¹The opinions, estimates and projections contained herein are those of the author as of the date hereof and are subject to change without notice and may not reflect those of BMO Nesbitt Burns Inc. (“BMO NBI”). Every effort has been made to ensure that the contents have been compiled or derived from sources believed to be reliable and contain information and opinions that are accurate and complete. Information may be available to BMO Nesbitt Burns or its affiliates that is not reflected herein. However, neither the author nor BMO NBI makes any representation or warranty, express or implied, in respect thereof, takes any responsibility for any errors or omissions which may be contained herein or accepts any liability whatsoever for any loss arising from any use of or reliance on this report or its contents. This report is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities. BMO NBI, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltee/Ltd. ("BMO Nesbitt Burns") will buy from or sell to customers securities of issuers mentioned herein on a principal basis. BMO Nesbitt Burns, its affiliates, officers, directors or employees may have a long or short position in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. BMO Nesbitt Burns or its affiliates may act as financial advisor and/or underwriter for the issuers mentioned herein and may receive remuneration for same. A significant lending relationship may exist between Bank of Montreal, or its affiliates, and certain of the issuers mentioned herein. BMO NBI is a wholly owned subsidiary of BMO Nesbitt Burns Corporation Limited which is a majority-owned subsidiary of Bank of Montreal. Any U.S. person wishing to effect transactions in any security discussed herein should do so through BMO Nesbitt Burns Corp. and/or BMO Nesbitt Burns Securities Ltd.

²Third party publications are not prepared or approved by BMO Nesbitt Burns Inc., and BMO Nesbitt Burns Ltee/Ltd. (“BMO Nesbitt Burns”) and therefore may not meet Canadian research disclosure requirements applicable to BMO Nesbitt Burns. The opinions, estimates and projections contained in the publication are those of the author as of the date indicated and are subject to change without notice. BMO Nesbitt Burns makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors or omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on the report or its contents. The provision of this publication is not to be construed as an offer to sell or a solicitation for or an offer to buy any securities. BMO Nesbitt Burns or its affiliates may buy from or sell to customers the securities of issuers mentioned in this publication on a principal basis. BMO Nesbitt Burns, its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities of issuers mentioned in the publication, related securities, or options, futures or other derivative instruments based thereon. BMO Nesbitt Burns may act as financial advisor and/or underwriter for certain of the issuers mentioned therein and may receive remuneration for same. BMO Nesbitt Burns is a wholly owned subsidiary of BMO Nesbitt Burns Corporation Limited, which is an indirect majority-owned subsidiary of Bank of Montreal. Bank of Montreal or its affiliates may have lending arrangements with, or provide other remunerated services to, the issuers mentioned herein. The reader should assume that BMO Nesbitt Burns or its affiliates may have a conflict of interest and should not rely solely on this publication in evaluating whether or not to buy or sell securities of issuers discussed herein.