Week Ending Friday, June 4, 2021

www.mackaygroup.com

1-800-561-4468 MacKay Group Wealth Management. Our mission is to provide our clients superior investment advice, products and service.

Serving clients and friends at RBC Dominion Securities Inc. – a member of RBC Financial Group since 1983.

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HOW I SEE IT – by Bruce MacKay RBC GAM Summer outlook - Overweight equities. Equity markets continue to trade somewhat flat this week - underneath were seeing sector rotations continue - cyclicals doing well -economy strong is consensus views. Positives: RBC Global Asset Management releases Summer 2021 Global Investment Outlook - Key conclusions - growth surges, inflation firms, maintaining overweight in stocks and underweight in bonds - global economy continues to rebound - believe cycle is durable - supported by significant fiscal and monetary stimulus - progress on vaccinations and easing of restrictions has boosted consumer and business confidence - leading indicators of economic activity have risen in some cases to highest levels in decades - US GDP back to pre-pandemic high - considerable slack remains presenting room for further stronger growth -expect near term pressures on inflation will soon abate and that over long-term structural forces placing downward pressure on prices will prevail - US futures market is pricing and US rate hike late 2020/2023 - valuations elevated in US equities but other markets are not nearly expensive and some trade closer to fair value like Canada Europe & emerging markets and other discounts like Japan & UK. -analysts have been too pessimistic on outlook for earnings and have been playing catch-up as profits have greatly exceeded expectations - consensus for S&P 500 is $210 by the year of 2022 - expansion progress expected for several more years - earnings numbers could ultimately be quite compelling- Global Balanced Investor weightings are 64% equities ,35% bonds & 1% in cash. A few thoughts from others this week. Dr. Ed Yardeni." Biden’s $6 trillion budget proposed - administration banks on low growth, low inflation -Q1 was an amazing good quarter for earnings.

"RBC WM -Business Cycle Scorecard - 17 indicators they follow - 54% early cycle and 22% mid cycle reading. Listened to Fidelity Mark Schmehl on Tuesday - "constructive on market, worlds getting better, not bearish, earnings going up, stocks not expensive, good time to invest –simply- quite bullish. Tom Lee. Fundstrat. “Millennials are currently the single most important driver to the US economy and importance will continue until 2028 – consumer spending, children born, vehicles purchased, housing starts and investments. Negatives: RBC GAM - Virus remains threat to economies and new variance are spreading even in vaccinated populations - fourth wave - and so on and so on. Geopolitics present another risk with flare-ups in US /China tensions, conflicts in the Middle East and protectionists actions with US/ Canada lumber trade. Higher taxes don’t prevent deeper deficits. Climate change court cases on the rise- will CO2 emissions fall or just shipped to new players. New high, new low, equity indicator spiking- pullbacks usually follow. So much cash -so many shortages. "Ultimately inflation is a hidden tax that doesn’t stay hidden- people adapt by redirecting any resources away from production and towards inflation hedging which doesn’t raise the standard of living over time." (Brian Wesbury). Investment Strategy: “An expert is someone who has succeeded in making decisions and judgements simpler through knowing what to pay attention to and what to ignore.” Edward De Bono Stock of the Days this week: TRP, LULU, MEOH, NFLX, CAR.U Have a nice weekend. Bruce

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THIS WEEK’S NOTES & QUOTES - News and Opinions Worth Repeating Twitter launches $3.49 monthly service in Canada as part of subscription push

Twitter Inc. is coming north to launch the latest phase of its ambitious new business plan.

The company has selected Canada and Australia as the initial markets for a subscription service called Twitter Blue, it

announced Thursday.

The service allows Canadian users to pay $3.49 per month to gain access to additional features that are not currently

available on the free version of its platform.

The monthly fee is based on the planned price for a U.S. rollout of Twitter Blue, which is expected to be available for

US$2.99 later this year.

