For all users of this web site:

User Agreement
Protecting Your Confidentiality
Use of Cookies
Important Information About Alerts
Important Legal Notices on Mutual Funds Online and Mutual Fund Investing
InSite Newsletter

For BMO InvestorLine clients only:

BMO InvestorLine Internet and Automated Telephone Trading Agreement
BMO InvestorLine’s Statement of Policies
Questions or Concerns

User Agreement

By accessing this web site, you agree to the terms of this User Agreement set out below. If you do not agree with the terms of this User Agreement, do not access the web site or any pages thereof.

The financial market data, including quotes, charts, news and mutual fund research (collectively "Information") are provided by various information suppliers ("Information Providers") that are independent of BMO InvestorLine Inc., hereafter known as "BMO InvestorLine".

The Information may include the views, opinions, and recommendations of individuals or organizations that may be of interest to investors generally, but BMO InvestorLine and its Information Providers do not endorse such views or opinions. The Information is not intended to provide investment, tax, accounting or legal advice nor does it constitute a solicitation of any offer to buy or sell any securities.

BMO InvestorLine's quotes are provided by a third party vendor except the quotes displayed on the Stock Screener results screens are provided by Globeinvestor. All quote information is delayed by 20 minutes unless otherwise specified. We cannot guarantee the accuracy of the information provided.

MT Newswires, a division of MidnightTrader, Inc., is a leading provider of premium global financial news. Any attempt to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the MT Newswires information available on this site in any manner without the express written consent of MT Newswires is strictly prohibited.

MT Newswires believes its news, commentary and data to be reliable, but timeliness and accuracy are not warranted or guaranteed. MT Newswires does not provide investment advice. For additional information please visit MT Newswires public web site - http://www.mtnewswires.com

The Mutual Fund Research is provided by Morningstar Research Inc., an independent third party. The Mutual Fund Research Content is the responsibility of Morningstar Research Inc. and does not represent BMO InvestorLine's views nor should it be seen as a solicitation by BMO InvestorLine to purchase or sell any of the products that are being discussed.

Charting provided by MarketWatch.com Inc. User agreement applies. Intraday data provided by S&P Comstock and subject to terms of use. Intraday data is at least 15-minutes delayed. All times are ET. Historical and current end-of-day data provided by FT Interactive Data.

Standard & Poor's, a division of The McGraw-Hill Companies, is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. The equity research reports and recommendations provided by Standard & Poor's Equity Research Services are performed separately from any other analytic activity of Standard & Poor's. Standard & Poor's does not trade on its own account. The analytical and ethical conduct of Standard & Poor's equity analysts is governed by the firm's Research Objectivity Policy, a copy of which may also be found at www.standardandpoors.com. The content provided by Standard & Poor’s does not represent BMO InvestorLine's views nor should it be seen as a solicitation by BMO InvestorLine to purchase or sell any of the products that are being discussed.

BayStreet.ca Media Corp, founded in May 1998 is a leading online Canadian publisher of original, timely and insightful commentary, analysis and opinion aimed at helping Canadian investors make informed investment decisions. The content provided by BayStreet.ca does not represent BMO InvestorLine's views nor should it be seen as a solicitation by BMO InvestorLine to purchase or sell any of the products that are being discussed.

Information provided by Globeinvestor is the intellectual property of Bell Globemedia Publishing Inc. and/or its licensors.  Any copying, republication or redistribution of such content, including by caching, framing or similar means is expressly prohibited without the prior written consent of Bell Globemedia Publishing Inc.

Bell Globemedia Publishing Inc. and its affiliates and their respective employees and licensors assume no liability for inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.  The information has been provided by multiple data suppliers without verification by Bell Globemedia Publishing Inc.  Past performance is not necessarily indicative of future performance. Prior to making any investment decision, consult directly with the relevant individual or firm and with a qualified investment advisor.

Though the Information is believed to be reliable, neither BMO InvestorLine nor its third party licensors warrant or guarantee the timeliness, sequence, accuracy or completeness of this Information. IN NO EVENT WILL BMO INVESTORLINE OR ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, (INCLUDING, WITHOUT LIMITATION, LOST REVENUES, LOST PROFITS OR LOSS OF PROSPECTIVE ECONOMIC ADVANTAGE RESULTING FROM THE USE OF THE INFORMATION OR FOR OMISSIONS OR INACCURACIES IN THE INFORMATION) EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR FOR ANY CLAIM BY ANOTHER PARTY.

