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GENERAL DISCLOSURES

BMO Capital Markets is a trade name used by BMO Financial Group for the
wholesale banking businesses of Bank of Montreal, BMO Bank N.A. (member FDIC),
Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the
institutional broker dealer business of BMO Capital Markets Corp.
(Member FINRA and SIPC) and the agency broker dealer business of Clearpool
Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the
institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member
Canadian Investment Regulatory Organization and Member Canadian Investor
Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised
and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets
Limited (authorised and regulated by the Financial Conduct Authority) in the UK
and Australia. BMO does not represent that this document may be lawfully
distributed, or that any financial products may be lawfully offered or dealt
with, in compliance with any regulatory requirements in other jurisdictions, or
pursuant to an exemption available thereunder. This document is directed only at
entities or persons in jurisdictions or countries where access to and use of the
information is not contrary to local laws or regulations. Their contents have
not been reviewed by any regulatory authority. Bank of Montreal or its
subsidiaries (“BMO Financial Group”) has lending arrangements with, or provide
other remunerated services to, many issuers covered by BMO Capital Markets. The
opinions, estimates and projections contained in this report are those of BMO
Capital Markets as of the date of this report and are subject to change without
notice. BMO Capital Markets endeavours to ensure that the contents have been
compiled or derived from sources that we believe are reliable and contain
information and opinions that are accurate and complete. However, BMO Capital
Markets makes no representation or warranty, express or implied, in respect
thereof, takes no responsibility for any errors and omissions contained herein
and accepts no liability whatsoever for any loss arising from any use of, or
reliance on, this report or its contents. Information may be available to BMO
Capital Markets or its affiliates that is not reflected in this report. The
information in this report is not intended to be used as the primary basis of
investment decisions, and because of individual client objectives, should not be
construed as advice designed to meet the particular investment needs of any
investor. This document is not to be construed as an offer to sell, a
solicitation for or an offer to buy, any products or services referenced herein
(including, without limitation, any commodities, securities or other financial
instruments), nor shall such Information be considered as investment advice or
as a recommendation to enter into any transaction. Each investor should consider
obtaining independent advice before making any financial decisions. This
document is provided for general information only and does not take into account
any investor’s particular needs, financial status or investment objectives. BMO
Capital Markets or its affiliates will buy from or sell to customers the
securities of issuers mentioned in this report on a principal basis. BMO Capital
Markets or its affiliates, officers, directors or employees have a long or short
position in many of the securities discussed herein, related securities or in
options, futures or other derivative instruments based thereon. The reader
should assume that BMO Capital Markets or its affiliates may have a conflict of
interest and should not rely solely on this report in evaluating whether or not
to buy or sell securities of issuers discussed herein.

 

Dissemination of Economic Publications

 

Our publications are disseminated via email and may also be available via our
web site https://economics.bmo.com. Please contact your BMO Financial Group
Representative for more information.

 

Additional Matters

 

This report is directed only at entities or persons in jurisdictions or
countries where access to and use of the information is not contrary to local
laws or regulations. Its contents have not been reviewed by any regulatory
authority. BMO Capital Markets does not represent that this report may be
lawfully distributed or that any financial products may be lawfully offered or
dealt with, in compliance with regulatory requirements in other jurisdictions,
or pursuant to an exemption available thereunder.

 

To Australian residents: BMO Capital Markets Limited and Bank of Montreal are
exempt from the requirement to hold an Australian financial services licence
under the Corporations Act in respect of financial services they provide to
wholesale investors (as defined in the Corporations Act). BMO Capital Markets
Limited is regulated by the UK Financial Conduct Authority under UK laws, and
Bank of Montreal in Hong Kong is regulated by the Hong Kong Monetary Authority
and the Securities and Futures Commission which differ from Australian laws.
This document is only intended for wholesale clients (as defined in the
Corporations Act 2001),Eligible Counterparties or Professional Clients (as
defined in Annex II to MiFID II) and Professional Investors (as defined in the
Securities and Futures Ordinance and the Securities and Futures (Professional
Investor) Rules under the Securities and Futures Ordinance of Hong Kong).

