Responsible Investment Solutions For professional investors/qualified investors only

Responsible Emerging Markets Equity StrategyESG Profile and Impact Report

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In line with its commitment towards Climate Finance, YES BANK provided lending

facilities of USD 400 million to Greenko Group’s 500 MW Solar power project in the state of Andhra Pradesh in India. The solar plant produces enough energy to support

250,000 to 300,000 households.

Having an impact through our investments 4

Investing in sustainable development trends 6

Having an impact through our engagement 8

Investing responsibly in practice: Brazil 10

Climate change and the energy transition 12

The teams behind the strategy 14

Contents

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Making a positive impactThe Responsible Global Emerging Markets Equity strategy seeks to invest in a small number of high-quality companies that we believe can deliver sustainable long-term financial returns, as well as meeting our minimum environmental, social and governance standards.

Our portfolio is focused on companies that benefit from, or are contributing to, sustainable development. We believe that investing in this way is not just the right thing to do, but also makes sound financial sense. The world is confronting a range of critical challenges, including water stress, food shortage, ageing populations and climate change. We feel that the solutions do not have to come only from governments or philanthropists; these problems can be tackled through harnessing the businesses and markets, and we have established holdings in companies that are addressing these problems head on.

We have enhanced our reporting since last year by including information on how our activities map to the Sustainable Development Goals. These goals set out a vision for a more sustainable world by 2030. Many of the 17 goals have particular relevance to an emerging markets context, where finding sustainable ways to provide access to essential services including nutrition, water, education, health and energy are fundamental to economic development.

Our report sets out how our investment approach and investor engagement works in support of these goals – helping investors in this strategy to understand how their portfolio aligns with the world’s sustainable development ambitions.

Kind regards

Jeff Chowdhry, Lead Portfolio Manager, Responsible Emerging Market Equities

Sam Mahtani, Portfolio Manager, Responsible Emerging Market Equities

Vicki Bakhshi, Director, Governance and Sustainable Investment team

Invest: Invest in companies making a positive contribution to society and the

environment

Avoid: Avoid companies with damaging or unsustainable business practices

Improve: Use our influence as an investor to encourage best practice

management of environmental, social and governance issues through engagement

and voting

Our Responsible Strategies range is built on a philosophy of:

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Having an impact through our investmentsThrough the products and services they provide, the companies held within our Responsible Emerging Markets Equity Strategy are tackling some of the most important issues of our time. Here we profile some of our investee companies, and how their activities are having a positive impact.

YES Bank

Financing the Future

About: YES Bank is a private Indian bank, set up in 2004.

Nature of impact: With its focus on corporate lending, YES Bank’s main impacts come through the projects and corporates it supports. The bank aims to mobilise $5 billion by 2020 for projects to reduce greenhouse gas emissions and improve resilience to the physical impacts of climate change, including 5GW of clean energy finance.

Intensity of impact: YES Bank was the first Indian entity to successfully issue green bonds in 2015, and has now supported three issuances, which have led to a total of $250m being channelled to green projects. The bank estimates that the first of these issuances has saved 2.3MT of carbon dioxide emissions.

Vietnam Dairy Products

Rise of the low income consumer

About: The company specialises in providing a range of dairy products, which are distributed throughout Vietnam.

Nature of impact: According to the World Health Organisation, 15% of Vietnamese children under 5 are underweight, and just over a quarter show symptoms of stunted growth. The country’s National Institute of Nutrition has highlighted calcium deficiency as a particular risk area.

Intensity of impact: The company’s dairy products are sold through over 200,000 retailers. In addition it has a number of community programmes, including providing school milk to 380,000 students; in the Dong Nai province this has contributed to a reduction in stunting malnutrition from 10% to 7.5% over two years.

How we invest The Responsible Global Emerging Markets strategy focuses on high-quality companies, taking a long-term view. Through our bottom-up investment process, we identify companies with sustainable business models generating substantial excess returns over their cost of capital. This leads us towards asset-light businesses with modest capital needs; robust balance sheets; and proven management teams. Recognising that many emerging market companies have majority ownership structures, we also seek a fair alignment between majority and minority shareholders. Typically, we hold 40-60 companies.

Companies in the strategy stand to benefit from, or contribute to, trends in sustainable development, structured around six themes. In addition, each company must meet our own minimum standards for sustainability and corporate governance.