The products and services described on pages of this web site are available only in jurisdictions where they may be legally offered for sale. This information is not to be construed as an offer to sell or a solicitation to buy or sell any products or services of any kind whatsoever including without limitation securities or any other financial instrument in the United States of America or the territories or possessions thereof.

Who can open an Account with BMO InvestorLine

You must be resident in Canada to open an account with BMO InvestorLine.

Please keep in mind that messages you send to us by email are not encrypted and may be viewed by others during transmission. Do not send us any personal information (example: account numbers and/or card numbers) by Internet email.

BMO InvestorLine will not be responsible for any damages you may incur if you communicate confidential information to us over the Internet, or if we communicate such information to you, at your request.

The User ID feature lets you consolidate all your BMO InvestorLine accounts for easy access with one sign in. Clients are reminded that they are solely responsible for preserving the confidentiality of their account passwords. BMO InvestorLine does not verify the identity of the person entering account passwords on the system. Once accounts are linked under a single User ID, anyone with access to the User ID will have access to all information pertaining to the attached accounts as well.

Note that a User ID will be deemed “inactive” if it has not been used for a period of 6 months or more. Inactive User IDs will be purged from our system. Should your User ID become inactive, you will need to set up a new User ID.

BMO InvestorLine may, from time to time, use information you provide as part of the registration process for the Personal Page section of this web site to send you information regarding other products or services from BMO InvestorLine that may be of interest to you. For detailed information about how we protect your confidentiality click here.

All products and services of BMO InvestorLine are subject to the terms of the applicable agreements.

You agree and acknowledge that access to any portion of the content made available to you on our web site is subject to termination at any time, including in the event that any agreement between BMO InvestorLine and a provider of information or software is terminated.

Facts and information provided by BMO InvestorLine are believed to be accurate when placed on the web site. Changes may be made at any time to the information at this web site without prior notice. Please consult any branch of BMO InvestorLine in your jurisdiction for complete and up-to-date information on products and services.

Calculations or projections are provided for general illustrative purposes only and are not warranted to be accurate or complete.

While every effort is made to ensure that all software provided at this web site, or as a link from this web site, is suitable for use on a wide variety of computer systems, you should take reasonable and appropriate precautions to scan for computer viruses, and ensure compatibility of the software with your specific computer system. You should also ensure that you have a complete and current backup of the information contained on your computer system prior to installing such software.

Links to other web sites or references to products, services or publications other than those of BMO InvestorLine at this web site do not imply the endorsement or approval of such web sites, products, services or publications by BMO InvestorLine.

Protecting Your Confidentiality

In any business, privacy of personal information is desirable; in financial services, it is essential. At BMO InvestorLine Inc., hereafter known as "BMO InvestorLine", we value your privacy on the Internet and think you do too, and we feel you should know:

• how we protect your information
• how we use the information that you provide to us during Personal Page registration, and
• how you can opt-out, update or delete your Personal Page information from our database.

When you sign into your BMO InvestorLine account your financial transactions and your Retirement Planner session are protected by 128-bit encryption. When you create a Personal Page or sign into your Personal Page your session is protected by 40-bit or 128-bit encryption, depending on the type of browser you are using.

Encryption is a means of scrambling information for transmission, in this case, between your PC and BMO Bank of Montreal's computing systems. Information that is encrypted at one end is decrypted (decoded) upon receipt at the other end.

128-bit encryption is the strongest, most secure form of encryption that is generally available in Internet browsers on the market in North America today. BMO InvestorLine and BMO Bank of Montreal require that our clients use 128-bit encryption when conducting financial transactions over the Internet. We also recommend the use of 128-bit encryption for all non-financial transactions over the Internet, e.g. the use of the Personal Page section on our web site.

Information you provide during the registration process for the Personal Page of our web site is collected and stored by BMO InvestorLine. The information you provide may be used:

• To give us information that may be helpful in determining appropriate new features, content or services
• To contact you, from time-to-time, to offer products and services from BMO InvestorLine that we feel you may be of interest to you.

If at the time of registration for the Personal Page, you had indicated that you would like us to send you updates on site developments or on new products and services, BMO InvestorLine may send you these updates by email or mail. If you decide at any time that you do not want to receive these updates or if you want us to delete your information from the Personal Page, simply call us at 1-888-776-6886 during our business hours from 8:00 a.m. - 8:00 p.m. ET, Monday to Friday.

If you have any questions or concerns about how we protect your confidentiality, feel free to email us.

