Regulation 62-104 Respecting Take-Over Bids and Issuer Bids

Regulation 62-104 September 19, 2025 PAGE 1
Last amendment in force on September 19, 2025 This document has official status
chapter V-1.1, r. 35
REGULATION 62-104 RESPECTING TAKE-OVER BIDS AND ISSUER BIDS Securities Act (chapter V-1.1, s. 331.1)
PART 1
DEFINITIONS AND INTERPRETATION
1.1. Definitions
In this Regulation,
“Act” means, in the jurisdiction, the statute referred to in Appendix B to Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3); “alternative transaction” means, for an issuer:
(a) an amalgamation, merger, arrangement, consolidation, or any other transaction of the issuer, or an amendment to the terms of a class of equity securities of the issuer, as a consequence of which the interest of a holder of an equity security of the issuer may be terminated without the holder’s consent, regardless of whether the equity security is replaced with another security, but does not include (i) a consolidation of securities that does not have the effect of terminating the interests of holders of equity securities of the issuer in those securities without their consent, except to an extent that is nominal in the circumstances, (ii) a circumstance in which the issuer may terminate a holder’s interest in a security, under the terms attached to the security, for the purpose of enforcing an ownership or voting constraint that is necessary to enable the issuer to comply with legislation, lawfully engage in a particular activity or have a specified level of Canadian ownership, or (iii) a transaction solely between or among the issuer and one or more subsidiaries of the issuer, (b) a sale, lease or exchange of all or substantially all the property of the issuer if the sale, lease or exchange is not in the ordinary course of business of the issuer, but does not include a sale, lease or exchange solely between or among the issuer and one or more subsidiaries of the issuer;

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“associate”, when used to indicate a relationship with a person, means (a) an issuer of which the person beneficially owns or controls, directly or indirectly, voting securities entitling the person to more than 10% of the voting rights attached to outstanding securities of the issuer, (b) any partner of the person, (c) any trust or estate in which the person has a substantial beneficial interest or in respect of which a person serves as trustee or in a similar capacity, or (d) a relative of that person, if the relative has the same home as that person, including (i) the spouse or, in Alberta, adult interdependent partner of that person, or (ii) a relative of the person’s spouse or, in Alberta, adult interdependent partner; “bid circular” means a bid circular prepared in accordance with section 2.10; “business day” means a day other than a Saturday, a Sunday or a day that is a statutory holiday in the jurisdiction; “class of securities” includes a series of a class of securities; “consultant” has the same meaning as in Regulation 45-106 respecting Prospectus Exemptions (chapter V-1.1, r. 21); “deposit period news release” means a news release issued by an offeree issuer in respect of a proposed or commenced take-over bid for the securities of the offeree issuer and stating an initial deposit period for the bid of not more than 105 days and not less than 35 days, expressed as a number of days from the date of the bid; “equity security” means a security of an issuer that carries a residual right to participate in the earnings of the issuer and, on liquidation or winding up of the issuer, in its assets; “initial deposit period” means the period, including any extension, during which securities may be deposited under a take-over bid but does not include (a) a mandatory 10-day extension period, or (b) any extension to the period during which securities may be deposited if the extension is made after a mandatory 10-day extension period; “issuer bid” means an offer to acquire or redeem securities of an issuer made by the issuer to one or more persons, any of whom is in the local jurisdiction or whose last

Regulation 62-104 September 19, 2025 PAGE 3 address as shown on the books of the offeree issuer is in the local jurisdiction, and also includes an acquisition or redemption of securities of the issuer by the issuer from those persons, but does not include an offer to acquire or redeem, or an acquisition or redemption if (a) no valuable consideration is offered or paid by the issuer for the securities, (b) the offer to acquire or redeem, or the acquisition or redemption is a step in an amalgamation, merger, reorganization or arrangement that requires approval in a vote of security holders, or (c) the securities are debt securities that are not convertible into securities other than debt securities; “mandatory 10-day extension period” means the period referred to in paragraph 2.31.1(a); “offer to acquire” means (a) an offer to purchase, or a solicitation of an offer to sell, securities, (b) an acceptance of an offer to sell securities, whether or not the offer has been solicited, or (c) any combination of the above; “offeree issuer” means an issuer whose securities are the subject of a take-over bid, an issuer bid or an offer to acquire; “offeror” means, except in Division 1 of Part 2 of this Regulation, a person that makes a take-over bid, an issuer bid or an offer to acquire; “offeror’s securities” means securities of an offeree issuer beneficially owned, or over which control or direction is exercised, on the date of an offer to acquire, by an offeror or any person acting jointly or in concert with the offeror; “partial take-over bid” means a take-over bid for less than all of the outstanding securities of the class of securities subject to the bid; “published market” means, with respect to any class of securities, a market in Canada or outside of Canada on which the securities are traded, if the prices at which they have been traded on that market are regularly (a) disseminated electronically, or (b) published in a newspaper or business or financial publication of general and regular paid circulation; “standard trading unit” means

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(a) 1,000 units of a security with a market price of less than $0.10 per unit, (b) 500 units of a security with a market price of $0.10 or more per unit and less than $1.00 per unit, and (c) 100 units of a security with a market price of $1.00 or more per unit; “subsidiary entity” means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary entity of that subsidiary entity; “take-over bid” means an offer to acquire outstanding voting securities or equity securities of a class made to one or more persons, any of whom is in the local jurisdiction or whose last address as shown on the books of the offeree issuer is in the local jurisdiction, where the securities subject to the offer to acquire, together with the offeror’s securities, constitute in the aggregate 20% or more of the outstanding securities of that class of securities at the date of the offer to acquire but does not include an offer to acquire if the offer to acquire is a step in an amalgamation, merger, reorganization or arrangement that requires approval in a vote of security holders. M.O. 2008-02, s. 1.1; M.O. 2016-07, s. 1.
1.2. Definitions for purposes of the Act
(1) Except in Saskatchewan, in the Act,
(a) “offer to acquire” has the same meaning as in this Regulation, and (b) “offeror” has the same meaning as in section 1.1 of this Regulation. (2) In the definition of “issuer bid” in the Act, the prescribed class of issuer bids is that set out in the definition of “issuer bid” in this Regulation. (3) In the definition of “take-over bid” in the Act, the prescribed class of take-over bids is that set out in the definition of “take-over bid” in this Regulation. M.O. 2008-02, s. 1.2.
1.3. Affiliate
In this Regulation, an issuer is an affiliate of another issuer if (a) one of them is the subsidiary entity of the other, or (b) each of them is controlled by the same person. M.O. 2008-02, s. 1.3.

