Monday, November 18, 2019

Monday, November 18, 2019 STOCKS Source: FactSet (5pm EST) BEFORE THE OPEN Price Change YTD Source: Thomson Reuters S&P TSX 17,028.47 0.33% 18.89% Futures for Canada's main stock index inched up, tracking global markets, driven S&P TSX 60 1,019.86 0.41% 18.68% by optimism that Washington and Beijing could sign off on a deal to end the S&P/TSX Venture 528.58 0.27% -5.14% trade dispute. Continuing last week’s momentum, U.S stock index futures INK Canadian Insider 11.45 0.57% 11.93% traded higher supported by surprise rate cut from Chinese central bank. S&P 500 3,120.46 0.77% 24.48% European shares traded higher and Chinese and Japanese stocks ended in the NASDAQ Composite 8,540.83 0.73% 28.72% green. The dollar index was down and gold prices slipped amid risk-on trade. Oil Dow Jones Industrial Average 28,004.89 0.80% 20.05% iShares MSCI ACWI ex U.S. ETF 48.20 0.75% 16.87% prices edged down but held on to last week's gains on expectations that OPEC would extend production cuts. COMMODITIES & CURRENCIES Source: FactSet (5pm EST) STOCKS IN THE NEWS Price Change YTD Source: Thomson Reuters Canadian National Railway Co (CNR): Crude Oil WTI (NYM $/bbl) 57.72 1.67% 23.78% Canada's Teamsters labor union has given the company notice that it intends to Nat Gas Fin LD (NYM $/btu) 2.75 1.14% -3.54% Gold (NYM $/ozt) 1,468.50 -0.33% 12.22% strike starting Nov. 19, the two parties said on Saturday, following a stalemate Silver (NYM $/ozt) 16.95 -0.47% 6.34% in contract negotiations. The company offered the Teamsters Canadian Rail High Grade Copper (NYM $/lbs) 2.64 0.63% -0.66% Conference a binding arbitration, which the union declined. Lumber (CME $/bft) 396.40 -0.58% 13.11% HP Inc (HPQ) & Xerox Corp (XRX): CAD/USD 0.76 0.25% 3.30% HP said on Sunday it was open to exploring a bid for U.S. printer maker Xerox Bitcoin USD (CME) 8,505.00 -1.96% 133.01% after rebuffing a $33.5 billion cash-and-stock acquisition offer from the latter as 10Y Canada Govt Bond (MOD) 141.22 -0.13% 3.59% "significantly" undervaluing the personal computer maker. Xerox made the offer 10Y US T-Note (BMF) 128.89 0.00% 5.97% for HP, a company more than three times its size, on Nov. 5, after it resolved a CBOE VIX (CBF) 12.98 -5.46% -71.66% dispute with its joint venture partner Fujifilm Holdings that represented billions GLOBAL INDICES of dollars in potential liabilities. Source: FactSet (5pm EST) Microsoft Corp (MSFT): Price Change YTD The company has hired former U.S. Attorney General Eric Holder to investigate France - CAC 40 5,939.27 0.65% 25.55% whether the use of facial recognition technology developed by an Israeli startup Germany - DAX 13,241.75 0.47% 25.41% it funded complies with its ethics principles, it said on Friday. AnyVision, based Italy - FTSE MIB 23,588.59 0.46% 28.73% outside Tel Aviv, has come under scrutiny following reports by Haaretz's Japan - Nikkei 225 23,303.32 0.70% 16.43% TheMarker business newspaper and NBC News that its technology is used to U.K. - FTSE 100 7,302.94 0.14% 8.54% Shanghai - SSE Composite 2,891.34 -0.64% 15.94% surveil Palestinians who live in the occupied West Bank. HSBC Holdings Plc (HSBC): TSX SECTORS Corruption under South Africa's former president Jacob Zuma was enabled by Source: FactSet (5pm EST) international banks, companies and governments which should now seek to Price Change YTD recover the loot they helped to launder, British lawmaker Peter Hain told an S&P/TSX Energy 2,075.88 1.04% 12.16% S&P/TSX Materials 2,352.16 0.00% 16.57% inquiry. HSBC, Standard Chartered and India's Bank of Baroda as well as their S&P/TSX Industrials 3,602.55 0.30% 24.85% senior directors were "directly culpable" in the looting of South Africa's treasury S&P/TSX Consumer Discretionary 2,246.23 -0.06% 15.48% under Zuma, Hain said in his submission to the Judicial Commission of Inquiry S&P/TSX Consumer Staples 5,443.73 0.84% 14.63% into Allegations of State Capture. S&P/TSX Health Care 340.75 -2.71% -15.54% THINGS TO KNOW S&P/TSX Financials 2,973.94 0.19% 20.21% Source: Bloomberg Finance L.P. S&P/TSX Information Technology 457.81 0.46% 51.39% Saudi Aramco is likely to receive a valuation between $1.6-1.71 trillion, which S&P/TSX Communication Services 1,604.25 0.19% 11.05% for just a 1.5% stake might fall short of Alibaba’s $25 billion as the largest IPO. S&P/TSX Utilities 2,464.02 0.17% 31.31% Hong Kong protests saw further chaos and violence between protestors and S&P/TSX Real Estate 3,720.44 0.71% 20.15% police around Hong Kong Polytechnic University.

