SGM: North American Metal businesses drive strong upgrade

Research evidence excerpt

SGM: North American Metal businesses drive strong upgrade

Sims Limited

subject to change without notice and are provided in good faith but without legal responsibility. Nothing in this report constitutes legal, accounting or tax advice or

individually tailored investment advice. This material is prepared for general circulation to clients and has been prepared without regard to the individual financial

circumstances and objectives of persons who receive it. The investments or services contained in this report may not be suitable for you and it is recommended

that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. This report is not an offer to sell or

a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original

capital may occur. RBC Capital Markets research analyst compensation is based in part on the overall profitability of RBC Capital Markets, which includes profits

attributable to investment banking revenues. Every province in Canada, state in the U.S., and most countries throughout the world have their own laws regulating

the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the securities

discussed in this report may not be eligible for sale in some jurisdictions. RBC Capital Markets may be restricted from publishing research reports, from time to

time, due to regulatory restrictions and/ or internal compliance policies. If this is the case, the latest published research reports available to clients may not reflect

recent material changes in the applicable industry and/or applicable subject companies.