Regulation 44-102 respecting Shelf Distributions

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 1 Last amendment in force on April 16, 2024 This document has official status
chapter V-1.1, r. 17
REGULATION 44-102 RESPECTING SHELF DISTRIBUTIONS Decision 2001-C-0201, Title; M.O. 2005-19, s. 1. Securities Act (chapter V-1.1, s. 331.1)
PART 1
DEFINITIONS AND INTERPRETATION
1.1. Definitions
(1) In this Regulation
“acting jointly or in concert” has the meaning ascribed to that phrase in securities legislation; “at-the-market distribution” means a non-fixed price distribution of equity securities under the shelf procedures into a pre-existing trading market in which securities of the same class are traded; “base shelf prospectus” means a short form prospectus that is prepared in the form required under Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16), as varied in accordance with this Regulation; “clearing corporation” has the meaning ascribed to that term in Regulation 81-102 respecting Investment Funds (chapter V-1.1, r. 39); “conventional convertible security” means a security of an issuer that is, according to its terms, convertible into, or exchangeable for, other securities of the issuer, or of an affiliate of the issuer; “conventional warrant or right” means a security of an issuer, other than a clearing corporation, that gives the holder the right to purchase securities of the issuer or of an affiliate of the issuer; “designated rating” has

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 2 (a) for the purposes of section 2.6, the meaning ascribed to that term in paragraph (a) of the definition of “designated rating” in Regulation 44-101 respecting Short Form Prospectus Distributions; and (b) except as described in paragraph (a), the meaning ascribed to that term in paragraph (b) of the definition of “designated rating” in Regulation 44 101 respecting Short Form Prospectus Distributions; “index participation unit” means a security traded on a stock exchange in Canada or the United States and issued by an issuer the only purpose of which is to (a) hold the securities that are included in a specified widely quoted market index in substantially the same proportion as those securities are reflected in the index; or (b) invest in a manner that causes the issuer to replicate the performance of that index; “method 1” means the method described in Appendix A of providing forward￾looking forms of prospectus certificates in a base shelf prospectus or in a shelf prospectus supplement that establishes an MTN program or continuous distribution; “method 2” means the method described in Appendix B of providing non-forward looking forms of prospectus certificates in a base shelf prospectus and a shelf prospectus supplement; “MTN program” means a continuous distribution of debt securities in which the specific variable terms of the individual debt securities and the method of distribution of those securities are determined at the time of the distribution; “novel” means, (a) for a specified derivative proposed to be distributed using the shelf procedures and that has an underlying interest that is not a security of the issuer, (i) a derivative of a type that has not been distributed by the issuer by way of prospectus in a jurisdiction of Canada before the proposed distribution, or (ii) a derivative of a type that has been distributed by the issuer by way of prospectus in a jurisdiction of Canada before the proposed distribution if (A) the attributes of the derivative differ materially from the attributes of derivatives of the same type previously distributed by the issuer by way of prospectus,

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 3 (B) the structure and contractual arrangements underlying the derivative differ materially from the structure and contractual arrangements underlying derivatives of the same type previously distributed by the issuer by way of prospectus, or (C) the type of the underlying interest for the derivative differs materially from the type of underlying interest for derivatives of the same type previously distributed by the issuer by way of prospectus, and (b) for an asset-backed security proposed to be distributed using the shelf procedures, (i) a security of a type that has not been distributed by way of prospectus in a jurisdiction of Canada before the proposed distribution, or (ii) a security of a type that has been distributed by way of prospectus in a jurisdiction of Canada before the proposed distribution if (A) the attributes of the security differ materially from the attributes of securities of the same type previously distributed by way of prospectus, (B) the structure and contractual arrangements underlying the security differ materially from the structure and contractual arrangements underlying securities of the same type previously distributed by way of prospectus, or (C) the type of financial assets servicing the security differ materially from the type of financial assets servicing securities of the same type previously distributed by way of prospectus; “pricing supplement” means a shelf prospectus supplement that contains the price of securities distributed under an MTN program or other continuous distribution using the shelf procedures; “shelf information” means the information permitted by this Regulation to be omitted from a base shelf prospectus; “shelf procedures” means the requirements in this Regulation for the distribution of securities under a base shelf prospectus and a shelf prospectus supplement; “shelf prospectus supplement” means a supplement to a base shelf prospectus, containing some or all of the information omitted from the base shelf prospectus as permitted by this Regulation; “specified derivative” means an instrument, agreement or security, the market price, value or payment obligations of which are derived from, referenced to, or based on an underlying interest, other than one that is also (a) a conventional convertible security,

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 4 (b) a specified asset-backed security, (c) an index participation unit, (d) a government or corporate strip bond, (e) a capital, equity dividend or income share of a subdivided equity or fixed income security, (f) a conventional warrant or right, or (g) a special warrant; and “stabilization provisions” means those provisions of securities legislation that prohibit an issuer, selling securityholder, underwriter or dealer, or an affiliate of any of the foregoing persons, or any person acting jointly or in concert with any of them from trading in securities being distributed by way of prospectus during the period of distribution. (2) Every term that is defined or interpreted in Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14) or in Regulation 44-101 respecting Short Form Prospectus Distributions, the definition or interpretation of which is not restricted to a specific portion of these Regulations has, if used in this Regulation, the respective meaning ascribed to it in the aforementioned Regulations, unless defined or interpreted in this Regulation. Decision 2001-C-0201, s. 1.1; M.O. 2005-19, s. 3; M.O. 2005-25, s. 1 and 26; M.O. 2008-06, s. 1; M.O. 2018-03, s. 1.
1.2. Amendments
References in this Regulation, other than in Appendix A and Appendix B, to an amendment to a prospectus include both an amendment that does not fully restate the text of a prospectus and an amended and restated prospectus. Decision 2001-C-0201, s. 1.2; M.O. 2005-19, s. 3.
1.3. (Revoked)
Decision 2001-C-0201, s. 1.3; M.O. 2005-19, s. 3; M.O. 2005-25, s. 2.
PART 2
SHELF QUALIFICATION AND PERIOD OF RECEIPT EFFECTIVENESS Decision 2001-C-0201, Part 2; M.O. 2005-25, s. 3.
2.1. General
An issuer shall not file a short form prospectus that is a base shelf prospectus, unless the issuer is qualified to do so under this Regulation.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 5 Decision 2001-C-0201, s. 2.1; M.O. 2005-19, s. 3; M.O. 2005-25, s. 3.
2.2. Shelf Qualification for Distributions Qualified under Section 2.2 of
Regulation 44-101 respecting Short Form Prospectus Distributions (1) An issuer is qualified to file a preliminary short form prospectus that is a preliminary base shelf prospectus if, at the time of filing, the issuer is qualified under section 2.2 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) to file a prospectus in the form of a short form prospectus. (2) An issuer that has filed a preliminary base shelf prospectus in reliance on the qualification criteria in subsection (1) is qualified to file a short form prospectus that is the corresponding base shelf prospectus. (3) A receipt issued for a base shelf prospectus of an issuer qualified under subsection (2) is effective until the earliest of (a) the date 25 months from the date of its issue; (b) the time immediately before the entering into of an agreement of purchase and sale for a security to be sold under the base shelf prospectus, if at that time (i) the issuer does not have current annual financial statements and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (ii) the issuer does not have a current AIF and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iii) the issuer's equity securities are not listed or posted for trading on a short form eligible exchange, (iv) the issuer is an issuer (A) whose operations have ceased, or (B) whose principal asset is cash, cash equivalents, or its exchange listing, or (v) the issuer has withdrawn its notice declaring the issuer's intention to be qualified to file a short form prospectus under Regulation 44-101 respecting Short Form Prospectus Distributions ; and (c) in Ontario, the lapse date prescribed by the securities legislation. Decision 2001-C-0201, s. 2.2; M.O. 2005-25, s. 3 and 26; M.O. 2008-06, s. 3.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 6
2.3. Shelf Qualification for Distributions Qualified under Section 2.3 of
Regulation 44-101 respecting Short Form Prospectus Distributions (1) An issuer is qualified to file a preliminary short form prospectus that is a preliminary base shelf prospectus for approved rating non-convertible securities if, at the time of filing, the issuer (a) is qualified under section 2.3 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) to file a prospectus in the form of a short form prospectus; and (b) has reasonable grounds for believing that, if it were to distribute securities under the base shelf prospectus, the securities distributed would receive a designated rating and would not receive a rating lower than a designated rating from any approved rating organization or its DRO affiliate. (2) An issuer that has filed a preliminary base shelf prospectus in reliance on the qualification criteria in subsection (1) is qualified to file a short form prospectus that is the corresponding base shelf prospectus if, at the time of the filing of the base shelf prospectus, the issuer has reasonable grounds for believing that, if it were to distribute non-convertible securities under the base shelf prospectus, the securities distributed would receive a designated rating and would not receive a rating lower than a designated rating from any approved rating organization or its DRO affiliate. (3) A receipt issued for a base shelf prospectus of an issuer filed under subsection (2) is effective until the earliest of (a) the date 25 months from the date of its issue; (b) the time immediately before the entering into of an agreement of purchase and sale for a security to be sold under the base shelf prospectus, if at that time (i) the issuer does not have current annual financial statements and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (ii) the issuer does not have a current AIF and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iii) the issuer has withdrawn its notice declaring the issuer's intention to be qualified to file a short form prospectus under Regulation 44-101 respecting Short Form Prospectus Distributions, or (iv) the securities to which the agreement relates (A) have not received a final designated rating,

