Desjardins Securities

DISCLOSURES

		Company Specific Disclosures - Legend
	1.	Desjardins Capital Markets makes a market in the securities of the issuer.
	2.	Desjardins Capital Markets has performed investment banking services for the issuer in the past 12 months.
	3.	Desjardins Capital Markets has received compensation for investment banking services from the issuer within the past 12 months.
	4.	Desjardins Capital Markets has managed or co-managed a public offering of securities for the issuer in the past 12 months.
	5.	Desjardins Capital Markets and its affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued by the company.
	6a.	The Desjardins Capital Markets research analyst(s) and/or associate(s) who covers the issuer discussed has a long position in its common equity securities.
	6b.	A member of the household of the Desjardins Capital Markets research analyst(s) and/or associate(s) who covers the issuer has a long position in its common equity securities.
	7a.	The Desjardins Capital Markets research analyst(s) and/or associate(s) has viewed a material operation of the issuer, and the related travel expenses have not been paid for by the issuer.
	7b.	The Desjardins Capital Markets research analyst(s) and/or associate(s) has viewed a material operation of the issuer, and the related travel expenses have been paid for partially by the issuer.
	7c.	The Desjardins Capital Markets research analyst(s) and/or associate(s) has viewed a material operation of the issuer, and the related travel expenses have been paid for fully by the issuer.
	8.	Desjardins Capital Markets has received compensation for non-investment banking, non-securities-related services from the company in the past 12 months.
	9.	The issuer is a client for which a Desjardins Capital Markets company has performed non-investment banking, non-securities related services in the past 12 months.
	10.	The issuer is (or was) a client of Desjardins Capital Markets or an affiliate within the Desjardins Group within the past 12 months and received non-securities related services.
	11.	A partner, director or officer of Desjardins Capital Markets or any analyst(s) involved in the preparation of this publication has provided services (other than for investment advisory or trade execution purposes) to the issuer for remuneration within the past 12 months.
	12.	An officer or director of Desjardins Capital Markets, outside of the Equity Research Department, or a member of his/her household is an officer or director of the issuer or acts in an advisory capacity to the issuer.
	13.	The Desjardins Capital Markets research analyst(s) and/or associate(s) had communication with the issuer regarding the verification of factual material pertaining to certain research publications.
	14.	The Desjardins Capital Markets research analyst(s) and/or associate(s) had communication with Investment Banking regarding the verification of material in this research publication.
	15.	A director or officer of the issuer (or any of its affiliates) serves on the board of the Desjardins Group.
	16	The issue date for this research publication is within the restricted period for any recent IPO, secondary offering or lock-up agreement between the issuer and Desjardins Capital Markets.
	17.	The Desjardins Capital Markets supervisory analyst serves as an officer, director or employee of the issuer or acts in an advisory capacity to the issuer.