 

To Canadian Residents: BMO Nesbitt Burns Inc. furnishes this report to Canadian
residents and accepts responsibility for the contents herein subject to the
terms set out above. Any Canadian person wishing to effect transactions in any
of the securities included in this report should do so through BMO Nesbitt Burns
Inc.

 

To E.U. Residents: In an E.U. Member State this document is issued and
distributed by Bank of Montreal Europe plc which is authorised and regulated in
Ireland and operates in the E.U. on a passported basis. This document is only
intended for Eligible Counterparties or Professional Clients, as defined in
Annex II to “Markets in Financial Instruments Directive” 2014/65/EU (“MiFID
II”).

 

To U.K. Residents: In the UK this document is published by BMO Capital Markets
Limited which is authorised and regulated by the Financial Conduct Authority.
The contents hereof are intended solely for the use of, and may only be issued
or passed on to, (I) persons who have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (II) high
net worth entities falling within Article 49(2)(a) to (d) of the Order (all such
persons together referred to as "relevant persons"). The contents hereof are not
intended for the use of and may not be issued or passed on to retail clients.

 

To Hong Kong Residents: In Hong Kong, this report is published and distributed
by Bank of Montreal. Bank of Montreal (incorporated in Canada with limited
liability) is an authorized institution under the Banking Ordinance and a
registered institution with the Securities and Futures Commission (CE No.
AAK809) to carry on Type 1 (dealing in securities) and Type 4 (advising in
securities) regulated activities under the Securities and Futures Ordinance (Cap
571 of the Laws of Hong Kong). This report has not been reviewed or approved by
any regulatory authority in Hong Kong. Accordingly this report must not be
issued, circulated or distributed in Hong Kong other than (a) to professional
investors as defined in the Securities and Futures Ordinance and the Securities
and Futures (Professional Investor) Rules under the Securities and Futures
Ordinance of Hong Kong, or (b) in circumstances which do not result in or
constitute an offer to the public in Hong Kong.

 

To Israeli residents: BMO Capital Markets is not licensed under the Israeli Law
for the Regulation of Investment Advice, Investment Marketing and Portfolio
Management of 1995 (the "Advice Law") nor does it carry insurance as required
thereunder. This document is to be distributed solely to persons that are
qualified clients (as defined under the Advice Law) and qualified investors
under the Israeli Securities Law of 1968. This document represents the analysis
of the analyst but there is no assurance that any assumption or estimation will
materialize.

 

To Korean Residents: This report has been provided to you without charge for
your convenience only. All information contained in this report is factual
information and does not reflect any opinion or judgement of BMO Capital
Markets. The information contained in this report should not be construed as
offer, marketing, solicitation or investment advice with respect to financial
investment products in this report.

 

To Japan Residents: This report has not been reviewed by any regulatory
authority in Japan. This report is provided for information purposes only and it
should not be construed as an offer to sell, a solicitation to buy, or a
recommendation for any security, or as an offer to provide investment management
or advisory or other services in Japan. Securities may not be offered or sold in
Japan by means of this report or any other document other than to Qualified
Financial Institutions within the meaning of item (i) of Article 17-3 of the
Government Ordinance to enforce the Financial Instruments and Exchange Act
(Kinyu Shohin Torihiki Ho Sekou Rei). Unless specified otherwise, the securities
that may be offered to you are not and will not be registered in Japan pursuant
to the Financial Instruments and Exchange Acts.

 

To Taiwanese Residents: This report is not intended to constitute investment
advice nor a public offer for any investment products to investors in Taiwan.
This report should only be accessed by investors in Taiwan that are qualified to
invest in investment products pursuant to relevant Taiwanese laws and
regulations, and subject to sales restrictions as set forth in the relevant
Taiwanese laws and regulations. BMO Capital Markets has not and will not secure
the required licenses in Taiwan for the offer of securities and investment
services. Any offer of securities has not been and will not be registered or
filed with or approved by the Financial Commission of Taiwan and/or other
regulatory authority pursuant to relevant securities laws and regulations of
Taiwan, and may not be issued, offered or sold within Taiwan through a public
offering or in circumstances which constitute an offer that requires a
registration, filing or approval of the Financial Supervisory Commission of
Taiwan and/or other regulatory authority in Taiwan under relevant securities
laws and regulations of Taiwan. No person or entity in Taiwan has been
authorized to offer or sell the securities in Taiwan.