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 7 (B) are the subject of an announcement by an approved rating organization or its DRO affiliate, of which the issuer is or ought reasonably to be aware, that the designated rating given by the organization may be down-graded to a rating category that would not be a desiganted rating, or (C) have received a provisional or final rating lower than a designated rating from any approved rating organization or its DRO affiliate; and (c) in Ontario, the lapse date prescribed by the securities legislation. Decision 2001-C-0201, s. 2.3; M.O. 2005-25, s. 3 and 26; M.O. 2008-06, s. 3; M.O. 2013-09, s. 1.
2.4. Shelf Qualification for Distributions under Section 2.4 of Regulation 44-101
respecting Short Form Prospectus Distributions (1) An issuer is qualified to file a short form prospectus that is a preliminary base shelf prospectus for non-convertible debt securities, non-convertible preferred shares or non￾convertible cash settled derivatives if, at the time of filing, the issuer is qualified under
section 2.4 of Regulation 44-101 respecting Short Form Prospectus Distributions
(chapter V-1.1, r. 16) to file a prospectus in the form of a short form prospectus. (2) An issuer that has filed a preliminary base shelf prospectus in reliance on subsection (1) is qualified to file a short form prospectus that is the corresponding base shelf prospectus. (3) A receipt issued for a base shelf prospectus of an issuer qualified under subsection (2) is effective until the earliest of (a) the date 25 months from the date of its issue; (b) the time immediately before the entering into of an agreement of purchase and sale for a security to be sold under the base shelf prospectus, if at that time (i) a credit supporter has not provided full and unconditional credit support for the securities to which the shelf prospectus supplement relates, (ii) unless the requirements of subparagraph 2.4(1)(b)(ii) of Regulation 44-101 respecting Short Form Prospectus Distributions, but not the requirements of subparagraph 2.4(1)(b)(i) of Regulation 44-101 respecting Short Form Prospectus Distributions, were satisfied at the time the issuer filed its base shelf prospectus, the credit supporter does not have current annual financial statements and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iii) unless the requirements of subparagraph 2.4(1)(b)(ii) of Regulation 44-101 respecting Short Form Prospectus Distributions, but not the requirements of subparagraph 2.4(1)(b)(i) of Regulation 44-101 respecting Short Form

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 8 Prospectus Distributions, were satisfied at the time the issuer filed its base shelf prospectus, the credit supporter does not have a current AIF and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iv) the issuer has withdrawn its notice declaring the issuer's intention to be qualified to file a short form prospectus under Regulation 44-101 respecting Short Form Prospectus Distributions, or (v) either of the following is true (A) the credit supporter's equity securities are not listed or posted for trading on a short form eligible exchange, or (B) the credit supporter is a credit supporter (I) whose operations have ceased, or (II) whose principal asset is cash, cash equivalents, or its exchange listing, and either of the following is true:
(C) the credit supporter does not have issued and outstanding non-convertible securities that (I) have received a designated rating, (II) have not been the subject of an announcement by an approved rating organization or its DRO affiliate, of which the issuer is or ought reasonably to be aware, that the designated rating given by the organization may be down-graded to a rating category that would not be a desiganted rating, and (III) have not received a rating lower than a designated rating from any approved rating organization or its DRO affiliate, or (D) the securities to which the agreement relates (I) have not received a final designated rating, (II) have been the subject of an announcement by an approved rating organization or its DRO affiliate, of which the issuer is or ought reasonably to be aware, that the designated rating given by the organization may be down-graded to a rating category that would not be a designated rating, and (III) have received a provisional or final rating lower than a designated rating from any approved rating organization or its DRO affiliate; and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 9 (c) in Ontario, the lapse date prescribed by the securities legislation. Decision 2001-C-0201, s. 2.4; M.O. 2005-25, s. 3 and 26; M.O. 2008-06, s. 3; M.O. 2013-09, s. 1.
2.5. Shelf Qualification for Distributions under Section 2.5 of Regulation 44-101
respecting Short Form Prospectus Distributions (1) An issuer is qualified to file a short form prospectus that is a preliminary base shelf prospectus for convertible debt securities and convertible preferred shares if, at the time of filing, the issuer is qualified under section 2.5 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) to file a prospectus in the form of a short form prospectus. (2) An issuer that has filed a preliminary base shelf prospectus in reliance on subsection (1) is qualified to file a short form prospectus that is the corresponding base shelf prospectus. (3) A receipt issued for a base shelf prospectus qualified under subsection (2) is effective until the earliest of (a) the date 25 months from the date of its issue; (b) the time immediately before the entering into of an agreement of purchase and sale for a security to be sold under the base shelf prospectus, if at that time (i) the securities to which the agreement relates are not convertible into securities of a credit supporter that has provided full and unconditional credit support for the securities being distributed, (ii) the credit supporter does not have current annual financial statements and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iii) the credit supporter does not have a current AIF and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, (iv) the credit supporter's equity securities are not listed or posted for trading on a short form eligible exchange, (v) the credit supporter is a credit supporter (A) whose operations have ceased, or (B) whose principal asset is cash, cash equivalents, or its exchange listing, or

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 10 (vi) the issuer has withdrawn its notice declaring the issuer's intention to be qualified to file a short form prospectus under Regulation 44-101 respecting Short Form Prospectus Distributions; and (c) in Ontario, the lapse date prescribed by the securities legislation. Decision 2001-C-0201, s. 2.5; M.O. 2005-25, s. 3 and 26; M.O. 2008-06, s. 3.
2.6. Shelf Qualification for Distributions under Section 2.6 of Regulation 44-101
respecting Short Form Prospectus Distributions (1) An issuer that is qualified under section 2.6 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) to file a prospectus in the form of a short form prospectus may file a preliminary base shelf prospectus for asset-backed securities if, at the time of filing, the issuer has reasonable grounds for believing that (a) all asset-backed securities that it may distribute under the base shelf prospectus will receive a designated rating; and (b) no asset-backed securities that it may distribute under the base shelf prospectus will receive a rating lower than a designated rating from any approved rating organization or its DRO affiliate. (2) An issuer that has filed a preliminary base shelf prospectus in reliance on the qualification criteria in section 2.6 of Regulation 44-101 respecting Short Form Prospectus Distributions may file the corresponding base shelf prospectus if, at the time of the filing of the base shelf prospectus, the issuer has reasonable grounds for believing that (a) all asset-backed securities that it may distribute under the base shelf prospectus will receive a designated rating; and (b) no asset-backed securities that it may distribute under the base shelf prospectus will receive a rating lower than a designated rating from any approved rating organization or its DRO affiliate. (3) A receipt issued for a base shelf prospectus qualified under subsection (2) is effective for a distribution of asset-backed securities until the earliest of (a) the date 25 months from the date of its issue; (b) the time immediately before the entering into of an agreement of purchase and sale for an asset-backed security to be sold under the base shelf prospectus, if at that time (i) the issuer does not have current annual financial statements and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions,

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 11 (ii) the issuer does not have a current AIF and does not satisfy the requirements of the exemption in either of subsection 2.7(1) or (2) of Regulation 44-101 respecting Short Form Prospectus Distributions, or (iii) the asset-backed securities to which the agreement relates (A) have not received a final designated rating, (B) have been the subject of an announcement by an approved rating organization or its DRO affiliate, of which the issuer is or ought reasonably to be aware, that the designated rating given by the organization may be down-graded to a rating category that would not be a designated rating, or (C) have received a provisional or final rating lower than a designated rating from any approved rating organization or its DRO affiliate; and (c) in Ontario, the lapse date prescribed by the securities legislation. Decision 2001-C-0201, s. 2.6; M.O. 2005-25, s. 3 and 26; M.O. 2008-06, s. 3; M.O. 2013-09, s. 1.
2.7. Lapse Date - Ontario
In Ontario, the lapse date prescribed by securities legislation for a receipt issued for a base shelf prospectus is extended to the date 25 months from the date of issuance of the receipt. Decision 2001-C-0201, s. 2.7; M.O. 2005-25, s. 3 and 26.
2.8. (Revoked).
Decision 2001-C-0201, s. 2.8; M.O. 2005-25, s. 3; M.O. 2008-06, s. 4.
2.9. Limitation on Offerings
Despite any provision in this Regulation, the shelf procedures shall not be used for a distribution of rights under a rights offering. Decision 2001-C-0201, s. 2.9; M.O. 2005-25, s. 3.
2.10. (Revoked).
Decision 2001-C-0201, s. 2.10; M.O. 2005-19, s. 3; M.O. 2005-25, s. 3.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 12
PART 3
UNALLOCATED SHELF
3.1. Unallocated Shelf Permitted
A base shelf prospectus may pertain to more than one type of security for which the issuer is qualified to file a prospectus in the form of a short form prospectus. Decision 2001-C-0201, s. 3.1.
3.2. Distributions of Equity Securities Under Unallocated Shelf
An issuer or selling securityholder that forms a reasonable expectation that a distribution of a tranche of equity securities will proceed under a base shelf prospectus that is not specifically restricted to equity securities shall immediately issue a news release that announces the intention to proceed with the distribution. Decision 2001-C-0201, s. 3.2; M.O. 2008-06, s. 19.
PART 4
DISTRIBUTIONS OF NOVEL DERIVATIVES OR ASSET-BACKED SECURITIES UNDER SHELF
4.1. Distributions of Novel Derivatives or Asset-Backed Securities Under Shelf
(1) If a base shelf prospectus pertains to specified derivatives or asset-backed securities, the issuer or the selling securityholder, as the case may be, shall file before or concurrently with the base shelf prospectus an undertaking that it will not distribute in the local jurisdiction under the base shelf prospectus specified derivatives or asset-backed securities, as the case may be, that, at the time of distribution, are novel without pre￾clearing with the regulator in accordance with subsection (2) the disclosure to be contained in a shelf prospectus supplement pertaining to the distribution of the novel specified derivatives or asset-backed securities. (2) The undertaking referred to in subsection (1) shall state that the issuer or the selling securityholder, as the case may be, shall not distribute in the local jurisdiction specified derivatives or asset-backed securities that, at the time of distribution, are novel, unless (a) the draft shelf prospectus supplement or, if more than one shelf prospectus supplement is to be used, the draft shelf prospectus supplements, pertaining to the distribution of the novel specified derivatives or asset-backed securities have been delivered to the regulator in substantially final form; and (b) either

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 13 (i) the regulator has confirmed his or her acceptance of each draft shelf prospectus supplement in substantially final form or each shelf prospectus supplement in final form, or (ii) 10 business days have elapsed since the date of delivery to the regulator of each draft shelf prospectus supplement in substantially final form and the regulator has not provided written comments on the draft shelf prospectus supplement. Decision 2001-C-0201, s. 4.1; M.O. 2005-25, s. 6; M.O. 2008-06, s. 5 and 19.
PART 5
BASE SHELF PROSPECTUSES
5.1. Opting out of the Shelf Procedures After a Preliminary Prospectus has
been Receipted
An issuer that has filed a preliminary base shelf prospectus shall not file a short form prospectus for the distribution that is not a base shelf prospectus unless the issuer files (a) either (i) an amended preliminary short form prospectus in accordance with Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) that is not a preliminary base shelf prospectus, or (ii) a new preliminary short form prospectus that is not a preliminary base shelf prospectus; and (b) a covering letter stating that the issuer or the selling securityholder, as the case may be, has decided not to use the shelf procedures for the distribution. Decision 2001-C-0201, s. 5.1; M.O. 2005-25, s. 7 and 26; M.O. 2008-06, s. 19.
5.2. Opting into the Shelf Procedures After a Preliminary Prospectus has been
Receipted
An issuer that has filed a preliminary short form prospectus that is not a preliminary base shelf prospectus shall not file a base shelf prospectus for the distribution unless the issuer files (a) either (i) an amended preliminary base shelf prospectus in accordance with this Regulation, or