“On Twitter, people are not shy about asking us for what they want. And over the years, we heard from super users

about features they felt would add value,” said Paul Burns, managing director of Twitter Canada, in a phone interview. https://www.bnnbloomberg.ca/twitter-launches-3-49-monthly-service-in-canada-as-part-of-subscription-push-1.1612173

Lululemon outlook tops estimates as yogawear holds strong

Lululemon expects Q4 profit to be at the higher end of forecasted range Lululemon Athletica Inc. posted first-quarter sales and an outlook for the full year that beat expectations as the company saw a pickup in brick-and-mortar traffic along with strong online sales. The yogawear company raised the annual guidance it issued in March. Revenue is now seen at about US$5.825 billion to US$5.905 billion this year, up from the previous range of no more than US$5.65 billion. Adjusted earnings per share will be as high as US$6.86 -- above the previous range and expectations. Key insights

The new guidance shows the company is bullish on its ability to continue attracting shoppers even as North America prepares to go back to the office and don more formal attire. Chief Executive Officer Calvin McDonald said in a statement that the results demonstrate “the momentum and strength of Lululemon as we shift into the new normal.”

Traffic at brick-and-mortar stores is key to Lululemon, which relies on classes and other events to create a community feel that brings shoppers back for repeat visits. Revenue at company-operated physical locations climbed 106 per cent from a year earlier, when it had to close dozens of stores.

E-commerce, while slowing down from past quarter, still rose 50 per cent on a constant dollar basis. Lululemon, which offered personal shopping on video calls during the pandemic, has also been testing same-day delivery in a few markets.

Investors will be listening closely for details on shipping and logistics -- U.S. ports have experienced costly bottlenecks. Lululemon has resorted to air freight to compensate recently -- an option that helps alleviate shipping pressures but carries a high cost.

https://www.bnnbloomberg.ca/lululemon-outlook-tops-estimates-as-yogawear-holds-strong-1.1612397 Shopify, Stripe and the e-commerce approach to drawing down carbon Clean electricity can take us deep into the decarbonized the global economy. Electrifying transport can take things even further, followed by new lower-emission industrial processes. But if we want to have net-zero carbon emissions, we’ll almost certainly need to remove carbon from the atmosphere in measurable, verifiable, massively scaled ways. That will be hard, expensive work. But already two companies are pulling away from the field on implementing novel ways to remove carbon. They’re not the industrial or petrochemical or engineering behemoths you might expect—one is on a mission “to increase the GDP of the Internet,” and the other began as an online snowboard shop. Last year, online payment processor Stripe Inc. reviewed 24 applications for carbon removal projects and chose to fund four of them. Last month, it added six more removal projects to its roster.

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https://www.bnnbloomberg.ca/shopify-stripe-and-the-e-commerce-approach-to-drawing-down-carbon-1.1612129 How Magnet Forensics launched a new chapter for itself and the Waterloo tech scene Hopes that the first IPO in 15 years will usher in a new wave of entrepreneurship Research In Motion Ltd.’s $115-million IPO back in 1997 helped usher in a wave of entrepreneurship that made its Waterloo, Ont., home a hub of high-tech innovation envied around the globe. It seems serendipitous, then, that the city’s latest tech darling, Magnet Forensics Inc., which happens to employ plenty of BlackBerry (née RIM) alumni from the board to the C-suite on down, also managed to raise gross proceeds of $115 million — outpacing RIM by a fraction — during its debut on the Toronto Stock Exchange in May. For Waterloo, the listing marked the end of a 15-year drought during which the region boomed despite failing to bring a tech company to market. For Magnet and its founders, it launched the next chapter in a story that began in 2009 in an unusual place. https://financialpost.com/technology/how-magnet-forensics-launched-a-new-chapter-for-itself-and-the-waterloo-tech-scene Bill Gates' next generation nuclear reactor to be built in Wyoming on site of a retiring coal plant Small advanced reactors, which run on different fuels, are regarded by some as a critical carbon-free technology WASHINGTON — Billionaire Bill Gates’ advanced nuclear reactor company TerraPower LLC and PacifiCorp have selected Wyoming to launch the first Natrium reactor project on the site of a retiring coal plant, the state’s governor said on Wednesday. TerraPower, founded by Gates about 15 years ago, and power company PacifiCorp, owned by Warren Buffet’s Berkshire Hathaway, said the exact site of the Natrium reactor demonstration plant is expected to be announced by the end of the year. Small advanced reactors, which run on different fuels than traditional reactors, are regarded by some as a critical carbon-free technology than can supplement intermittent power sources like wind and solar as states strive to cut emissions that cause climate change. https://financialpost.com/commodities/energy/renewables/bill-gates-next-generation-nuclear-reactor-to-be-built-in-wyoming-2 AMC rides roller-coaster in wild week for new king of memes AMC Entertainment Holdings Inc.’s wild week isn’t done yet. After four days in which the new king of meme stocks doubled and then crumpled, AMC dropped another 5.2 per cent to US$48.65 at 9:37 a.m. in New York. It’s been quite a week for AMC, with the stock’s surge enabling the movie-theater chain to sell equity to shore up a depleted balance sheet. On the brink of bankruptcy only a few months ago, the money-losing company is now the darling of retail traders, with this year’s 2,300 per cent gain being the most of any stock in the Russell 3000 Index. GameStop Corp., which started the meme-stock craze back in January, is a distant second with a gain of about 1,300 per cent. “U.S. markets have turned into a casino,” fueled by social media, said Karim Moussalem, head of cash equities at Cantor Fitzgerald Europe. “It’s become almost a video game,” he said by phone. “Eventually, there’s no doubt in my mind that this thing is going to come back to earth.” https://www.bnnbloomberg.ca/amc-rides-roller-coaster-in-wild-week-for-new-king-of-memes-1.1612574

