MORNING NEWS CALL TOP NEWS BEFORE THE BELL STOCKS TO WATCH GRAPHIC ANALYSTS' RECOMMENDATION

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1 MORNING NEWS CALL TOP NEWS Trump slams Canada over NAFTA, says rejected Trudeau meeting U.S. President Donald Trump on Wednesday blasted Canada over the slow pace of talks over NAFTA, saying he was so unhappy that he had rejected Canadian Prime Minister Justin Trudeau's request for a one-on-one meeting. Italy budget tussle goes down to wire, upsets markets Italy's new government struggled to contain a fierce internal battle over fiscal policy, hours before it was due to unveil its 2019 budget targets, sparking a sell-off of state bonds and reviving fears the economy minister could quit. Japan dodges U.S. auto tariffs, for now, as Trump and Abe agree on trade talks U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agreed on Wednesday to start trade talks in an arrangement that, for now, protects Japanese automakers from further tariffs, seen as a major threat to the export-dependent economy. Comcast to stop buying Sky shares in the market Comcast said it would stop buying Sky's shares in the market after it secured 38 percent of the stock plus the 39 percent holding from Rupert Murdoch in the $40 billion takeover. DCC to buy Canada's Jam Group in $170 million deal Ireland-based DCC plans to buy Canada-based musical instruments distributor Jam Group for an enterprise value of $170 million, the company said, as it continues to diversify its business through acquisitions. BEFORE THE BELL Stock futures pointed to a higher opening for Canada's main stock index as oil prices rose on prospects of a global supply shortfall due to U.S. sanctions on Iran. U.S. stock index futures were up after the Federal Reserve raised interest rates as expected and left its monetary policy outlook for the coming years largely unchanged. European stocks tumbled over reports that Italy's long-awaited budget was facing a delay. Japan's Nikkei snapped an eight-day winning streak as profit-taking kicked in. U.S. dollar rallied, gaining from euro's slip. Gold prices edged lower. STOCKS TO WATCH Cenovus Energy Inc (CVE). The energy producer said on Wednesday that it had signed three-year deals with Canada's two major railways to transport roughly 100,000 barrels per day (bpd) of crude from Northern Alberta to the U.S. Gulf Coast. The company will start shipments on Canadian National Railway from its Bruderheim Energy terminal in the fourth quarter of this year, and on Canadian Pacific Railway through USD Partner's Hardisty, Alberta terminal in the second quarter of Our rail strategy provides a means of mitigating the price impact of pipeline congestion," said Cenovus Chief Executive Alex Pourbaix in a statement. GRAPHIC U.S. gasoline prices at seasonal 4-yr high ahead of midterm elections U.S. gasoline prices are sitting at four-year seasonal highs headed into the November midterm elections, even as President Donald Trump has called repeatedly for OPEC to push prices lower. While gasoline prices typically drop following peak summer demand season, they have not fallen as fast as expected, said Jeanette Casselano, spokeswoman for the American Automobile Association. The national price average was at $2.867 a gallon as of Wednesday, its highest seasonally since 2014, according to AAA. ANALYSTS' RECOMMENDATION Bombardier Inc (BBDb). Vertical Research starts with buy rating; price target C$5.70, seeing the potential for free cashflow to grow from breakeven now to nearly $2 billion by Invesque Inc (IVQu). IA Securities raises rating to strong buy from buy to reflect the company s attractive yield and discount valuation that recently widened due to relative underperformance.

2 ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0830 (approx.) Average weekly earnings YY for July: Prior 2.80 pct COMPANIES REPORTING RESULTS September 27: No major companies are scheduled to report for the day. September 28: BlackBerry Ltd (BB). Expected Q2 earnings of 1 cent per share CORPORATE EVENTS (All timings in U.S. Eastern Time) 1300 Vecima Networks Inc (VCM). Q4 earnings conference call EXDIVIDENDS Alaris Royalty Corp (AD). Amount C$0.14 Acadian Timber Corp (ADN). Amount C$0.28 Andrew Peller Ltd (ADWa). Amount C$0.05 Ag Growth International Inc (AFN). Amount C$0.20 AGT Food and Ingredients Inc (AGT). Amount C$0.15 Atrium Mortgage Investment Corp (AI). Amount C$0.08 Altus Group Ltd (AIF). Amount C$0.15 Algonquin Power & Utilities Corp (AQN). Amount $0.13 ARC Resources Ltd (ARX). Amount C$0.05 Badger Daylighting Ltd (BAD). Amount C$0.05 Bird Construction Inc (BDT). Amount C$0.03 Canadian Banc Corp (BK). Amount C$0.11 Bonavista Energy Corp (BNP). Amount C$0.01 AirBoss of America Corp (BOS). Amount C$0.07 CES Energy Solutions Corp (CEU). Amount C$0.01 Cineplex Inc (CGX). Amount C$0.15 Chorus Aviation Inc (CHR). Amount C$0.04 Chesswood Group Ltd (CHW). Amount C$0.07 CI Financial Corp (CIX). Amount C$0.18 Cardinal Energy Ltd (CJ). Amount C$0.04 Canadian Imperial Bank of Commerce (CM). Amount C$1.36 Canadian Pacific Railway Ltd (CP). Amount C$0.65 Crescent Point Energy Corp (CPG). Amount C$0.03 Capital Power Corp (CPX). Amount C$0.45 Chartwell Retirement Residences (CSH_u). Amount C$0.05 Cervus Equipment Corp (CVL). Amount C$0.10 CanWel Building Materials Group Ltd (CWX). Amount C$0.14 BRP Inc (DOO). Amount C$0.09 Medical Facilities Corp (DR). Amount C$0.09 Adf Group Inc (DRX). Amount C$0.01 Dividend Select 15 Corp (DS). Amount C$0.07 ECN Capital Corp (ECN). Amount C$0.01 Element Fleet Management Corp (EFN). Amount C$0.08 Exchange Income Corp (EIF). Amount C$0.18 E-L Financial Corp Ltd (ELF). Amount C$1.25 2