Use of Cookies

Certain pages in our web site make use of “cookies”. A cookie is a small text file that is placed on your computer’s hard drive by a web site, in this case BMO InvestorLine’s web site. Cookies are useful because they are stored and can be read back by the web site that placed the cookie. The web site can then present web pages that you have personalized with information that you want to see. For example, if you have ever signed up for a “stock watch list” on the Internet, the information is likely being presented by the use of a cookie.

Cookies hold unique, but very limited information. A cookie cannot retrieve any other data from your hard drive, pass on computer viruses, or collect personally identifiable information to determine who you are, or capture your email address. The use of cookies is very common – you’ll find them almost everywhere on the Internet.

BMO InvestorLine's use of cookies

BMO InvestorLine uses cookies in a number of locations. For example, cookies are used to allow you to save your search results when you use our stock screening tools. Additionally, we may use pixel tags (also known as clear gifs) and cookies in promotional email messages and online advertising. These tools allow us to measure the effectiveness of our advertising and promotional campaigns.

You may determine if and how a cookie will be accepted by your computer by choosing specific “preferences” or “options” in your computer’s browser. However, please note that cookies must be enabled in order to use certain features within the BMO InvestorLine web site.

For more information about cookies please visit:
Microsoft
Netscape

Trademarks Belonging to BMO InvestorLine, BMO Bank of Montreal or Other Entities

Certain names, graphics, logos, icons, designs, words, titles or phrases at this web site may constitute trade names, trademarks or service marks of BMO InvestorLine, BMO Bank of Montreal or other entities. Trademarks may be registered in Canada and in other countries as applicable. The display of trademarks on pages at this web site does not imply that a license of any kind has been granted. Any unauthorized downloading, re-transmission or other copying or modification of trademarks and/or the contents herein may be a violation of federal or common law, trademark and/or copyright laws and could subject the copier to legal action.

^TM -- BMO InvestorLine 5 Star Program, Intuition, Instabank EXTRA are trademarks of Bank of Montreal.

® -- BMO (M-bar roundel symbol), First Canadian, FirstBank, FirstBank Card, FundFinder, Instabank, InvestorLine, AccountLink, FundSolutions are registered trademarks of Bank of Montreal.

®* -- Bank of Montreal is a licensed user of the registered trademark and design owned by MasterCard International Inc., the INTERAC trademark of Interac Inc., and the Cirrus trademark of Cirrus System, Inc.

®†* -- Netscape, Netscape Navigator, Netscape ONE, and the Netscape N and Ship's Wheel logos are registered trademarks of Netscape Communications Corporation in the United States and other countries.

^TM†* -- Netscape Communicator is also trademark of Netscape Communications Corporation, which may be registered in other countries.

®† -- Microsoft, Windows, Windows NT, MSN, The Microsoft Network and/or other Microsoft products are either trademarks or registered trademarks of Microsoft.

®** -- Apple, Mac, and Macintosh are trademarks of Apple Computer, Inc., registered in the U.S. and other countries.

Copyright BMO InvestorLine 2006

BMO InvestorLine either owns the intellectual property rights in the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on our web site, or has obtained the permission of the owner of the intellectual property in such content to use the content on our web site. You acknowledge that all information made available to you on our web site is proprietary to BMO InvestorLine or to the appropriate information supplier and is protected by copyright law and other applicable intellectual property laws.

BMO InvestorLine grants to you its limited permission to display on your computer, print, download and use the underlying HTML, text, images, audio clips, video clips, software and other content that is made available to you on our web site, for non-commercial, personal, or educational purposes only, provided that:

1. you do not modify any such content, and
2. you include with and display on each copy of such content the associated copyright notice and this intellectual property notice.

No other use is permitted. Without limiting the generality of the foregoing, you may not:

1. make any commercial use of such content;
2. use or permit anyone else to use such content for any unlawful or     unauthorized purpose;
3. include such content in or with any product that you create or distribute; or
4. copy such content onto your or any other persons web page.
5. authorize or permit such content be reused or retransmitted without prior written approval of the source of such information or software.

Notwithstanding the above, nothing contained in this Section shall be construed as conferring any right or licence under any copyright of BMO InvestorLine or any other person who owns the copyright in content provided on our web site.

Copyright © 2006 BMO InvestorLine Inc. All rights reserved.

Important Information About Alerts

The BMO InvestorLine Alerts service is a free computer online service that provides notifications to users of various customizable events, such as stock and news information ("Alerts").

By signing up to receive Alerts you acknowledge that you are aware of and agree to abide by the following terms and conditions:

Privacy & Security
Alerts are 'e-mails' sent over the Internet and through wireless networks that are not encrypted. As Alerts are sent unencrypted it is possible that they may be viewed by others.