Ticker	Company	Disclosures
ADI	Adriana Resources Inc.	7b
ARE	Aecon Group Inc.	6a,6b,7a,8,9,10,13
AGU	Agrium Inc.	7b
AGI	Alamos Gold Inc.
ADV	Alderon Iron Ore Corp.	7b
AQN	Algonquin Power & Utilities Corp.	2,3,7b
ATD.B	Alimentation Couche-Tard Inc.	2,3,4,7a,8,9,10
AEI	Arsenal Energy Inc.	2,3
ATP	Atlantic Power Corporation	2,3,7b
AUQ	AuRico Gold Inc.	7b
BMO	Bank of Montreal	2,3,7a,8,9,10
BNS	Bank of Nova Scotia (The)	2,3,4,6a,6b,7a
BTE	Baytex Energy Corp.	2,3,7a,8,9,10,13
BCE	BCE Inc.	2,3,4,7a,8,9,10
BA	Bell Aliant Inc.	2,3,4,7a,8,9,10
BKI	Black Iron Inc.	7b
PXX	BlackPearl Resources Inc.	7a,13
BBD.B	Bombardier Inc.	7a,8,9,10,13
BLX	Boralex Inc.
BAM	Brookfield Asset Management Inc.	6a,6b,7a
CAE	CAE Inc.	7a,8,9,10,13
CTY	Calian Technologies Ltd.	7a
CCO	Cameco Corporation
CM	Canadian Imperial Bank Of Commerce	7a,8,9,10
CNR	Canadian National Railway Company	7a,8,9,10
CP	Canadian Pacific Railway Limited	7a,13
CTC.A	Canadian Tire Corporation, Limited	7a,8,9,10
CWB	Canadian Western Bank	2,3,4,7a,8,9,10
CFP	Canfor Corporation	7b,13
CPX	Capital Power Corporation	2,3,8,9,10
CS	Capstone Mining Corp.	7b
CDU	Cardero Resource Corp.	7b
CAS	Cascades Inc.	7b,8,9,10,13
CET	Cathedral Energy Services Ltd.	7a,13
GIB.A	CGI Group Inc.	7a,8,9,10
CHM	Champion Iron Mines Limited	7b
CCA	Cogeco Cable Inc.	2,3,4,7a,8,9,10
GCL	Colabor Group Inc.	7a,8,9,10
CAD	Colonial Coal International Corp.	7b
CUM	Copper Mountain Mining Corporation	7b,13
CSO	Corsa Coal Corp.	7a
CPG	Crescent Point Energy Corp.	7a,8,9,10,13
CVT	CVTech Group Inc.	2,3,7a,13
DOL	Dollarama Inc.	7a,8,9,10
DDC	Dominion Diamond Corporation
DWI	DragonWave Inc.	7a
ENB	Enbridge Inc.	2,3,7a,8,9,10,13
ENF	Enbridge Income Fund Holdings Inc.	13
ENS	Enseco Energy Services Corp.	7a,13
EQU	Equal Energy Ltd.	2,3
ESN	Essential Energy Services Ltd.	7a,13
FTT	Finning International Inc.	7a
FM	First Quantum Minerals Ltd.	7b
FTS	Fortis Inc.	2,3,13
GNV	GENIVAR Inc.	2,3,7a,13
GIL	Gildan Activewear Inc.	7a, 13
GLV.A	GLV Inc.	6a,6b,7b,13
GWO	Great-West Lifeco Inc.	2,3,6a,6b,7a
HRX	Héroux-Devtek Inc.	7a,8,9,10,13
HNZ.A	HNZ Group Inc.
HCG	Home Capital Group Inc.	6a,6b,7a
HBM	HudBay Minerals Inc.	2,3,7b
HYX	Hyperion Exploration Corp.
IBG	IBI Group Inc.	2,3,7a,13
IAG	Industrial Alliance Insurance and Financial Services Inc.	2,3,6a,6b,7a,8,9,10
INE	Innergex Renewable Energy Inc.	2,3,7a,8,9,10
PJC.A	Jean Coutu Group (PJC) Inc. (The)	7a,8,9,10
KGI	Kirkland Lake Gold Inc.	7b,13
KPT	KP Tissue Inc.	2, 3, 7b, 8, 9, 10, 13
LIM	Labrador Iron Mines Holdings Limited	7b
LIF	Labrador Iron Ore Royalty Corporation	7a
LB	Laurentian Bank Of Canada	2,3,7a,8,9,10
LEG	Legacy Oil + Gas Inc.	7a,13
LTS	Lightstream Resources Ltd.	6a,6b,7a,8,9,10,13
L	Loblaw Companies Limited	2,3,7a,8,9,10
LUN	Lundin Mining Corporation	7a,13
MBT	Manitoba Telecom Services Inc.	7a
MFC	Manulife Financial Corporation	2,3,6a,6b,7a,8,9,10
MQL	Marquee Energy Ltd.
MXG	Maxim Power Corp.
MRU	Metro Inc.	7a,8,9,10
MAX	Midas Gold Corp.	7b,13
IRL	Minera IRL Limited	2, 3, 7b, 13
NA	National Bank of Canada	2,3,4,7a,8,9,10
NCU	Nevada Copper Corp.	7b
NML	New Millennium Iron Corp.	7b
NBD	Norbord Inc.	7b,13
NPI	Northland Power Inc.
NVS	Novus Energy Inc.
ORE	Orezone Gold Corporation	7b
PXL	Palliser Oil & Gas Corporation	7c
PWT	Penn West Petroleum Ltd.	7a,8,9,10,13
PHX	PHX Energy Services Corp.	7a,13
PRY	Pinecrest Energy Inc.	2,3
POT	Potash Corporation of Saskatchewan Inc.
PD	Precision Drilling Corporation	8,9,10,13
QBR.B	Québecor Inc.	2,3,4,7a,8,9,10
RRX	Raging River Exploration Inc.	2,3,7a,13
RR	Rainy River Resources Ltd.	2,3,7b,13
RPL	Renegade Petroleum Ltd.	2, 3
RIC	Richmont Mines Inc.
RIO	Rio Alto Mining Limited	7b
RCI.B	Rogers Communications Inc.	7a,8,9,10
RON	RONA Inc.	7a,8,9,10
RY	Royal Bank of Canada	2,3,4,6a,6b,7a,8,9,10
RNX	Royal Nickel Corporation
SBB	Sabina Gold & Silver Corp.	2,3
SVC	Sandvine Corporation	7a
SVY	Savanna Energy Services Corp.	13
SCC	Sears Canada Inc.	7a,8,9,10
SCS	Second Wave Petroleum Inc.
SJR.B	Shaw Communications Inc.	7a
S	Sherritt International Corporation	7b
SC	Shoppers Drug Mart Corporation	2,3,4,7a,8,9,10
SNC	SNC-Lavalin Group Inc.	7b,8,9,10,13
STN	Stantec Inc.	7a,13
SJ	Stella-Jones Inc.	2,3,7a,13
SWY	Stornoway Diamond Corporation
SOG	Strategic Oil & Gas Ltd.
SQP	Strongco Corporation	7a
SUE	Sulliden Gold Corporation Ltd.	7b,13
SLF	Sun Life Financial Inc.	6a,6b,7a
STKL	SunOpta, Inc.	7a
SHR	Sure Energy Inc.
SGY	Surge Energy Inc.
TCK.B	Teck Resources Limited	7b
T	TELUS Corporation	2,3,4,7a,8,9,10
TGO	TeraGo Inc.	7a
TCM	Thompson Creek Metals Company Inc.	7b
THI	Tim Hortons Inc.	7a
TIH	Toromont Industries Ltd.	7a
TD	Toronto-Dominion Bank (The)	2,3,4,6a,6b,7a,8,9,10
TA	TransAlta Corporation	2,3
TRZ.B	Transat A.T. Inc.	7a,8,9,10,13
TRP	TransCanada Corporation	6a,6b,8,9,10
TFI	TransForce Inc.	2,3,7a,13
TDG	Trinidad Drilling Ltd.	7a,13
TOL	TriOil Resources Ltd.	2,3
TOS	TSO3 Inc.	2, 3, 4, 5, 7a, 13
UNS	Uni-Select Inc.	8,9,10,13
UUU	Uranium One Inc.
VNR	Valener Inc.	2,3,6a,6b,8,9,10
VET	Vermilion Energy Inc.	7a,8,9,10,13
WJX	Wajax Corporation	7a
WFT	West Fraser Timber Co. Ltd.	7b,8,9,10,13
WCP	Whitecap Resources Inc.	2,3

