Fixed Income Quarterly—Appendix: Disclosures Page 1
Appendix - Disclosure Statement and Analyst’s Certification
IMPORTANT DISCLOSURES Analyst’s Certification
As to each company covered in this ebook, the analyst hereby certifies that the views expressed in this report accurately reflect the analyst’s personal views about the subject securities or issuers. Each analyst also certifies that no part of his compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their af- filiates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.
Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Ltd. are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the NASD Rule 2711 and NYSE Rule 472 restric- tions on communications with a subject company, public appearances and trading securities held by a research analyst account.
Company Specific Disclosures
For Important Disclosures on the stocks discussed in this report, please go to http://researchglobal.bmocapitalmarkets.com/Public/Company_Disclo- sure_Public.aspx.
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BMO Capital Markets has undertaken an underwriting liability with respect to this issuer within the past 12 months.
BMO Capital Markets has provided investment banking services with respect to this issuer within the past 12 months.
BMO Capital Markets has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months.
BMO Capital Markets or an affiliate has received compensation for investment banking services from this issuer within the past 12 months.
BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months.
This issuer is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO BM Ltd. or an af- filiate within the past 12 months: A) Investment Banking Services; B) Non-Investment Banking Securities Related Services; or C) Non-Securities Related Services.
BMO Capital Markets or its affiliates expects to receive or intends to seek compensation for investment banking services from the company in the next 3 months.
BMO Capital Markets or an affiliate has a financial interest in 1% or more of any class of the equity securities of this issuer. BMO Capital Markets makes a market in this security.
A research analyst, associate, or any person (or their household members) directly involved in the preparation of this research report has a financial interest in securities of this issuer.
A research analyst and/or associate who prepared this report and/or a household member is a member of the Board of Directors of this company or an advisor or officer of this company.
A research analyst who prepared this report received compensation from the company in the past 12 months.
A partner, director, officer, employee or agent of BMO Capital Markets is an officer, director, employee of, or serves in an advisory capacity to, this issuer:
A partner, director or officer of BMO Capital Markets or the analyst involved in the preparation of this report has provided paid services to this issuer in the preceding 12 months, other than normal course investment advisory or trade execution services.
A member of the Board of Directors of Bank of Montreal is also a member of the Board of Directors or is an officer of this issuer:
A BMO Nesbitt Burns Inc. research analyst has extensively viewed the material operations of this issuer.
The issuer has paid or reimbursed some or all of the BMO Nesbitt Burns Inc. analysts travel expenses.
A redacted draft of this report was previously shown to the issuer (for fact checking purposes) and changes were made to the report before pub- lication.
Company Specific Disclosures
ADS – BMO Financial Group is one of ADS’s largest clients and accounts for a significant percentage of both AIR MILES revenue and overall revenue.
AIG –Along with other underwriters of an AIG medium term note offering, BMO Capital Markets Corp. has been named as a defendant in a consolidated class action lawsuit. No assessment of the risks created by these legal actions or of the potential for additional claims against the defendants or others arising from this public offering was undertaken in preparing this report and none is reflected herein.
ARX – BMO Nesbitt Burns Inc. (“BMO NBI”) has been retained by ARC Resources Ltd. (“ARC”) to seek proposals for their 11,860 gross (7,838 net) hectares of concentrated Southern Alberta oil producing lands. BMO NBI will be paid a fee based on the successful completion of the transaction. BMO NBI follows information control procedures which prevent its research analysts who are issuing research from having access to non-public information received by BMO NBI’s investment banking personnel in connection with the investment banking advisory mandates