Limited, an affiliated company that is 80%-owned by Canaccord Genuity Group Inc. The authoring analysts who are responsible for the preparation of this research are employed by Canaccord Genuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto, Montreal, or Canaccord Genuity LLC, a US broker-dealer with principal offices located in New York, Boston, San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer with principal offices located in London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealer with principal offices located in Sydney and Melbourne. The authoring analysts who are responsible for the preparation of this research have received (or will receive) compensation based upon (among other factors) the Investment Banking revenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Investment Banking activities, or to recommendations contained in the research. Some regulators require that a firm must establish, implement and make available a policy for managing conflicts of interest arising as a result of publication or distribution of research. This research has been prepared in accordance with Canaccord Genuity’s policy on managing conflicts of interest, and information barriers or firewalls have been used where appropriate. Canaccord Genuity’s policy is available upon request. 22 July 2020 14

Canadian Equity Research Industry Update The information contained in this research has been compiled by Canaccord Genuity from sources believed to be reliable, but (with the exception of the information about Canaccord Genuity) no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this research constitute Canaccord Genuity’s judgement as of the date of this research, are subject to change without notice and are provided in good faith but without legal responsibility or liability. From time to time, Canaccord Genuity salespeople, traders, and other professionals provide oral or written market commentary or trading strategies to our clients and our principal trading desk that reflect opinions that are contrary to the opinions expressed in this research. Canaccord Genuity’s affiliates, principal trading desk, and investing businesses also from time to time make investment decisions that are inconsistent with the recommendations or views expressed in this research. This research is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the designated investments discussed in this research may not be eligible for sale in some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. This material is prepared for general circulation to clients and does not have regard to the investment objectives, financial situation or particular needs of any particular person. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, none of Canaccord Genuity, its affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this research. Research Distribution Policy Canaccord Genuity research is posted on the Canaccord Genuity Research Portal and will be available simultaneously for access by all of Canaccord Genuity’s customers who are entitled to receive the firm's research. In addition research may be distributed by the firm’s sales and trading personnel via email, instant message or other electronic means. Customers entitled to receive research may also receive it via third party vendors. Until such time as research is made available to Canaccord Genuity’s customers as described above, Authoring Analysts will not discuss the contents of their research with Sales and Trading or Investment Banking employees without prior compliance consent. For further information about the proprietary model(s) associated with the covered issuer(s) in this research report, clients should contact their local sales representative. Short-Term Trade Ideas Research Analysts may, from time to time, discuss “short-term trade ideas” in research reports. A short-term trade idea offers a near-term view on how a security may trade, based on market and trading events or catalysts, and the resulting trading opportunity that may be available. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks. A short-term trade idea may differ from the price targets and recommendations in our published research reports that reflect the research analyst's views of the longer-term (i.e. one-year or greater) prospects of the subject company, as a result of the differing time horizons, methodologies and/or other factors. It is possible, for example, that a subject company's common equity that is considered a long-term ‘Hold' or 'Sell' might present a short-term buying opportunity as a result of temporary selling pressure in the market or for other reasons described in the research report; conversely, a subject company's stock rated a long-term 'Buy' or “Speculative Buy’ could be considered susceptible to a downward price correction, or other factors may exist that lead the research analyst to suggest a sale over the short-term. Short-term trade ideas are not ratings, nor are they part of any ratings system, and the firm does not intend, and does not undertake any obligation, to maintain or update short-term trade ideas. Short-term trade ideas are not suitable for all investors and are not tailored to individual investor circumstances and objectives, and investors should make their own independent decisions regarding any securities or strategies discussed herein. Please contact your salesperson for more information regarding Canaccord Genuity’s research. For Canadian Residents: This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for this research and its dissemination in Canada. Canaccord Genuity Corp. is registered and regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a Member of the Canadian Investor Protection Fund. Canadian clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their particular province or territory. For United States Persons: Canaccord Genuity LLC, a US registered broker-dealer, accepts responsibility for this research and its dissemination in the United States. This research is intended for distribution in the United States only to certain US institutional investors. US clients wishing to effect transactions in any designated investment discussed should do so through a qualified salesperson of Canaccord Genuity LLC. Analysts employed outside the US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. For United Kingdom and European Residents: 22 July 2020 15

Canadian Equity Research Industry Update This research is distributed in the United Kingdom and elsewhere Europe, as third party research by Canaccord Genuity Limited, which is authorized and regulated by the Financial Conduct Authority. This research is for distribution only to persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Article 19(5) (Investment Professionals) and 49(2) (High Net Worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. This material is not for distribution in the United Kingdom or elsewhere in Europe to retail clients, as defined under the rules of the Financial Conduct Authority. For Jersey, Guernsey and Isle of Man Residents: This research is sent to you by Canaccord Genuity Wealth (International) Limited (CGWI) for information purposes and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This research has been produced by an affiliate of CGWI for circulation to its institutional clients and also CGWI. Its contents have been approved by CGWI and we are providing it to you on the basis that we believe it to be of interest to you. This statement should be read in conjunction with your client agreement, CGWI's current terms of business and the other disclosures and disclaimers contained within this research. If you are in any doubt, you should consult your financial adviser. CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial Services Commission and the Isle of Man Financial Supervision Commission. CGWI is registered in Guernsey and is a wholly owned subsidiary of Canaccord Genuity Group Inc. For Australian Residents: This research is distributed in Australia by Canaccord Genuity (Australia) Limited ABN 19 075 071 466 holder of AFS Licence No 234666. To the extent that this research contains any advice, this is limited to general advice only. Recipients should take into account their own personal circumstances before making an investment decision. Clients wishing to effect any transactions in any financial products discussed in the research should do so through a qualified representative of Canaccord Genuity (Australia) Limited. Canaccord Genuity Wealth Management is a division of Canaccord Genuity (Australia) Limited. For Hong Kong Residents: This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited which is licensed by the Securities and Futures Commission. This research is only intended for persons who fall within the definition of professional investor as defined in the Securities and Futures Ordinance. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord Genuity (Hong Kong) Limited. (Contact Tel: +852 3919 2561) in respect of any matters arising from, or in connection with, this research. Additional information is available on request. Copyright © Canaccord Genuity Corp. 2020 – Member IIROC/Canadian Investor Protection Fund Copyright © Canaccord Genuity Limited. 2020 – Member LSE, authorized and regulated by the Financial Conduct Authority. Copyright © Canaccord Genuity LLC 2020 – Member FINRA/SIPC Copyright © Canaccord Genuity (Australia) Limited. 2020 – Participant of ASX Group, Chi-x Australia and of the NSX. Authorized and regulated by ASIC. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity Corp., Canaccord Genuity Limited, Canaccord Genuity LLC or Canaccord Genuity Group Inc. None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above. None of the material, nor its content, nor any copy of it, may be altered in any way, reproduced, or distributed to any other party including by way of any form of social media, without the prior express written permission of the entities listed above. 22 July 2020 16