Here we profile five companies that we see as having a positive impact on society or the environment, whilst also generating returns to shareholders.

Infrastructure for development

Financing the future

Rise of the low income

consumer

Human capital

Access to new

technologiesEnergy

for growth

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Having an impact through our investments

Colgate-Palmolive India

Rise of the Low Income Consumer

About: The company is engaged in the personal care business, particularly oral care. Colgate-branded oral care products account for over 90 per cent of total sales turnover.

Nature of impact: In India, almost one-third of the population does not have access to modern oral care. The company has partnered with authorities and civil society organisations to create oral health awareness and motivate people to adopt preventive self-care habits.

Intensity of impact: Colgate’s flagship oral care programme, which is especially designed for children, reached 9.4 million children across the country in the year 2015-16. Furthermore, the company’s leading campaign for promoting oral health awareness reached almost 6 million people in 2015-16.

Kalbe Farma

Human capital

About: Kalbe Farma is an integrated consumer health and nutrition company based and operating in Indonesia.

Nature of impact: The majority of Indonesia’s population has no or very basic access to healthcare. The introduction in 2014 of a national health insurance scheme has triggered rising demand for healthcare services, particularly in rural areas. Through its prescription drugs division, the company supplies affordable, unbranded generic drugs to support the scheme.

Intensity of impact: Kalbe’s distribution and logistics division manages the widest distribution coverage for pharmaceuticals products in the country. It also has a comprehensive philanthropic programme providing services such as free health checks.

Credicorp

Financing the Future

About: The company’s Mibanco subsidiary is the largest private microfinance institution in Latin America, and the sixth largest bank in the Peruvian financial system.

Nature of impact: Mibanco’s main objective is to be the main promoter of financial inclusion in Peru and lead the market for financial services, mainly loans, to micro and small businesses.

Intensity of impact: Over the last five years, the company has provided access to banking services for more than 700,000 people in Peru through Mibanco loans. In November 2016, the company joined 30 other institutions in an initiative led by the World Bank to facilitate universal financial access by 2020. As part of this initiative, Mibanco committed to opening two million savings accounts in the next four years.

“Companies aligning their interests with society and bringing solutions will create more sustainable value. In other areas of our lives we make choices that are consistent with our values – how we save and invest for the future should be no exception.” Jeff Chowdhry, Lead Portfolio Manager

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Global governments have agreed on the 17 Sustainable Development Goals (SDGs) as a framework for policymakers, companies, investors and civil society to work together towards a more sustainable global economy, with specific targets for 2030.

We have analysed how our investment themes map onto the SDGs, looking not only at the 17 high-level goals but also at how our individual investments link to the 169 targets that underpin these.

On these pages we show the outcome of this mapping exercise. Some themes have a very direct connection to a specific SDG; our broader themes, such as the rise of the low-income consumer, have a range of links, and we focus here on the strongest.

Our investor engagement also has strong links to the SDGs. Engagement topics we have raised with portfolio companies include Board-level diversity (linking to SDG5 – Gender Equality), supply chain labour standards (linking to SDG8 – Decent Work and Economic Growth) and greenhouse gas emissions management (linking to SDG13 – Climate Action).

Investing in sustainable development trendsThe Sustainable Development Goals (the ‘SDGs’), consisting of 17 goals to be reached by 2030, were launched in September 2015 with 193 countries as signatories. These 17 goals address the most important economic, social and environmental challenges facing the world today.

Weightings as at 30 June 2016. They exclude cash and are for illustrative purposes only. They will vary over time as a result of market movements and investment decisions.

36%

9%

4%

8%

39%

4%

Financing the future:

We seek emerging market banks which are active in areas such as microfinance, green finance or supporting infrastructure development. These support SDG8 – Decent Work and Economic Growth

Access to new technologies:

Companies that offer information and communication technologies contribute to the technology-related targets within SDG9 – Industry, Innovation and Infrastructure

Energy for growth:

With a focus on sustainable and alternative sources, this supports both SDG7 – Affordable and clean energy and SDG13 – Climate action

Human capital:

Within this theme we have invested particularly in healthcare, which links to SDG3 – Good health and well-being

Rise of the low-income consumer:

This is a broad cross-sectoral theme. In our current investments the strongest link to the SDGs is through our holdings in food producers, which contribute to SDG2 – Zero hunger

Infrastructure for development:

Links directly to SDG9 – Industry, Innovation and Infrastructure. Individual companies may also support the SDGs on water, and energy and cities

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39 holdings

“We have a blueprint for peace, prosperity and dignity for all on a healthy planet: the 2030 Agenda for Sustainable Development. With 17 Sustainable Development Goals, it is a road map for inclusive, sustainable and fair globalization. Finance is pivotal to success.” António Guterres, United Nations Secretary-General

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Emerging markets can present challenges for investor engagement. In comparison with some developed markets, the concept of engagement is a relatively new one, and it can take time to explain why investors are asking questions about environmental, social and governance issues. Disclosure often lags developed market peers, and there can be both language and cultural barriers. However, regulatory changes are making the conditions for engagement more favourable – with many markets in Asia now having introduced Stewardship Codes, which establish best practice for the relationship between issuers and shareholders.

In our experience, the following factors all contribute to engagement success:

• Establishing the business case. Our engagement always emphasises that issues such as corporate governance, labour standards and natural resource management are seen by investors not just as Corporate Social Responsibility (CSR) issues, but as business issues. We take the time to explain to companies how managing these issues well can help to reduce risk and support long-term financial returns.

• Building a relationship of trust. A single meeting with a company rarely results in change. We aim to build a relationship over time, which includes where possible visiting

Having an impact through our engagementIt is our ambition to use our voice as a shareholder to improve the Environmental, Social and Governance (ESG) profile of the portfolio over time, through active engagement with the companies we invest in. With 17 years’ experience of running an investor engagement programme, we have a strong belief that the voice of investors can be a powerful force for change.

companies in person in their home markets. We are helped in this by the concentrated, long-term nature of the Responsible Emerging Markets portfolio, which allows us to invest the time and effort necessary to achieve meaningful change.

• Utilising a specialist team. Our engagement is led by our Governance and Sustainable Investment team, in collaboration with our portfolio managers at LGM. The GSI team has deep expertise in governance and sustainability issues across sectors and markets, as well as a range of language skills to equip them to engage with impact.

• Building the right market conditions. We are active in encouraging governments and regulators to put in place policies that will encourage a positive dialogue between companies and investors, as well as improved disclosure on environmental, social and governance performance. Our activities have included submissions to the reform of Malaysia’s corporate governance code; to the Hong Kong Stock Exchange on listing standards; and to India’s Securities and Exchange Board, calling for a clearer definition of control when takeovers occur.

In 2016, we engaged with 29 companies held in the strategy (making up over 75% of the portfolio weight), addressing a range of important issues.

Source: BMO Global Asset Management. As at 31 December 2016.

Corporate Governance 34%

Social and Environmental Governance 16%

Environmental Standards 14%

Business Ethics 11%

Public Health 11%

Labour Standards 8%

Human Rights 4%

Corporate Governance 34%

Social and Environmental Governance 16%

Environmental Standards 14%

Business Ethics 11%

Public Health 11%

Labour Standards 8%

Human Rights 4%

Engagement by theme, 2016

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BackgroundUniversal Robina is one of the largest food & beverage companies in the Philippines, with a wide product mix. As with any company in this sector, a key area of ESG risk lies in the supply chain, where sustainable sourcing policies covering are critical to avoid business interruption and reputational risk.

ActionWe have had multiple engagement with the company over the past three years. Whilst the primary focus has been on sustainability management and reporting, we have also discussed governance, in particular to encourage it to look at appointing new independent directors to the board.

Universal Robina Corporation

Verdict

The company states that it aspires to be a regional leader in sustainability management and reporting, and have seen some progress in the past year in line with this ambition. Management has taken measures to improve practices and performance in areas like raw material sourcing, waste and recycling, product safety and packaging. We believe that the next step should be publication of more substantial sustainability reporting – complementing their disclosure on corporate governance, which is already good. We have contributed our opinions on what issues investors would expect to be included in any such reporting.

BackgroundAIA Group is a pan-Asian life insurance company, with high standards of ESG disclosure including a dedicated ESG report. Whilst satisfied with its overall commitment, we identified some areas for potential improvement including on governance and responsible marketing.

ActionOur dialogue with AIA has included two meetings in the Hong Kong head office, most recently in 2016. At this meeting we focused in particular on the steps it is taking to ensure its agents are incentivised to sell appropriate products, in order to avoid the risks around misselling that have affected many other companies in the financial sector.