NOT FOR DISTRIBUTION TO THE UNITED STATES. This publication is a general market commentary and is provided for informational purposes only. The author(s) is not a Research Analyst and this communication is not the product of Canaccord Genuity Corp.’s Research Department. It should not be construed as a research report or investment advice.

For important information, please see the Important Disclosures beginning on page 12 of this document.

CANADIAN EQUITIES OF INTEREST Listed Alphabetically by Symbol

Aurora Cannabis Inc.* (ACB: $3.59), Net Change: $-0.79, Change: -18.04% Q1/F20 results • For the quarter, the company reported total net revenues of C$75.2M, a sizable QoQ decrease of 24%, attributable to a 33% drop in recreational cannabis sold to provincial buyers • On the production front, Aurora saw its cash cost per gram come down to C$0.85 (from C$1.14), finally reaching its objective of sub-C$1.00 per gram costs • The company reported adj. gross margin of 58% on net cannabis sales while cash opex in the quarter saw an increase of ~10% • ACB ended the quarter with C$197.5 of cash and cash equivalents and announced plans to pull back construction at its Aurora Nordic 2 and Aurora Sun facilities

Canadian Apartment Properties REIT* (CAR.UT: $54.76), Net Change: $0.38, Change: 0.70% Q3/F19 results • For Q3/19, CAP REIT reported funds from operations (FFO) per diluted unit of $0.55, up 3.3% year over year, and in line with consensus • A 3.7% increase in same-property NOI contributed $0.03 to FFO per unit and was the main driver of growth, while same- property occupancy was up 10 basis points YoY • Overall, CAP REIT’s rental apartment portfolio remained effectively fully occupied at 98.8% as of Q3/19, down 10 bps year over year • In Q3/19, turnover was 6.9%, down 30 bps from 7.2% in Q3/18 but up 250 bps sequentially

Goodfood Market Corp.* (FOOD: $2.92), Net Change: $-0.08, Change: -2.67% Q4/F19 results • The company reported net revenues of $45M (up 112% YoY) while EBITDA came in at -$4.4M vs. consensus of -$4.9M • Gross margin was 26.7% for the quarter driven by automation initiatives, lower freight costs and purchasing power; and management expects margins of 45% in the near term • The company ended the quarter with 200k active customers, representing a significant improvement from 89k at the end of F2018 • Goodfood has expanded its product offerings from core Ready-to-Cook to breakfast, Ready-to-Eat, and private label grocery items; and the company ended Q4 with $48M of cash

Invesque Inc* (IVQ: $9.05), Net Change: $-0.28, Change: -3.00% Q3/F19 results • For Q3/19, Invesque reported funds from operations (FFO) per diluted share of US$0.20, flat year-over-year, driven by an increase in revenues offset by an increase in property operating expenses • During the quarter (on August 30, 2019), Invesque completed the previously announced acquisition of three memory care facilities in Indiana operated by Constant Care for a price of US$30.8 million • The EBITDAR coverage for Invesque is 1.2x, the ninth straight quarter of stable EBITDAR and this level of coverage has been steady since the IPO • In Q3/19, Invesque reported stabilized occupancy of 85%, flat sequentially but this compares favourably with the US peers, which have an average occupancy rate of 83% for skilled nursing facilities and 86% for assisted living facilities

PRO Real Estate Investment Trust* (PRV.UT: $7.25), Net Change: $0.03, Change: 0.42% Q3/F19 results • In Q3/19, PRO reported FFO per diluted unit of $0.12, down 6.4% Y/Y, and slightly below consensus of $0.13

Monday, November 18, 2019 Unless otherwise noted, the above commentary is derived from research published by Canaccord Genuity Corp and/or Canaccord Genuity LLC. For more information, please contact your investment advisor. For current disclosures, please visit our Online Disclosure Database at http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx.