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CCAANNAADDIIAANN MMAARRKKEETTSS

I. Canadian Fixed Income Benchmark Canada Government Bonds

MG Canadian Fixed Income Top Holdings

Government & Corporate Bonds

Convertible Debentures

High Yield Open End & Closed End Funds Rate Reset/Fixed Floater Preferreds

Perpetual Preferreds

II. RBC DS SUMMER CDN- JUNE 2021 Equity Focus List RBC CM Focus List: TELUS, Dollarama Inc., Magna International Inc., Restaurant Brands, Alimentation Couche-Tard Inc., Canadian Natural Resources, Pembina, Suncor Energy, TC Energy Corp, Bank of Montreal, Brookfield Asset Mgmt, Canadian Imperial Bank of Commerce, Element Fleet Mgmt Corp, Intact Financial Corp, Royal Bank of Canada, TD Bank, Canadian Pacific Railway Ltd, GFL Environmental Inc., Thomson Reuters, Toromont Industries Ltd., Waste Connections Inc., WSP Global, Constellation Software Inc. CCL Industries, Nutrien Ltd, West Fraser Timer Co., Wheaton Precious Metals Corp, First Capital REIT. III. Veritas V- list: Air Canada, CGI Inc., Canadian Natural Resources Ltd., Capital Power Corp., Ceridian HCM Holdings, Cogeco Cable Inc., Dollarama, Enbridge Inc., George Weston Ltd., Granite REIT, Hydro One Ltd., Kilam Apartment REIT, Manulife Financial Corp., Linamar Corp., Maple Leaf Foods Inc., Metro Inc., Riocan REIT, SNC Lavalin Group Inc. SPDR Gld Shares, Telus Corp, TFI International Inc., TransAlta Corp.

IV. News we recommend on our CDN Holdings Market prices as of market close on June 2, 2021

Argonaut Gold Inc. (AR) Initiate at Outperform: Magino to anchor the ship Ranking: Outperform (RBCCM). Price C$3.11– Target C$4.25 The Bank of Nova Scotia (BNS) We still believe International revenues can rebound Ranking: Outperform (RBCCM). Price C$81.64 – Target C$86.00 Saputo Inc. (SAP) Milking the potential: Strategic plan goalpost and roadmap largely consistent with expectations Ranking: Outperform (RBCCM). Price C$39.31– Target C$46.00 Please contact our office if you would like a copy of any of the above research reports. Research Publications (available upon request)

Global Insight- 2021 Outlook

RBC Strategy CDN Focus List: SUMMER 2021

RBC CM FEW Portfolio – SUMMER 2021

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IINNTTEERRNNAATTIIOONNAALL MMAARRKKEETTSS I. US Fixed Income Benchmark USA Government Bonds

MG US Fixed Income Top Holdings include

Government & Corporate Bonds

High Yield Open & Closed Funds

Rate Reset/Fixed Floater Preferreds

IShares Mortgage Plus Index (REM) Yield 8.7%

II. RBC DS US Equity Focus List June 2021: Alphabet, Walt Disney Company, Facebook, Amazon.com, Home Depot, McDonalds Corp, Starbucks, Constellation Brands, Costco Corporation, Chevron, JP Morgan, US Bancorp, CVS Health Corp, J&J, Medtronic, Mereck & Co, Thermo, United Health Group, Honeywell, Union Pacific, Xylem, Adobe, Apple, Cisco, Mastercard Inc, Microsoft, Crown Castle III. RBC DS Global Equity Focus List – SUMMER 2021: Alphabet, Walt Disney Company, Telus, Amazon.com, Home Depot, Restaurant Brands, Constellation Brands, Costco, Canadian Natural Resources, Suncor, TC Energy, Brookfield Asset Management, Canadian Imperial Bank of Commerce, Intact Financial, Royal Bank, TD Bank, US Bancorp, J&J, Thermo Fisher, United Health, Canadian Pacific Railway, Thomson Reuters, Toromont, Waste Connections, Apple, Constellation Software, Mastercard, Microsoft Corp, CCL Industries, Crown Castle.