AIA Group

Verdict

Having tracked progress, we are particularly pleased with significant progress in corporate governance. All members of the audit committee are now well-qualified independent non-executives, and there are no longer any executives serving on the remuneration committee. These measures, which we asked for during our engagement with the company, are important to enhance the effectiveness and credibility of the committees and their role as safeguards for shareholders.

President Chain Store Corporation

Verdict

The company amended existing policies to incorporate anti-bribery and corruption provisions. Specifically, it added integrity and anti-bribery clauses to its code of conduct and supplier agreements, and set up a dedicated reporting line to deal with corruption issues. These actions will help the company effectively prevent corruption risks that, if materialised, could lead to potentially costly operational disruptions.

BackgroundPresident Chain Store Corporation (PCSC) is an operator of convenience stores across Taiwan. As with companies across many emerging markets, a key area of ESG risk relates to bribery and corruption; we expect companies to have a proactive approach to managing this, rather than reacting after the event.

ActionWe wrote to the company highlighting the rising regulatory risks associated with business ethics breaches, and set out our expectations of good practice, including the establishment of whistleblowing systems, monitoring of breaches, and transparency to investors of the effectiveness of risk management systems.

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Brazil: The investor context

The fallout from Brazil’s corruption scandal continues to dominate the political and investment landscape. The ‘Operation Car Wash’ investigation, launched in 2014, has brought to light systematic corrupt practices, implicating both major corporates such as Petrobras and political figures, including two former presidents as well as the current president Temer. The resulting political and economic disruption contributed to an economic downturn that the country is only now recovering from.

In this context, the establishment of strong corporate governance standards takes on additional significance in providing investors assurance that strong checks and balances are in place at Board level to manage heightened corruption risks. Brazil’s Novo Mercado market segment, established in 2000, sets the bar for governance best practice, and its standards were reviewed and further improved in 2017.

Assessing the risks

In 2017 a member of the BMO’s Governance and Sustainable Investment team travelled to Brazil to assess how companies are faring under the uncertain political climate. Company meetings included oil giant Petrobras – not a strategy holding, but a key company to meet for market context given its role at the heart of the corruption scandals; fuel distributor Ultrapar, a current holding in the strategy; and transportation firm CCR, a company whose governance currently falls short of our minimum standards, but who we have targeted for engagement in the hope they may make improvements which would allow us to invest in future.

Investing responsibly in practice: BrazilInvesting responsibly in emerging markets means we have to be alert not only to the ESG performance of individual companies, but also to the macroeconomic and business context they are operating in. In the case of Brazil, we sent an ESG expert to explore how the corruption scandal has affected the business climate, and whether the outlook is yet improving.

Key findings

Our discussions with companies dug deep into the measures being taken to address these risks. We saw improvements in practices, including new compliance programmes, increased due diligence around handling government relationships, and enhanced transparency.

Despite these activities, there was also a clear sense of the systemic nature of the entanglement of politics and business in Brazil and the powerful vested interests that have made the corruption challenge so pervasive. Addressing this goes beyond simple systems fixes, and requires a change in political and corporate culture. At the companies we spoke to, we saw some evidence of efforts to change culture and recognise ethics as a core business issue. Without a political resolution of the crisis, businesses, especially those in sectors with strong links to government, will continue to find it difficult to demonstrate that they have manged to steer clear of legacy corruption risks.

Governance and Sustainable Investment team view

Reputational and sustainability risk for investors seeking opportunities in the Brazilian market remain high. There are opportunities for investing in individual companies which remain sustainability leaders. However, the ongoing political instability requires robust company-by-company analysis of sustainability and corporate governance standards to ensure we select those which are genuinely committed and able to operate in an ethical way.

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“Strong corporate governance is one of the cornerstones of our stock selection process. As well as protecting our rights as shareholders, it is essential for long-term business success.” Sam Mahtani, Portfolio Manager

São Paulo, home to South America’s largest stock exchange, BM&F Bovespa. The exchange established the Novo Mercado in 2000 as a listing segment for companies willing to adopt corporate governance standards beyond those required by law.

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Climate change and the energy transitionWe have developed a comprehensive new strategy on this critical issue for our Responsible Strategies range, which includes divestment of companies with fossil fuel reserves, investment in solutions, engagement, and disclosure to our investors

The transition to a low-carbon economy is one of the greatest challenges – and opportunities – of our times. The BMO Responsible Strategies is committed to making its contribution, and in May 2017 we published a new, ambitious policy approach.