• PRO reported steady SPNOI growth of 1.4% in Q3/19, driven primarily by the REIT's retail portfolio, which was up 2.0% YoY primarily driven by contractual rent increases • Retail saw SPNOI increase 2.0% YoY while Industrial and Office had increases of 0.5% and 3.6% YoY, respectively • The REIT closed on seven properties for a combined purchase price of $98 million, translating into a 6.7% cap rate and the properties are located in Halifax (5), Ottawa, and Kanata

Questor Technology Inc.* (QST: $4.30), Net Change: $0.06, Change: 1.42% Q3/F19 results • Q3 revenue of $8.3 million was up 44% YoY driven by unit sales of $3.6 million offset by lower than expected rental revenue of $4.0 million • EBITDA came in at $3.7 million vs. consensus of ~$4.1 million while EPS was $0.07 impacted by depreciation charges • Questor’s Q3/19 cash gross margin of 56% was driven by sales mix and unexpected costs (related to off-the-grid installations) in Mexico • Questor developed capital of $0.3 million and increased its cash position to $10.2 million in the quarter, and subsequent to quarter end, Questor received a $2.2 million order from a large midstream operator

WPT Industrial REIT* (WIR: $13.69), Net Change: $-0.03, Change: -0.22% Q3/F19 results • Q3/19, WPT reported FFO per diluted unit of US $0.24, up 7.0% year over year and slightly above consensus of US $0.23 primarily driven by increase in SPNOI and management fee revenue • Same-property NOI was up 4.5% YoY in Q3, attributed by contractual rent increases, an 80 bps YoY jump in same property average occupancy to 99.6%, and higher recoveries of operating expenses • During the quarter, WPT earned US$2.2 million in management fees, comprising US$0.6 million of base management fees and US$1.6 million of transaction related fees • The REIT renewed 100% of the 641,000 sf of expiring space while also acquiring approximately 2.0 million sf of space which was is fully leased

Wheaton Precious Metals Corp* (WPM: $35.61), Net Change: $0.55, Change: 1.57% Q3/F19 results • Wheaton Precious Metals reported Q3 adj. EPS of 16c, in line with consensus of 16c • Adjusted EBITDA came in at $145 million, which saw a 25% growth QoQ • Wheaton announced attributable gold sales of 94.8 koz and silver sales of 4,484 koz while GEO sales came in at 155 koz • Vale continues to progress the 36 Mtpa expansion (from 24 Mtpa) at Salobo and the company increased 2019 gold guidance to 390 koz with silver production reduced to 21.9 Moz

US EQUITIES OF INTEREST Listed Alphabetically by Symbol

Ascendis Pharma A/S Sponsored ADR* (ASND: $112.51), Net Change: $0.91, Change: 0.82% PaTH Forward trial announcement • Ascendis announced expansion of the ph.2 PaTH Forward trial evaluating TransCon PTH in hypoparathyroidism, which will delay timelines to data until 1Q20 • The ph.2 study is now expected to enroll ~55-60 patients • New timeline puts ph.2 PaTH Forward data readout around late 1Q20 • The extension study will allow Ascendis to evaluate patients on TransCon PTH as data accrue in the open label setting, and six-month data could be available by 2H20

Brookfield Asset Management Inc. Class A* (BAM: $57.42), Net Change: $-0.31, Change: -0.54% Q3/F19 results • FFO per share was up 2.6% YoY, excluding gains, on FFO of US$701 million or US$0.68 per share, up from US$684 million in Q3/19 • Feebearing capital increased in the quarter to US$274 billion from US$164 billion as of Q2/19, largely the result of BAM’s acquisition of Oaktree • Management estimates that its current annualized fee-related earnings are US$1.3 billion, up 25.5% from US $1.1 billion sequentially and 48% year-over-year • At the end of Q3, BAM closed on the acquisition of 61% of Oaktree Capital Management (“Oaktree”) for US$4.7 billion and the transaction brings total fee-bearing capital to US$274 billion, amounting to a 67% increase sequentially