Special Warning Regarding Financial Matters.
Prior to the execution of a trade or other transaction based on information contained in Alerts, you should verify the information provided in the Alerts.

Delivery Capability
It is your responsibility to determine if your service provider supports text messaging and your device is capable of receiving text messages.

Network Provider Fees
You are responsible for any and all fees imposed by your internet and/or cellular phone service provider.

No Guarantee of Delivery
We neither guarantee the delivery nor the accuracy of the contents of Alerts. Alerts may be delayed or prevented from being received by factors affecting your cellular phone service provider, internet service provider and other factors outside our control.

Release and Indemnity
YOU AGREE NOT TO HOLD BMO INVESTORLINE RESPONSIBLE FOR ANY LOSSES OCCURRING FROM USE, OR FAILURE OF, THIS SERVICE. BMO INVESTORLINE PROVIDES ALERTS AS A CONVENIENCE TO YOU ON AN "AS IS" AND "AS AVAILABLE" BASIS FOR INFORMATION PURPOSES ONLY, AND DOES NOT MAKE ANY WARRANTY AS TO THE RELIABILITY, ACCURACY OR TIMELINESS OF ALERTS, OR THAT ALERTS WILL BE PROVIDED UNINTERRUPTED OR ERROR-FREE.

BMO INVESTORLINE SHALL NOT BE LIABLE, FOR ANY ERRORS, INACCURACIES, OMISSIONS, OR OTHER DEFECTS IN, OR UNTIMELINESS OF ALERTS, OR FOR ANY DELAY OR INTERRUPTION IN THE TRANSMISSION TO YOU, OR FOR ANY CLAIMS OR LOSSES ARISING THEREFROM OR OCCASIONED THEREBY. YOU AGREE TO INDEMNIFY AND HOLD BMO INVESTORLINE, AND ITS SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, AND EMPLOYEES, HARMLESS FROM ANY CLAIM OR DEMAND, INCLUDING REASONABLE ATTORNEYS' FEES, MADE BY ANY PARTY DUE TO OR ARISING OUT OF YOUR USE OF ALERTS.

Important Legal Notices on Mutual Funds Online and Mutual Fund Investing:

1. Past performance is not an indication of future returns. Mutual Fund unit/share values, yields and investment returns will fluctuate. The performance of a mutual fund over any previous period is not a guarantee of future results. The principal value and the unit/share price will fluctuate with changes in the market conditions. Your original investment may be worth more or less than your cost when you redeem the units/shares.

2. Read the prospectus of the fund you are buying. A prospectus must be sent to you when you make your first purchase of any fund. The simplified prospectus contains important information such as the fund's objectives, strategies, risks and expenses charged to the fund by the fund manager. It is important to read the prospectus carefully before you invest to ensure that the fund's goals and potential risks are consistent with your own. Mutual Fund investment units/shares are not insured by the Canada Deposit Insurance Corporation or the Régie de l'Assurance-dépôts du Québec or by Bank of Montreal.

3. Reliability of information. BMO InvestorLine's Mutual Funds Online service is provided for information purposes only. It is not intended to provide legal, investment, accounting or tax advice, and should not be relied upon in that regard. If you require legal or investment advice, please obtain the services of a competent professional. While the information supplied by Morningstar Canada and Chand Carmichael & Company are deemed to be reliable, BMO InvestorLine has not independently verified any such data and does not guarantee its accuracy or suitability for any purpose. Morningstar Ratings are provided by and are the sole responsibility of Morningstar Canada.

4. Tax Implications. As a mutual fund investor, you may receive taxable distributions from your mutual funds. These taxes can affect the actual returns you may realize from your investment. We at BMO InvestorLine do not offer tax advice except to say that you should consider the impact of taxes before you invest. Please consult your tax advisor with any questions you may have in this regard.

5. Sale Charges, Fees, and Performance. BMO InvestorLine is not responsible for any information relating to the investment performance of a mutual fund such as ratings, rankings, quotations, analysis on rates of returns, volatility or any other measurement of performance as presented. Management fees charged to any mutual fund will vary according to the fund and the fund manager. While performance data usually reflects the fees charged to the fund, some managers may waive a portion of their fees over a period of time. This waiver would have the effect of increasing the fund's reported returns and should be considered when evaluating the fund's performance.

6. Fund Registration. Not all mutual funds are registered for sale in all provinces. Any communication relating to mutual funds does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should consult with their financial advisor to determine if these securities may lawfully be sold in their jurisdiction.