Our policy has five key elements, all of which we believe are essential components of an overall strategy:

• Divestment from companies with fossil fuel reserves

• Case by case assessment of the adequacy of climate change strategies in other key high-emissions sectors including utilities, transportation and industrials

• Investment in solutions, including companies operating in clean energy and resource efficiency, the banks financing these activities and green bonds

• Engagement, where our focus is on encouraging companies to develop transition planning and scenario analysis to ensure they are robust to a range of future energy scenarios, including a 2 degree Celsius future

• Transparency, where as well as publishing our methodology we will publish carbon footprints for the Responsible Strategies range, in line with the recommendations of the Taskforce on Climate-related Financial Disclosures

A key issue we considered in developing the policy was the emerging markets context. As the UN Sustainable Development Goals make clear, as a global community we need to work towards two closely-related goals: Climate Action (SDG 13) and Affordable and Clean Energy (SDG 7). We considered whether divestment is premature, given the urgent need to provide access to energy for the 1 billion people still lacking access to electricity, and 3 billion reliant on heavily-polluting fuels such as biomass for cooking and heat.

However, the debate is shifting away from the idea of a simple trade-off between climate change and development, and towards looking at lower-carbon development as a better-quality growth model which is more economically, as well as environmentally, viable in the long term.

Our Responsible Emerging Markets strategy had not held any investments in companies with fossil fuel reserves since 2014.

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This year we publish for the second time the carbon footprint of the Responsible Emerging Markets strategy. The strategy’s carbon intensity1 remains unchanged from last year, at 55 tons CO2 per US$ revenue. The footprint of the benchmark has risen over the same period, meaning the strategy’s carbon intensity is now further below the benchmark, at 85.5% under the MSCI Emerging Markets benchmark.

The primary reason for the low carbon intensity of the strategy remains sector allocation. As a result of the thematic approach and focus on sustainability, the strategy is heavily skewed toward the Financials and Consumer Staples sectors, and has few holdings in the more energy-intensive sectors including industrials, energy and materials.

The company making the largest contribution to the portfolio footprint is Taiwan Semiconductor Manufacturing Corporation. As the world’s largest dedicated semiconductor maker, the company has extensive production facilities and is a large energy user. However the company has a comprehensive set of policies for managing its emissions, including targets for cutting PFC emissions; renewable energy purchase (the company is Taiwan’s largest buyer of renewable power); and engagement with its suppliers. It also has been a leader in providing power management chip technologies to its customers. We are satisfied that the company is strategically well-positioned in relation to climate change.

1 We provide here the weighted-average carbon intensity, in line with the recommendation of the Taskforce on Climate-related Financial Disclosure. This represents the weighted average of carbon intensities of the underlying companies in the portfolios, as measured by emissions per million dollars of sales. Each company’s ‘carbon intensity’ is arrived at by dividing a given company’s carbon emissions for a given year by their sales for that year. To aggregate this data to the portfolio level, a weighted average of carbon intensities of all held companies is calculated. The weight is based on the company weight in the portfolio. The information provided in this section is based on MSCI ESG research data. © 2017 MSCI ESG Research Inc. Reproduction by permission. Data is at 31 January 2017.

“From both a moral and a financial view, climate change cannot be ignored by investors. In our Responsible Strategies, we seek alignment with the transition to a low-carbon global economy.” Vicki Bakhshi, Director, Governance and Sustainable Investment Team

0%

20%

40%

60%

80%

100%

120%

Portfolio Weighted Carbon Intensity

Responsible Emerging Markets StrategyMSCI Emerging Markets IndexMSCI All Country World Index

Strategy carbon footprint

Source: BMO Global Asset Management

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Governance and Sustainable InvestmentOur GSI team are dedicated to researching and engaging companies on environmental, social and governance issues that impact our clients’ investments.

Vicki Bakhshi, Director, Governance and Sustainable Investment

Claudia Wearmouth, Director, Governance and Sustainable Investment

Vicki Bakhshi is a Director in our Governance and Sustainable Investment team. Prior to this, Vicki spent five years in the UK government as the Prime Minister’s policy advisor on climate change and as a senior member of the team responsible for the Stern Review on the Economics of Climate Change. She is on the Board of the Institutional Investors Group on Climate Change.