BioMarin Pharmaceutical Inc.* (BMRN: $75.04), Net Change: $-0.54, Change: -0.71% R&D day • At last year's R&D day, BioMarin spoke briefly about expanding indications for vosoritide; this year, the strategy has matured and a ph.2 clinical trial of vosoritide is planned to launch in 2020 for dominantly inherited short stature (DISS) • BioMarin also guided to GAAP breakeven or better bottom-line next year FY20E, also reiterating $2Bn in revenue guidance • DISS was selected due to an easier patient selection criteria with a high likelihood for being considered a growth plate disorder • BMN 331 (HAE) announced as next program while BMN 307 (PKU) progresses to ph.1/2 initiation expected 1Q20

Cinedigm Corp* (CIDM: $0.88), Net Change: $-0.02, Change: -2.08% Q2/FY20 results • Total revenue came in at $10.2 million, decreasing 25.5% YoY, driven by Cinema Equipment revenue declining 50% YoY offset by Content & Entertainment and OTT Streaming & Digital revenues growing 5.5% and 35% YoY, respectively • Ad-supported viewers grew almost 400% y/y to 4.5M in September and Tubi continues to contribute to the majority of AVOD revenue • More of Cinedigm's channels, including the newly launched Bambu, are expected to expand carriage soon • Management now believes the Future Today acquisition, which is being slowed by regulatory and sociopolitical factors, will close by the end of the year

Digi International Inc.* (DGII: $17.36), Net Change: $2.26, Change: 14.97% Q4/F19 results • Digi reported Q4/F’19 results with total sales of $65.0M and adjusted EBITDA of $7.6M • IoT Solutions had revenue $9.5M while IoT Products & Services revenue came in at $55.5M • Gross profit for the quarter was 47.1% due to favourable product mix in IoT Products & Services partially offset by increased implementation costs in IoT Solutions

• For F2020, management anticipates stronger organic growth in 2H/20 versus 1H/20 with full-year guidance for revenue of $310M-$325M and adjusted EBITDA of $45M-$50M

Dolphin Entertainment Inc* (DLPN: $0.72), Net Change: $0.02, Change: 2.86% Q3/F19 results • DLPN reported Pro-Forma revenue of $5.9 million, up 4% YoY and above consensus by 2% • Adjusted EBITDA was $(0.9) million and missed consensus due to impairment of capitalized production costs and higher legal costs • 42West, which already does business with Netflix and Amazon, has already done or expects to be able to do more business with the two new entrants, Apple TV+ and Disney+ • Dolphin took advantage of Viewpoint's expected Q3 low season to realign its business by focusing on more profitable customers

Teladoc Health, Inc.* (TDOC: $80.94), Net Change: $2.05, Change: 2.60% Weekly flu surveillance report • The CDC published its weekly flu surveillance report for week 45 of 2019 ending Nov. 9, detailing the percentage of US outpatient visits attributed to influenzalike illnesses (ILI) • In the 45th week of 2019, 2.28% of outpatient visits were due to ILI, a slight uptick from last week (week 44 - 2.04%) • This is the highest level during week 45 over the last 10 years from 2010 through 2019 • The flu season got off to a slow start followed by a modest lift late in 4Q'18 and into 1Q'19 and overall, TDOC saw flu visits decline by 32% over the 2017-2018 flu season

INDUSTRY UPDATE

Oil Market • WTI (December) is down 0.4% to $57.52 and Brent (January) is down 0.1% to $63.24 • Oil is higher after posting a strong gain on Friday (which capped a moderate rise for the week) • The market is paying close attention to the state of US-China trade talks, with the weekend's updates largely positive (the most recent call between negotiators was characterized as "constructive," and the US agreed to a new 90-day extension on Huawei licenses) • The net-long position in WTI rose 32% for the week through 12-Nov, driven entirely by managers unwinding short bets (which fell 41%, while long-only bets dropped 3.3%) • The recent optimism may be driven by the more promising tone of US-China trade talks, but also that many investors find it difficult to be bullish about the long term given concerns about global growth and an impending supply influx from Brazil and Guyana • Some independent Chinese "teapot" refiners have been employing an unusual strategy of locking in prices on portions of cargoes at different levels throughout the month, as opposed to the industry norm of buying cargoes at one-off prices based on monthly averages • This strategy of looking for "trigger prices" often takes place in the small hours of the night, swamping counterparties with orders and paperwork Saudi Arabia – WSJ/Bloomberg/Reuters • Saudi Aramco is targeting a $1.65T valuation for its upcoming IPO, notably short of initial hopes for ~$2T, as voiced by Saudi Crown Prince bin Salman • It could still be the largest-ever IPO, with Aramco offering a 1.5% stake that could be valued at ~$25B (near Alibaba's IPO from 2014) • The Saudis are heavily promoting the IPO to local retail investors (who will have access to about $8.5B of the IPO), and that the Saudi central bank has relaxed lending limits to boost demand from local investors after bankers were unable to convince many international money managers of the merits of the deal • The company has canceled the London leg of its roadshow (it adds Aramco has already decided not to market the sale in the U.S., Canada or Japan) Source: FactSet