BMO InvestorLine Internet and Automated Telephone Trading Agreement (for clients only)

IN CONSIDERATION of BMO InvestorLine Inc. providing the Investor with BMO InvestorLine Internet Trading/Automated Telephone Trading Services, the Customer and BMO InvestorLine Inc., on its own behalf, and as trustee for its directors, officers, employees and agents agree as follows:

1. Definition of terms - In this Agreement:
   1. "Access Device" means any device, such as a telephone, cellular phone, portable phone, personal computer, intelligent terminal or similar device, that the Customer uses to access the Services.
   2. "Account" means the Customer’s BMO InvestorLine account with BMO InvestorLine Inc. that operates under the terms and conditions of the existing BMO InvestorLine Account Application signed by the Customer.
   3. "Password" means the personal password selected by the Customer for access to the Services using the Access Device.
   4. "Information" has the meaning set out is section 6 below.
   5. "Security" means stocks, options or other securities or investments.
   6. "Services" means the BMO InvestorLine Internet Trading and Automated Telephone Trading services and the information, documents, software and content thereof.
   7. "Trade Request" means any buy, sell or short sell trade request that is created and transmitted for Securities to the BMO InvestorLine Inc. trading desk using the Services.
      

2. Use of Password
   1. The Customer agrees not to disclose the Password to any person and keep it separate from instructions about the Services. The Customer agrees to be responsible for all costs and charges, including fees and trade settlement costs, incurred through use of the Password. If the Customer becomes aware of any unauthorized use of the Password or if the Password is lost or stolen, the Customer will notify BMO InvestorLine Inc. immediately by telephoning 1-888-776-6886 during our business hours from 8:00 a.m. - 8:00 p.m. ET, Monday to Friday. The Customer shall avoid selecting an obvious Password, such as a street address, date of birth or telephone number. The Customer shall change the Password on a regular basis to reduce the potential for unauthorized use.
   2. Once the Customer has entered the Password into the Access Device, the Customer agrees not to leave the Access Device unattended until all Trade Requests are completed and the Customer has terminated the Service connection through the Access Device.
      

3. Trade Request Processing

   The Customer hereby authorizes BMO InvestorLine Inc. to accept, transact and execute any Trade Request for the Account and agrees to be solely responsible for the accuracy of any instruction communicated to BMO InvestorLine Inc. using the Services. The Customer agrees that all Trade Requests will only be processed, if in BMO InvestorLine Inc.’s sole discretion, the Customer’s Account is in good order, the Customer has sufficient funds or buying power to complete the Trade Request. In certain circumstances, BMO InvestorLine Inc. may request additional confirmation of a Trade Request before execution of the Trade Request. The Customer agrees to provide to BMO InvestorLine Inc. a current telephone number at which the Customer may be reached to discuss any Trade Request. This telephone number shall be kept up to date with BMO InvestorLine Inc. The Customer may telephone BMO InvestorLine Inc. at any time to determine the status of prior Trade Requests entered using an Access Device.

4. Subsequent Changes to Trade Requests

   The Customer may only enter a subsequent change to a previously sent Trade Request by using the Services and only if the original Trade Request has not yet been executed. BMO InvestorLine Inc. agrees to act with respect to such subsequent change requests only on a best efforts basis.

5. Liability Limitations
   1. BMO InvestorLine Inc. may, in its discretion, act in all matters on instructions given or purporting to be given by or on behalf of the Customer by a Trade Request using the Services. BMO InvestorLine Inc. shall not incur any liability by reason of acting or not acting on or because of any error in any such Trade Request submitted by the Customer.
   2. The Customer agrees that BMO InvestorLine Inc. will not be liable for any loss or damage resulting from any cause over which BMO InvestorLine Inc. has no control including, but not limited to, acts or omissions of suppliers, failure of electronic or mechanical equipment or communications lines, telephone or other inter-connect problems, unauthorized access, theft, power failure, labour disputes or government intervention.
   3. BMO InvestorLine Inc. warrants that all Services rendered pursuant to the Agreement shall be performed in a good and workmanlike manner and in accordance with industry standards and practices reasonably applicable to the performance of the Services. BMO InvestorLine Inc. shall reperform any Services not in compliance with these warranties, provided such non-compliance is brought to its attention within 30 days after those Services were performed.
   4. In no event will BMO InvestorLine Inc. be liable for any special, indirect, incidental or consequential damages, including, without limitation, lost revenues, lost profits or loss of prospective economic advantage resulting from the use of the Services or misuse of BMO InvestorLine Inc.’s web site even if advised of the possibility of such damages, or for any claim by another party.
      
