Week Ending Friday, April 1, 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.

HOW I SEE IT – by Bruce MacKay signaling economic expansion with rising bond yields, My Vaccine shot/ Quarter end/ US ISM highest. bull market has been broadening since early September 2020. Well I got my Pfizer vaccine shot today- wish me luck - received it through Trillium Hospital- U of T Negatives: Another shutdown on third wave. Mississauga Campus- very quick - I even knew the Pandemic may have accelerated retirement which Doctor who gave me the shot -I told him if it doesn’t could have negative implications for economic growth work I know where to find him. Funny. due to impact of a smaller working age population (WSJ). China and Mexico have gained US import share Positives: Quiet week this week -quarter end - at expense (RBC). How much will taxman investment managers dump their losers and add to the slice of corporate profits in 2022? That sinking feeling winners – called the end of quarter window dressing. about fiscal excess. "What’s ailing high growth stocks: Many indices at all-time highs including the Dow. 1. Way too much speculation, 2. Greed- just look at AAII investor confidence - 45% bullish - dropping a bit latest spac deal, 3. Too much stock supply - US highest - still good confidence indicator. Spring feeling - Blue quarter ever with new IPOs, 4. Lack of understanding Jays start today. Bidden to spend $3 trillion on of new companies - what exactly do some of them do, infrastructure- they obviously need more- how about 5. a lot of companies must go - good for mergers, ? FED appears to keep throwing whatever it 6. Inflation concerns- could be 4% plus in the US right takes to keep economy afloat. World is going green- now."(J Crammer- CNBC) more money will flow to that sector. Good stat thiw week -US ISM manufacturing sector index came in at Investment Strategy: It's not how much money you 64.7 - an unforeseen high in the last 37 years - signals make, but how much money you keep, how hard it economic recovery as reading about 50 indicates an works for you and how many generations you keep it expansion in manufacturing activity. Equity for." Robert Kiyoski. seasonality - April has historically been a solid month for the S&P 500 - since 1950 April has been second best month - the past 20 years the best month. Market debt Stock of the Days this week: Fidelity Global has been on the rise but the current level is not yet Innovators Class, FB, ATZ, T. extreme relative to the overall market capitalization. Canada - no interest payment shock insight for We wish all our readers a happy and healthy Passover mortgages. Dividends made a substantial contribution and Easter. to long-term returns of US large-cap equities. Technically if recent cycles is are a guide the current Bruce cycle is unlikely to show evidence of deceleration until well into 2022. Dr. Ed Yardini comments -" materials and industrial rock on, steel and copper prices near high, no doom only boom in consensus earnings forecasts, valuation multiples floating on the sea of liquidity, S&P 500 for earnings has fully recovered and points to profits boom this year, yield curve spread is

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THIS WEEK’S NOTES & QUOTES - News and Opinions Worth Repeating

S&P 500 breaks above 4,000 milestone as bull market barrels on A revival in technology shares alongside budding optimism about the global recovery pushed the world’s most important stock index past 4,000 for the first time. The S&P 500 rallied as much as 0.7 per cent to a record as investors weighed President Joe Biden’s newly unveiled US$2.25 trillion stimulus plan ahead of Friday’s U.S. employment report, which is expected to show the quickest pace of hiring in five months. While it took almost five years for the index to rise from the 2,000 milestone to 3,000 in July 2019, the latest 1,000-point trip took about 21 months. The S&P 500’s recent climb has largely been built on a surge in energy and financial shares as the vaccine rollout picks up speed. That’s pressured Treasury yields higher and boosted inflation expectations, sending cyclical stocks -- those more sensitive to economic swings -- upward. However, a moderation in the bond selloff’s breakneck pace has breathed life back into tech stocks, the benchmark’s biggest sector, which have struggled amid the rise in rates. https://www.bnnbloomberg.ca/s-p-500-breaks-above-4-000-milestone-as-bull-market-barrels-on- 1.1585335