Last week in Cannabis Cannabis update • Canopy reported FQ2/20 results that included significant sales allowances/inventory write-downs • Aurora reported FQ1/20 financial results (ended Sept 30) with net revenues of C$75.2M, a sizable QoQ decrease of 24 • Cronos reported Q3/19 financial results with net revenue came in at C$12.7M, an increase of ~24% QoQ, driven partly by contributions from acquired Redwood Holdings Group (US hemp-derived CBD) • Supreme reported Q1/20 (ended Sept 30) that saw net revenues decline to C$11.4M from C$19M in the prior quarter • OrganiGram provided an overall company update that included rather disappointing expectations for its FQ4/19 (ended Aug 31) earnings • MediPharm reported revenues of $43.4M (a sequential QoQ growth rate of 38%), adj. EBITDA of $10.1M and pre-tax net income of $5.4M • Acreage reported stand-alone revenue of US$22.4M (up 26.6% QoQ) and pro forma revenue of US$42.2M (up 15.3% QoQ) • Cresco and Origin House announced amended terms to their previously announced transaction with he total transaction value reduced to U.S. $375M Source: Canaccord Genuity Research Canaccord Genuity Corp provided an opinion in an advisory role to the Cresco Labs Board of Directors for its proposed acquisition of CannaRoyalty (d.b.a.Origin House)

MORNING INK REPORT Director buys into the Stingray Groove Source: INK Research

Company Highlight: Stringray Group (RAY)

• In October 2018, its Radio segment got a boost when Stingray closed the acquisition of Newfoundland Capital Corporation • In the deal, valued at $506 million, Stingray got access to Newcap Radio which has millions of listeners, 72 local radio stations, and 29 repeating stations across Canada • Initially, the deal was not a hit with investors • However, the stock has found a groove over the last six months as investors appear to like the sound of recent financial results • Most recently, for fiscal Q2 2020 (ended September 30, 2019) revenue was $76.5 million, up from $34.7 million in fiscal Q2 2019 • In the quarter, Canada accounted for the bulk (68.9%) of revenue with 11.8% coming from the US and 19.3% from other international markets • Revenue was split fairly evenly between the two segments • Net income was $0.07 per diluted share, up from $0.01 in fiscal Q2 2019, while adjusted free cash flow was $18.8 million, up from $5.8 million • Between August 12th and 14th, Stingray Group (RAY.A) director Mark Pathy bought 300,000 Subordinate Voting Shares in the public market on an indirect ownership basis between the prices of $7.23 and $7.34 • He is the fourth largest insider beneficial shareholder owning 2,356,034 Subordinate Voting Shares and 513,182 Multiple Voting Shares • As of May 31, 2019, there were 17,941,498 Multiple Voting Shares, 57,685,820 Subordinate Voting Shares and 623,629 Variable Subordinate Voting Shares (RAY.B) issued and outstanding