IV. RBC DS ADR Focus List: China Unicorn, Vodafone, WPP Plc, Honda, Anheuser-Butsch, Diageo, Unilever, China Petroleum…, Eni S.p.A., Royal Dutch Shell, AerCap Holdings, Barclays, HSBC, ING, Prudential PLC, Westpac Banking, AstraZeneca, Fresenius, Sanofi, ABB Ltd, Accenture, Alibaba Group, NICE Ltd, SAP SE, BHP Group.

VV.. NNeewwss WWee RReeccoommmmeenndd oonn oouurr IInnttll HHoollddiinnggss Market prices as of market close on June 2, 2021

Advance Auto Parts, Inc. (AAP) 1Q trends strong but stacked pace has continued into 2Q; significant margin opps remain Our view: While Advance pre-announced 1Q on April 20 th and Ranking: Outperform (RBCCM). Price U$119.14 – Target U$240.00 First Industrial Realty Trust Inc (FR) Model Update: Positioned to deliver 9.0% AFFO growth; on-track to achieve Investor Day goal Ranking: Outperform (RBCCM). Price U$52.09– Target U$58.00 Lowe's Companies, Inc. (LOW) Key management meeting takeaways; still lots of reasons to be bullish Ranking: Outperform (RBCCM). Price U$190.30– Target U$240.00 Please contact our office if you would like a copy of any of the above research reports. Research Publications (available upon request)

Global Insight- 2021 Outlook

RBC GAM – Global Investment Outlook

RBC CM – Top 30 Global Ideas for 2021

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MMUUTTUUAALL FFUUNNDDSS CClloosseedd//OOppeenn–– TToopp HHoollddiinnggss

I. CANADIAN Canadian Fixed Income Canso Credit Income Dynamic Strategic Yield Canadian Equity Fidelity – Global Innovation/CDN Large Cap/Growth /Special Opp Mackenzie – Ivey CDN / Cundhill Middlefield – CDN Dividend Growers/REIT Plus Franklin Templeton – Bissett CDN Div/CDN Equity RBC –CDN Div/CDN Equity/ O’Shaughnnessy Dynamic – Strategic Yield

EETTFFSS –– TToopp HHoollddiinnggss Canada – Fixed Income Bonds - XBB, XCB, XGB Preferred Shares – CPD, PSF.UN Canadian ETF’s Equity – iShares TSX Large Cap 60, iShares Canada Equity Income, iShares Canadian Dividend, iShares Canadian Select Dividend, iShares TSX Small Cap, iShares TSX Composite Canadian ETF Sectors – iShares TSX Financials, iShares TSX REITs, BMO Equal Weight Utilities, iShares TSX Info Tech, iShares TSX Energy, iShares TSX Materials

II. US/INTERNATIONAL US Fixed income Franklin High Yield Fidelity American High Yield US Equity Fidelity – American Eq/Small Cap American/Euro Mackenzie – US Mid-Cap Middlefield – US Div Growers / American Core Franklin Templeton - Growth RBC - NA Value Dynamic – Strategic Yield

EETTFFSS –– TToopp HHoollddiinnggss US ETF Fixed Income US Bonds – XIG, TLT US Preferred Shares - PFF US ETF Equity – S&P 500, Dow Jones Index, Nasdaq 100, S&P 500 Dividend Index, iShares Dow Jones Select Dividend Index, Vanguard Dividend Appreciation Index, iShares High Dividend Equity Fund, iShares Russell 2000 Index, S&P 500 Value Index, S&P 500 Growth Index, S&P Small Cap 600 Index US ETF Sectors – SPDR Financial Index, iShares Real Estate, iShares, SPDR Utilities Index, iShares Telecom Index, SPDR Consumer Discretion, iShares US Healthcare, IShares Nasdaq Biotech, iShares Industrials Index, NASDAQ Index, Vanguard Energy Index, DJ Basic Materials Index, iShares Homebuilders Index