Facebook’s Giphy purchase set for in-depth U.K. antitrust probe Facebook Inc. will face an in-depth U.K. review of its US$400 million purchase of GIF search engine Giphy Inc. after it skipped offering concessions to address antitrust concerns. The Competition and Markets Authority said it will run a so-called second-phase investigation through to Sept. 15, according to an emailed statement Thursday. The decision comes after the watchdog warned the tie-up could harm rival social-media platforms. It’s cited concerns that the deal could allow Facebook to stifle the supply of Giphy’s library of video clips and animated videos on rival services such as Apple Inc.’s iMessage, Twitter, Signal, TikTok and others. U.K. regulators are taking a tougher stance on technology deals where giants swallow up smaller firms. CMA officials have voiced regret for waving through game-changing deals in the past, such as Facebook’s takeover of Instagram. CMA Chief Executive Officer Andrea Coscelli said in October that the largest tech companies should face scrutiny for any transaction, no matter how tiny. https://www.bnnbloomberg.ca/facebook-s-giphy-purchase-set-for-in-depth-u-k-antitrust-probe- 1.1585283

Toronto luxury home sales surge 157% to begin year: Sotheby's As a record-breaking surge in home sales starts to spark concern that a bubble may be forming, one part of the market in Canada’s largest city is running even hotter than the rest: the luxury end. Sales of homes worth more than $4 million (US$3.2 million) surged 157 per cent in January and February from a year earlier, brokerage Sotheby’s International Realty Canada said in a report released Tuesday. By contrast, data from the Toronto Regional Real Estate Board for the same period showed sales across all price ranges rose 52 per cent.

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“There’s a huge pent-up buyer demand that’s existing at all areas of the market right now,” Don Kottick, chief executive officer of Sotheby’s Canadian real estate unit, said by phone. https://www.bnnbloomberg.ca/toronto-luxury-home-sales-surge-157-to-begin-year-sotheby-s- 1.1583976

Nuvei sees tailwinds in sports betting and crypto as payments processor looks to widen reach The chief executive of Nuvei Corp. says the Canadian payment-technology provider plans on beefing up its sales force in North America, where favourable economic and regulatory winds are blowing for the company’s current and potential clients. “One of the big things that we’ve done in the business is we’ve heavily invested in distribution,” Nuvei CEO Philip Fayer said in an interview this week with the Financial Post. “You can have the fastest race car in the world. If it’s sitting in the garage, she’s not going to be winning races.” https://financialpost.com/fp-finance/fintech/nuvei-sees-tailwinds-in-sports-betting-and-crypto-as- payments-processor-looks-to-widen-reach

Canadian explorer to attempt 1st human-powered crossing of Turks and Caicos Islands Mario Rigby will paddle, run, hike, cycle, swim across 8 main islands in 6 days Toronto-based explorer Mario Rigby spent two years crossing the African continent on foot. Last summer, he paddled the length of Lake Ontario in 20 days. Now, the Canadian-Turks and Caicos Islander is returning home to paddle, run, hike, cycle and swim across the eight main islands that make up the Turks and Caicos archipelago. If he succeeds, he'll be the first known person to make the crossing. The six-day expedition scheduled for the end of April will rival the difficulty of his past feats, Rigby said. The mission will be gruelling, but it's also a sentimental one that will connect him to his roots. "I get to go back home and enjoy traversing and learning more about the home I was born in," he said. "So there's a sense of glory and pride [with this expedition]." https://www.cbc.ca/sports/canadian-explorer-mario-rigby-turks-and-caicos-islands-1.5969167

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CANADIAN MARKETS

I. Canadian Fixed Income IV. News we recommend on our CDN Holdings Benchmark Canada Government Bonds Market prices as of market close on March 31, 2021

Dollarama Inc. (DOL) Toonie for your thoughts: DOL FQ4 results strong

Ranking: Outperform (RBCCM). Price C$55.52– Target C$68.00

MAV Beauty Brands Inc. (MAV)

margin trends in 2021 Ranking: Sector Perform (RBCCM). Price C$5.55 – Target C$5.00 MG Canadian Fixed Income Top Holdings  Government & Corporate Bonds Aritzia Inc. (ATZ)  Convertible Debentures In Style: Reiterating constructive view ahead of  High Yield Open End & Closed End Funds FQ4, target +$3 to $35  Rate Reset/Fixed Floater Preferreds Ranking: Outperform (RBCCM).  Perpetual Preferreds Price C$29.20 – Target C$35.00

II. RBC DS SPRING CDN 2021 Equity Focus List Please contact our office if you would like a copy of any of RBC CM Focus List: , Dollarama Inc., Magna the above research reports. International Inc., Restaurant Brands, Alimentation

Couche-Tard Inc., Canadian Natural Resources,

Pembina, , TC Energy Corp, Bank of Research Publications (available upon request) , Brookfield Asset Mgmt, Canadian

Imperial Bank of Commerce, Element Fleet Mgmt  Global Insight- 2021 Outlook Corp, Intact Financial Corp, National Bank, Royal  RBC Strategy CDN Focus List: SPRING 2021 Bank of Canada, TD Bank,  RBC CM FEW Portfolio – SPRING 2021 Ltd, GFL Environmental Inc., ,

Toromont Industries Ltd., Waste Connections Inc.,

WSP Global, Inc. CCL Industries, Ltd, West Fraser Timer Co., Corp, First Capital REIT.