      
6. Information Sources

   Information, including news and information supplied by third parties, provided through the Services (collectively "Information"), has been obtained from various information suppliers through sources believed to be reliable. BMO InvestorLine Inc. does not warrant the timeliness, sequence, accuracy or completeness of any Securities, market data or other Information provided through the use of Services. The Customer acknowledges that the Information may include views, opinions, and recommendations of individuals or organizations that may be of interest to investors generally, but that BMO InvestorLine Inc. and its Information suppliers do not endorse such views or opinions, or give investment, tax, accounting or legal advice, or recommend the purchase or sale of any Security.

7. Proprietary Rights

   The Customer acknowledges that all Information conveyed through the Services is proprietary to BMO InvestorLine Inc. or to the appropriate information supplier and is protected by copyright law and other applicable intellectual property laws. The Customer may store the Information in the memory of the Access Device. The Information may also be printed and displayed for the Customer’s personal and non-commercial use. The Customer agrees not to reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or otherwise commercially exploit the Information without the express written consent of BMO InvestorLine Inc. and the appropriate Information supplier.

8. Confidentiality

   Confidentiality and security of Customer Trade Requests over the Internet are provided through the implementation of a 128 bit Secure Sockets Layer ("SSL") encryption security feature; the most secure encryption possible at this time. Further, the Customer’s Account cannot be accessed without web browser software that uses 128 bit SSL encryption.

9. Available Only Where Permitted By Law

   The Services are only available in jurisdictions where they may legally be offered.

10. Hyperlinks Are Not Endorsements

    Links to other web sites or references to products, services or publications other than those of BMO InvestorLine Inc. at its web site do not imply the endorsement or approval by BMO InvestorLine Inc. of such web sites or such products, services or publications.

11. General Provisions
    1. The Customer agrees and acknowledges that BMO InvestorLine Inc. may modify or discontinue the Services or any part of them at any time. The Customer also acknowledges that the Services may be periodically unavailable to allow for systems maintenance and updates.
    2. This Agreement shall be binding upon the respective successors and assigns of the parties hereto. The Customer agrees that the rights or obligations described in this Agreement may not be assigned without the express written consent of BMO InvestorLine Inc.
    3. This Agreement is in addition to and not in substitution for any other agreements between the Customer and BMO InvestorLine Inc., including any agreement relating to the Customer’s Account or the Services. This Agreement shall prevail in the event of any inconsistency between this Agreement and other agreements between the Customer and BMO InvestorLine Inc. in connection with the Services.
    4. The conditions, rules and regulations set forth in any manuals, materials, documents or instructions relating to this Agreement sent to the Customer form part of this Agreement.
    5. If any provision or condition of this Agreement is held to be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remainder of this Agreement shall not be affected and this Agreement shall be carried out as if such invalid or unenforceable provision were not contained herein.
    6. This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction of the BMO InvestorLine Inc. office that services the Customer’s Account.

BMO InvestorLine’s Statement of Policies

December 2005

The securities laws of certain provinces of Canada require securities dealers and advisers, when they trade in or advise with respect to their own securities or securities of certain other issuers to which they, or certain other parties related to them, are related or connected, to do so only in accordance with particular disclosure and other rules. In certain Provinces or Territories, these rules require dealers and advisers, prior to trading with or advising their clients or customers, to inform them of the relevant relationships and connections with the issuer of the securities. Clients and customers should refer to the applicable laws for the particulars of these rules and their rights, or should consult with a legal adviser.

BMO InvestorLine Inc. is a wholly-owned subsidiary of Bank of Montreal (the ’Bank’).

The Bank is a reporting issuer under applicable securities laws and is a related issuer of BMO InvestorLine Inc. and, in the course of a distribution, would be a connected issuer of BMO InvestorLine Inc. under such laws.