Claudia leads the GSI team’s contribution to the Group’s range of ethical and sustainable investment strategies including the Responsible range of strategies. Claudia previously spent five years at New Philanthropy Capital, advising on charitable giving strategies.

Jeff Chowdhry, Lead Portfolio Manager

Sam Mahtani, Portfolio Manager

Jeff is a Portfolio Manager who has over 30 years investment experience, the last 20 of which has been in Emerging Markets, focusing on key countries in Asia, Latin America and EMEA. Jeff began his career in 1982 and has held portfolio management positions at Royal Insurance plc and BZW Investment Management where he launched and managed one of the very first India funds available to foreign investors.

Sam joined BMO Global Asset Management (EMEA) in 1993 helping launch the F&C India strategy, the third offshore India fund to be available to foreign investors. He became co-manager for the fund in 1994 and lead manager in 1996. He has over 20 years investment experience analysing companies and managing money in emerging markets. Sam has research responsibilities for companies in Asia, specialising in India, China, Korea and Latin America.

The teams behind the strategy

Focused on emerging markets LGM is BMO Global Asset Management’s Asian, GEM and Frontier Market investment specialist. LGM are active bottom-up stock pickers seeking high quality and attractively valued opportunities.

Two teams manage the Responsible Emerging Markets Strategy, with the process led by our emerging market equity specialists at LGM. They are supported by our Governance and Sustainable Investment (GSI) team. The Responsible Investment Advisory Council provide additional expertise that the teams can draw on.

The teams behind the strategy

President: The Most Reverend Justin Welby, Archbishop of Canterbury. Justin became the Archbishop of Canterbury in March 2013, and has had a long standing interest in business ethics, which was a focus of his theology degree. Prior to the Church, Justin spent 11 years in the oil industry, and in 2012 was asked to join the UK Parliamentary Commission on Banking Standards.

Chair: Howard Pearce. Responsible for leading the day to day business of the council and chairing quarterly meetings. Between 2003 and 2013 he was the Head of Pension Fund Management for the award winning Environment Agency Pension Fund (EAPF) and an advisor to its Pensions and Investment Committees. He now runs his own consultancy, HowESG Ltd.

Member: Rosey Hurst. Ms. Hurst is a labour standards expert, and was one of the founders of Sedex, the responsible supply chain initiative which now counts more than 36,000 members. She is also the Founding Director of Impactt, a supply chain consultancy.

Member: Marga Hoek. Ms. Hoek is an international figurehead on sustainable business and capital. She published the award winning book New Economy Business, which details how these areas can make a positive impact on the world’s assets, and her main drive is to contribute to them becoming a major part of the solution for the Sustainable Development Goals.

Member: Ylva Lindberg. Ms Lindberg was a member of the Council on Ethics for the Norwegian Pension Fund for five years and brings a deep understanding of the complexities in assessing companies’ performance against ethical standards.

Member: Martin Smith. Was a member of the Executive Management Committee at BMO Global Asset Management EMEA and Head of Product Management. His presence brings a wealth of investment experience, including time as a manager of ethically screened portfolios.

The independent external Responsible Investment Advisory Council is a body of sustainability experts who focus on providing advice on ethical and sustainability issues.

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Past performance should not be seen as an indication of future performance.

Juan Salazar, Associate Director, Governance and Sustainable Investment

Juan is an engagement specialist with over 17 years of experience, 7 of which have been at BMO Global Asset Management. He engages on a range of environmental, social and governance (ESG) issues with companies across Emerging Markets, with the aim of promoting the improvement of ESG risk management practices across our holdings.

Investment Week awards are aimed at fund managers and organisations who are at the forefront of facilitating or investing in themes that take into account the environment, ethics as well as social and corporate responsibility, and whose work promotes a greater understanding into the sectors’ potential.

The analysis and views expressed in this report reflect personal views about the subject and not related to any specific recommendations. The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. We do not undertake to advise the reader as to changes of our views in the future. This is not a solicitation of an order to buy or sell any specific securities. These products or services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. This presentation is for informational purposes only and 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 advisory or other services in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. © LGM Investments.

BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide investment management and trust and custody services. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions and may not be available to all investors. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal (BMO). BMO Asset Management Corp., F&C Management Limited and F&C Investment Business Limited are affiliates of the Bank of Montreal.

The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.

© 2017 BMO Financial Corp. (6161539, 10/17)

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