 

To PRC Residents: This material does not constitute an offer to sell or the
solicitation of an offer to buy any financial products in the People’s Republic
of China (excluding Hong Kong, Macau and Taiwan, the “PRC”). BMO and its
affiliates do not represent that this material may be lawfully distributed, or
that any financial products may be lawfully offered, in compliance with any
applicable registration or other requirements in the PRC, or pursuant to an
exemption available thereunder, or assume any responsibility for facilitating
any such distribution or offering. This material may not be distributed or
published in the PRC, except under circumstances that will result in compliance
with any applicable laws and regulations.

Singapore Residents: This report is intended for general circulation and does
not and is not intended to constitute the provision of financial advisory
services, whether directly or indirectly, to persons in Singapore. You should
seek advice from a financial adviser regarding the suitability of the investment
products, taking into account your specific investment objectives, financial
situation or particular needs before you make a commitment to purchase the
investment product. This report has not been registered as a prospectus with the
Monetary Authority of Singapore. Accordingly, it should not be circulated or
distributed, nor may the securities described herein be offered or sold, or be
made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to persons in Singapore other than (a) to an institutional
investor or a relevant person as defined in and pursuant to and in accordance
with the conditions of the relevant provisions of the Securities and Futures Act
of Singapore or (b) otherwise pursuant to and in accordance with the conditions
of, any other applicable provision of the SFA.

 

To Singapore Residents:  This report is intended for general circulation and
does not and is not intended to constitute the provision of financial advisory
services, whether directly or indirectly, to persons in Singapore.  You should
seek advice from a financial adviser regarding the suitability of the investment
products, taking into account your specific investment objectives, financial
situation or particular needs before you make a commitment to purchase the
investment product.  This report has not been registered as a prospectus with
the Monetary Authority of Singapore.  Accordingly, it should not be circulated
or distributed, nor may the securities described herein be offered or sold, or
be made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to persons in Singapore other than (a) to an
institutional investor or a relevant person as defined in and pursuant to and in
accordance with the conditions of the relevant provisions of the Securities and
Futures Act of Singapore or (b) otherwise pursuant to and in accordance with the
conditions of, any other applicable provision of the SFA.

 

To Thai Residents: The contents hereof are intended solely for the use of
persons qualified as Institutional Investors according to Notification of the
Securities and Exchange Commission No. GorKor. 11/2547 Re: Characteristics of
Advice which are not deemed as Conducting Derivatives Advisory Services dated 23
January 2004 (as amended). BMO and its affiliates do not represent that the
material may be lawfully distributed, or that any financial products may be
lawfully offered, in compliance with any regulatory requirements in Thailand, or
pursuant to an exemption available under any applicable laws and regulations.

 

To U.S. Residents: BMO Capital Markets Corp. furnishes this report to U.S.
residents and accepts responsibility for the contents herein, except to the
extent that it refers to securities of Bank of Montreal.

 

These documents are provided to you on the express understanding that they must
be held in complete confidence and not republished, retransmitted, distributed,
disclosed, or otherwise made available, in whole or in part, directly or
indirectly, in hard or soft copy, through any means, to any person, except with
the prior written consent of BMO Capital Markets.

 

ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST

 

BMO Financial Group (NYSE, TSX: BMO) is an integrated financial services
provider offering a range of retail banking, wealth management, and investment
and corporate banking products. BMO serves Canadian retail clients through BMO
Bank of Montreal and BMO Nesbitt Burns. In the United States, personal and
commercial banking clients are served by BMO Bank N.A., (Member FDIC).
Investment and corporate banking services are provided in Canada and the US
through BMO Capital Markets.

 

® Registered trademark of Bank of Montreal in the United States, Canada and
elsewhere.

 

™ Trademark Bank of Montreal in the United States and Canada.

 

© COPYRIGHT 2024 BMO CAPITAL MARKETS CORP.

 

A member of BMO Financial Group

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