Stingray Group Chart

Source: INK Research

MARKET MOVERS Source: FactSet

CANADA 52-Week Highs CANADA 52-Week Lows TSE Total 52-Week Highs 58 TSE Total 52-Week Lows 25 TSXV Total 52-Week Highs 5 TSXV Total 52-Week Lows 25 Air Canada AC 49.36 Canopy Growth Corporation WEED 20.29 Automotive Properties Real Estate Investment TrustAPR.U 11.78 Sierra Wireless Inc. SW 10.61 Brookfield Renewable Partners LP BEP.U 59.32 Frontera Energy Corporation FEC 10.30 Cogeco Inc. CGO 105.26 Liminal BioSciences Inc. LMNL 8.50 Dream Industrial Real Estate Investment Trust DIR.U 13.79 Canaccord Genuity Group Inc. CF 4.76 BRP, Inc. DOO 61.86 Aurora Cannabis Inc. ACB 3.59 DREAM Unlimited Corp. Class A DRM 11.57 TMAC Resources, Inc. TMR 3.18 Granite Real Estate Investment Trust Stapled UnitsGRT.U - 1 Granite RE 67.92Inc + 1 TU GraniteOrganiGram REIT Holdings Inc OGI 3.04 Home Capital Group Inc. HCG 35.20 OceanaGold Corporation OGC 2.60 Jamieson Wellness, Inc. JWEL 26.09 HEXO Corp. HEXO 2.35 Kinaxis, Inc. KXS 102.55 High Arctic Energy Services Inc. HWO 2.09 National Bank of Canada NA 69.68 CannTrust Holdings, Inc. TRST 1.15 Northland Power Inc. NPI 27.11 Largo Resources Ltd. LGO 1.07 Quebecor Inc. Class B QBR.B 33.53 China Gold International Resources Corp Ltd CGG 0.96 Royal Bank of Canada RY 108.81 Lucara Diamond Corp. LUC 0.84

U.S. 52-Week Highs U.S. 52-Week Lows NASDAQ Total 52-Week Highs 219 NASDAQ Total 52-Week Lows 553 NYSE Total 52-Week Highs 113 NYSE Total 52-Week Lows 66 Apple Inc. AAPL 265.76 Antero Midstream Corp. AM 5.35 Microsoft Corporation MSFT 149.97 Avanos Medical, Inc. AVNS 32.32 Alphabet Inc. Class A GOOGL 1,333.54 Black Stone Minerals LP BSM 12.37 Medtronic Plc MDT 112.06 CenterPoint Energy, Inc. CNP 25.48 United Technologies Corporation UTX 149.36 Cinemark Holdings, Inc. CNK 34.12 Thermo Fisher Scientific Inc. TMO 306.81 Ebix, Inc. EBIX 34.50 Linde plc LIN 209.71 Enable Midstream Partners LP ENBL 9.92 Charter Communications, Inc. Class A CHTR 475.60 EnLink Midstream LLC ENLC 5.32 Fiserv, Inc. FISV 113.91 EQM Midstream Partners LP EQM 24.71 Raytheon Company RTN 218.88 Equitrans Midstream Corp. ETRN 10.83 Applied Materials, Inc. AMAT 62.06 GEO Group Inc GEO 14.49 Sherwin-Williams Company SHW 592.77 Tilray, Inc. TLRY 19.93 Vertex Pharmaceuticals Incorporated VRTX 209.80 Ultragenyx Pharmaceutical, Inc. RARE 36.08 Global Payments Inc. GPN 179.23 Vir Biotechnology, Inc. VIR 13.02

Marsh & McLennan Companies, Inc. MMC 105.50 Vonage Holdings Corp. VG 7.73

ASSET CLASS PERFORMANCE Source: FactSet *All numbers presented on the table below is based on total return

As of: 11/15/2019 Price Return CAGR Index Price Daily Weekly Monthly YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. S&P TSX 17,028.47 0.33% 0.89% 3.72% 18.89% 12.44% 8.09% 5.93% 7.19% S&P TSX 60 1,019.86 0.41% 0.92% 3.70% 18.68% 12.37% 8.75% 6.63% 7.30% S&P/TSX Venture 528.58 0.27% -1.56% -2.33% -5.14% -15.34% -10.87% -7.39% -9.00% INK Canadian Insider 11.45 0.57% 1.33% 6.02% 11.93% 4.09% 1.53% - - S&P 500 3,120.46 0.77% 0.89% 4.17% 24.48% 14.29% 14.97% 11.13% 13.39% NASDAQ Composite 8,540.83 0.73% 0.77% 4.81% 28.72% 17.66% 18.69% 14.03% 16.01% Dow Jones Industrial Average 28,004.89 0.80% 1.17% 3.63% 20.05% 10.74% 16.70% 12.40% 13.37% iShares MSCI ACWI ex U.S. ETF 48.20 0.75% 0.02% 3.04% 16.87% 10.99% 6.51% 1.38% 1.55% China - SSE 2,891.34 -0.64% -2.46% -3.33% 15.94% 8.36% -3.19% 3.24% -0.91% France - CAC 40 5,939.27 0.65% 0.84% 4.16% 25.55% 17.99% 12.99% 10.78% 8.36% Germany - DAX 13,241.75 0.47% 0.10% 4.85% 25.41% 16.63% 7.25% 7.43% 8.82% Italy - FTSE MIB 23,588.59 0.46% 0.23% 5.47% 28.73% 24.77% 16.41% 8.20% 3.77% Japan - Nikkei 225 23,303.32 0.70% -0.38% 4.94% 16.43% 6.88% 11.87% 7.96% 11.17% U.K. - FTSE 100 7,302.94 0.14% -0.77% 1.27% 8.54% 3.76% 6.85% 6.10% 7.28% Australia - ASX 200 6,793.70 0.87% 1.04% 2.13% 20.32% 18.44% 13.16% 9.15% 8.40% Saudi Arabia - TASI 7,924.19 0.00% 1.61% 3.78% 1.25% 3.42% - - -

