Terms of Use

The following terms of use (the “Terms of Use”) are an agreement between Byron Capital Markets, a division of Byron Securities Limited (“Byron”) and you, and govern your use of the investment information and research reports found on Byron’s web site.

Please read these Terms of Use carefully and completely.

1. The investment research reports found on Byron’s web site and the recommendations within these reports were originally prepared and published for the exclusive use of the clients of Byron. The research reports found on Byron’s web site are historical reports and may not contain the research analyst or Byron’s current opinion regarding any corporations or securities referred to therein. The reports found on Byron’s web site are solely intended to provide information regarding the applicable Byron research analyst’s opinion as at the stated date of the report. Byron’s research reports are typically first distributed or made-available to Byron’s clients on the date shown on the research report then made available on Byron’s web site on a later date, subject to these Terms of Use, where they may remain available for only a limited time.

2. The research reports, including any recommendations therein, are not to be considered a solicitation or an offer to buy, sell or trade any securities. The information contained in Byron’s research reports are only to be viewed by qualified investors that are resident in jurisdictions where these reports may be legally viewed on an “as is” basis. The research reports are not to be used or viewed by any person in any jurisdiction where such viewing or use would be contrary to any applicable laws or regulations or which would trigger any registration or prospectus requirements within such jurisdiction where such requirements have not been obtained.

3. The information contained in Byron’s research reports should not be construed as investment advice. A person seeking investment advice should consult with a qualified, registered, investment professional who knows the risk tolerances, objectives, financial situation and objectives of that person. Qualified investors in appropriate jurisdictions who are seeking investment advice are encouraged to contact a registered representative of Byron.

4. Some of the companies that Byron’s research analysts follow are emerging and small capitalization growth companies whose securities typically involve a higher degree of risk, a lower level of liquidity and more volatility than the securities of more established companies. For these and other reasons, the investments discussed or recommended in certain research reports may be unsuitable for investors depending on their specific investment objectives and financial position.

5. While efforts have been taken to provide accurate information in Byron’s research reports, the completeness or accuracy of such information is not guaranteed. Byron has not independently verified all of the facts, assumptions and estimates contained in the research reports found on Byron’s web site. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in these research reports. In addition, certain statements in these reports may constitute forward looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The research reports found on Byron’s web site may be changed, removed or updated without notice and it should not be assumed that the list of research reports found on Byron’s web site is complete or updated on a timely basis.

6. The research reports found on Byron’s website are subject to copyright and shall not be copied, distributed or redistributed without Byron’s express permission. In addition, unless the prior written permission of Byron has been obtained, the research reports found on Byron’s website shall not be, directly or indirectly, sold, exploited, published, modified, transmitted or otherwise disseminated, including any portion thereof, in any medium or in any manner whatsoever.

7. These Terms of Use shall be governed by, and the parties hereto agree to submit to, the laws of the Province of Ontario and the laws of Canada applicable therein.