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1.4. Control
In this Regulation, a person controls a second person if (a) the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a majority of the directors of the second person, unless the first person holds the voting securities only to secure an obligation, (b) the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of the partnership, or (c) the second person is a limited partnership and the general partner of the limited partnership is the first person. M.O. 2008-02, s. 1.4.
1.5. Computation of time
In this Regulation, a period of days is to be computed as beginning on the day following the event that began the period and ending at 11:59 p.m. on the last day of the period if that day is a business day or at 11:59 p.m. on the next business day if the last day of the period does not fall on a business day. M.O. 2008-02, s. 1.5.
1.6. Expiry of bid
A take-over bid or an issuer bid expires at the later of (a) the end of the period, including any extension, during which securities may be deposited under the bid, and (b) the time at which the offeror becomes obligated by the terms of the bid to take up or reject securities deposited under the bid. M.O. 2008-02, s. 1.6.
1.7. Convertible securities
In this Regulation,
(a) a security is deemed to be convertible into a security of another class if, whether or not on conditions, it is or may be convertible into or exchangeable for, or if it carries the right or obligation to acquire, a security of the other class, whether of the same or another issuer, and (b) a security that is convertible into a security of another class is deemed to be convertible into a security or securities of each class into which the second-

Regulation 62-104 September 19, 2025 PAGE 6 mentioned security may be converted, either directly or through securities of one or more other classes of securities that are themselves convertible. M.O. 2008-02, s. 1.7.
1.8. Deemed beneficial ownership
(1) In this Regulation, in determining the beneficial ownership of securities of an offeror, of an acquiror or of any person acting jointly or in concert with the offeror or the acquiror, at any given date, the offeror, the acquiror or the person is deemed to have acquired and to be the beneficial owner of a security, including an unissued security, if the offeror, the acquiror or the person (a) is the beneficial owner of a security convertible into the security within 60 days following that date, or (b) has a right or obligation permitting or requiring the offeror, the acquiror or the person, whether or not on conditions, to acquire beneficial ownership of the security within 60 days by a single transaction or a series of linked transactions. (2) The number of outstanding securities of a class in respect of an offer to acquire includes securities that are beneficially owned as determined in accordance with subsection (1). (3) If 2 or more offerors acting jointly or in concert make one or more offers to acquire securities of a class, the securities subject to the offer or offers to acquire are deemed to be securities subject to the offer to acquire of each offeror for the purpose of determining whether an offeror is making a take-over bid. (4) In this section, an offeror is not a beneficial owner of securities solely because there is an agreement, commitment or understanding that a security holder will tender the securities under a take-over bid or an issuer bid, made by the offeror, that is not exempt from Part 2. (5) In Québec, for the purposes of this Regulation, a person that beneficially owns securities means a person that owns the securities or that holds securities registered under the name of an intermediary acting as nominee, including a trustee or agent. M.O. 2008-02, s. 1.8; M.O. 2016-07, s. 2.
1.9. Acting jointly or in concert
(1) In this Regulation, it is a question of fact as to whether a person is acting jointly or in concert with an offeror or an acquiror and, without limiting the generality of the foregoing, (a) the following are deemed to be acting jointly or in concert with an offeror or an acquiror:

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(i) a person that, as a result of any agreement, commitment or understanding with the offeror, the acquiror or with any other person acting jointly or in concert with the offeror or the acquiror, acquires or offers to acquire securities of the same class as those subject to the offer to acquire; (ii) an affiliate of the offeror or the acquiror; (b) the following are presumed to be acting jointly or in concert with an offeror or an acquiror:
(i) a person that, as a result of any agreement, commitment or understanding with the offeror, the acquiror or with any other person acting jointly or in concert with the offeror or the acquiror, intends to exercise jointly or in concert with the offeror, the acquiror or with any person acting jointly or in concert with the offeror or the acquiror any voting rights attaching to any securities of the offeree issuer; (ii) an associate of the offeror or the acquiror. (2) Subsection (1) does not apply to a registered dealer acting solely in an agency capacity for the offeror in connection with a bid and not executing principal transactions in the class of securities subject to the offer to acquire or performing services beyond the customary functions of a registered dealer. (3) For the purposes of this section, a person is not acting jointly or in concert with an offeror solely because there is an agreement, commitment or understanding that the person will tender securities under a take-over bid or an issuer bid, made by the offeror, that is not exempt from Part 2. M.O. 2008-02, s. 1.9; M.O. 2016-07, s. 3.
1.10. Application to direct and indirect offers
In this Regulation, a reference to an offer to acquire or to the acquisition or ownership of securities or to control or direction over securities includes a direct or indirect offer to acquire or the direct or indirect acquisition or ownership of securities, or the direct or indirect control or direction over securities, as the case may be. M.O. 2008-02, s. 1.10.
1.11. Determination of market price
(1) In this Regulation,
(a) the market price of a class of securities for which there is a published market, at any date, is an amount equal to the simple average of the closing price of securities of that class for each of the business days on which there was a closing price in the 20 business days preceding that date,

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(b) if a published market does not provide a closing price, but provides only the highest and lowest prices of securities traded on a particular day, the market price of the securities, at any date, is an amount equal to the average of the simple averages of the highest and lowest prices for each of the business days on which there were highest and lowest prices in the 20 business days preceding that date, and (c) if there has been trading of securities in a published market for fewer than 10 of the 20 business days preceding the date as of which the market price of the securities is being determined, the market price is the average of the following prices established for each day of the 20 business days preceding that date:
(i) the average of the closing bid and ask prices for each day on which there was no trading; and (ii) either the closing price of securities of the class for each day that there has been trading, if the published market provides a closing price, or the average of the highest and lowest prices of securities of that class for each day that there has been trading, if the published market provides only the highest and lowest prices of securities traded on a particular day (2) If there is more than one published market for a security, the market price in paragraphs (1)(a), (b) and (c) must be determined as follows:
(a) if only one of the published markets is in Canada, the market price must be determined solely by reference to that market; (b) if there is more than one published market in Canada, the market price must be determined solely by reference to the published market in Canada on which the greatest volume of trading in the particular class of securities occurred during the 20 business days preceding the date as of which the market price is being determined; (c) if there is no published market in Canada, the market price must be determined solely by reference to the published market on which the greatest volume of trading in the particular class of securities occurred during the 20 business days preceding the date as of which the market price is being determined. (3) Despite subsections (1) and (2) for the purposes of section 4.1 and subsection 4.8(3), if an offeror acquires securities on a published market, the market price for those securities is the price of the last standard trading unit of securities of that class purchased, before the acquisition by the offeror, by a person who was not acting jointly or in concert with the offeror. M.O. 2008-02, s. 1.11; M.O. 2016-07, s. 4.