III. GLOBAL GLOBAL Equity Fidelity – Global Div/Monthly Income Mackenzie – Ivey Foreign Middlefield - Health Care/Global Div Growers Franklin Templeton - Growth / Intl RBC – Global Fund / Int. Div G Dynamic – Global Value GLOBAL ETF Equity China ETF, Europe ETF, Germany ETF, India ETF, iShares Emerging Mkts, iShares International Dividend Unique ETFs Horizons Robotics & Automation, ETFMG Prime Cyber Security, Blockchain Technologies, Active AI Global Equity, Marijuana Life Sciences, Healthcare Leaders Income, Tech Achievers Growth & Income

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I

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FAVOURITE CHARTS

Dow Jones Industrial Average – 1789 to Date

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MMAACCKKAAYY GGRROOUUPP WWEEAALLTTHH MMAANNAAGGEEMMEENNTT Introduction Serving over 300 families and friends since 1981. We provide the investment solutions you need to achieve specific goals, whether investing for yourself, family, your business or your organization. Our Team Helping to provide comprehensive wealth management is an extensive team of professionals, including Portfolio Managers, Financial Planners, Estate Planning Specialists, Consultants, Tax Strategists and Research Analysts. THE MG WEALTH MANAGEMENT APPROACH 1: Learning about each other 2: Developing your personalized IP investment plan. 3: Putting your plan into action 4: Integrating complementary wealth services 5: Taking care of your lifelong needs 6: Monitoring and reporting results

Portfolio Management Highlights: 1. Learning about each other. Questionnaire on investment needs, objectives, and risk. 2. Investment Policy Statement. TThhee IIPPSS statement expresses your personal investment objectives in a document to guide the content of your portfolio, including making decisions, reporting on progress and regularly reviewing your objectives. 3. Action Plan. Detailed proposal to get us started. 4. Reviewing all our Wealth Management services including a financial plan and estate plan. 5. Taking care of lifelong needs, including creating detailed income projections. 6. Monitoring and reporting results. Ongoing portfolio analysis, reviews and prompt service. Investment Policy Statement (IPS) Portfolio Valuation Report o Asset Allocation, Income Projection, Rate of

Return, Capital Gains/Loss Tax reporting, T5 and T3 etc. (See kit) RBC CM Quarterly Strategy, MG Weekly

Newsletter, Focus List and Stock of the Day ACCOUNTS & SERVICES WE OFFER

Investment Account, Options, Equity Credit Line, Corporate, Holding Co., Charitable Foundation, Tax Free Savings Account (TFSA), Registered Education Savings Plan (RESP), Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF), Individual Pension Plan (IPP), DS Family Trust Acct, Registered Charity Gift of Stock Acct, Annual Tax-Assisted Flow-Through Share Program

PPOORRTTFFOOLLIIOO MMAANNAAGGEEMMEENNTT PPRROOGGRRAAMMSS Our team manages clients’ portfolios on an individual basis. Portfolios are custom designed to meet your personal objectives. Investment disciplines used include asset allocation, geographic & sector diversification and risk management to maximize your portfolio returns. Programs include: 1. Private Investment Management - PIM our premium level of discretionary wealth management. Highlights include: Freedom, custom portfolio, segregated securities, IP statement, asset mix for life stage, model portfolio tracking, growth and income needs, risk tolerance, top & bottom up management. 2.Professional Discretionary Investment Portfolios. A+ Investment Program: is our institutional level platform with 40+ Investment Manager choices. Global money managers including Beutel Goodman, Franklin Bissett, Guardian, Jarislowsky Fraser, RBC GAM, Caldwell, Brandes, & Franklin Templeton. 3.Professional Non-Discretionary Management - Advisor our premium level of non-discretionary investment wealth management. Highlights include: Discussion on each investments, custom portfolios, IP statement, asset mix, growth & income needs, risk tolerance, top & down management. Management fees are tax deductible for non-registered accounts. 4.Traditional Transactional based accounts. Available for special situation accounts. Advantages of Annual Management Fee Program.