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 14 (ii) a new preliminary short form prospectus that is a preliminary base shelf prospectus in accordance with this Regulation; and (b) a covering letter stating that the issuer or the selling securityholder, as the case may be, has decided to use the shelf procedures for the distribution. Decision 2001-C-0201, s. 5.2; M.O. 2005-19, s. 3.
5.3. Form of Base Shelf Prospectus
Despite Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16), a short form prospectus that is a base shelf prospectus may vary from Form 44-101F1 to the extent required or permitted by this Regulation. Decision 2001-C-0201, s. 5.3; M.O. 2005-19, s. 3; M.O. 2005-25, s. 8 and 26.
5.4. Dollar Value of Securities
A base shelf prospectus shall pertain to no more than the dollar value of securities that the issuer or selling securityholder proposing to distribute securities under the base shelf prospectus reasonably expects, at the time the base shelf prospectus is filed, to distribute within 25 months after the date of the receipt for the base shelf prospectus. Decision 2001-C-0201, s. 5.4; M.O. 2005-25, s. 9.
5.5. Required Disclosure
A base shelf prospectus shall contain the following:

1. A statement at the top of the cover page identifying the short form
   prospectus as a base shelf prospectus.
2. The following statement in red ink in italics on the cover page:
   “This short form prospectus has been filed under legislation in [insert name[s] of the jurisdiction[s] where qualified] that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.”
3. A statement that all shelf information omitted from the base shelf prospectus
   will be contained in one or more shelf prospectus supplements that will be delivered to purchasers together with the base shelf prospectus.
4. A statement that each shelf prospectus supplement will be incorporated by
   reference into the base shelf prospectus for the purposes of securities legislation as of

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 15 the date of the shelf prospectus supplement and only for the purposes of the distribution of the securities to which the shelf prospectus supplement pertains.
5. A statement of the aggregate dollar amount of securities that may be raised
under the base shelf prospectus.
6. Disclosure of the types of securities that may be distributed under the base
shelf prospectus.
7. If an undertaking is required to be filed under subsection 4.1(1), a statement
that the issuer or the selling securityholder, as the case may be, has filed an undertaking that it will not distribute specified derivatives or asset-backed securities, as the case may be, that, at the time of distribution, are novel without pre-clearing with the regulator the disclosure to be contained in the shelf prospectus supplement pertaining to the distribution of the novel specified derivatives or asset-backed securities.
8. The prospectus certificates required by Part 5 of Regulation 41-101
respecting General Prospectus Requirements (chapter V-1.1, r. 14) or other securities legislation, in the issuer certificate form or underwriter certificate form prescribed by (a) method 1, if (i) the base shelf prospectus is being used to establish an MTN program or other continuous distribution, or (ii) method 2 has not been elected; or (b) method 2, if method 2 has been elected.
9. List all exemptions from the provisions of this Regulation granted to the
issuer applicable to the base shelf prospectus, including all exemptions to be evidenced by the issuance of a receipt for the base shelf prospectus pursuant to section 11.2. Decision 2001-C-0201, s. 5.5; M.O. 2005-25, s. 10; M.O. 2008-06, s. 6 and 19.
5.6. Disclosure that may be Omitted
If the specified circumstances exist, a base shelf prospectus may omit the following information:

1. The variable terms of the securities that may be distributed under the base
   shelf prospectus, if not known on the date the base shelf prospectus is filed.
2. The dollar amount, size and other specific terms of each tranche of
   securities that may be distributed under the base shelf prospectus, if not known on the date the base shelf prospectus is filed.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 16
3. The variable terms of the plans of distribution for the securities that may be
distributed under the base shelf prospectus, if not known on the date the base shelf prospectus is filed.
4. The name and prospectus certificate of an underwriter if, at the time of the
filing of the base shelf prospectus, no underwriter is, and it is not known to the issuer that a particular underwriter will be, in a contractual relationship with the issuer or selling securityholder requiring the underwriter to distribute under the base shelf prospectus.
5. If one or more underwriters have agreed to purchase the securities to be
distributed under the base shelf prospectus at a specified price, the statement required under Form 44-101F1 that the securities are to be taken up by the underwriters, if at all, on or before a specified date.
6. If the securities to be distributed under the base shelf prospectus are
underwritten on a best efforts basis for which a minimum amount of funds are required by an issuer, the disclosure required under Form 44-101F1 concerning the maximum length of time for which the distribution may continue and concerning the disposition of subscription funds.
6.1. The information required under item 7A of Form 44-101F1 for securities that
may be distributed under the base shelf prospectus, if the specific series or class of securities that will be distributed under the base shelf prospectus is not known on the date the base shelf prospectus is filed.
7. Any other information that pertains only to a specific distribution of securities
under the base shelf prospectus, if not known on the date the base shelf prospectus is filed.
8. Any other information required under Regulation 44-101 respecting Short
Form Prospectus Distributions (chapter V-1.1, r. 16) or other securities legislation that is not known and cannot be ascertained at the time of filing of the base shelf prospectus. Decision 2001-C-0201, s. 5.6; M.O. 2005-25, s. 11 and 26; M.O. 2008-06, s. 19; M.O 2013-06, s. 1.
5.7. Issue of Receipt
Despite the omission of shelf information, the regulator may issue a receipt for a base shelf prospectus. Decision 2001-C-0201, s. 5.7.
5.8. Amendments
If a material change occurs at a time when no securities are being distributed under a base shelf prospectus, the provisions in Part 6 of Regulation 41-101 respecting General

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 17 Prospectus Requirements (chapter V-1.1, r. 14) or other securities legislation that require the filing of an amendment to a prospectus if a material change occurs are satisfied by (a) the filing of a material change report; and (b) the incorporation by reference in the base shelf prospectus of the material change report. Decision 2001-C-0201, s. 5.8; M.O. 2008-06, s. 7.
PART 6
SHELF PROSPECTUS SUPPLEMENTS
6.1. Requirement to Use Shelf Prospectus Supplements
An issuer or selling securityholder that distributes securities under a base shelf prospectus shall supplement the disclosure in the base shelf prospectus with a shelf prospectus supplement, or more than one shelf prospectus supplement, in order for the prospectus to contain full, true and plain disclosure of all material facts relating to the securities distributed under the prospectus. Decision 2001-C-0201, s. 6.1; M.O. 2005-25, s. 12; M.O. 2008-06, s. 8 and 19.
6.2. Incorporation by Reference
(1) An issuer shall incorporate by reference in the corresponding base shelf prospectus, by means of a statement in the base shelf prospectus, each shelf prospectus supplement referred to in section 6.1 as of the date of the shelf prospectus supplement and only for purposes of the distribution to which the shelf prospectus supplement pertains. (2) If an issuer does not incorporate by reference in a base shelf prospectus a shelf prospectus supplement required to be incorporated by reference under subsection (1), the shelf prospectus supplement is conclusively deemed for purposes of securities legislation to be incorporated by reference in the issuer's base shelf prospectus as of the date of the shelf prospectus supplement and only for purposes of the distribution to which the shelf prospectus supplement pertains. (3) Subject to subsection (4), any unaudited financial statements, other than pro forma financial statements, incorporated by reference into the base shelf prospectus but filed after the date of filing the base shelf prospectus must have been reviewed in accordance with the relevant standards set out in the Handbook for a review of financial statements by a person's auditor or a public accountant's review of financial statements. (4) If Regulation 52-107 respecting Acceptable Accounting Principles and Auditing Standards (chapter V-1.1, r. 25), permits the financial statements of the person in subsection (3) to be audited in accordance with

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 18 (a) U.S. AICPA GAAS, the unaudited financial statements may be reviewed in accordance with the review standards issued by the American Institute of Certified Public Accountants, (a.1) U.S. PCAOB GAAS, the unaudited financial statements may be reviewed in accordance with the review standards issued by the Public Company Accounting Oversight Board (United States of America), (b) International Standards on Auditing, the unaudited financial statements may be reviewed in accordance with International Standards on Review Engagement issued by the International Auditing and Assurance Standards Board, or (c) auditing standards that meet the foreign disclosure requirements of the designated foreign jurisdiction to which the issuer is subject, the unaudited financial statements (i) may be reviewed in accordance with review standards that meet the foreign disclosure requirements of the designated foreign jurisdiction, or (ii) do not have to be reviewed if (A) the designated foreign jurisdiction does not have review standards for unaudited financial statements, and (B) the base shelf prospectus includes disclosure that the unaudited financial statements have not been reviewed. (5) The review specified in subsection (3), if applicable, must have been completed (a) if the base shelf prospectus established an MTN program or other continuous offering, no later than filing of the unaudited financial statements; or (b) in all other circumstances, no later than the next filing of a shelf supplement. Decision 2001-C-0201, s. 6.2; M.O. 2005-25, s. 13; M.O. 2008-06, s. 9; M.O. 2010-17, s. 1.
6.3. Shelf Prospectus Supplement Disclosure
(1) A shelf prospectus supplement shall contain the following:

1. The name of the issuer on the cover page.
2. The dates of the corresponding base shelf prospectus and of each
   previously filed shelf prospectus supplement corresponding to the same base shelf prospectus and pertaining to the same distribution, on the cover page.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 19
3. The prospectus certificates required by Part 5 of Regulation 41-101
respecting General Prospectus Requirements (chapter V-1.1, r. 14) and other securities legislation, in the issuer certificate form or underwriter certificate form prescribed by (a) method 1, if the shelf prospectus supplement establishes an MTN program or other continuous distribution; or (b) method 2, if the prospectus certificate forms prescribed by method 1 have not been included in the corresponding base shelf prospectus and if method 1 is not mandatory under paragraph (a).
4. A list of each document that is incorporated by reference into the
corresponding base shelf prospectus as of the date of the shelf prospectus supplement and provides disclosure pertaining to the securities being distributed under the shelf prospectus supplement. (2) If only one shelf prospectus supplement is used to supplement the disclosure in the corresponding base shelf prospectus pertaining to a distribution of securities, that shelf prospectus supplement shall contain the following, and if more than one shelf prospectus supplement is used to supplement the disclosure in the corresponding base shelf prospectus pertaining to a distribution of securities, the shelf prospectus supplements used shall, together, contain the following:

1. All of the shelf information pertaining to the distribution of securities that was
   not disclosed in the corresponding base shelf prospectus.
2. All material facts relating to the securities to be distributed and all other
   information required under securities legislation to be disclosed in a short form prospectus that is not disclosed, either directly or through incorporation by reference, in the corresponding base shelf prospectus. Decision 2001-C-0201, s. 6.3; M.O. 2008-06, s. 10.
   6.4. Filing Requirement For Shelf Prospectus Supplements
   (1) A shelf prospectus supplement shall be filed in the local jurisdiction if a base shelf prospectus to which the shelf prospectus supplement pertains was filed in the local jurisdiction. (2) A shelf prospectus supplement that is required to be filed under subsection (1) shall be filed, (a) if the shelf prospectus supplement pertains to a distribution of securities, other than an MTN program or other continuous distribution, on or before the earlier of (i) the date the shelf prospectus supplement was first sent or delivered to a purchaser or a prospective purchaser, and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 20 (ii) the date 2 business days after the offering price of the securities to which it pertains is determined; or (b) in all other circumstances, on or before the date 2 business days after the date the shelf prospectus supplement was first sent or delivered to a purchaser or a prospective purchaser. Decision 2001-C-0201, s. 6.4.
6.5. Underwriters' Conflicts of Interest
For a distribution of securities under a base shelf prospectus, the provisions of Regulation 33-105 respecting Underwriting Conflicts (chapter V-1.1, r. 11) (a) concerning the participation of independent underwriters shall be satisfied (i) on a tranche-by-tranche basis for a distribution other than an MTN program or other continuous distribution, or (ii) on the basis of the total dollar amount of securities that, at any given time, have been or are being distributed under the program or distribution for a distribution of securities under an MTN program or other continuous distribution; and (b) concerning disclosure, to the extent not previously satisfied in the base shelf prospectus, shall be satisfied by including the prescribed disclosure in a shelf prospectus supplement pertaining to the distribution. Decision 2001-C-0201, s. 6.5; M.O. 2005-25, s. 14.
6.6. Market Stabilization
The stabilization provisions shall be satisfied on a tranche-by-tranche basis for a non-continuous distribution of securities under a base shelf prospectus. Decision 2001-C-0201, s. 6.7.
6.7. Delivery Requirement
Subject to Part 6A, the shelf prospectus supplement or supplements that, together with the corresponding base shelf prospectus, contain full, true and plain disclosure of all material facts relating to the securities being distributed shall be sent by prepaid mail or delivered to a purchaser of the securities with the base shelf prospectus. Decision 2001-C-0201, s. 6.7; M.O. 2005-25, s. 15; M.O. 2008-06, s. 11; M.O. 2024-06, s. 1.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 21
6.8. Disclosure that may be omitted
A shelf prospectus supplement may omit any prospectus certificates required by
Part 5 of Regulation 41-101 respecting General Prospectus Requirements
(chapter V-1.1, r. 14) or other securities legislation, if the person required to sign the certificate signed a prospectus certificate in the issuer certificate form or underwriter certificate form prescribed by method 1 included in a base shelf prospectus or a shelf prospectus supplement qualifying the securities being distributed. M.O. 2008-06, s. 11.
PART 6A
ACCESS TO SHELF PROSPECTUS SUPPLEMENTS AND BASE SHELF PROSPECTUSES 6A.1. Application (1) Subject to subsection (2), this Part applies in respect of a prospectus and any amendment if access to the document is provided in accordance with the requirements under section 6A.5 or the conditions under section 6A.6. (2) This Part does not apply in respect of (a) a prospectus to distribute securities by way of an MTN program or other continuous distribution, and (b) a prospectus to distribute securities of an investment fund. M.O. 2024-06, s. 2. 6A.2. Access to Shelf Prospectus Supplements and Base Shelf Prospectuses (1) This section does not apply in British Columbia, Alberta, Québec and New Brunswick. (2) The requirement under securities legislation to deliver or send a prospectus and any amendment may be satisfied by providing access to the shelf prospectus supplement, the corresponding base shelf prospectus, the preliminary base shelf prospectus and any amendment to the documents in accordance with subsection 6A.5(2) or (3). (3) The shelf prospectus supplement, the corresponding base shelf prospectus, the preliminary base shelf prospectus and any amendment to the documents is delivered or sent on the date that access to the document has been provided in accordance with subsection 6A.5(2) or (3). (4) The shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is received on the date that the document has been delivered or sent in accordance with subsection (3).

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 22 M.O. 2024-06, s. 2. 6A.3. Access to Shelf Prospectus Supplements and Base Shelf Prospectuses – Alberta In Alberta, the requirement under securities legislation to provide access to a prospectus and any amendment is satisfied by providing access to the shelf prospectus supplement, the corresponding base shelf prospectus, the preliminary base shelf prospectus and any amendment to the documents in accordance with subsection 6A.5(2) or (3). M.O. 2024-06, s. 2. 6A.4. Right of Withdrawal, Revocation or Cancellation (1) This section does not apply in British Columbia, Québec and New Brunswick. (2) Except in Alberta and Saskatchewan, if the shelf prospectus supplement, the corresponding base shelf prospectus or any amendment to the documents is delivered or sent in accordance with subsection 6A.5(2), the right to withdraw from an agreement to purchase a security under securities legislation may be exercised by a purchaser within two business days after the later of (a) the date that the document is received in accordance with subsection 6A.2(4); and (b) the date that the purchaser has entered into the agreement to purchase the security. (3) In Alberta, if access to the shelf prospectus supplement, the corresponding base shelf prospectus or any amendment to the documents is provided in accordance with subsection 6A.5(2), pursuant to section 130 of the Securities Act (R.S.A. 2000, c. S-4), the agreement to purchase securities is not binding on the purchaser if the dealer from whom the purchaser purchases the security receives written notice sent by the purchaser, evidencing the intention of the purchaser not to be bound by the agreement to purchase, not later than two business days after the later of (a) the date that access to the document is provided in accordance with
section 6A.5(2), and
(b) the date that the purchaser or subscriber has entered into the agreement to purchase or the subscription or contract to purchase the security. (4) In Saskatchewan, if the shelf prospectus supplement, the corresponding base shelf prospectus or any amendment to the documents is delivered or sent in accordance with subsection 6A.5(2), a purchaser that is not a registrant may cancel a purchase if the purchaser has not sold or otherwise transferred beneficial ownership of the security and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 23 the person from whom the purchaser purchased the security receives notice in writing to cancel the agreement of purchase and sale for the security at any time up to two business days after the later of (a) the date that the document is received in accordance with subsection 6A.2(4), and (b) the date that the purchaser has entered into the agreement to purchase the security. M.O. 2024-06, s. 2. 6A.5. Procedures (1) This section does not apply in British Columbia, Québec and New Brunswick. (2) Access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents has been provided on the date on which all of the following have been satisfied:
(a) the base shelf prospectus and any amendment is filed on SEDAR+ and a receipt is issued and posted on SEDAR+ for the document, (b) the shelf prospectus supplement and any amendment is filed on SEDAR+, and (c) after the shelf prospectus supplement and any amendment is filed, or within two business days before the date the document is filed, a news release is issued and filed on SEDAR+ that states (i) in the title of the news release, that the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is accessible through SEDAR+, or will be accessible through SEDAR+ within two business days, as applicable, (ii) that access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment, (iii) that the document is accessible, or will be accessible within two business days, as applicable, at www.sedarplus.com, (iv) the securities that are offered under the shelf prospectus supplement, and (v) the following:

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 24 “An electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from [insert contact information for the issuer or dealer, as applicable] by providing the contact with an email address or address, as applicable.”. (3) Access to the preliminary base shelf prospectus and any amendment has been provided if the document has been filed on SEDAR+, and a receipt has been issued and posted on SEDAR+ for the document. (4) If a purchaser requests an electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus or any amendment to the documents, from the issuer or dealer, a copy of the document in the format requested by the purchaser must be sent by the issuer or dealer within two business days from the date the request is received and without charge to the purchaser at the email address or address specified in the request. (5) If a prospective purchaser requests an electronic or paper copy of the preliminary base shelf prospectus or any amendment, from the issuer or dealer, in accordance with securities legislation, a copy of the document in the format requested by the purchaser must be sent by the issuer or dealer without charge to the prospective purchaser at the email address or address specified in the request. M.O. 2024-06, s. 2. 6A.6. Exemption from Requirement to Send Prospectus – British Columbia, Québec and New Brunswick (1) In British Columbia, Québec and New Brunswick, a dealer is exempt from the requirement under securities legislation to send a final prospectus and any amendment if (a) the base shelf prospectus and any amendment has been filed on SEDAR+ and a receipt has been issued and posted on SEDAR+ for the document, (b) the shelf prospectus supplement and any amendment has been filed on SEDAR+, and (c) after the shelf prospectus supplement and any amendment was filed, or within two business days before the date the document was filed, a news release has been issued and filed on SEDAR+ that states (i) in the title of the news release, that the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is accessible through SEDAR+, or will be accessible through SEDAR+ within two business days, as applicable, (ii) that access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is provided in accordance