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PART 2
BIDS
DIVISION 1 Restrictions on Acquisitions or Sales
2.1. Definition of “offeror”
In this Division, “offeror” means
(a) a person making a take-over bid or an issuer bid that is not exempt from
Part 2,
(b) a person acting jointly or in concert with a person referred to in paragraph (a), (c) a control person of a person referred to in paragraph (a), or (d) a person acting jointly or in concert with a control person referred to in paragraph (c). M.O. 2008-02, s. 2.1.
2.2. Restrictions on acquisitions during take-over bid
(1) An offeror must not offer to acquire, or make or enter into an agreement, commitment or understanding to acquire beneficial ownership of any securities of the class that are subject to a take-over bid or securities convertible into securities of that class otherwise than under the bid on and from the day of the announcement of the offeror’s intention to make the bid until the expiry of the bid. (2) Subsection (1) does not apply to an agreement between a security holder and the offeror to the effect that the security holder will, in accordance with the terms and conditions of a take-over bid that is not exempt from Part 2, deposit the security holder’s securities under the bid. (3) Despite subsection (1), an offeror may purchase securities of the class that are subject to a take-over bid and securities convertible into securities of that class beginning on the 3rd business day following the date of the bid until the expiry of the bid if all of the following conditions are satisfied:
(a) the intention of the offeror,
(i) on the date of the bid, is to make purchases and that intention is stated in the bid circular, or (ii) to make purchases changes after the date of the bid and that intention is stated in a news release issued and filed at least one business day prior to making such purchases;

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(b) the number of securities beneficially acquired under this subsection does not exceed 5% of the outstanding securities of that class as at the date of the bid; (c) the purchases are made in the normal course on a published market; (d) the offeror issues and files a news release immediately after the close of business of the published market on each day on which securities have been purchased under this subsection disclosing the following information:
(i) the name of the purchaser;
(ii) if the purchaser is a person referred to in paragraph 2.1(b), (c) or (d), the relationship of the purchaser and the offeror; (iii) the number of securities purchased on the day for which the news release is required; (iv) the highest price paid for the securities on the day for which the news release is required; (v) the aggregate number of securities purchased on the published market during the currency of the bid; (vi) the average price paid for the securities that were purchased on the published market during the currency of the bid; and (vii) the total number of securities owned by the purchaser after giving effect to the purchases that are the subject of the news release; (e) no broker acting for the offeror performs services beyond the customary broker’s functions in regard to the purchases; (f) no broker acting for the offeror receives more than the usual fees or commissions in regard to the purchases than are charged for comparable services performed by the broker in the normal course; (g) the offeror or any person acting for the offeror does not solicit or arrange for the solicitation of offers to sell securities of the class subject to the bid, except for the solicitation by the offeror or members of the soliciting dealer group under the bid; (h) the seller or any person acting for the seller does not, to the knowledge of the offeror, solicit or arrange for the solicitation of offers to buy securities of the class subject to the bid. (4) For the purposes of paragraph 2.2(3)(b), the acquisition of beneficial ownership of securities that are convertible into securities of the class that is subject to the bid shall be deemed to be an acquisition of the securities as converted. M.O. 2008-02, s. 2.2.

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2.3. Restrictions on acquisitions during issuer bid
(1) An offeror must not offer to acquire, or make or enter into an agreement, commitment or understanding to acquire, beneficial ownership of any securities of the class that are subject to an issuer bid, or securities that are convertible into securities of that class, otherwise than under the bid on and from the day of the announcement of the offeror’s intention to make the bid until the expiry of the bid. (2) Subsection (1) does not prevent the offeror from purchasing, redeeming or otherwise acquiring any securities of the class subject to the bid in reliance on an exemption under paragraph 4.6(a), (b) or (c). M.O. 2008-02, s. 2.3.
2.4. Restrictions on acquisitions before take-over bid
(1) If, within the period of 90 days immediately preceding a take-over bid, an offeror acquired beneficial ownership of securities of the class subject to the bid in a transaction not generally available on identical terms to holders of that class of securities, (a) the offeror must offer (i) consideration for securities deposited under the bid at least equal to and in the same form as the highest consideration that was paid on a per security basis under any such prior transaction, or (ii) at least the cash equivalent of that consideration, and (b) the offeror must offer to acquire under the bid that percentage of the securities of the class subject to the bid that is at least equal to the highest percentage that the number of securities acquired from a seller in any such prior transaction was of the total number of securities of that class beneficially owned by that seller at the time of that prior transaction. (2) Subsection (1) does not apply to a transaction that occurred within 90 days preceding the bid if either of the following conditions are satisfied:
(a) the transaction is a trade in a security of the issuer that had not been previously issued; (b) the transaction is a trade by or on behalf of the issuer in a previously issued security of that issuer that had been redeemed or purchased by, or donated to, that issuer. M.O. 2008-02, s. 2.4.

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2.5. Restrictions on acquisitions after bid
During the period beginning with the expiry of a take-over bid or an issuer bid and ending at the end of the 20th business day after that, whether or not any securities are taken up under the bid, an offeror must not acquire or offer to acquire beneficial ownership of securities of the class that was subject to the bid except by way of a transaction that is generally available to holders of that class of securities on identical terms. M.O. 2008-02, s. 2.5.
2.6. Exception
Subsection 2.4(1) and section 2.5 do not apply to purchases made by an offeror in the normal course on a published market if all of the following conditions are satisfied:
(a) no broker acting for the offeror performs services beyond the customary broker’s functions in regard to the purchases; (b) no broker acting for the offeror receives more than the usual fees or commissions in regard to the purchases than are charged for comparable services performed by the broker in the normal course; (c) the offeror or any person acting for the offeror does not solicit or arrange for the solicitation of offers to sell securities of the class subject to the bid, except for the solicitation by the offeror or members of the soliciting dealer group under the bid; (d) the seller or any person acting for the seller does not, to the knowledge of the offeror, solicit or arrange for the solicitation of offers to buy securities of the class subject to the bid. M.O. 2008-02, s. 2.6.
2.7. Restrictions on sales during bid
(1) An offeror, except under a take-over bid or an issuer bid, must not sell, or make or enter into an agreement, commitment or understanding to sell, any securities of the class subject to the bid, or securities that are convertible into securities of that class, beginning on the day of the announcement of the offeror’s intention to make the bid until the expiry of the bid. (2) Despite subsection (1), an offeror may, before the expiry of a bid, make or enter into an agreement, commitment or understanding to sell securities that may be taken up by the offeror under the bid, after the expiry of the bid, if the intention to sell is disclosed in the bid circular.