Commodity Price Daily Weekly Monthly YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. Crude Oil WTI (NYM $/bbl) 57.72 1.67% 0.84% 9.11% 23.78% -1.47% 8.01% -5.31% -2.76% Nat Gas Fin LD (NYM $/btu) 2.75 1.14% -4.28% 3.89% -3.54% -31.98% -1.58% -7.31% -4.57% Gold (NYM $/ozt) 1,468.50 -0.33% 0.38% -1.01% 12.22% 17.74% 6.24% 4.37% 2.78% Silver (NYM $/ozt) 16.95 -0.47% 0.74% -2.51% 6.34% 14.82% -0.19% 0.77% -0.25% High Grade Copper (NYM $/lbs) 2.64 0.63% -1.64% 0.92% -0.66% -5.45% 1.74% -2.84% -1.19% Lumber (CME $/bft) 396.40 -0.58% 0.87% 3.58% 13.11% 2.65% 8.20% 4.38% 6.09%

Miscellaneous Price Daily Weekly Monthly YTD 1 Yr. 3 Yr. 5 Yr. 10 Yr. CAD/USD 0.76 0.25% -0.05% -0.09% 3.30% 0.05% 0.63% -3.06% -2.29% Bitcoin USD (CME) 8,505.00 -1.96% -3.84% 4.10% 133.01% 56.77% - - - 10Y Canada Govt Bond (MOD) 141.22 -0.13% 0.74% 0.61% 3.59% 7.36% 0.06% 0.59% 1.63% 10Y US T-Note (BMF) 128.89 0.00% 0.39% -0.67% 5.97% 8.54% 0.58% 0.35% - CBOE VIX (CBF) 12.98 -5.46% -9.11% -23.11% -71.66% -61.20% -5.29% -3.24% -6.66% All prices are in local currencies

MACRO-EVENT SCHEDULE Source: Bloomberg Finance L.P.

November 19- 22 Event Actual Estimate Tuesday Housing Starts -- 1320k Wednesday MBA Mortgage Applications -- -- CPI YoY -- 1.9% CPI NSA MoM -- 0.3% Thursday Initial Jobless Claims -- 218k Philadelphia Fed Business Outlook -- 6 Existing Home Sales -- 5.49m Leading Index -- -0.2% Friday Retail Sales MoM -- -0.3% Markit US Manufacturing PMI -- 51.5 U. of Mich. Sentiment -- 95.7

EARNINGS Source: TMX Money

USA Company Ticker Exchange Period Time Est.EPS Ascendis Pharm A/S ASND NASDAQ Q3 2019 AC -1.37 Bilibili Inc. BILI NASDAQ Q3 2019 AC -0.18 America's Car-Mart Inc. CRMT NASDAQ Q2 2020 AC 1.85 Kornit Digital Ltd. KRNT NASDAQ Q3 2019 AC 0.12 LexiFintech Holdings Ltd. LX NASDAQ Q3 2019 BO 0.54 Wanda Sports Group Co Ltd WSG NASDAQ Q3 2019 BO -0.08 Woodward Inc. WWD NASDAQ Q4 2019 AC 1.29 Ashland Global Holdings Inc. ASH NYSE Q4 2019 AC 0.98 Mancheseter United Ltd. MANU NYSE Q1 2020 BO -0.08 ZTO Express (Cayman) Inc. ZTO NYSE Q3 2019 AC 0.22

MOST READ NEWS Source: Bloomberg Finance L.P.