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 25 with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment, (iii) that the document is accessible, or will be accessible within two business days, as applicable, at www.sedarplus.com, (iv) the securities that are offered under the shelf prospectus supplement, and (v) the following:
“An electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from [insert contact information for the issuer or dealer, as applicable] by providing the contact with an email address or address, as applicable.” (2) In British Columbia and New Brunswick, a dealer or issuer that solicits an expression of interest from a prospective purchaser is exempt from the requirement in
section 78 (2) (c) of the Securities Act (R.S.B.C. 1996, c. 418) or subsection 82(2) of the
Securities Act (S.N.B., 2004, c. S-5.5) to send a copy of the preliminary base shelf prospectus to the prospective purchaser if the document has been filed on SEDAR+ and a receipt has been issued and posted on SEDAR+ for the document. (3) In British Columbia and New Brunswick, if a purchaser, or in Québec, if a purchaser or subscriber, requests an electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus or any amendment to the documents from the issuer or dealer, a copy of the document in the format requested by the purchaser or subscriber must be sent by the issuer or dealer within two business days from the date the request is received, without charge, to the purchaser or subscriber at the email address or address specified in the request. (4) In British Columbia and New Brunswick, if a dealer relies on subsection (1), an agreement of purchase and sale is not binding on a purchaser if the dealer from whom the purchaser purchases the security receives written notice sent by the purchaser, evidencing the intention of the purchaser not to be bound by the agreement, not later than two business days after the later of (a) the date that the conditions referred to in subsection (1) are satisfied, and (b) the date that the purchaser entered into the agreement. (5) In Québec, if a dealer relies on subsection (1), a contract to purchase or a subscription is not binding on a purchaser or subscriber if the dealer from whom the purchaser or subscriber purchases or subscribes for the security receives written notice sent by the purchaser or subscriber, evidencing the intention of the purchaser or

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 26 subscriber to rescind the contract or subscription, not later than two business days after the later of (a) the date that the conditions referred to in subsection (1) are satisfied, and (b) the date that the purchaser or subscriber entered into the contract or the date of the subscription. (6) In British Columbia and New Brunswick, subsection (4) does not apply if the purchaser (a) is a registrant, or (b) disposes of the beneficial ownership of the security referred to in subsection (4), otherwise than to realize on collateral given for debt, before the end of the time referred to in subsection (4). (7) In Québec, subsection (5) does not apply if the purchaser or subscriber (a) is a dealer, or (b) disposes of the securities before the end of the time referred to in subsection (5). (8) In British Columbia and New Brunswick, receipt of the notice referred to in subsection (4) by a dealer that acted as agent of the seller or vendor with respect to the sale of the security referred to in subsection (1) is deemed to be receipt by the seller or vendor on the date on which the dealer received the notice. (9) In Québec, the dealer is presumed to have received the notice of rescission referred to in subsection (5) in the ordinary course of mail. M.O. 2024-06, s. 2.
PART 7
SHELF SUPPORTING DOCUMENTS
7.1. General
The provisions of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16) requiring the filing of supporting documents with a preliminary short form prospectus, a short form prospectus or a prospectus amendment apply to a filing of a preliminary base shelf prospectus, a base shelf prospectus or an amendment to a preliminary base shelf prospectus or to a base shelf prospectus, except to the extent varied in this Part. Decision 2001-C-0201, s. 7.1; M.O. 2005-25, s. 16 and 26.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 27
7.2. Consents
(1) If any notary in Québec, solicitor, auditor, accountant, engineer or appraiser, or any other person whose profession or business gives authority to a statement made by that person, is (a) named in a document that is (i) incorporated by reference into a base shelf prospectus, and (ii) filed after the date of filing of the base shelf prospectus; and (b) named in the document (i) as having prepared or certified any part of the base shelf prospectus, amendment or shelf prospectus supplement, (ii) as having opined on financial statements from which selected information included in the base shelf prospectus, amendment or shelf prospectus supplement has been derived and which audit opinion is referred to in the base shelf prospectus, amendment or shelf prospectus supplement directly or in a document incorporated by reference, or (iii) as having prepared or certified a report, valuation, statement or opinion referred to in the base shelf prospectus, amendment, or shelf prospectus supplement, directly or in a document incorporated by reference, the issuer shall file the written consent of the person to being named and to the use of that report, valuation, statement or opinion in accordance with subsection (2). (1.1) Despite subsection (1), if the expert whose consent is required is a “qualified person” as defined in Regulation 43-101 respecting Standards of Disclosure for Mineral Projects (chapter V-1.1, r. 15), the issuer is not required to file the consent of the qualified person if (a) the qualified person’s consent is required in connection with a technical report that was not required to be filed with the preliminary base shelf prospectus, (b) the qualified person was employed by a person at the date of signing the technical report, (c) the principal business of the person is providing engineering or geoscientific services, and (d) the issuer files the consent of the person. (1.2) A consent filed under subsection (1.1) must be signed by an individual who is an authorized signatory of the person and who falls within paragraphs (a), (b), (d) and (e) of

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 28 the definition of “qualified person” in Regulation 43-101 respecting Standards of Disclosure for Mineral Projects. (2) A consent of an expert required under subsection (1) or subsections (1.1) and (1.2) shall be filed in accordance with the following:

1. If the document in which the expert is named is incorporated by reference
   into the base shelf prospectus by means of a statement to that effect in the base shelf prospectus, the consent shall be filed (a) no later than the time the document is filed, if the base shelf prospectus establishes an MTN program or other continuous distribution; and (b) in all other circumstances, no later than the time of the next filing of a shelf prospectus supplement corresponding to the base shelf prospectus.
2. If the document in which the expert is named is incorporated by reference
   into a shelf prospectus supplement by means of a statement to that effect in the shelf prospectus supplement and filed before or concurrently with the shelf prospectus supplement, the consent shall be filed no later than the time the shelf prospectus supplement is filed.
3. If the document in which the expert is named is incorporated by reference
   into a shelf prospectus supplement by means of a statement to that effect in the shelf prospectus supplement and filed after the shelf prospectus supplement is filed, the consent shall be filed no later than the time the document is filed. Decision 2001-C-0201, s. 7.2; M.O. 2005-25, s. 17; M.O. 2008-06, s. 12; M.O. 2013-06, s. 2.
   7.3. (Revoked).
   Decision 2001-C-0201, s. 7.3; M.O. 2005-25, s. 18.
   7.4. Underwriting Agreements
   (1) If, at the time an issuer files a base shelf prospectus, no underwriter is in a contractual relationship with the issuer or selling securityholder requiring the underwriter to distribute securities under the base shelf prospectus, the issuer is not required to file a copy of an underwriting agreement with the base shelf prospectus. (2) If an underwriter enters into a contractual relationship with an issuer or selling securityholder requiring the underwriter to distribute securities under a base shelf prospectus after the base shelf prospectus is filed, the issuer shall file a copy of the underwriting agreement pertaining to the distribution concurrently with the next shelf prospectus supplement filed pertaining to that distribution. Decision 2001-C-0201, s. 7.4; M.O. 2008-06, s. 19.

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PART 8
MEDIUM TERM NOTE PROGRAMS AND OTHER CONTINUOUS DISTRIBUTIONS UNDER SHELF
8.1. General
An issuer that is qualified under Part 2 to file a base shelf prospectus for securities may distribute those securities by way of an MTN program or other continuous distribution, if it files (a) a base shelf prospectus or a shelf prospectus supplement that establishes the program or distribution; and (b) a pricing supplement. Decision 2001-C-0201, s. 8.1.
8.2. Additional Disclosure Requirements
(1) Despite section 5.6, a base shelf prospectus or shelf prospectus supplement that establishes an MTN program or other continuous distribution shall contain the following:

1. A description of the method of distribution, including the name of any
   underwriter involved in the distribution and the amount of any underwriting fee, discount or commission.
2. A description of the intended parameters of the terms of the MTN program
   or other continuous distribution.
3. At the option of the issuer or selling securityholder proposing to distribute
   securities under the MTN program or other continuous distribution, a statement that the issuer or selling securityholder, as the case may be, reserves the right to issue securities under the MTN program or other continuous distribution on terms outside the intended parameters disclosed under paragraph 2. (2) A pricing supplement for an MTN program or other continuous distribution under the shelf procedures shall contain the following:
4. The terms of the securities distributed that are not disclosed in the base
   shelf prospectus or shelf prospectus supplement establishing the MTN program or other continuous distribution.
5. A list of each document that is incorporated by reference into the
   corresponding base shelf prospectus as of the date of the pricing supplement and that provides disclosure pertaining to the securities being distributed under the MTN program or other continuous distribution.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 30 Decision 2001-C-0201, s. 8.2; M.O. 2005-25, s. 19; M.O. 2008-06, s. 19.
8.3. Filing Requirement
If an issuer sends or delivers to a purchaser or a prospective purchaser in the local jurisdiction a pricing supplement in a particular month, the issuer shall, despite
section 6.4, file within 7 days after the end of the month
(a) a copy of each pricing supplement sent or delivered to a purchaser or prospective purchaser during the month, if the pricing supplement had not previously been sent or delivered to any purchaser or prospective purchaser; or (b) a summary of the information contained in each pricing supplement sent or delivered to a purchaser or prospective purchaser during the month, including (i) a list of the pricing supplements referred to in paragraph (a), (ii) the terms of the securities distributed under each pricing supplement sent or delivered to a purchaser or a prospective purchaser during the month, and (iii) the aggregate amount of securities distributed under each pricing supplement sent or delivered to a purchaser or a prospective purchaser during the month. Decision 2001-C-0201, s. 8.3.
8.4. Requirement to Update Earnings Coverage Ratios
An issuer distributing securities by way of an MTN program or other continuous distribution using the shelf procedures shall (a) calculate updated earnings coverage ratios for the ratios contained in its base shelf prospectus each time the issuer prepares an interim financial report or audited annual financial statements, using the 12-month period that ended on the last day of the most recently completed financial period; and (b) file the updated earnings coverage ratios, concurrently with the filing of its financial statements, either (i) as an exhibit to the financial statements, or (ii) as a shelf prospectus supplement corresponding to the base shelf prospectus. Decision 2001-C-0201, s. 8.4; M.O. 2010-17, s. 3.
PART 9
AT-THE-MARKET DISTRIBUTIONS OF EQUITY SECURITIES UNDER SHELF