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(3) Subsection (1) does not apply to an offeror under an issuer bid in respect of the issue of securities under a dividend plan, dividend reinvestment plan, employee purchase plan or another similar plan. M.O. 2008-02, s. 2.7. DIVISION 2 Making a Bid
2.8. Duty to make bid to all security holders
An offeror must make a take-over bid or an issuer bid to all holders of the class of securities subject to the bid who are in the local jurisdiction by sending the bid to (a) each holder of that class of securities whose last address as shown on the books of the offeree issuer is in the local jurisdiction, and (b) each holder of securities that, before the expiry of the deposit period referred to in the bid, are convertible into securities of that class, whose last address as shown on the books of the offeree issuer is in the local jurisdiction. M.O. 2008-02, s. 2.8.
2.9. Commencement of bid
(1) An offeror must commence a take-over bid by (a) publishing an advertisement containing a brief summary of the take-over bid in at least one major daily newspaper of general and regular paid circulation in the local jurisdiction in English, and in Québec in French or in French and English, or (b) sending the bid to security holders described in section 2.8. (2) An offeror must commence an issuer bid by sending the bid to security holders described in section 2.8. M.O. 2008-02, s. 2.9.
2.10. Offeror’s circular
(1) An offeror making a take-over bid or an issuer bid must prepare and send, either as part of the bid or together with the bid, a take-over bid circular or an issuer bid circular, as the case may be, in the following form:
(a) Form 62-104F1, for a take-over bid; or
(b) Form 62-104F2, for an issuer bid.
(2) An offeror commencing a take-over bid under paragraph 2.9(1)(a) must,

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(a) on or before the date of first publication of the advertisement, (i) deliver the bid and the bid circular to the offeree issuer’s principal office, (ii) file the bid, the bid circular and the advertisement, (iii) request from the offeree issuer a list of security holders described in section 2.8, and (b) not later than 2 business days after receipt of the list of security holders referred to in subparagraph (a)(iii), send the bid and the bid circular to those security holders. (3) An offeror commencing a take-over bid under paragraph 2.9(1)(b) must file the bid and the bid circular and deliver them to the offeree issuer’s principal office on the day the bid is sent, or as soon as practicable after that. (4) An offeror making an issuer bid must file the bid and the bid circular on the day the bid is sent, or as soon as practicable after that. M.O. 2008-02, s. 2.10.
2.11. Change in information
(1) If, before the expiry of a take-over bid or an issuer bid or after the expiry of a bid but before the expiry of all rights to withdraw the securities deposited under the bid, a change has occurred in the information contained in the bid circular or any notice of change or notice of variation that would reasonably be expected to affect the decision of the security holders of the offeree issuer to accept or reject the bid, the offeror must promptly (a) issue and file a news release, and (b) send a notice of the change to every person to whom the bid was required to be sent and whose securities were not taken up before the date of the change. (1.1) Despite paragraph (1)(b), an offeror is not required to send a notice of change to a security holder if, under paragraph 2.30(2)(a.1), the security holder is restricted from withdrawing securities that have been deposited under the bid. (2) Subsection (1) does not apply to a change that is not within the control of the offeror or of an affiliate of the offeror unless it is a change in a material fact relating to the securities being offered in exchange for securities of the offeree issuer. (3) In this section, a variation in the terms of a bid does not constitute a change in information. (4) A notice of change must be in the form of Form 62-104F5.

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(5) If, under subsection (1), an offeror is required to send a notice of change before the expiry of the initial deposit period (a) the initial deposit period for the offeror’s take-over bid must not expire before 10 days after the date of the notice of change, and (b) the offeror must not take up securities deposited under the bid before 10 days after the date of the notice of change. M.O. 2008-02, s. 2.11; M.O. 2016-07, s. 5.
2.12. Variation of terms
(1) If there is a variation in the terms of a take-over bid or an issuer bid, including any reduction of the period during which securities may be deposited under the bid pursuant to section 2.28.2 or section 2.28.3, or any extension of the period during which securities may be deposited under the bid, and whether or not that variation results from the exercise of any right contained in the bid, the offeror must promptly (a) issue and file a news release, and (b) send a notice of variation to every person to whom the bid was required to be sent under section 2.8 and whose securities were not taken up before the date of the variation. (1.1) Despite paragraph (1)(b), an offeror is not required to send a notice of variation to a security holder if, under paragraph 2.30(2)(a.1), the security holder is restricted from withdrawing securities that have been deposited under the bid. (2) A notice of variation must be in the form of Form 62-104F5. (3) If there is a variation in the terms of a take-over bid or an issuer bid, the period during which securities may be deposited under the bid must not expire before 10 days after the date of the notice of variation. (3.1) If, under subsection (1), an offeror is required to send a notice of variation before the expiry of the initial deposit period (a) the initial deposit period for the offeror’s take-over bid must not expire before 10 days after the date of the notice of variation, and (b) the offeror must not take up securities deposited under the bid before 10 days after the date of the notice of variation. (4) Subsections (1), (3) and (3.1) do not apply to a variation in the terms of a bid consisting solely of the waiver of a condition in the bid and any extension of the bid, other than an extension in respect of the mandatory 10-day extension period, resulting from the waiver where the consideration offered for the securities consists solely of

Regulation 62-104 September 19, 2025 PAGE 16 cash, but in that case the offeror must promptly issue and file a news release announcing the waiver. (5) An offeror must not make a variation in the terms of an issuer bid, other than a variation that is the waiver by the offeror of a condition that is specifically stated in the bid as being waivable at the sole option of the offeror, after the expiry of the period, including any extension of the period, during which the securities may be deposited under the bid. (6) An offeror must not make a variation in the terms of a take-over bid, other than a variation to extend the time during which securities may be deposited under the bid or a variation to increase the consideration offered for the securities subject to the bid, after the offeror becomes obligated to take up securities deposited under the bid in accordance with section 2.32.1. M.O. 2008-02, s. 2.12; M.O. 2016-07, s. 6.
2.13. Filing and sending notice of change or notice of variation
A notice of change or notice of variation in respect of a take-over bid or an issuer bid must be filed and, in the case of a take-over bid, delivered to the offeree issuer’s principal office, on the day the notice of change or notice of variation is sent to security holders of the offeree issuer, or as soon as practicable after that. M.O. 2008-02, s. 2.13.
2.14. Change or variation in advertised take-over bid
(1) If a change or variation occurs to a take-over bid that was commenced by means of an advertisement, and if the offeror has complied with paragraph 2.10(2)(a) but has not yet sent the bid and the bid circular under paragraph 2.10(2)(b), the offeror must (a) publish an advertisement that contains a brief summary of the change or variation in at least one major daily newspaper of general and regular paid circulation in the local jurisdiction in English, and in Québec in French or in French and English, (b) concurrently with the date of first publication of the advertisement, (i) file the advertisement, and (ii) file and deliver a notice of change or notice of variation to the offeree issuer’s principal office, and (c) subsequently send the bid, the bid circular and the notice of change or notice of variation to the security holders of the offeree issuer before the expiration of the period set out in paragraph 2.10(2)(b).

