Rating SYSTEMS

The "recommendation terminology" applied by Cormark is:

Top Pick - our best investment ideas, the greatest potential value appreciation
Buy - expected to outperform its peer group
Market Perform - expected to perform with its peer group
Reduce - expected to under perform its peer group
Not Rated - These are stocks for which we are restricted from currently publishing, or our recommendation is under review

Additionally, our ratings may be followed by "(S)" which denotes that the investment is speculative and has a higher degree of risk associated with it.

Our target prices are based on a 12-month investment horizon.

Rating Distribution as at
Rating	Number of Companies	% of Total
Top Pick
Buy
Market Perform
Reduce
Not Rated
Total