III. Veritas V- list: (Feb 2021) , CGI Inc., Canadian Natural Resources Ltd., Capital Power Corp., Ceridian HCM Holdings, Cable Inc., Dollarama, Inc., George Weston Ltd., Granite REIT, Hydro One Ltd., Kilam Apartment REIT, 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.

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INTERNATIONAL MARKETS IV. RBC DS ADR Focus List: I. US Fixed Income China Unicorn, Vodafone, WPP Plc, Honda, Benchmark USA Government Bonds 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.

V. News We Recommend on our Intl Holdings Market prices as of market close on March 31, 2021

Bank of America Corporation (BAC) Model Update: Updating Estimates

Ranking: Outperform (RBCCM). MG US Fixed Income Top Holdings include Price U$38.69 – Target U$37.00  Government & Corporate Bonds  High Yield Open & Closed Funds MetLife, Inc. (MET)  Rate Reset/Fixed Floater Preferreds Ranking: Outperform (RBCCM).  IShares Mortgage Plus Index (REM) Yield 8.7% Price U$60.79 – Target U$66.00

II. RBC DS US Equity Focus List Feb 2021: (LULU) Alphabet, Walt Disney Company, Facebook, Top Line Outperformance but Ongoing MIRROR Amazon.com, Home Depot, McDonalds Corp, Spending Starbucks, Constellation Brands, Costco Ranking: Outperform (RBCCM). Corporation, JP Morgan, US Bancorp, CVS Health Price U$306.71– Target U$380.00 Corp, J&J, Medtronic, Mereck & Co, Thermo, United

Health Group, Honeywell, Union Specific, Xylem,

Adobe, Apple, Cisco, Mastercard Inc, Microsoft, Please contact our office if you would like a copy of any of

Crown Castle the above research reports.

III. RBC DS Global Equity Focus List – SPRING 2021: Alphabet, Walt Disney Company, Telus, Research Publications (available upon request) Amazon.com, Home Depot, Restaurant Brands, Constellation Brands, Costco, Canadian Natural  Global Insight- 2021 Outlook Resources, Suncor, TC Energy, Brookfield Asset  RBC GAM – Global Investment Outlook Management, Canadian Imperial Bank of  RBC CM – Top 30 Global Ideas for 2021 Commerce, Intact Financial, Royal Bank, TD Bank,

US Bancorp, J&J, Merck & Co. Inc, Thermo Fisher, United Health, Canadian Pacific Railway, Thomson Reuters, Toromont, Waste Connections, Apple, Constellation Software, Mastercard, Microsoft Corp, CCL Industries, Crown Castle.