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 31 Decision 2001-C-0201, Part 9; M.O. 2020-17, s. 2.
9.1. Definitions
In this Part,
“ATM prospectus” means
(a) a base shelf prospectus for an at-the-market distribution, (b) a shelf prospectus supplement to a base shelf prospectus referred to in paragraph (a), or (c) a shelf prospectus supplement establishing an at-the-market distribution; “investment dealer” has the meaning ascribed to it in Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations (chapter V-1.1, r. 10); “marketplace” has the meaning ascribed to it in Regulation 21-101 respecting Marketplace Operation (chapter V-1.1, r. 5). Decision 2001-C-0201, s. 9.1; M.O. 2005-25, s. 20 and 26; M.O. 2008-06, s. 13; M.O. 2013-06, s. 3; M.O. 2020-17, s. 2.
9.2. Provisions Not Applicable to an At-the-Market Distribution
(1) The following provisions do not apply to an issuer distributing a security under an ATM prospectus:
(a) section 7.2 of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14); (b) section 1.9A of Form 44-101F1 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16); (c) item 20 of Form 44-101F1; (d) item 8 of section 5.5 of this Regulation; (e) Part 6A of this Regulation. (2) Item 8 of section 5.5 does not apply to an investment dealer acting as an underwriter in connection with a distribution of a security under an ATM prospectus. (3) The requirement to send or deliver a prospectus under securities legislation does not apply in connection with a distribution of a security under an ATM prospectus.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 32 M.O. 2005-25, s. 21; M.O. 2008-06, s. 14; M.O. 2020-17, s. 2; M.O. 2024-06, s. 3.
9.3. Requirements for Issuers and Underwriters Conducting an At-the-Market
Distribution
(1) An issuer must not distribute a security under an ATM prospectus as part of an at￾the-market distribution unless the following apply:
(a) a security of the same class being distributed is listed and trading on a short form eligible exchange; (b) the security being distributed is an equity security; (c) the security being distributed is distributed through an investment dealer acting as an underwriter in connection with the distribution; (d) with respect to any agreement with an investment dealer referred to in paragraph (c) to distribute the security, the issuer (i) has issued and filed a news release (A) announcing that the issuer has entered into the agreement, (B) indicating that an ATM prospectus has been or will be filed, and (C) specifying where and how a purchaser of a security under the at-the-market distribution may obtain a copy of the agreement and the ATM prospectus, and (ii) has filed a copy of the agreement; (e) the issuer distributes the security through a marketplace; (f) if applicable, the issuer has disclosed that the completion of the distribution would constitute a material fact or material change; Subparagraph (g) of paragraph (1) of section 9.3 of the Regulation, does not apply in respect of a base shelf prospectus if the prospectus was filed before 31 August 2020, and for an at-the￾market distribution in respect of which the issuer applied for and obtained an exemption from the requirement to send or deliver a prospectus (g) the cover page of the base shelf prospectus states that it may qualify an at￾the-market distribution; (h) the ATM prospectus states in substantially the following words:

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 33 “Securities legislation in some provinces and territories of Canada provides purchasers of securities with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser are not sent or delivered to the purchaser. However, purchasers of [describe securities] distributed under an at-the-market distribution by [name of issuer] do not have the right to withdraw from an agreement to purchase the [describe securities] and do not have remedies of rescission or, in some jurisdictions, revisions of the price, or damages for non-delivery of the prospectus, prospectus supplement, and any amendment relating to [describe securities] purchased by such purchaser because the prospectus, prospectus supplement, and any amendment relating to the [describe securities] purchased by such purchaser will not be sent or delivered, as permitted under Part 9 of Regulation 44-102 respecting Shelf Distributions Securities legislation in some provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contains a misrepresentation Those remedies must be exercised by the purchaser within the time limit prescribed by securities legislation Any remedies under securities legislation that a purchaser of [describe securities] distributed under an at-the-market distribution by [name of issuer] may have against [name of issuer] or its agents for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplement, and any amendment relating to securities purchased by a purchaser contain a misrepresentation will remain unaffected by the non-delivery of the prospectus referred to above A purchaser should refer to applicable securities legislation for the particulars of these rights and should consult a legal adviser.”; (i) if there has been a statement of a purchaser's rights contained in a previous version of the ATM prospectus, the issuer discloses in the current ATM prospectus a statement to the effect that, solely with regard to the at-the-market distribution, the statement of rights required to be included in the ATM prospectus, under paragraph (h), supersedes the previous statement; (j) the ATM prospectus states: “No underwriter of the at-the-market distribution, and no person acting jointly or in concert with an underwriter, may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the securities or securities of the same class as the securities distributed under
the ATM prospectus, including selling an aggregate number or principal amount of securities that would result in the underwriter creating an over-allocation position in the securities.”; (k) the ATM prospectus includes the certificates required under Part 5 of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14), or other securities legislation in the form required under section 9 5 or 9.6, as applicable;

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 34 (l) if the issuer is an investment fund, the ATM prospectus includes a statement that the at-the-market distribution will be conducted in accordance with paragraph 9.3(2)(a) of Regulation 81-102 respecting Investment Funds (chapter V-1.1, r. 39). (2) An underwriter of an at-the-market distribution, or a person acting jointly or in concert with the underwriter, must not, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the same class of securities distributed under the at-the-market distribution, including for greater certainty, trading a security that would result in the underwriter creating an over-allocation position in that class of securities M.O. 2020-17, s. 2
9.4. Reporting
(1) Subject to subsection (2), for each annual and interim period of the issuer during which the issuer distributes securities under an ATM prospectus, the issuer must, within 60 days after the end of the interim period or 120 days after the end of the annual period, as applicable, file a report, disclosing (a) the number and average price of the securities distributed under the ATM prospectus, and (b) the aggregate gross and aggregate net proceeds raised, and the aggregate commissions paid or payable, under the ATM prospectus during the annual or interim period, as applicable (2) Subsection (1) does not apply if, in each of its filed interim financial reports, annual financial statements, and management discussion and analysis, for the interim period or year, as applicable, following the distribution, the issuer discloses (a) the number and average price of the securities distributed under the ATM prospectus, and (b) the aggregate gross and aggregate net proceeds raised, and the aggregate commissions paid or payable, under the ATM prospectus during the annual or interim period, as applicable M.O. 2020-147, s. 2
9.5. Form of Certificates – Base Shelf Prospectus Establishing an At-the-Market
Distribution
(1) If a base shelf prospectus establishes an at-the-market distribution, an issuer certificate form required under paragraph 9.3(1)(k) must state the following:

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 35 “This short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”. (2) If a base shelf prospectus establishes an at-the-market distribution, an underwriter certificate form required under paragraph 9.3 (1)(k) must state the following:
“To the best of our knowledge, information and belief, this short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”. (3) For an amendment to a base shelf prospectus that includes the form of certificates required under subsections (1) and (2), if the amendment does not restate the base shelf prospectus, (a) the issuer certificate form must state the following:
“The short form prospectus dated [insert date] as amended by this amendment, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”, and (b) the underwriter certificate form must state the following:
“To the best of our knowledge, information and belief, the short form prospectus dated [insert date] as amended by this amendment, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”. (4) For an amended and restated base shelf prospectus, in respect of a base shelf prospectus that includes the certificates required under subsections (1) and (2), (a) the issuer certificate form must state the following:
“This amended and restated short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 36 distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”, and (b) the underwriter certificate form must state the following:
“To the best of our knowledge, information and belief, this amended and restated short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement as required by the securities legislation of [insert name of each jurisdiction in which qualified].”. M.O. 2020-17, s. 2.
9.6. Form of Certificates – Shelf Prospectus Supplement Establishing an At-the
Market Distribution
(1) If the form of certificate required under subsection 9.5(1) was not included in the corresponding base shelf prospectus, the issuer certificate form required under paragraph 9.3(1)(k) must, in a shelf prospectus supplement that establishes an at-the￾market distribution, state the following:
“The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”. (2) If the form of certificate required under subsection 9.5(2) was not included in the corresponding base shelf prospectus, the underwriter certificate form required under paragraph 9.3(1)(k) must, in a shelf prospectus supplement that establishes an at-the￾market distribution, state the following:
“To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”. (3) For an amendment to a shelf prospectus supplement that includes the certificates required under subsections (1) and (2), if the amendment does not restate the shelf prospectus supplement,

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 37 (a) the issuer certificate form must state the following:
“The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing as it amends the shelf prospectus supplement dated [insert date], will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”, and (b) the underwriter certificate form must state the following:
“To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing as it amends the shelf prospectus supplement dated [insert date], will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”. (4) For an amended and restated shelf prospectus supplement in respect of a shelf prospectus supplement that includes the certificates required under subsections (1) and (2), (a) the issuer certificate form must state the following:
“The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”, and (b) the underwriter certificate form must state the following:
“To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of a particular distribution of securities under the prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which qualified].”. M.O. 2020-17, s. 2
PART 9A
MARKETING IN CONNECTION WITH SHELF DISTRIBUTIONS M.O. 2013-15, s. 1.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 38 9A.1. Definitions (1) In this Part, “comparables” means information that compares an issuer to other issuers; “U.S. cross-border offering” means an offering of securities of an issuer being made contemporaneously in the United States of America and Canada by way of a prospectus filed with a securities regulatory authority in a jurisdiction of Canada and a U.S. prospectus filed with the SEC; “U.S. prospectus” means a prospectus that has been prepared in accordance with the disclosure and other requirements of U.S. federal securities law for an offering of securities registered under the 1933 Act. (2) In this Part, for greater certainty, a reference to “provides” includes showing a document to a person without allowing the person to retain or make a copy of the document. M.O. 2013-15, s. 1. 9A.2. Standard Term Sheets after a Receipt for a Final Base Shelf Prospectus (1) An investment dealer must not provide a standard term sheet to a potential investor after a receipt for a final base shelf prospectus or any amendment is issued unless (a) the standard term sheet complies with subsections (2) and (3); (b) other than contact information for the investment dealer or underwriters, all information in the standard term sheet concerning the issuer, the securities or the offering (i) is disclosed in, or derived from, the final base shelf prospectus, any amendment or an applicable shelf prospectus supplement that has been filed, or (ii) will be disclosed in, or derived from, an applicable shelf prospectus supplement that is subsequently filed; and (c) a receipt for the final base shelf prospectus has been issued in the local jurisdiction. (2) A standard term sheet provided under subsection (1) must be dated and include the following legend, or words to the same effect, on the first page:
“A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorit[y/ies] in [each of/certain of the provinces/provinces and territories of Canada].