1) Lam Urges Besieged Protesters to Heed Police: Hong Kong Update 2) Aramco’s IPO Becomes a Saudi Affair as London Roadshow Scrapped 3) Prince Andrew Bombs in BBC Interview, Creating PR Disaster 4) U.S. Futures Rise as Stocks Are Mixed; Pound Gains: Markets Wrap 5) Women Desert Trading Floors as Bias Blocks Path to Management 6) Druckenmiller Alumni at PointState Seek New Cash After Loss 7) The Bond Trade That’s Gone From Zero to $88 Billion in Two Years 8) Boris Johnson Cancels 2020 Tax Cut for Businesses: U.K. Votes 9) Hundreds Trapped in Hong Kong Siege, Raising Fears of Crackdown 10) Hong Kong Financial Elites Shun Local Schools as Protests Mount

THE LAST DROP: “The roots of education are bitter, but the fruit is sweet.”

— Aristotle

Appendix: Important Disclosures

While this product is drawn from sources believed to be reliable, the accuracy and completeness of the information contained herein is not guaranteed. Any reference to a research report or a recommendation is not a solicitation to purchase or sell any security and it does not consider the individual investment objectives, financial situation, suitability or risk tolerance of any person or corporation. Accordingly, investors should obtain advice based on their own specific circumstances before making any investment decision. Canaccord Genuity Wealth Management is a division of Canaccord Genuity Corp. Member – Canadian Investor Protection Fund (CIPF) and the Investment Industry Regulatory Organization of Canada (IIROC).

Quest®: Canaccord Genuity’s proprietary online valuation and analytical tool which combines consensus market figures with the Quest® Discounted Cash Flow (DCF) Valuation Model.

Quest® triAngle is Canaccord Genuity’s proprietary 15-factor, stock-picking tool, which systematically measures Value, Quality and Momentum and presents the results in a simple, easy to understand score. It takes a multi-pronged approach to Value, Quality and Momentum using five factors for each component, which adds more consistency of performance unlike a reliance on one single measure. It uses a mix of historic and forecast data, and combines absolute valuation data with comparisons relative to history. The triAngle is designed to generate stock ideas and provide a consistent framework for analysis of portfolio holdings.

Quest® Methodology Quest® is an analytical tool that involves use of a set of proprietary quantitative algorithms and value calculations to derive a number of corporate performance and valuation metrics, including assigning a Default Quest® value per share and generating a triAngle Score, which is a relative ranking based on a number of operational and valuation metrics. These algorithms and value calculations are consistently applied to all the companies included in the Quest® database. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders. As the third-party data are updated, the triAngle Score generated by Quest®, and the Default Quest® value per share may change. The default variables may also be adjusted by the user to produce alternative values, any of which could occur. Additional information about the Quest® methodology is available on request.

Canaccord Genuity Quest® Disclosures Quest® is at this stage registered in the UK and in the USA, and common law trade mark rights are asserted in other jurisdictions. Quest® is non-independent research and is a marketing communication under the FCA Conduct of Business rules. All rights reserved. Quest®, CITN®, Companies in the News™, CFROC®, and triAngle™ are all trademarks of Canaccord Genuity Limited. E&OE. © Canaccord Genuity Limited. For important information and company-specific Quest® disclosures please see Important Disclosures at the following website (provided as a hyperlink if this report is being read electronically): https://disclosuresquest.canaccordgenuity.com/. Please note that analyst data and Quest® data may differ due to different sources and calculation methods. The Quest® platform may be found at the following website www.canaccordquest.com

* Canaccord Genuity and its affiliated companies may have a Corporate Finance or other relationship with the company and may trade in any of the Designated Investments mentioned herein either for their own account or the accounts of their customers, in good faith and in the normal course of market making. The authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance activities, or to coverage contained in the Morning Coffee.

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 Investment Analyst’s personal, independent and objective views about any and all the Designated Investments and Relevant Issuers discussed herein.

Canaccord Genuity (Australia) Limited is the Australian affiliate of global capital markets group Canaccord Genuity Group Inc. (CF : TSX). The recommendations and opinions expressed in this research report accurately reflect the Analyst’s personal, independent and objective views about any and all the designated investments and relevant issuers discussed herein.