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MUTUAL FUNDS Closed/Open– Top Holdings ETFS – Top Holdings US ETF Fixed Income I. CANADIAN US Bonds – XIG, TLT US Preferred Shares - PFF Canadian Fixed Income Canso Credit Income US ETF Equity – S&P 500, Dow Jones Index, Dynamic Strategic Yield Nasdaq 100, S&P 500 Dividend Index, iShares Dow Jones Select Dividend Index, Vanguard Dividend Canadian Equity Appreciation Index, iShares High Dividend Equity Fidelity – Global Innovation/CDN Large Fund, iShares Russell 2000 Index, S&P 500 Value Cap/Growth /Special Opp Index, S&P 500 Growth Index, S&P Small Cap 600 Mackenzie – Ivey CDN / Cundhill Index Middlefield – CDN Dividend Growers/REIT Plus Franklin Templeton – Bissett CDN Div/CDN Equity US ETF Sectors – SPDR Financial Index, iShares RBC –CDN Div/CDN Equity/ O’Shaughnnessy Real Estate, iShares, SPDR Utilities Index, iShares Dynamic – Strategic Yield Telecom Index, SPDR Consumer Discretion, iShares US Healthcare, IShares Nasdaq Biotech, iShares Industrials Index, NASDAQ Index, Vanguard ETFS – Top Holdings Energy Index, DJ Basic Materials Index, iShares Canada – Fixed Income Homebuilders Index Bonds - XBB, XCB, XGB Preferred Shares – CPD, PSF.UN III. GLOBAL Canadian ETF’s Equity – iShares TSX Large Cap 60, iShares Canada Equity Income, iShares Canadian GLOBAL Equity Dividend, iShares Canadian Select Dividend, Fidelity – Global Div/Monthly Income iShares TSX Small Cap, iShares TSX Composite Mackenzie – Ivey Foreign Middlefield - Health Care/Global Div Growers Canadian ETF Sectors – iShares TSX Financials, Franklin Templeton - Growth / Intl iShares TSX REITs, BMO Equal Weight Utilities, RBC – Global Fund / Int. Div G iShares TSX Info Tech, iShares TSX Energy, iShares Dynamic – Global Value TSX Materials GLOBAL ETF Equity China ETF, Europe ETF, Germany ETF, India ETF, II. US/INTERNATIONAL iShares Emerging Mkts, iShares International Dividend US Fixed income Franklin High Yield Unique ETFs Fidelity American High Yield Horizons Robotics & Automation, ETFMG Prime Cyber Security, Blockchain Technologies, Active AI US Equity Global Equity, Marijuana Life Sciences, Healthcare Fidelity – American Eq/Small Cap American/Euro Leaders Income, Tech Achievers Growth & Income Mackenzie – US Mid-Cap Middlefield – US Div Growers / American Core Franklin Templeton - Growth RBC - NA Value Dynamic – Strategic Yield

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I

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FAVOURITE CHARTS

Dow Jones Industrial Average – 1789 to Date

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MACKAY GROUP WEALTH MANAGEMENT PORTFOLIO MANAGEMENT PROGRAMS Introduction Serving over 300 families and friends Our team manages clients’ portfolios on an since 1981. We provide the investment solutions you individual basis. Portfolios are custom designed to need to achieve specific goals, whether investing for meet your personal objectives. Investment yourself, family, your business or your organization. disciplines used include asset allocation, geographic Our Team Helping to provide comprehensive & sector diversification and risk management to wealth management is an extensive team of maximize your portfolio returns. Programs include: professionals, including Portfolio Managers, 1. Private Investment Management - PIM our Financial Planners, Estate Planning Specialists, premium level of discretionary wealth management. Consultants, Tax Strategists and Research Analysts. Highlights include: Freedom, custom portfolio, THE MG WEALTH MANAGEMENT APPROACH segregated securities, IP statement, asset mix for life 1: Learning about each other stage, model portfolio tracking, growth and income 2: Developing your personalized IP investment plan. needs, risk tolerance, top & bottom up management. 3: Putting your plan into 2.Professional Discretionary Investment Portfolios. 4: Integrating complementary wealth services A+ Investment Program: is our institutional level 5: Taking care of your lifelong needs platform with 40+ Investment Manager choices.

6: Monitoring and reporting results Global money managers including Beutel Goodman, Portfolio Management Highlights: Franklin Bissett, Guardian, Jarislowsky Fraser, RBC 1. Learning about each other. Questionnaire on GAM, Caldwell, Brandes, & Franklin Templeton. investment needs, objectives, and risk. 3.Professional Non-Discretionary Management - 2. Investment Policy Statement. The IPS statement Advisor our premium level of non-discretionary expresses your personal investment objectives in a investment wealth management. Highlights include: document to guide the content of your portfolio, Discussion on each investments, custom portfolios, including making decisions, reporting on progress IP statement, asset mix, growth & income needs, and regularly reviewing your objectives. risk tolerance, top & down management. 3. Action Plan. Detailed proposal to get us started. Management fees are tax deductible for non- 4. Reviewing all our Wealth Management services registered accounts. including a financial plan and estate plan. 4.Traditional Transactional based accounts. 5. Taking care of lifelong needs, including creating Available for special situation accounts. detailed income projections. Advantages of Annual Management Fee Program. 6. Monitoring and reporting results. Ongoing  Premium money market and bond rates portfolio analysis, reviews and prompt service.  mutual funds with lower management fees  Investment Policy Statement (IPS)  Hedging through use of option strategies  Portfolio Valuation Report  Easier tax planning – tax loss switches o Asset Allocation, Income Projection, Rate of  Stop loss + Re-entry without extra fees Return, Capital Gains/Loss to average into and out of stock positions  Tax reporting, T5 and T3 etc. (See kit)  No transaction commission places the focus  RBC CM Quarterly Strategy, MG Weekly on merits of investing instead of its cost. Newsletter, Focus List and Stock of the Day  Fee % deceases as value increases ACCOUNTS & SERVICES WE OFFER INVESTMENT VEHICLES WE USE: Investment Account, Options, Equity Credit Line, Allocation includes CDN, US, and International Corporate, Holding Co., Charitable Foundation, Tax Fixed Income Equity Income & Growth Free Savings Account (TFSA), Registered Education MM, GICs Small Cap. Savings Plan (RESP), Registered Retirement Savings Bonds, Converts Medium Cap. Plan (RRSP), Registered Retirement Income Fund Preferreds Large Cap. (RRIF), Individual Pension Plan (IPP), DS Family High Income Balanced Trust Acct, Registered Charity Gift of Stock Acct, ETFs & Mutual Funds (open and closed) Annual Tax-Assisted Flow-Through Share Program