LEGAL DISCLAIMERS

Desjardins Capital Markets is a trademark used by Desjardins Securities Inc., Desjardins Securities International Inc. and Caisse Centrale Desjardins, wholly owned subsidiaries of Mouvement des caisses Desjardins.

Dissemination of Research
Desjardins Capital Markets makes all reasonable effort to provide research simultaneously to all eligible clients. Research is available to our institutional clients via Bloomberg, FactSet, FirstCall Research Direct, Reuters and Thomson ONE. In addition, sales personnel distribute research to institutional clients via email, fax and regular mail.

Analyst Certification
Each Desjardins Capital Markets research analyst named on the front page of this research publication, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this publication and all other companies and securities mentioned in this publication that are covered by such research analyst, and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this publication.

Additional Disclosures
Desjardins Capital Markets’ equity research analysts are compensated from revenues generated by various Desjardins Capital Markets businesses, including Desjardins Capital Markets’ Investment Banking Department. Desjardins Capital Markets will, at any given time, have a long or short position or trade as principal in the securities discussed herein, related securities or options, futures, or other derivative instruments based thereon. The reader should not rely solely on this publication in evaluating whether or not to buy or sell the securities of the subject company. Desjardins Capital Markets expects to receive or will seek compensation for investment banking services within the next three months from all issuers covered by Desjardins Capital Markets Research.

Legal Matters
This publication is issued and approved for distribution in Canada by Desjardins Securities Inc., a member of the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF). In the US, this publication is issued via the exemptive relief described in SEC Rule 15a-6, and through reliance on Desjardins Securities International Inc., a member of FINRA and SIPC.

This publication is provided for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. The securities mentioned in this publication may not be suitable for all types of investors; their prices, value and/or income they produce may fluctuate and/or be adversely affected by exchange rates. This publication does not take into account the investment objectives, financial situation or specific needs of any particular client of Desjardins Capital Markets. Before making an investment decision on the basis of any recommendation made in this publication, the recipient should consider whether such recommendation is appropriate, given the recipient’s particular investment needs, objectives and financial circumstances. Desjardins Capital Markets suggests that, prior to acting on any of the recommendations herein, you contact one of our client advisors in your jurisdiction to discuss your particular circumstances. Since the levels and bases of taxation can change, any reference in this publication to the impact of taxation should not be construed as offering tax advice; as with any transaction having potential tax implications, clients should consult with their own tax advisors. Past performance is not a guarantee of future results.

This publication may contain statistical data cited from third party sources believed to be reliable, but Desjardins Capital Markets does not represent that any such third party statistical information is accurate or complete, and it should not be relied upon as such. All estimates, opinions and recommendations expressed herein constitute judgments as of the date of this publication and are subject to change without notice.

US institutional customers: Desjardins Securities International Inc. (a wholly owned subsidiary of Desjardins Securities Inc.) accepts responsibility for the contents of this report subject to the terms and limitations set out above. Institutions receiving this report should effect transactions in securities in the report through Desjardins Securities International Inc., an institutional broker/dealer registered with FINRA and the US Securities and Exchange Commission.

Although each company issuing this publication is a wholly owned subsidiary of Mouvement des caisses Desjardins, each is solely responsible for its contractual obligations and commitments, and any securities products offered or recommended to or purchased or sold in any client accounts (i) will not be insured by the Federal Deposit Insurance Corporation (“FDIC”), the Canada Deposit Insurance Corporation or other similar deposit insurance, (ii) will not be deposits or other obligations of Mouvement des caisses Desjardins, (iii) will not be endorsed or guaranteed by Mouvement des caisses Desjardins, and (iv) will be subject to investment risks, including possible loss of the principal invested.

The Desjardins trademark is used under licence.

© 2011 Desjardins Securities Inc. All rights reserved. Unauthorized use, distribution, duplication or disclosure without the prior written permission of Desjardins Securities is prohibited by law and may result in prosecution.