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 39 The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. Copies of the documents may be obtained from [insert contact information for the investment dealer or underwriters]. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.” (3) A standard term sheet provided under subsection (1) may contain only the information referred to in subsection (2) and the information referred to in subsection 13.5(3) of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14). M.O. 2013-15, s. 1; M.O. 2024-06, s. 4. 9A.3. Marketing Materials after a Receipt for a Final Base Shelf Prospectus (1) An investment dealer must not provide marketing materials to a potential investor after a receipt for a final base shelf prospectus or any amendment is issued unless (a) the marketing materials comply with subsections (2) to (8); (b) other than contact information for the investment dealer or underwriters and any comparables, all information in the marketing materials concerning the issuer, the securities or the offering (i) is disclosed in, or derived from, the final base shelf prospectus, any amendment or an applicable shelf prospectus supplement that has been filed, or (ii) will be disclosed in, or derived from, an applicable shelf prospectus supplement that is subsequently filed; (c) other than prescribed language, the marketing materials contain the same cautionary language in bold type as contained on the cover page, and in the summary, of the final base shelf prospectus; (d) a template version of the marketing materials is approved in writing by the issuer and the lead underwriter before the marketing materials are provided; (e) a template version of the marketing materials is filed on or before the day that the marketing materials are first provided; (f) a receipt for the final base shelf prospectus has been issued in the local jurisdiction; and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 40 (g) the investment dealer (i) includes, in the marketing materials, a statement that the final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+, or (ii) provides, with the marketing materials, a copy of the final base shelf prospectus, applicable shelf prospectus supplement and any amendment to the documents that have been filed. (2) If a template version of the marketing materials is approved in writing by the issuer and lead underwriter under paragraph (1)(d) and filed under paragraph (1)(e), an investment dealer may provide a limited-use version of the marketing materials that (a) has a date that is different than the template version; (b) contains a cover page referring to the investment dealer or underwriters or a particular investor or group of investors; (c) contains contact information for the investment dealer or underwriters; or (d) has text in a format, including the type’s font, colour or size, that is different than the template version. (3) If a template version of the marketing materials is divided into separate sections for separate subjects and is approved in writing by the issuer and lead underwriter under paragraph (1)(d), and that template version is filed under paragraph (1)(e), an investment dealer may provide a limited-use version of the marketing materials that includes only one or more of those separate sections. (4) The issuer may remove any comparables, and any disclosure relating to those comparables, from the template version of the marketing materials before filing it under paragraph (1)(e) or subparagraph (7)(b)(ii) if (a) the comparables, and any disclosure relating to the comparables, are in a separate section of the template version of the marketing materials; (b) the template version of the marketing materials that is filed contains a note advising that the comparables, and any disclosure relating to the comparables, were removed in accordance with this subsection, provided that the note appears immediately after where the removed comparables and related disclosure would have been; (c) if the prospectus is filed in the local jurisdiction, a complete template version of the marketing materials containing the comparables, and any disclosure relating to the comparables, is delivered to the securities regulatory authority; and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 41 (d) the complete template version of the marketing materials contains the disclosure referred to in paragraph 13.7(4)(d) of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14). (5) Marketing materials provided under subsection (1) must be dated and include the following legend, or words to the same effect, on the first page:
“A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorit[y/ies] in [each of/certain of the provinces/provinces and territories of Canada]. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. Copies of the documents may be obtained from [insert contact information for the investment dealer or underwriters]. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.”. (6) An investment dealer must not provide marketing materials under subsection (1) after a receipt for the final base shelf prospectus is issued and after the applicable shelf prospectus supplement is filed unless the issuer (a) has included the template version of the marketing materials filed under paragraph (1)(e) in the applicable shelf prospectus supplement, or incorporated by reference the template version of the marketing materials filed under paragraph (1)(e) into the applicable shelf prospectus supplement in the manner described in paragraph 4 of subsection 6.3(1), or (b) has included in the applicable base shelf prospectus a statement that any template version of the marketing materials filed after the date of the shelf prospectus supplement and before the termination of the distribution is deemed to be incorporated into the shelf prospectus supplement. (7) If marketing materials are provided under subsection (1) after a receipt for the final base shelf prospectus is issued but before the applicable shelf prospectus supplement is filed, the issuer must (a) include the template version of the marketing materials filed under paragraph (1)(e) in the applicable shelf prospectus supplement, or incorporate by reference the template version of the marketing materials filed under paragraph (1)(e) into the applicable shelf prospectus supplement in the manner described in paragraph 4 of subsection 6.3(1); and

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 42 (b) if the applicable shelf prospectus supplement modifies a statement of material fact that appeared in marketing materials provided earlier under subsection (1), (i) indicate in the shelf prospectus supplement that the template version of the marketing materials is not part of the shelf prospectus supplement to the extent that the contents of the template version of the marketing materials have been modified or superseded by a statement contained in the shelf prospectus supplement, (ii) prepare and file, at the time the issuer files the shelf prospectus supplement, a revised template version of the marketing materials that is blacklined to show the modified statement, (iii) provide details in the shelf prospectus supplement of how the statement in the marketing materials has been modified, and (iv) disclose in the shelf prospectus supplement that pursuant to subsection (7), (A) the issuer has prepared a revised template version of the marketing materials which has been blacklined to show the modified statement, and (B) the revised template version of the marketing materials can be viewed under the issuer’s profile on www.sedarplus.com. (8) Any revised template version of the marketing materials filed under subsection (7) must comply with this section. (9) If marketing materials are provided under subsection (1) but the issuer did not comply with subsection (6) or paragraph (7)(a), as applicable, the marketing materials are deemed for purposes of securities legislation to be incorporated into the applicable shelf prospectus supplement as of the date of the shelf prospectus supplement to the extent not otherwise expressly modified or superseded by a statement contained in the shelf prospectus supplement. M.O. 2013-15, s. 1; M.O. 2023-11, s. 1; M.O. 2024-06, s. 5. 9A.4. Road Shows after a Receipt for a Final Base Shelf Prospectus (1) An investment dealer must not conduct a road show for potential investors after a receipt for a final base shelf prospectus or any amendment is issued unless (a) the road show complies with subsections (2) to (4); and (b) a receipt for the final base shelf prospectus has been issued in the local jurisdiction.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 43 (2) Subject to section 9A.5, an investment dealer must not provide marketing materials to investors attending a road show conducted under subsection (1) unless the marketing materials are provided in accordance with section 9A.3. (3) If any investment dealer conducts a road show, the investment dealer must establish and follow reasonable procedures to (a) ask any investor attending the road show in person, by telephone conference call, on the internet or by other electronic means to provide their name and contact information; (b) keep a record of any information provided by the investor; and (c) make an oral statement at the commencement of the road show that the final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+, or provide the investor with a copy of the final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents that have been filed. (4) If an investment dealer permits an investor, other than an accredited investor, to attend a road show, the investment dealer must commence the road show with the oral reading of the following statement or a statement to the same effect:
“This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+.”. M.O. 2013-15, s. 1. 9A.5. Exception from Filing and Incorporation Requirements for Road Shows for Certain U.S. Cross-border Offerings (1) Subject to subsections (2) to (4), if an investment dealer provides marketing materials to a potential investor in connection with a road show for a U.S. cross-border offering, the following provisions do not apply to the template version of the marketing materials relating to the road show:
(a) paragraph 9A.3(1)(e);
(b) subsections 9A.3(6) to (9).
(2) Subsection (1) does not apply unless

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 44 (a) the underwriters have a reasonable expectation that the securities offered under the U.S. cross-border offering will be sold primarily in the United States of America; (b) the issuer and the underwriters who sign the base shelf prospectus or the applicable shelf prospectus supplement filed in the local jurisdiction provide a contractual right containing the language set out in subsection 36A.1(5) of Form 41-101F1, or words to the same effect, except that the language may specify that the contractual right does not apply to any comparables provided in accordance with subsection (3); anI(c) if the base shelf prospectus is filed in the local jurisdiction, the template version of the marketing materials relating to the road show is delivered to the securities regulatory authority. (3) If the template version of the marketing materials relating to the road show contains comparables, the template version of the marketing materials must contain the disclosure referred to in paragraph 13.7(4)(d) of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14). (4) For greater certainty, subsection (1) does not apply to marketing materials other than the marketing materials provided in connection with the road show. M.O. 2013-15, s. 1.
PART 10
(Revoked)
Decision 2001-C-0201, Part 10; M.O. 2005-25, s. 22.
10.1. (Revoked).
Decision 2001-C-0201, s. 10.1; M.O. 2005-19, s. 3; M.O. 2005-25, s. 22.
PART 11
EXEMPTIONS
11.1. Exemption
(1) The regulator or the securities regulatory authority may grant an exemption from this Regulation, in whole or in part, subject to such conditions or restrictions as may be imposed in the exemption. (2) Despite subsection (1), in Ontario, only the regulator may grant such an exemption. (2.1) Except in Alberta and Ontario, an exemption referred to in subsection (1) is granted under the statute referred to in Appendix B of Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3), opposite the name of the local jurisdiction. (3) An application made to the securities regulatory authority or regulator for an exemption from this Regulation shall include a letter or memorandum describing the