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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  Taxation of the corporation at death and  Addressing all aspects of your financial affairs more.  Including cash and debt management  Retirement and estate planning  Tax and investment planning  Business succession  Risk management 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  Keyperson Insurance  Critical Illness  Long Term Care  Corporate Estate Bond  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  Reduce the taxes and expenses of an estate lawyer or accountant  Simplify and speed the transition of assets to the  Valid & Current Wills for All in Family next generation  Use of living trusts  Ensure that your beneficiaries are protected.  Planned Gifting  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  2015 Home Buyer’s Plan Withdrawals  Family income splitting strategies  Consider Paying Yourself a Bonus  Eligible Retiring Allowance  Sale of Private Business Shares  LIRA Conversion to LIF/RLIF  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 Our Mission Tax rates are increasing, financial solutions are “To provide our clients superior investment advice, evolving and RBC's suite of services has expanded products and service at RBC Wealth management to meet our clients' needs. We'll review your Dominion Securities since 1981.” investment portfolios and introduce you to our expanded team of Wealth Management professionals and the full range of services we offer. Bruce MacKay, HBComm, CIM Portfolio Manager, Investment Advisor, Andrew's -Portfolio Management & Team Vice President and Director Management Andrew Slivinsky, CIM, PFP, Senior Associate Advisor Proper portfolio construction is the key to meeting Christopher Nicolaides, CIM, DMS Associate Advisor your financial goals. The variety of investment Melissa Crawford, Associate Advisor choices can be daunting. Let our team help simplify Madeleine Howard, HBA Associate the approach, narrow your focus, mitigate tax, and Kristine MacKay, MBA, Associate Wealth Advisor

plan for financial success throughout retirement. Estate + Financial Planning Advisors Kristine's -Business Development & Team Wealth Ted Chan, Financial Planner Management Ariel-Charles Guigui, Will and Estate Consultant Over 100 of our clients and their families have found Prashant Patel, Tax Consultant tremendous value in having a Financial Plan, Will & Andrew Sipes, Estate Planning Specialist Estate Consultation and Insurance review. Hope Karen Snowdon-Steacy, Senior Trust Advisor you enjoy our new ‘Wealth Wednesday’ educational Ari Steriotis, Premier Banking email series. I’m also here to manage client MacKay Group Wealth Management appreciation events and charity sponsorships. www.mackaygroup.com Brookfield Place Melissa's -Portfolio Administration 181 Bay Street, Suite 2200 Is your account information up to date - including Toronto Ontario, M5J 2T3 investment objectives & risk parameters, beneficiary Telephone: 416-842-7120 information, dividend reinvestment plan, monthly payment plan and banking information? MacKay Group & RBC Foundation We have contributed $600,000+ over the years. Christopher’s - Portfolio Management & Research Charities we support in 2021 - Trillium Health I will work with you and our team to manage your Partners, Canadian Wildlife Federation, Toronto accounts, provide recommendations, identify Public Library, ABC Life Literacy, Canadian Canoe opportunities and assist with client service to ensure Museum, Merry-Go-Round Children’s Foundation, all your needs are met. Ontario Track III, Camp Winston, Royal Ontario Museum, Alzheimer’s Society & Dorothy Lee Madeleine’s -Portfolio Administration & Research Hospice. 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.

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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 . RBC Dominion Securities Inc., RBC WMFS and 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.

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