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(2) If an offeror satisfies the requirements of subsection (1), the notice of change or notice of variation is not required to be filed and delivered under section 2.13. M.O. 2008-02, s. 2.14.
2.15. Consent of expert – bid circular
(1) In this section and section 2.21, an expert includes a notary in Québec, solicitor, auditor, accountant, engineer, geologist or appraiser or any other person whose profession or business gives authority to a report, valuation, statement or opinion made by that person. (2) If a report, valuation, statement or opinion of an expert is included in or accompanies a bid circular or any notice of change or notice of variation to the circular, the written consent of the expert to the use of the report, valuation, statement or opinion must be filed concurrently with the bid circular, notice of change or notice of variation. M.O. 2008-02, s. 2.15; M.O. 2010-17, s. 1.
2.16. Delivery and date of bid documents
(1) A take-over bid, an issuer bid, a bid circular and every notice of change or notice of variation must be (a) mailed by pre-paid mail to the intended recipient, or (b) delivered to the intended recipient by personal delivery, courier or other manner acceptable to the regulator or securities regulatory authority. (2) Except for a take-over bid commenced by means of an advertisement in accordance with paragraph 2.9(1)(a), a bid, bid circular, notice of change or notice of variation sent in accordance with this section is deemed to be dated as of the date it was sent to all or substantially all of the persons entitled to receive it. (3) If a take-over bid is commenced by means of an advertisement in accordance with paragraph 2.9(1)(a), a bid, bid circular, notice of change or notice of variation is deemed to have been dated as of the date of first publication of the relevant advertisement. M.O. 2008-02, s. 2.16. DIVISION 3 Offeree Issuer’s Obligations
2.17. Duty to prepare and send directors’ circular
(1) If a take-over bid has been made, the board of directors of the offeree issuer must prepare and send, not later than 15 days after the date of the bid, a directors’ circular to every person to whom the bid was required to be sent under section 2.8.

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(2) The board of directors of the offeree issuer must evaluate the terms of the take￾over bid and, in the directors’ circular, (a) must recommend to security holders that they accept or reject the bid and state the reasons for the recommendation, (b) must advise security holders that the board is unable to make, or is not making, a recommendation and state the reasons for being unable to make a recommendation or for not making a recommendation, or (c) must advise security holders that the board is considering whether to make a recommendation to accept or reject the bid, must state the reasons for not making a recommendation in the directors’ circular and may advise security holders that they should not deposit their securities under the bid until they receive further communication from the board of directors in accordance with paragraph (a) or (b). (3) If paragraph (2)(c) applies, the board of directors must communicate to security holders a recommendation to accept or reject the bid or the decision that it is unable to make, or is not making, a recommendation, together with the reasons for the recommendation or decision, at least 7 days before the scheduled expiry of the initial deposit period. (4) A directors’ circular must be in the form of Form 62-104F3. M.O. 2008-02, s. 2.17; M.O. 2016-07, s. 7.
2.18. Notice of change
(1) If, before the expiry of a take-over bid or after the expiry of a take-over bid but before the expiry of all rights to withdraw the securities deposited under the bid, a change has occurred in the information contained in a directors’ circular or in any notice of change to the directors’ circular that would reasonably be expected to affect the decision of the security holders to accept or reject the bid, the board of directors of the offeree issuer must promptly issue and file a news release relating to the change and send a notice of the change to every person to whom the take-over bid was required to be sent disclosing the nature and substance of the change. (2) A notice of change must be in the form of Form 62-104F5. M.O. 2008-02, s. 2.18.
2.19. Filing directors’ circular or notice of change
The board of directors of the offeree issuer must concurrently file the directors’ circular or a notice of change in relation to it and deliver it to the principal office of the offeror not later than the date on which it is sent to the security holders of the offeree issuer, or as soon as practicable after that date. M.O. 2008-02, s. 2.19.

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2.20. Individual director’s or officer’s circular
(1) An individual director or officer may recommend acceptance or rejection of a take-over bid if the director or officer sends with the recommendation a separate director’s or officer’s circular to every person to whom the take-over bid was required to be sent under section 2.8. (2) If, before the expiry of a take-over bid or after the expiry of a take-over bid but before the expiry of all rights to withdraw the securities deposited under the bid, a change has occurred in the information contained in a director’s or officer’s circular or any notice of change in relation to it that would reasonably be expected to affect the decision of the security holders to accept or reject the bid, other than a change that is not within the control of the director or officer, as the case may be, that director or officer must promptly send a notice of change to every person to whom the take-over bid was required to be sent under section 2.8. (3) A director’s or officer’s circular must be in the form of Form 62-104F4. (4) A director’s or officer’s obligation to send a circular under subsection (1) or to send a notice of change under subsection (2) may be satisfied by sending the circular or the notice of change, as the case may be, to the board of directors of the offeree issuer. (5) If a director or officer sends to the board of directors of the offeree issuer a circular under subsection (1) or a notice of change under subsection (2), the board, at the offeree issuer’s expense, must promptly send a copy of the circular or notice to every person to whom the take-over bid was required to be sent under section 2.8. (6) The board of directors of the offeree issuer or the individual director or officer, as the case may be, must concurrently file the director’s or officer’s circular or a notice of change in relation to it and send it to the principal office of the offeror not later than the date on which it is sent to the security holders of the offeree issuer, or as soon as practicable after that. (7) A notice of change in relation to a director’s or officer’s circular must be in the form of Form 62-104F5. M.O. 2008-02, s. 2.20.
2.21. Consent of expert - directors’ circular/individual director’s or officer’s
circular
If a report, valuation, statement or opinion of an expert is included in or accompanies a directors’ circular, an individual director’s or officer’s circular or any notice of change to either circular, the written consent of the expert to the use of the report, valuation, statement or opinion must be filed concurrently with the circular or notice. M.O. 2008-02, s. 2.21.