3 Enerplus Corp (ERF). Amount C$0.01 Extendicare Inc (EXE). Amount C$0.04 Firm Capital Mortgage Investment Corp (FC). Amount C$0.08 Founders Advantage Capital Corp (FCF). Amount C$0.01 First Capital Realty Inc (FCR). Amount C$0.22 First National Financial Corp (FN). Amount C$0.15 Freehold Royalties Ltd (FRU). Amount C$0.05 FirstService Corp (FSV). Amount $0.14 Gibson Energy Inc (GEI). Amount C$0.33 Gamehost Inc (GH). Amount C$0.06 goeasy Ltd (GSY). Amount C$0.23 Granite Oil Corp (GXO). Amount C$0.02 Hudson's Bay Co (HBC). Amount C$0.01 Horizon North Logistics Inc (HNL). Amount C$0.02 High Arctic Energy Services Inc (HWO). Amount C$0.02 Canlan Ice Sports Corp (ICE). Amount C$0.03 IGM Financial Inc (IGM). Amount C$0.56 Innergex Renewable Energy Inc (INE). Amount C$0.17 Information Services Corp (ISV). Amount C$0.20 Invesque Inc (IVQu). Amount $0.06 K-Bro Linen Inc (KBL). Amount C$0.10 KP Tissue Inc (KPT). Amount C$0.18 Logistec Corp (LGTb). Amount C$0.10 Labrador Iron Ore Royalty Corp (LIF). Amount C$0.30 Alcanna Inc (LIQ). Amount C$0.09 MBN Corp (MBN). Amount $0.08 Martinrea International Inc (MRE). Amount C$0.05 Morneau Shepell Inc (MSI). Amount C$0.07 Mullen Group Ltd (MTL). Amount C$0.05 NFI Group Inc (NFI). Amount C$0.38 Kirkland Lake Gold Ltd (NMI). Amount C$0.03 Northland Power Inc (NPI). Amount C$0.10 Nutrien Ltd (NTR). Amount $0.40 North West Company Inc (NWC). Amount C$0.32 Osisko Gold Royalties Ltd (OR). Amount C$0.05 Premium Brands Holdings Corp (PBH). Amount C$0.48 Pollard Banknote Ltd (PBL). Amount C$0.03 Peyto Exploration & Development Corp (PEY). Amount C$0.06 Park Lawn Corp (PLC). Amount C$0.04 Sentry Select Primary Metals Corp (PME). Amount C$0.03 Prairiesky Royalty Ltd (PSK). Amount C$0.07 Power Financial Corp (PWF). Amount C$0.43 Pizza Pizza Royalty Corp (PZA). Amount C$0.07 Rogers Sugar Inc (RSI). Amount C$0.09 Brompton Split Banc Corp (SBC). Amount C$0.10 Surge Energy Inc (SGY). Amount C$0.01 Sienna Senior Living Inc (SIA). Amount C$0.08 Stuart Olson Inc (SOX). Amount C$0.12 Superior Plus Corp (SPB). Amount C$0.06 Stantec Inc (STN). Amount C$0.14 Supremex Inc (SXP). Amount C$0.07 Transcontinental Inc (TCLa). Amount C$0.21 3

4 Tricon Capital Group Inc (TCN). Amount C$0.07 Timbercreek Financial Corp (TF). Amount C$0.06 TFI International Inc (TFI). Amount C$0.21 TORC Oil & Gas Ltd (TOG). Amount C$0.02 Total Energy Services Inc (TOT). Amount C$0.06 Ten Peaks Coffee Company Inc (TPK). Amount C$0.06 TransCanada Corp (TRP). Amount C$0.69 Tree Island Steel Ltd (TSL). Amount C$0.02 TerraVest Industries Inc (TVK). Amount C$0.10 Tidewater Midstream and Infrastructure Ltd (TWM). Amount C$0.01 Uni-Select Inc (UNS). Amount C$0.09 Vermilion Energy Inc (VET). Amount C$0.23 Valener Inc (VNR). Amount C$0.29 Whitecap Resources Inc (WCP). Amount C$0.03 WSP Global Inc (WSP). Amount C$0.38 Westshore Terminals Investment Corp (WTE). Amount C$0.16 Yamana Gold Inc (YRI). Amount $0.01 ZCL Composites Inc (ZCL). Amount C$0.14 (All analysts' estimates are according to Thomson Reuters I/B/E/S) 4

5 PICTURE OF THE DAY Japanese helicopter carrier Kaga is silhouetted against the reflection of the sun on the ocean during a joint naval drill with British frigate HMS Argyll and Japanese destroyer Inazuma in the Indian Ocean, September 26. REUTERS/Kim Kyung-Hoon 5