Each of the mutual funds (collectively, the ’Funds’) in the BMO Mutual Funds group of funds, managed and distributed by BMO Investments Inc., an indirect subsidiary of the Bank; and in each of the mutual funds the BMO Nesbitt Burns group of funds, managed and distributed by BMO Nesbitt Burns Inc.; and each of the mutual funds in the GGOF Guardian Group of Funds, managed and distributed by Guardian Group of Funds Ltd., an indirect subsidiary of the Bank, and each of the mutual funds in the BMO Harris Private Portfolios managed by BMO Harris Investment Management Inc., an indirect subsidiary of the Bank and distributed by BMO Investments Inc., are reporting issuers and may be related issuers and, in the course of a distribution may be connected issuers, of BMO InvestorLine Inc. Jones Heward Investment Counsel Inc., wholly-owned subsidiary of BMO Harris Investment Management Inc., is the portfolio advisor to certain of the mutual funds referred to herein. As well, BMO Nesbitt Burns Inc., indirectly owns more than 20% of the voting shares of each of certain split share companies whose only undertaking is to invest the net proceeds raised from a distribution of its non-voting shares to the public by way of prospectus into shares of issuers identified in such prospectus, which companies currently include Can-Banc NT Corp., Pipe NT Corp., Integrated Oil NT Corp., and Canadian Financial Services NT Corp., Cyclical Split NT Corp., CRS Preferred NT Ltd., and Leed NT Corp. and may include other similar investment vehicles from time to time.

Under certain circumstances, BMO InvestorLine Inc. may deal with you or for you in securities transactions where the issuer of the securities or the other party to the transaction is BMO InvestorLine Inc. or a party having an ownership or business relationship with BMO InvestorLine Inc.

Since these transactions may create a conflict between BMO InvestorLine Inc.’s interest and yours, BMO InvestorLine Inc. is required by securities law to disclose to you certain relevant matters relating to the transactions.

This statement contains a general description of the required disclosure. For residents of British Columbia, a complete statement of the rules is set out in division 11 of part 5 of the British Columbia securities rules.

'Related Party'– a party is related to BMO InvestorLine Inc. if the party is an influential securityholder of BMO InvestorLine Inc., or if BMO InvestorLine Inc. is an influential securityholder of the party, or if each of them is a related party of the same third party.

'Connected Party'– a party is connected to BMO InvestorLine Inc. if a reasonable prospective purchaser of the securities of the Connected Party might question the Connected Party’s independence from any of the following persons or companies: BMO InvestorLine Inc., a related party to BMO InvestorLine Inc., a director or officer of BMO InvestorLine Inc. or a director or officer of a related party to BMO InvestorLine Inc.

'Associated Party' – an associated party to BMO InvestorLine Inc. is a party in which BMO InvestorLine Inc. beneficially owns, directly or indirectly, securities carrying more than 10 (ten) per cent of the voting rights of the party, or any trust in which BMO InvestorLine Inc. has a substantial beneficial interest or to which BMO InvestorLine Inc. serves as trustee, or another party in a close relationship with BMO InvestorLine Inc. such as one of BMO InvestorLine Inc.’s salespeople, directors or officers.

BMO InvestorLine Inc. must make certain disclosures where BMO InvestorLine Inc. acts as your broker with respect to securities issued by BMO InvestorLine Inc. or by a related party or, in the course of an initial distribution, by a connected party. In these situations, BMO InvestorLine Inc. must disclose either its relationship with the issuer of the securities, or that BMO InvestorLine Inc. is the issuer. BMO InvestorLine Inc. must also make disclosure to you where BMO InvestorLine Inc. knows or should know that, if as a result of BMO InvestorLine Inc. acting as your broker, securities will be purchased from or sold to BMO InvestorLine Inc., an associated party or, in the course of an initial distribution, a connected party.

The following is a list of the time and manner in which these disclosures must be made:

Where BMO InvestorLine Inc. buys or sells securities for your account, the required disclosure will be contained in the confirmation of trade and monthly statement which BMO InvestorLine Inc. prepares and sends to you. In carrying on business as a securities dealer, BMO InvestorLine Inc. may from time to time engage in the following activities in respect of securities of the Bank or other related issuers of BMO InvestorLine Inc. and, in the course of a distribution, of securities of the Bank and other connected issuers of BMO InvestorLine Inc.:

1. act as a selling group member in connection with a distribution of such securities;
2. sell such securities with or on behalf of customers of BMO InvestorLine Inc.;
3. purchase such securities from or on behalf of customers of BMO InvestorLine Inc.;
4. offer for sale securities, goods and services which include securities, goods or services issued or provided by the Bank or another related issuer or the Funds or cooperate with the Bank or another related issuer or the Funds in the joint offering for sale or the sale of securities, and goods or services.
   

It is the policy of BMO InvestorLine Inc., as a dealer restricted to discount brokerage, to refrain from:

1. acting as underwriter;
2. acting as an adviser; or
3. exercising discretion on your behalf with respect to securities of related or connected issuers or any other securities.
   