Premium money market and bond rates mutual funds with lower management fees Hedging through use of option strategies Easier tax planning – tax loss switches Stop loss + Re-entry without extra fees

to average into and out of stock positions No transaction commission places the focus

on merits of investing instead of its cost. Fee % deceases as value increases

INVESTMENT VEHICLES WE USE: Allocation includes CDN, US, and International Fixed Income Equity Income & Growth MM, GICs Small Cap. Bonds, Converts Medium Cap. Preferreds Large Cap. High Income Balanced ETFs & Mutual Funds (open and closed)

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COMPREHENSIVE WEALTH MANAGEMENT STRATEGIES 1. Financial Planning Ted Chan – our Financial Planning Consultant provides solutions for simple or complex financial planning:

Comprehensive financial plan

Addressing all aspects of your financial affairs

Including cash and debt management

Tax and investment planning

Risk management

Taxation of the corporation at death and more.

Retirement and estate planning

Business succession Withdraws from corporation tax- effectively

2. Insurance Planning Andrew Sipes – As estate planning specialists, they will focus on:

Personal and corporate insurance solutions to increase your net worth and reduce the impact of taxation.

He can also ensure your wealth is transferred to your heirs in accordance with your wishes. Insurance Strategies include:

Whole life, Term Life

Long Term Care

Keyperson Insurance

Corporate Estate Bond

Critical Illness

Insured Annuity

3. Wills & Estate Planning Ariel-Charles Guigui – Our Will and Estate Consultant offering information on structuring your estate in an efficient and tax-effective manner, providing you with a report outlining various estate planning issues:

To explore in further detail with your own lawyer or accountant

Valid & Current Wills for All in Family

Use of living trusts

Planned Gifting

Reduce the taxes and expenses of an estate

Simplify and speed the transition of assets to the next generation

Ensure that your beneficiaries are protected.

Different types of Power of Attorney

4. Tax Planning Prashant Patel – A number of solutions that can simplify the tax planning process including;

Tax-efficient charitable giving

Family income splitting strategies

Eligible Retiring Allowance

LIRA Conversion to LIF/RLIF

2015 Home Buyer’s Plan Withdrawals

Consider Paying Yourself a Bonus

Sale of Private Business Shares

US Estate Tax Planning for Canadians

5. RBC Estate & Trust Services, Royal Trust Karen Snowden-Staecey – provides individuals, families and businesses with valuable estate, trust and incapacity services:

Assistance in the preservation, management and transfer of wealth between generations by providing solutions to implement clients’ estate and trust plans

Professional and impartial expertise in delivering estate and trust services o Strong history and legacy in managing fiduciary businesses o Professionals who have technical and practical experience o Compassion and understanding of the client’s family’s experience

6. RBC Private Banking Premier Ari Steriotis – works as a single point of contact providing banking and credit solutions for select clients of Wealth Management Canada and their families. Tailored banking & credit package to complement the best in class investment management and wealth planning.

Providing one of RBC’s most comprehensive banking packages – special rates, exclusive cross border package, high daily access limits on cash withdrawals and direct payments, RBC Avion Visa Infinite Privilege Card with a $120 rebate off the annual fee and more.

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THE MACKAY GROUP TEAM COMMENTS

Bruce's-Portfolio Management – Strategy, Macro & Micro

Tax rates are increasing, financial solutions are evolving and RBC's suite of services has expanded

to meet our clients' needs. We'll review your investment portfolios and introduce you to our

expanded team of Wealth Management professionals and the full range of services we offer.

Andrew's -Portfolio Management & Team

Management Proper portfolio construction is the key to meeting

your financial goals. The variety of investment choices can be daunting. Let our team help simplify the approach, narrow your focus, mitigate tax, and plan for financial success throughout retirement.

Kristine's -Business Development & Team Wealth

Management Over 100 of our clients and their families have found tremendous value in having a Financial Plan, Will &

Estate Consultation and Insurance review. Hope you enjoy our new ‘Wealth Wednesday’ educational

email series. I’m also here to manage client appreciation events and charity sponsorships.

Melissa's -Portfolio Administration

Is your account information up to date - including investment objectives & risk parameters, beneficiary information, dividend reinvestment plan, monthly

payment plan and banking information?

Christopher’s - Portfolio Management & Research I will work with you and our team to manage your

accounts, provide recommendations, identify opportunities and assist with client service to ensure

all your needs are met.

Madeleine’s -Portfolio Administration & Research Have you topped up your TFSA? RSP? RESP? I will

work with you to make sure you are maximizing your portfolio. We are especially proud of our daily

‘Stock of the Day’ research.