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 45 matters relating to the exemption, and indicating why consideration should be given to the granting of the exemption. Decision 2001-C-0201, s. 11.1; M.O. 2005-19, s. 3; M.O. 2005-25, s. 23; M.O. 2008-06, s. 15; M.O. 2018-03, s. 2.
11.2. Evidence of Exemption
(1) Subject to subsection (2) and without limiting the manner in which an exemption under this Part may be evidenced, the granting under this Part of an exemption, other than an exemption, in whole or in part from Part 2, may be evidenced by the issuance of a receipt for a base shelf prospectus or an amendment to a base shelf prospectus. (2) The issuance of a receipt for a base shelf prospectus or an amendment to a base shelf prospectus is not evidence that the exemption is being granted unless (a) the person that sought the exemption sent to the regulator or, in Québec, the securities regulatory authority (i) the letter or memorandum referred to in subsection 11.1(3), on or before the date of the filing of the base shelf prospectus or an amendment to a base shelf prospectus, or (ii) the letter or memorandum referred to in subsection 11.1(3) after the date of the filing of the base shelf prospectus or an amendment to a base shelf prospectus and received a written acknowledgement from the regulator or, in Québec, the securities regulatory authority that the exemption may be evidenced in the manner set out in subsection (1), and (b) the regulator or, in Québec, the securities regulatory authority has not before, or concurrently with, the issuance of the receipt sent notice to the person that sought the exemption, that the exemption sought may not be evidenced in the manner set out in subsection (1). Decision 2001-C-0201, s. 11.2; M.O. 2008-06, s. 16.
PART 12
(Revoked)
Decision 2001-C-0201, Part 12; M.O. 2005-19, s. 2.
12.1. (Revoked).
Decision 2001-C-0201, s. 12.1; M.O. 2005-19, s. 2.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 46
APPENDIX A
METHOD 1 FOR FORM OF SHELF PROSPECTUS CERTIFICATES METHOD 1: FORWARD LOOKING FORM OF CERTIFICATES TO BE INCLUDED IN BASE SHELF PROSPECTUSES OR SUPPLEMENTS ESTABLISHING AN MTN PROGRAM OR OTHER CONTINUOUS DISTRIBUTION
PART 1
Base Shelf Prospect
M.O 1.1 Issuer Certificate Form
If a base shelf prospectus establishes an MTN program or other continuous distribution, or if method 2 has not been elected by an issuer, an issuer certificate form in the preliminary base shelf prospectus and the base shelf prospectus must sta“e:
"This short form prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of [insert name of each jurisdiction in which quali”ied].".
1.2 Underwriter Certificate Form
If the base shelf prospectus establishes an MTN program or other continuous distribution or if method 2 has not been elected by the underwriter, an underwriter certificate form in the preliminary base shelf prospectus and the base shelf prospectus must sta“e:
"To the best of our knowledge, information and belief, this short form prospectus, together with the documents incorporated in this prospectus by reference will, as of the date of the last supplement to this prospectus relating to the securities offered by this prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of [insert name of each jurisdiction in which quali”ied].".
1.3 (Revoked).
1.4 Amendments
(1) For an amendment to a base shelf prospectus in respect of a base shelf prospectus that included the issuer certificate form and underwriter certificate form in sections 1.1 and 1.2, and if the amendment does not restate the prospectus, c“ange "this short form

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 47 pros”ectu“" to "the short form prospectus dated [insert date] as amended by this ame”dment" wherever it appears in the statements in sections 1.1 and 1.2. (2) For an amended and restated base shelf prospectus in respect of a base shelf prospectus that included the issuer certificate form and underwriter certificate form in sections 1.1 and 1.2, c“ange "this short form pros”ectus" and replace it“with "this amended and restated short form pros”ectus" wherever it appears in the statements in sections 1.1 and 1.2.
PART 2
Shelf Prospectus Supplements establishing an MTN Program
2.1 Issuer Certificate Form
If an issuer certificate form described in section 1.1 was not included in the corresponding base shelf prospectus, an issuer certificate form in a shelf prospectus supplement that establishes an MTN program or other continuous distribution must sta“e:
"The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of the last supplement to the prospectus relating to the securities offered by the prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement(s) as required by the securities legislation of [insert name of each jurisdiction in which quali”ied].".
2.2 Underwriter Certificate Form
If an underwriter’s certificate form described in section 1.2 was not included in the corresponding base shelf prospectus, an underwriter certificate form in a shelf prospectus supplement that establishes an MTN program or other continuous distribution must sta“e:
"To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, will, as of the date of the last supplement to the prospectus relating to the securities offered by the prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and the supplement as required by the securities legislation of [insert name of jurisdiction in which quali”ied].".
2.3 (Revoked).
2.4 Amendments
(1) For an amendment to a shelf prospectus supplement in respect of a shelf prospectus supplement that included the issuer certificate form and underwriter certificate form in sections 2.1 and 2.2, and if the amendment does not restate the prospectus“ add

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 48 ", as it amends the shelf prospectus supplement dated [insert”date]" “fter "the fore”oing," wherever it appears in the statements in sections 2.1 and 2.2. (2) For an amended and restated shelf prospectus supplement in respect of a shelf prospectus supplement that included the issuer certificate form and underwriter certificate form in sections 2.1 and 2.2, include the issuer certificate form and the underwriter certificate form in sections 2.1 and 2.2. Decision 2001-C-0201, App. A; M.O. 2005-25, s. 24 and 26; M.O. 2008-06, s. 17.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 49
APPENDIX B
METHOD 2 FOR FORM OF SHELF PROSPECTUS CERTIFICATES METHOD 2: NON-FORWARD LOOKING PROSPECTUS FORM OF CERTIFICATES TO BE INCLUDED IN BOTH BASE SHELF PROSPECTUSES AND SUPPLEMENTS
PART 1
Base Shelf Prospe
M.O 1.1 Issuer Certificate Form
If method 2 is elected by an issuer, an issuer certificate form in the preliminary base shelf prospectus and the base shelf prospectus must sta“e:
"This short form prospectus, together with the documents incorporated in this prospectus by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of [insert name of each jurisdiction in which quali”ied].".
1.2 Underwriter Certificate Form
If method 2 is elected by an underwriter, an underwriter certificate form in the preliminary base shelf prospectus and the base shelf prospectus must sta“e:
"To the best of our knowledge, information and belief, this short form prospectus, together with the documents incorporated in this prospectus by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required by the securities legislation of [insert name of each jurisdiction in which quali”ied].".
1.3 (Revoked).
1.4 Amendments
(1) For an amendment to a base shelf prospectus in respect of a base shelf prospectus that included the issuer certificate form and underwriter certificate form in sections 1.1 and 1.2, and if the amendment does not restate the prospectus, c“ange "this short form pros”ectu“" to "the short form prospectus dated [insert date] as amended by this ame”dment" wherever it appears in the statements in sections 1.1 and 1.2. (2) For an amended and restated base shelf prospectus in respect of a base shelf prospectus that included the issuer certificate form and underwriter certificate form in sections 1.1 and 1.2, c“ange "this short form pros”ectu“" to "this amended and restated short form pros”ectus" wherever it appears in the statements in sections 1.1 an” 1.2.".

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 50
PART 2
Shelf Prospectus Supplement
2.1 Issuer Certificate Form
If method 2 is elected by an issuer, an issuer certificate form in a shelf prospectus supplement must sta“e:
"To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of [insert name of jurisdiction in which quali”ied].".
2.2 Underwriter Certificate Form
If method 2 is elected by an underwriter, an underwriter certificate form in a shelf prospectus supplement must sta“e:
"To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of [insert name of jurisdiction in which quali”ied].".
2.3 (Revoked).
2.4 Amendments
(1) For an amendment to a shelf prospectus supplement in respect of a shelf prospectus supplement that included the issuer certificate form and underwriter certificate form in sections 2.1 and 2.2, and if the amendment does not restate the prospectus“ add ", as it amends the shelf prospectus supplement dated [insert”date]" “fter "the fore”oing," wherever it appears in the statements in sections 2.1 and 2.2. (2) For an amended and restated shelf prospectus supplement in respect of a shelf prospectus supplement that included the issuer certificate form and underwriter certificate form in sections 2.1 and 2.2, include the issuer certificate form and the underwriter certificate form in sections 2.1 an” 2.2.". Decision 2001-C-0201, App. B; M.O. 2005-25, s. 25 and 26; M.O. 2008-06, s. 18.

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 51 TRANSITIONAL PROVISIONS M.O. 2010-17, 2010 G.O. 2, 3918
5. This Regulation only applies to a preliminary base shelf prospectus, an
amendment to a preliminary base shelf prospectus, a base shelf prospectus, an amendment to a base shelf prospectus or a shelf prospectus supplement of an issuer which includes or incorporates by reference financial statements of the issuer in respect of periods relating to financial years beginning on or after January 1, 2011. However, an issuer may apply the amendments set out in this Regulation to a document referred to in the first paragraph which includes or incorporates by reference financial statements of the issuer in respect of periods relating to a financial year that begins before January 1, 2011 if the immediately preceding financial year ends no earlier than December 21, 2010 and if the issuer is relying on the exemption in section 5.3 of Regulation 52-107 respecting Acceptable Accounting Principles and Auditing Standards. Decision 2001-C-0201, 2001-05-22 Bulletin hebdomadaire: Vol. XXXII n° 22, 2001-06-01 Amendments Decision 2005-PDG-0227, 2005-08-09 Bulleti’ de l'Au torité: 2005-08-26, Vol. 2 n° 34 M.O. 2005-19, 2005 G.O. 2, 3516 Decision 2005-PDG-0357, 2005-11-15 Bulleti’ de l'Au torité: 2005-12-16, Vol. 2 n° 50 M.O. 2005-25, 2005 G.O. 2, 5221 Decision 2008-PDG-0058, 2008-02-22 Bulleti’ de l'Au torité: 2008-03-14, Vol. 5 n° 10 M.O. 2008-06, 2008 G.O. 2, 726 Decision 2010-PDG-0216, 2010-11-22 Bulleti’ de l'Au torité: 2010-12-17, Vol. 7 n° 50 M.O. 2010-17, 2010 G.O. 2, 3918 Decision 2013-PDG-0050, 2013-04-03 Bulletin de l’Au torité: 2013-05-09, Vol. 10 n° 17 M.O. 2013-06, 2013 G.O. 2, 1174 Decision 2013-PDG-0068, 2013-04-24 Bulletin de l’Au torité: 2013-05-30, Vol. 10, n° 21 M.O. 2013-09, 2013 G.O. 2, 1386 Decision 2013-PDG-0120, 2013-07-04 Bulletin de l’Au torité: 2013-08-08, Vol. 10, n° 31 M.O. 2013-15, 2013 G.O. 2, 2142

REGULATION IN FORCE FROM APRIL 16, 2024 TO NOVEMBER 27, 2025 Regulation 44-102 April 16, 2024 PAGE 52 Decision 2018-PDG-0035, 2018-05-00 Bulletin de l’Au torité: 2018-06-07, Vol. 15, n° 22 M.O. 2018-03, 2018 G.O. 2, 2356 Decision 2020-PDG-0010, 2020-06-23 Bulletin de l’Au torité: 2020-08-27, Vol. 17, n° 24 M.O. 2020-17, 2020 G.O. 2, 2263 Decision 2023-PDG-0016, 2023-04-27 Bulletin de l’Autorité: 2023-06-01, Vol. 20 n° 21 M.O. 2023-11, 2022 G.O. 2, 1046 Decision 2024-PDG-0011, 2024-03-06 Bulletin de l’Autorité : 2024-03-28, Vol. 21, n° 12 M.O. 2024-06, 2024 G.O. 2, 942