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| ANALYST CERTIFICATION... |
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| As to each company covered on this website, each analyst hereby certifies that the views expressed in this report reflect the analyst’s personal views about the subject securities or issuers. Each analyst also certifies that no part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. |
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| Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets Corp., BMO Nesbitt Burns, and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and convincing clients to act on them, performance of recommendations, accuracy of earnings estimates, and service to clients. |
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| IMPORTANT DISCLOSURES |
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| BMO Capital Markets Corp. has provided advice for a fee with respect to this company within the past 12 months |
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| BMO Capital Markets Corp. has undertaken an underwriting liability with respect to this company within the past 12 months |
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| Firm expects to receive or intends to seek compensation for investment banking services from the company in the next three months. |
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| BMO Capital Markets Corp. has provided investment banking services with respect to the company within the past 12 months |
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| BMO Capital Markets Corp. or its affiliates owns 1% or more of any class of common equity securities of the company |
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| BMO Capital Markets Corp. or its affiliates makes a market in the security |
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| BMO Capital Markets Corp. or its affiliates managed or co-managed a public offering of securities of the company in the past 12 months |
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| BMO Capital Markets Corp. or its affiliates received compensation for investment banking services from the company in the past 12 months |
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| BMO Capital Markets Corp. or its affiliates or its officers own warrants or options |
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| Company is a client (or was a client) of BMO Capital Markets Corp. or an affiliate within the past 12 months |
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| Employee, officer, or director of BMO Capital Markets Corp. is a member of the Board of Directors or an advisor or officer of this company |
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| Analyst and/or associate who prepared this report is a member of the Board of Directors of this company or an advisor or officer of this company |
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| A household member of the research analyst and/or associate who prepared this report is a member of the Board of Directors of this company or an advisor or officer of this company |
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| Analyst or associate who prepared this report or member of household of analyst or associate owns shares |
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| Analyst or associate who prepared this report or member of household of analyst or associate owns warrants/options |
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| BMO Capital Markets Corp. or its affiliates expects to receive or intends to seek compensation for investment banking services from the company in the next three months |
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| Analyst received compensation from the company in the past year |
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| BMO Capital Markets Corp. or its affiliates received compensation for products or services other than Investment Banking Services from the company in the past 12 months |
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| BREAKDOWN OF RATING DISTRIBUTION AND BANKING CLIENTS |
| (As of December 31, 2009) |
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| BMO CAPITAL MARKETS CORP. RATING SYSTEM |
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| Our investment ratings compare a stock’s expected performance to that of an index of comparable companies over a 9-15 month horizon. Our sector ratings are based on the expected performance of the sector compared with that of a broader market index over the same time period |
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| BMO Capital Markets Corp. Rating System |
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| OP = Outperform: We believe the stock’s total return, including dividends, will exceed the S&P 500's return by more than 15% |
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| Mkt = Market Perform: We believe the stock’s total return will generally match that of the S&P 500. |
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| Und = Underperform: We believe the stock’s total return will fall short of the S&P 500's return by more than 15%. |
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| NR = Not rated. |
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| (R) = Restricted: Dissemination of research is currently restricted. |
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| In addition, apart from our stock ratings, we apply the Speculative investment (S) postscript to those companies that have de minimis revenue and whose enterprise value appears to be contingent upon unprovable assumptions (e.g., the future approval of a drug or the successful completion of an oil well). |
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| SECTOR RATINGS |
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| OUTPERFORM - We believe the sector will outperform the S&P 500 Index. |
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| MARKET PERFORM - We believe the sector’s return will generally match that of the S&P 500 |
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| UNDERPERFORM - We believe the sector will underperform the S&P 500 Index |
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| Prior BMO Capital Markets Corp. Rating System (prior to June 19, 2006) |
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| Our rating system prior to June 19, 2006, compared a stock’s expected performance with that of an index of comparable companies over a 9-15 month horizon. Our sector ratings were based on the expected performance of the sector compared with that of a broader market index over the same time period. Additionally, before June 19, 2006, we did not use the (S)-Speculative postscript. |
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| PRIOR STOCK RATINGS |
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| OUTPERFORM - We believe the stock’s total return, including dividends, will exceed the group average by over 15%. |
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| NEUTRAL - We believe the stock’s total return will generally match the group average. |
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| UNDERPERFORM - We believe the stock’s total return will fall short of the group average by more than 15%. |
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| PRIOR SECTOR RATINGS |
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| POSITIVE - We believe the sector will outperform the S&P 500 Index. |
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| NEGATIVE - We believe the sector will underperform the S&P 500 Index. |
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| Other Important Disclosures |
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| Our analysts use various valuation methodologies including discounted cash flow, price/earnings (P/E), enterprise value/EBITDA, and P/E to growth rate, among others. Risks to our price targets include failure to achieve financial results, product risk, regulatory risk, general market conditions, and the risk of a change in economic conditions. For more specific information, please refer to http://research-us.bmocapitalmarkets.com. |
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| Dissemination of Research |
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| BMO Capital Markets Equity Research is available via our web site http://research-us.bmocapitalmarkets.com. Please contact your investment advisor or institutional salesperson for more information. Institutional clients may also receive our research via FIRST CALL Research Direct and Reuters. |
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| All of our research is made widely available at the same time to all BMO Capital Markets Corp. client groups entitled to our research. |
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| Conflict Statement |
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| A general description of how BMO Financial Group identifies and manages conflicts of interest is contained in our public facing policy for managing conflicts of interest in connection with investment research which is available at http://research-us.bmocapitalmarkets.com/Conflict_Statement_Public.asp
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| General Disclaimer |
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| The information and opinions in this report were prepared by BMO Capital Markets Corp. BMO Capital Markets Corp. is an affiliate of BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltee/Ltd. in Canada (collectively “BMO Nesbitt Burns”), and BMO Capital Markets Ltd in the United Kingdom. This information is not intended to be used as the primary basis of investment decisions, and because of individual client objectives it should not be construed as advice designed to meet the particular investment needs of any investor. This material is for information purposes only and is not an offer or solicitation with respect to the purchase or sale of any security. The reader should assume that BMO Capital Markets Corp., BMO Nesbitt Burns, BMO Capital Markets Ltd., or their 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. The opinions, estimates, and projections contained in this report are those of BMO Capital Markets Corp. as of the date of this report and are subject to change without notice. BMO Capital Markets Corp. endeavors 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 Corp. 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 Corp., BMO Nesbitt Burns, BMO Capital Markets Ltd., or its affiliates that is not reflected in this report. This report is not to be construed as an offer or solicitation to buy or sell any security. BMO Capital Markets Corp., BMO Nesbitt Burns, BMO Capital Markets Ltd., or their affiliates will buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. BMO Capital Markets Corp. BMO Nesbitt Burns, and BMO Capital Markets Ltd. are subsidiaries of Bank of Montreal. |
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| Additional Matters |
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| To Canadian Residents: BMO Nesbitt Burns Inc. and BMO Nesbitt Burns Ltee/Ltd., affiliates of BMO Capital Markets Corp., furnish this report to Canadian residents and accept 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. and/or BMO Nesbitt Burns Ltee/Ltd. |
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| To UK residents: 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 being 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 |
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