Our Mission “To provide our clients superior investment advice, products and service at RBC Wealth management

Dominion Securities since 1981.”

Bruce MacKay, HBComm, CIM

Portfolio Manager, Investment Advisor, Vice President and Director

Andrew Slivinsky, CIM, PFP, Senior Associate Advisor Christopher Nicolaides, CIM, DMS Associate Advisor

Melissa Crawford, Associate Advisor Madeleine Howard, HBA Associate

Kristine MacKay, MBA, Associate Wealth Advisor

EEssttaattee ++ FFiinnaanncciiaall PPllaannnniinngg AAddvviissoorrss Ted Chan, Financial Planner

Ariel-Charles Guigui, Will and Estate Consultant Prashant Patel, Tax Consultant

Andrew Sipes, Estate Planning Specialist Karen Snowdon-Steacy, Senior Trust Advisor

Ari Steriotis, Premier Banking

MacKay Group Wealth Management www.mackaygroup.com

Brookfield Place 181 Bay Street, Suite 2200 Toronto Ontario, M5J 2T3 Telephone: 416-842-7120

MacKay Group & RBC Foundation We have contributed $600,000+ over the years. Charities we support in 2021 - Trillium Health Partners, Canadian Wildlife Federation, Toronto Public Library, ABC Life Literacy, Canadian Canoe Museum, Merry-Go-Round Children’s Foundation, Ontario Track III, Camp Winston, Royal Ontario Museum, Alzheimer’s Society & Dorothy Ley Hospice.

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Disclaimer Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus before investing. Mutual fund securities are not covered by the Canadian Deposit Insurance Corporation or by any other government insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. This information is not intended as nor does it constitute tax or legal advice. Readers should consult their own lawyer, accountant or other professional advisor when planning to implement a strategy. This commentary is based on information that is believed to be accurate at the time of writing, and is subject to change. All opinions and estimates contained in this report constitute RBC Dominion Securities Inc.'s judgment as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Interest rates, market conditions and other investment factors are subject to change. Past performance may not be repeated. The information provided is intended only to illustrate certain historical returns and is not intended to reflect future values or returns. Securities or investment strategies mentioned in this newsletter may not be suitable for all investors or portfolios. The information contained in this newsletter is not intended as a recommendation directed to a particular investor or class of investors and is not intended as a recommendation in view of the particular circumstances of a specific investor, class of investors or a specific portfolio. You should not take any action with respect to any securities or investment strategy mentioned in this newsletter without first consulting your own investment advisor in order to ascertain whether the securities or investment strategy mentioned are suitable in your particular circumstances. This information is not a substitute for obtaining professional advice from your Investment Advisor. The commentary, opinions and conclusions, if any, included in this newsletter represent the personal and subjective view of the investment advisor [named above] who is not employed as an analyst and do not purport to represent the views of RBC Dominion Securities Inc. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The returns and performance information presented here does not reflect actual client portfolio or composite returns. The performance information presented in this report is based on a hypothetical model portfolio, and is intended to help illustrate the general performance of the investment strategy while removing the variability that results from implementation at a particular client level. The model portfolio reflects the actual investment recommendations (buys, sells) of the strategy as they were communicated historically; however, a number of implementation assumptions (which may include but are not limited to the timing and diligence with which the portfolio is rebalanced, the execution price for securities transactions, and any trading and account related costs, fees, or commissions) have been made when calculating the model returns that may be difficult or impossible for any investor to exactly replicate the model portfolio. For this reason, there is no expectation that the model returns will perfectly replicate the actual performance of any client following the same guided portfolio strategy. Specifically, the following assumptions have been made when calculating model portfolio returns: the portfolio is rebalanced monthly and any time a change to portfolio holdings is made; market close prices are used for all valuations; and returns are gross of all account fees and transaction costs. Insurance products are offered through RBC Wealth Management Financial Services Inc. (“RBC WMFS”), a subsidiary of RBC Dominion Securities Inc.* RBC WMFS is licensed as a financial services firm in the province of Quebec. RBC Dominion Securities Inc., RBC WMFS and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. and RBC WMFS are member companies of RBC Wealth Management, a business segment of Royal Bank of Canada. ® / TM Trademark(s) of Royal Bank of Canada. Used under licence. © 2018 RBC Dominion Securities Inc. All rights reserved.