Regulation 62-104 September 19, 2025 PAGE 20
2.22. Delivery and date of offeree issuer’s documents
(1) A directors’ circular, an individual director’s or officer’s circular and every notice of change must be (a) mailed by pre-paid mail to the intended recipient, or (b) delivered to the intended recipient by personal delivery, courier or other manner acceptable to the regulator or securities regulatory authority. (2) Any circular or notice sent in accordance with this section is deemed to be dated as of the date it was sent to all or substantially all of the persons entitled to receive it. M.O. 2008-02, s. 2.22. DIVISION 4 Offeror’s Obligations
2.23. Consideration
(1) If a take-over bid or an issuer bid is made, all holders of the same class of securities must be offered identical consideration. (2) Subsection (1) does not prohibit an offeror from offering an identical choice of consideration to all holders of the same class of securities. (3) If a variation in the terms of a take-over bid or an issuer bid before the expiry of the bid increases the value of the consideration offered for the securities subject to the bid, the offeror must pay that increased consideration to each person whose securities are taken up under the bid, whether or not the securities were taken up by the offeror before the variation of the bid. M.O. 2008-02, s. 2.23.
2.24. Prohibition against collateral agreements
If a person makes or intends to make a take-over bid or an issuer bid, the person or any person acting jointly or in concert with that person must not enter into any collateral agreement, commitment or understanding that has the effect, directly or indirectly, of providing a security holder of the offeree issuer with consideration of greater value than that offered to the other security holders of the same class of securities. M.O. 2008-02, s. 2.24.
2.25. Collateral agreements - exception
(1) Section 2.24 does not apply to an employment compensation arrangement, severance arrangement or other employment benefit arrangement that provides

Regulation 62-104 September 19, 2025 PAGE 21
(a) an enhancement of employee benefits resulting from participation by the security holder of the offeree issuer in a group plan, other than an incentive plan, for employees of a successor to the business of the offeree issuer, if the benefits provided by the group plan are generally provided to employees of the successor to the business of the offeree issuer who hold positions of a similar nature to the position held by the security holder, or (b) a benefit not described in paragraph (a) that is received solely in connection with the security holder’s services as an employee, director or consultant of the offeree issuer, of an affiliate of the offeree issuer, or of a successor to the business of the offeree issuer, if (i) at the time the bid is publicly announced, the security holder and its associates beneficially own or exercise control or direction over less than 1% of the outstanding securities of each class of securities of the offeree issuer subject to the bid, or (ii) an independent committee of directors of the offeree issuer, acting in good faith, has determined that (A) the value of the benefit, net of any offsetting costs to the security holder, is less than 5% of the amount referred to in paragraph 3(a), or (B) the security holder is providing at least equivalent value in exchange for the benefit. (2) In order to rely on an exception under paragraph (1)(b) the following conditions must be satisfied:
(a) the benefit is not conferred for the purpose, in whole or in part, of increasing the amount of the consideration paid to the security holder for securities deposited under the bid or providing an incentive to deposit under the bid; (b) the conferring of the benefit is not, by its terms, conditional on the security holder supporting the bid in any manner; and (c) full particulars of the benefit are disclosed in the issuer bid circular or, in the case of a take-over bid, in the take-over bid circular or directors’ circular. (3) In order to rely on an exception under subparagraph 1(b)(ii) the following conditions must be satisfied:
(a) the security holder receiving the benefit has disclosed to the independent committee the amount of consideration that the security holder expects it will be beneficially entitled to receive under the terms of the bid in exchange for the securities beneficially owned by the security holder; and

Regulation 62-104 September 19, 2025 PAGE 22
(b) the determination of the independent committee under subparagraph 1(b)(ii) is disclosed in the issuer bid circular or, in the case of a take-over bid, in the take-over bid circular or directors’ circular. (4) In this section, in determining the beneficial ownership of securities of a holder at a given date, any security or right or obligation permitting or requiring the security holder or any person acting jointly or in concert with the security holder, whether or not on conditions, to acquire a security, including an unissued security, of a particular class within 60 days by a single transaction or a series of linked transactions is deemed to be a security of a particular class. M.O. 2008-02, s. 2.25.
2.26. Proportionate take up and payment
(1) If an issuer bid is made for less than all of the class of securities subject to the bid and a greater number of securities is deposited under the bid than the offeror is bound or willing to acquire under the bid, the offeror must take up and pay for the securities proportionately, disregarding fractions, according to the number of securities deposited by each security holder. (2) Subsection (1) does not prohibit an offeror from acquiring securities under the terms of an issuer bid that, if not acquired, would constitute less than a standard trading unit for the security holder. (3) Subsection (1) does not apply to securities deposited under the terms of an issuer bid by security holders who (a) are entitled to elect a minimum price per security, within a range of prices, at which they are willing to sell their securities under the bid, and (b) elect a minimum price which is higher than the price that the offeror pays for securities under the bid. (4) (paragraph revoked). M.O. 2008-02, s. 2.26; M.O. 2016-07. s. 8.
2.26.1. Proportionate take up and payment – take-over bids
(1) If a greater number of securities is deposited under a partial take-over bid than the offeror is bound or willing to acquire under the bid, the offeror must take up and pay for the securities proportionately, disregarding fractions, according to the number of securities deposited by each security holder.

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(2) For the purposes of subsection (1), any securities acquired in a pre-bid transaction to which subsection 2.4(1) applies are deemed to have been deposited under the take-over bid by the person who was the seller in the pre-bid transaction. M.O. 2016-07. s. 9.
2.27. Financing arrangements
(1) If a take-over bid or an issuer bid provides that the consideration for the securities deposited under the bid is to be paid in cash or partly in cash, the offeror must make adequate arrangements before the bid to ensure that the required funds are available to make full payment for the securities that the offeror has offered to acquire. (2) The financing arrangements required to be made under subsection (1) may be subject to conditions if, at the time the take-over bid or the issuer bid is commenced, the offeror reasonably believes the possibility to be remote that, if the conditions of the bid are satisfied or waived, the offeror will be unable to pay for the securities deposited under the bid due to a financing condition not being satisfied. M.O. 2008-02, s. 2.27. DIVISION 5 Bid Mechanics
2.28. Minimum deposit period
An offeror must allow securities to be deposited under an issuer bid for a minimum deposit period of at least 35 days from the date of the bid. M.O. 2008-02, s. 2.28; M.O. 2016-07, s. 10.
2.28.1. Minimum deposit period – take-over bids
An offeror must allow securities to be deposited under a take-over bid for an initial deposit period of at least 105 days from the date of the bid. M.O. 2016-07, s. 10.
2.28.2. Shortened deposit period – deposit period news release
(1) Despite section 2.28.1, if at or after the time an offeror announces a take-over bid, the offeree issuer issues a deposit period news release in respect of the offeror’s take-over bid, the offeror must allow securities to be deposited under its take-over bid for an initial deposit period of at least the number of days from the date of the bid as stated in the deposit period news release. (2) Despite section 2.28.1, an offeror, other than an offeror under subsection (1), must allow securities to be deposited under its take-over bid for an initial deposit period of at least the number of days from the date of the bid as stated in the deposit period news release if either of the following applies:

