Changes to Policy Statement to Regulation 54-101 Respecting Communication with Beneficial Owners of Securities of a Reporting Issuer

CHANGES TO POLICY STATEMENT TO REGULATION 54-101 RESPECTING COMMUNICATION WITH BENEFICIAL OWNERS OF SECURITIES OF A REPORTING ISSUER

1. Section 4.1 of Policy Statement to Regulation 54-101 respecting Communication with Beneficial Owners of Securities of a Reporting Issuer is replaced by the following: “4.1. Client Response Form By completing a client response form as provided in Part 3 of the Regulation, a beneficial owner gives notice of its choices concerning the receipt of materials and the disclosure of ownership information concerning it. Pursuant to section 3.4 of the Regulation, a beneficial owner may, by notice to the intermediary through which it holds, change any prior instructions given in a client response form. Proximate intermediaries should alert their clients to the costs and other consequences of the options in the client response form. Subject to subsections 4.6(5.1) and 4.6(5.2) of Regulation 51-102 respecting Continuous Disclosure Obligations (chapter V-1.1, r. 24), subsection 4.6(1) of that Regulation requires reporting issuers to send annually a request form to the registered holders and beneficial owners of its securities, other than holders of debt instruments, that the holders may use to request a copy of the reporting issuer’s financial statements and MD&A. If a request form is sent under subsection 4.6(1), a failure to return the request form or to specifically request a copy of the financial statements or MD&A from the reporting issuer will override the beneficial owner’s standing instructions under this Regulation in respect of the financial statements. However, a beneficial owner’s standing instructions under this Regulation in respect of the financial statements will not be overridden if a reporting issuer provides electronic access to the documents under section 4.5.1 or 4.5.2 of Regulation 51-102 respecting Continuous Disclosure Obligations.”.