Monthly Commentary Page 4 Disclaimer Pyrford International Ltd is authorised and regulated by the Financial Conduct Authority, entered on the Financial Services Register under number 122137. In the USA Pyrford is registered as an investment adviser with the Securities and Exchange Commission. In Australia Pyrford is exempt from the requirement to hold a financial services license under the Corporations Act in respect of financial services it provides to wholesale investors in Australia. In Canada Pyrford is registered as a Portfolio Manager in Alberta, British Columbia, Manitoba, Ontario and Quebec. Pyrford is a wholly-owned subsidiary of BMO Financial Group, a company listed on the Toronto Stock Exchange (ticker BMO). This document is made available by Pyrford to professional advisers and professional clients (in the UK), wholesale clients (in Australia) and accredited investors (in Canada) only.

Unless specified to the contrary, within Switzerland and EU member states, this document is made available to professional advisers and professional clients by BMO Global Asset Management, a trading name of F&C Management Ltd, which is authorised and regulated by the Financial Conduct Authority in the UK. In Hong Kong, this document is made available to professional clients by BMO Global Asset Management (Asia) Ltd, which is authorised and regulated by the Securities and Futures Commission. In the USA, this document is made available to institutional investors through BMO Investment Distributors LLC, Member FINRA/SIPC. This document is a marketing publication and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

The value of investments can fall as well as rise and an investor may receive less than the amount invested. The investments and strategies discussed here may not be suitable for all investors; if you have any doubts you should consult your investment adviser. Performance data shown in the document may not be in the base currency of the country where an investor is based. Actual returns may increase or decrease as a result of currency fluctuations.

Although the information contained herein is believed to be reliable, Pyrford does not warrant its completeness or accuracy. All information provided in this document is for information purposes only and should not be deemed as a guide to investing. Pyrford does not guarantee that the views expressed will be valid beyond the date of the document. BMO Global Asset Management comprises BMO Asset Management Corp, BMO Asset Management Inc, BMO Global Asset Management (Asia) Limited, F&C Asset Management plc and BMO’s specialised investment boutiques: Monegy, Inc., Pyrford International Limited, LGM Investments Limited, and Taplin, Canida & Habacht, LLC.

BMO Global Asset Management is part of the BMO Financial Group, a service mark of Bank of Montreal (BMO). Certain products and services offered under the brand name of BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions. These products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations BMO Wealth Management is a brand name that refers to BMO Harris Bank N.A.

and certain of its affiliates that provide certain investment, investment advisory, trust, banking, securities, insurance and brokerage products and services. Not all products and services are offered in every state and/or location. Securities and insurance products offered are: NOT FDIC INSURED — NOT BANK GUARANTEED — NOT A DEPOSIT — MAY LOSE VALUE. Enquiries: Pyrford International Ltd - 95 Wigmore Street, London, W1U 1FD, United Kingdom +44 (0) 20 7495 4641 | information@pyrford.co.uk | www.pyrford.co.uk Pyrford reference: 1512017 .