This guide is for information only and is not intended as investment advice. The views expressed are those of the author at the time of publication and are subject to change at any time.
Use of third-party data
This material may contain information obtained from third parties including: Merrill Lynch, Pierce, Fenner & Smith Incorporated (BofAML), S&P Global Ratings, and MSCI.
Source: Merrill Lynch, Pierce, Fenner & Smith Incorporated (BofAML), used with permission. BofAML permits use of the BofAML indices related data on an “As Is” basis, makes no warranties regarding same, does not guarantee the suitability,
quality, accuracy, timeliness, and/or completeness of the BofAML indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Connor,
Clark & Lunn Private Capital Ltd. or any of its products.
This may contain information obtained from third parties, including ratings from credit ratings agencies such as S&P Global Ratings. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission
of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise),
regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY
COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address
the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated
in any form and may not be used as a basis for or a component of any financial instruments or products or indices. MSCI makes no express or implied warranties or implied warranties or representations and shall have no liability whatsoever with respect
to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
This material, including any attachments, is provided to you for your informational purposes only and is considered private and confidential. This material is intended for the use of the recipient only and no matter contained herein may be used, disseminated,
distributed, reproduced or copied by any means, in whole or in part without express prior written consent of CC&L Private Capital. Certain information contained herein is based on information obtained from third-party sources that CC&L Private
Capital considers to be reliable. While we consider such information to be reliable, CC&L Private Capital makes no representation as to, and accepts no responsibility for, the accuracy, fairness or completeness of such information produced by
third parties and contained herein. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of capital may occur. All opinions, estimates and projections contained in this material constitute CC&L Private
Capital’s judgment as of the date of this material, are subject to change without notice. This material has been prepared without regard to the particular individual financial circumstances and objectives of persons who receive it and nothing
in this material constitutes legal, accounting, tax or individually tailored investment advice. As such, as you consider this material, you should consult with independent professionals in those areas regarding your individual circumstances. This
information is not an offer to sell or a solicitation of an offer to buy any securities and is not to be used as a sales communication.