François Gervais

CIBC World Markets, Inc. is a full-service investment bank headquartered in Toronto. The firm is a subsidiary of the Canadian Imperial Bank of Commerce (NYSE: CM). CIBC provides an internationally integrated research product through three primary strategies. In the US, the firm provides research coverage on technology, telecommunications, healthcare, energy, power generation and technology, financial institutions, consumer growth, real estate and media. In Canada, the firm offers the full spectrum of coverage for all of the sectors that form the TSE 300 Index.Their broad investment grade analysis of return bond Indices provides daily performance of the Canadian bond market. The sectors covered are: government of Canada bonds, provincial and municipal bonds and corporate bonds rated AAA/AA, A and BBB.Also available is a monthly ABS/MBS market report that provides information on ABS market conditions, market summary data and monthly performance reports on outstanding transactions. This report includes information about the MBS market, including key statistics on MBS spreads and prepayments. Another report contains MBS trading data, cash flows and other key data. A separate monthly Portfolio Valuation Report provides month end pricing for ABS and MBS transactions.Corporate debt research produces highly targeted credit analysis and research for investment grade and high yield debt securities. The corporate bond review covers bond market action, new issues, price/yield movements, rating changes, and buy/sell recommendations.The fixed-income research group produces actionable fundamental and technical analysis, strategies, products, and runs bond indexes and quantitative models relating specifically to fixed income markets, bond portfolios, and individual securities.CIBC provides risk management solutions to corporations, investors, financial institutions, and governments across all asset classes: interest rates, equities, credit, currency, and commodities.CIBC World Markets is a subsidiary of Canadian Imperial Bank of Commerce.

Valener, Inc. engages in the investment business. The firm focuses on various energy portfolios. The company was founded on June 15, 2010 and is headquartered in Montreal, Canada.

RBC Capital Markets LLC is a full-service brokerage and financial services firm headquartered in New York City. They are a direct subsidiary of RBC USA Holdco Corp. and a wholly-owned indirect subsidiary of Royal Bank of Canada (TSE, NYSE: RY). RBC Capital Markets is a member of the New York Stock Exchange (NYSE), the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC), and several other exchanges and self-regulatory organizations. Founded in 2010, the firm is comprised of 3 major business lines: the Private Client Group, the Fixed-Income Group and the Clearing and Execution Services Group. The Private Client Group serves individual investors, while the Fixed-Income Group provides services to institutions, municipalities and non-profit organizations. The Clearing and Execution Services Group is a provider of clearing and execution services to independent broker/dealers throughout the US. RBC Capital Markets focuses on the following sectors: communications, media, consumer/retail, diversified industries, energy, financial institutions, forest products, healthcare, infrastructure finance, mining & metals, real estate, social infrastructure, technology and the US municipal markets.