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(a) the offeror commenced the take-over bid in respect of securities of the offeree issuer before the issuance of the deposit period news release referred to in subsection (1) and the bid has yet to expire; (b) the offeror, after the issuance of the deposit period news release referred to in subsection (1), commences a take-over bid in respect of securities of the offeree issuer and the bid is commenced before one of the following:
(i) the date of expiry of the take-over bid referred to in subsection (1), (ii) the date of expiry of another take-over bid referred to in paragraph (a). (3) For the purposes of subsections (1) and (2), an offeror must not allow securities to be deposited under its take-over bid for an initial deposit period of less than 35 days from the date of the bid. M.O. 2016-07, s. 10.
2.28.3. Shortened deposit period – alternative transaction
Despite section 2.28.1, if an issuer issues a news release announcing that it intends to effect an alternative transaction, whether pursuant to an agreement or otherwise, an offeror must allow securities to be deposited under its take-over bid for an initial deposit period of at least 35 days from the date of the bid if either of the following applies:
(a) the offeror commenced the take-over bid in respect of securities of the offeree issuer before the issuance of the news release and the bid has yet to expire; (b) the offeror, after the issuance of the news release, commences a take￾over bid in respect of securities of the offeree issuer and the bid is commenced before one of the following:
(i) the date of completion or abandonment of the alternative transaction, (ii) the date of expiry of another take-over bid referred to in paragraph (a). M.O. 2016-07, s. 10.
2.29. Prohibition on take up
An offeror must not take up securities deposited under an issuer bid until the expiration of 35 days from the date of the bid. M.O. 2008-02, s. 2.29; M.O. 2016-07, s. 11.

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2.29.1. Restriction on take up – take-over bids
An offeror must not take up securities deposited under a take-over bid unless all of the following apply:
(a) a period of 105 days, or the number of days determined in accordance with section 2.28.2 or section 2.28.3, has elapsed from the date of the bid; (b) all the terms and conditions of the bid have been complied with or waived; (c) more than 50% of the outstanding securities of the class that are subject to the bid, excluding securities beneficially owned, or over which control or direction is exercised, by the offeror or by any person acting jointly or in concert with the offeror, have been deposited under the bid and not withdrawn. M.O. 2016-07, s. 12.
2.30. Withdrawal of securities
(1) A security holder may withdraw securities deposited under a take-over bid or an issuer bid (a) at any time before the securities have been taken up by the offeror, (b) at any time before the expiration of 10 days from the date of a notice of change under section 2.11 or a notice of variation under section 2.12, or (c) if the securities have not been paid for by the offeror within 3 business days after the securities have been taken up. (1.1) Despite paragraph (1)(a), if an offeror that has made a partial take-over bid becomes obligated to take up securities under subsection 2.32.1(1), a security holder must not withdraw securities deposited before the expiry of the initial deposit period and not taken up by the offeror in reliance on subsection 2.32.1(6) during the period (a) commencing at the time the offeror became obligated to take up securities under subsection 2.32.1(1), and (b) ending at the time the offeror becomes obligated under either subsection 2.32.1(7) or (8) to take up securities not taken up by the offeror in reliance on subsection 2.32.1(6). (2) Despite paragraph (1)(b), a security holder must not withdraw securities deposited if (a) the securities have been taken up by the offeror before the date of the notice of change or notice of variation,

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(a.1) in the case of a partial take-over bid, the securities were deposited before the expiry of the initial deposit period and not taken up by the offeror in reliance on subsection 2.32.1(6) and the date of the notice of change or notice of variation is after the date that the offeror became obligated to take up securities under subsection 2.32.1(1), or (b) any of the following apply:
(i) there is a variation in the terms of a take-over bid or issuer bid consisting solely of an increase in consideration offered for the securities and an extension of the time for deposit to not later than 10 days after the date of the notice of variation; (ii) there is a variation in the terms of a take-over bid or issuer bid consisting solely of the waiver of one or more of the conditions of the bid where the consideration offered for the securities subject to the take-over bid or the issuer bid consists solely of cash, (iii) in the case of a take-over bid, there is a variation in the terms after the expiry of the initial deposit period consisting of either an increase in the consideration offered for the securities subject to the bid or an extension of the time for deposit to not later than 10 days from the date of the notice of variation. (3) The withdrawal of any securities under subsection (1) is made by sending a written notice to the depository designated in the bid circular and becomes effective on its receipt by the depository. (4) If notice is given in accordance with subsection (3), the offeror must promptly return the securities to the security holder. M.O. 2008-02, s. 2.30.
2.31. Effect of market purchases
If an offeror purchases securities under subsection 2.2(3), the purchased securities must not be counted in determining whether the minimum tender requirement in paragraph 2.29.1(c) is satisfied and the purchase does not reduce the number of securities the offeror is bound to take up under the take-over bid. M.O. 2008-02, s. 2.31; M.O. 2016-07, s. 14.
2.31.1. Mandatory 10 day extension period – take-over bids
If, at the expiry of the initial deposit period, an offeror is obligated to take up securities deposited under a take-over bid pursuant to subsection 2.32.1(1), the offeror must