It is the policy of BMO InvestorLine Inc. to comply fully with all applicable securities legislation laws and to make all required disclosure in acting as a dealer in respect of securities of the Bank, the Funds and other related issuers or connected issuers of BMO InvestorLine Inc.

Bank of Montreal Guarantee
Bank of Montreal guarantees all the liabilities of BMO InvestorLine Inc.

Confidentiality of client information is a fundamental principle of BMO InvestorLine Inc. No employee may release confidential client information unless required by law or with the client’s consent. The misuse of confidential information or misuse of any inside information not generally disclosed is prohibited and grounds for immediate dismissal of an employee. To maintain public confidence and respect, BMO InvestorLine Inc. is vigilant in identifying potential conflicts of interest and opportunities for self-dealing that may arise in the conduct of its business.

Revisions or amendments to this Statement of Policies will be provided to each client. The Statement of Policies is updated regularly to reflect changes in the related and connected issuer list and other updates. For the most recent version of the Statement of Policies, please refer to the date indicated on the Client Account Agreement or sign into your account online at bmoinvestorline.com to access the Client Account Agreement. In addition, you will be notified of amendments to the related and connected issuer list in your account statements when appropriate. You should be referring to the most recently dated Statement of Policies.

Statement of Disclosure

1. BMO InvestorLine Inc. is subsidiary of Bank of Montreal but is a separate corporate entity.
2. Clients' accounts at BMO InvestorLine Inc. are covered by the Canadian Investor Protection Fund up to prescribed limits. Cash in BMO InvestorLine accounts with AccountLink service is held in a Bank deposit account not protected by the Canadian Investor Protection Fund.
3. Unless specifically informed to the contrary by BMO InvestorLine Inc., with respect to a particular security:
   

   (a) Securities sold by BMO InvestorLine Inc., are not insured by Canada Deposit Insurance Corporation or by any other government deposit insurer;

   (b) Securities sold by BMO InvestorLine Inc. are not guaranteed by the Bank of Montreal;

   (c) Values of securities sold by BMO InvestorLine Inc. are subject to market fluctuations.

   
   

Securities legislation requires a securities dealer or advisor to advise its clients if it has a principal shareholder, officer, partner or director that is also a principal shareholder, officer, partner or director of another registrant under such legislation and to describe the policies and procedures adopted to minimize the potential for conflicts resulting from these relationships. As used herein, “principal shareholder” means a person or company that is the direct or indirect registered or beneficial owner of more than 10% of any class or series of voting securities of the person or company.

In addition to being the principal shareholder of BMO InvestorLine Inc., the Bank of Montreal is the principal shareholder of the following registrants: BMO Nesbitt Burns Inc., BMO Nesbitt Burns Ltée/Ltd., BMO Investments Inc., BMO Harris Investment Management Inc., Jones Heward Investment Counsel Inc., Guardian Group of Funds Ltd., BMO Capital Corporation, Harris Nesbitt Corporation, and HIM Monegy Inc. Certain directors and officers of BMO InvestorLine Inc. are also directors and officers of BMO Nesbitt Burns Inc., BMO Nesbitt Burns Ltée/Ltd., BMO Investments Inc., BMO Harris Investment Management Inc., and Jones Heward Investment Counsel Inc.

Trade execution and certain accounting and system support functions for client accounts with BMO InvestorLine Inc. are contracted to BMO Nesbitt Burns Inc. BMO InvestorLine Inc. may also obtain from or provide to the Bank of Montreal, BMO Nesbitt Burns Inc., BMO Nesbitt Burns Ltée/Ltd., BMO Investments Inc., Jones Heward Investment Counsel Inc. and BMO Harris Investment Management Inc. other management, administrative, referral and/or other services in connection with its ongoing business activities or the ongoing business activities of these other companies or transactions completed by it or by these other companies. These relationships are subject to certain legislative and industry regulatory requirements which impose restrictions on dealings between related registrants intended to minimize the potential for conflict of interest resulting from these relationships. BMO InvestorLine Inc. has adopted internal policies and procedures which supplement these requirements, including its policies on confidentiality of information.

™ Trade mark of Bank of Montreal.
® Registered trade mark of Bank of Montreal.

Questions or Concerns

If you have a question or problem about any service or fee, we will be please to hear from you, you can:

• Contact your local BMO InvestorLine office.

If you still cannot resolve a specific problem, you can write to:

President
BMO InvestorLine Inc.
P.O. Box 1, First Canadian Place
Toronto, Ontario
M5X 1A1

OR

Vice-Chairman
Private Client Group
P.O. Box 1, First Canadian Place
Toronto, Ontario
M5X 1A1