Please consult with your advisor for your own personal situation. The research analysts contributing to the report have certified that:

• All the views expressed in the research report accurately reflect his/her personal views about any and all of the subject securities or issues; and
• No part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by him/her in this research report.

This is not intended to serve as a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. Information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. This publication is prepared for general information only. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investment involves risk. Market conditions and trends will fluctuate. The value of an investment as well as income associated with investments may rise or fall. Accordingly, investors may receive back less than originally invested. It is not possible to invest directly in an index.  

Past performance is not indicative of future results. International investing, especially in emerging markets, involves special risks, such as currency exchange and price fluctuations, as well as political and economic risks. There are risks involved with investing in small cap companies, including price fluctuations and lower liquidity. Commodities may be subject to greater volatility than investments in traditional securities and pose special risks. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments.

Forward-looking statements in this presentation involve risks, uncertainties and other factors that may cause actual performance to differ materially from the projections and opinions contained in the presentation. Do not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of the presentation. The words “may,” “could,” “should,” “would,” “suspect,” “believe,” “expect,” “intend,” “forecast,” and similar expressions identify forward- looking statements. Forward-looking statements are not guarantees of future performance or events. Forward-looking statements involve risks and uncertainties about general economic factors. It is possible that predictions, projections and other forward-looking statements will not be achieved. General factors that could cause our predications or projections to change include general economic, political and market factors; interest and foreign exchange rates; global equity and capital markets; commodities markets; business competition; technological changes; changes in laws and regulations; judicial or regulatory judgments; legal proceedings; and catastrophic events.

“BMO Wealth Management” is a brand delivering investment management services, trust, deposit and loan products and services through BMO Bank N.A., a national bank with trust powers; family office services and investment advisory services through BMO Family Office, LLC, an SEC-registered investment adviser; investment advisory services through Stoker Ostler Wealth Advisors, Inc., an SEC-registered investment adviser; digital investment advisory and financial planning services through BMO Direct Invest Inc., an SEC-registered investment adviser; and trust and investment management services through BMO Delaware Trust Company, a Delaware limited purpose trust company. These entities are all affiliates and owned by BMO Financial Corp., a wholly-owned subsidiary of the Bank of Montreal.  BMO Delaware Trust Company operates only in Delaware, does not offer depository, financing or other banking products, and is not FDIC insured.  You must be an existing customer of BMO Bank N.A. and enrolled in BMO Digital Banking to qualify for services from BMO Direct Invest Inc.  Not all products and services are available in every state and/or location.  Family Office Services are not fiduciary services and are not subject to the Investment Advisers Act of 1940 or the rules promulgated thereunder.  Investment products and services are: NOT A DEPOSIT – NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY – NOT GUARANTEED BY ANY BANK – MAY LOSE VALUE. Capital Advisory Services are offered by a division of BMO Bank N.A. 

BMO Private Bank is a brand name used in the United States by BMO Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

“BMO Family Office” is a brand delivering investment management services, trust, deposit and loan products and services through BMO Bank N.A., a national bank with trust powers; family office services and investment advisory services through BMO Family Office, LLC, an SEC-registered investment adviser; and trust and investment management services through BMO Delaware Trust Company, a Delaware limited purpose trust company. These entities are all affiliates and owned by BMO Financial Corp., a wholly-owned subsidiary of the Bank of Montreal.  BMO Delaware Trust Company operates only in Delaware, does not offer depository, financing or other banking products, and is not FDIC insured.  Not all products and services are available in every state and/or location.  Family Office Services are not fiduciary services and are not subject to the Investment Advisers Act of 1940 or the rules promulgated thereunder.  Investment products and services are:  NOT A DEPOSIT – NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY – NOT GUARANTEED BY ANY BANK – MAY LOSE VALUE.  Capital Advisory Services are offered by a division of BMO Bank N.A. 

BMO Bank N.A. and its affiliates do not provide legal advice or tax advice to clients. You should review your particular circumstances with your independent legal and tax advisors. 

Banking products are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC