Union Securities Ltd.


Since 1963 our motto has been integrity and service.

Disclaimer

General

The reports provided in this section are for information purposes only. The information and any statistical data contained herein were obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete. The opinions expressed herein are those of the respective writers and are based upon their respective analysis and interpretation of this information and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein and are subject to change without notice.

The Quarterly Newsletter prepared by Jim Locke contains no ratings or recommendations and is offered as a general commentary on the North American economy and stock markets.

The material prepared by Mark Kinoff for the Core Report is a technical commentary on the commodity markets and is for information purposes only. Mr. Kinoff is an independent commodity specialist that has been retained by Union Securities Ltd. to provide a daily commentary. Mr. Kinoff's reports are also available to subscribers on his web site at at www.corefutures.com. As Mr. Kinoff is not a Union analyst, the Core Report may not meet Canadian disclosure requirements with respect to analyst restrictions and reporting requirements.

Research Ratings and Recommendations

The reports issued by Union's analysts contain ratings and recommendations that are explained in detail at the following link: Research Rating System.

Dissemination Policy

The reports contained in this section are disseminated via e-mail upon release to Union's investment advisors and interested retail and/or institutional clients. Simultaneously, they are posted to the Company's public web site and intranet where they are available respectively to Union's clients and/or sales staff.

Copyright

These reports may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions, or conclusions contained therein be referred to without the prior written consent of Union Securities Ltd.

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