Regulation 62-104 September 19, 2025 PAGE 27
(a) extend the period during which securities may be deposited under the bid for a period of at least 10 days, and (b) promptly issue and file a news release disclosing the following:
(i) that the minimum tender requirement specified in paragraph 2.29.1(c) has been satisfied, (ii) the number of securities deposited and not withdrawn as at the expiry of the initial deposit period, (iii) that the period during which securities may be deposited under the bid is extended for the mandatory 10-day extension period, and (iv) in the case of a take-over bid that (A) is not a partial take-over bid, that the offeror will immediately take up the deposited securities and pay for securities taken up as soon as possible, and in any event not later than 3 business days after the securities are taken up, or (B) is a partial take-over bid, that the offeror will take up and pay for the deposited securities proportionately in accordance with applicable securities legislation and in any event will take up the deposited securities not later than one business day after the expiry of the mandatory 10-day extension period and pay for securities taken up as soon as possible and in any event not later than 3 business days after the securities are taken up. M.O. 2016-07, s. 14.
2.31.2. Time limit on extension – partial take-over bids
In the case of a partial take-over bid,
(a) the mandatory 10-day extension period must not exceed 10 days, and (b) the bid must not be extended after the expiry of the mandatory 10-day extension period. M.O. 2016-07, s. 14.
2.32. Obligation to take up and pay for deposited securities
(1) If all the terms and conditions of an issuer bid have been complied with or waived, the offeror must take up and pay for securities deposited under the bid not later than 10 days after the expiry of the bid or at the time required by subsection (2) or (3), whichever is earliest.

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(2) An offeror must pay for any securities taken up under an issuer bid as soon as possible, and in any event not later than 3 business days after securities deposited under the bid are taken up. (3) Securities deposited under an issuer bid subsequent to the date on which the offeror first takes up securities deposited under the bid must be taken up and paid for by the offeror not later than 10 days after the deposit of securities. (4) An offeror may not extend its issuer bid if all the terms and conditions of the bid have been complied with or waived, unless the offeror first takes up all securities deposited under the bid and not withdrawn. (5) Despite subsections (3) and (4), if an issuer bid is made for less than all of the class of securities subject to the bid, an offeror is required to take up, by the times specified in those subsections, only the maximum number of securities that the offeror can take up without contravening section 2.23 or section 2.26 at the expiry of the bid. (6) Despite subsection (4), if the offeror waives any terms or conditions of an issuer bid and extends the bid in circumstances where the rights of withdrawal conferred by paragraph 2.30(1)(b) are applicable, the bid must be extended without the offeror first taking up the securities which are subject to the rights of withdrawal. M.O. 2008-02, s. 2.32; M.O. 2016-07, s. 15.
2.32.1. Obligation to take up and pay for deposited securities – take-over
bids
(1) An offeror must immediately take up securities deposited under a take-over bid if, at the expiry of the initial deposit period, all of the following apply:
(a) the deposit period referred to in section 2.28.1, section 2.28.2 or
section 2.28.3, as applicable, has elapsed;
(b) all the terms and conditions of the bid have been complied with or waived; (c) the requirement in paragraph 2.29.1(c) is satisfied. (2) An offeror must pay for any securities taken up under a take-over bid as soon as possible, and in any event not later than 3 business days after the securities deposited under the bid are taken up. (3) In the case of a take-over bid that is not a partial take-over bid, securities deposited under the bid during the mandatory 10-day extension period, or an extension period made after the mandatory 10-day extension period, must be taken up and paid for by the offeror not later than 10 days after the deposit of securities.

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(4) In the case of a take-over bid that is not a partial take-over bid, an offeror must not extend its bid beyond the expiry of the mandatory 10-day extension period unless the offeror first takes up all securities deposited under the bid and not withdrawn. (5) Despite subsection (4), if the offeror extends the bid in circumstances where the rights of withdrawal conferred by paragraph 2.30(1)(b) are applicable, the offeror must extend the bid without the offeror first taking up the securities which are subject to the rights of withdrawal. (6) Despite subsection (1), an offeror that has made a partial take-over bid is required to take up, by the time specified in that subsection, only the maximum number of securities that the offeror can take up without contravening section 2.23 or
section 2.26.1 at the expiry of the bid.
(7) In the case of a partial take-over bid, securities deposited before the expiry of the initial deposit period and not taken up by the offeror in reliance on subsection (6), and securities deposited during the mandatory 10-day extension period, must be taken up by the offeror, in the manner required under section 2.26.1, not later than one business day after the expiry of the mandatory 10-day extension period. (8) Despite subsection (7), if at the expiry of the mandatory 10-day extension period rights of withdrawal conferred by paragraph 2.30(1)(b) are applicable, securities deposited before the expiry of the initial deposit period and not taken up by the offeror in reliance on subsection (6), and securities deposited during the mandatory 10-day extension period, must be taken up by the offeror, in the manner required under
section 2.26.1, not later than one business day after the expiry of the withdrawal period
conferred by paragraph 2.30(1)(b).
M.O. 2016-07, s. 16.
2.33. Return of deposited securities
If, following the expiry of a take-over bid or an issuer bid, an offeror knows that it will not take up securities deposited under the bid, the offeror must promptly issue and file a news release to that effect and return the securities to the security holders. M.O. 2008-02, s. 2.33.
2.34. News release on expiry of bid
If all the terms and conditions of a take-over bid or an issuer bid have been complied with or waived, the offeror must issue and file a news release to that effect promptly after the expiry of the bid, and the news release must disclose (a) the approximate number of securities deposited, and (b) the approximate number that will be taken up. M.O. 2008-02, s. 2.34.

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PART 3
GENERAL
3.1. Language of bid documents
(1) A person must file a document required under this Regulation in French or English. (2) In Québec, a take-over bid circular, issuer bid circular, directors’ circular, director’s or officer’s circular, notice of change or notice of variation required under
Part 2 must be in French or in French and English.
(3) Subsection (1) does not apply to an exempt take-over bid made under
section 4.4, or an exempt issuer bid made under section 4.10.
(4) Despite subsection (1), if a person files a document only in French or English, but delivers to a security holder a version of the document in the other language, the person must file that other version not later than when it is first delivered to the security holder. M.O. 2008-02, s. 3.1.
3.2. Filing of documents
(1) An offeror making a take-over bid under Part 2 must file copies of the following documents, and any amendments to those documents:
(a) any agreement between the offeror and a security holder of the offeree issuer relating to the take-over bid, including any agreement to the effect that the security holder will deposit its securities to the take-over bid made by the offeror; (b) any agreement between the offeror and directors or officers of an offeree issuer relating to the take-over bid; (c) any agreement between the offeror and an offeree issuer relating to the take-over bid; (d) any other agreement of which the offeror is aware that could affect control of the offeree issuer, including any agreement with change of control provisions, any security holder agreement or any voting trust agreement, that the offeror has access to and can reasonably be regarded as material to a security holder in deciding whether to deposit securities under the bid. (2) An offeree issuer whose securities are the subject of a take-over bid under Part 2 must file copies of any agreement of which the offeree issuer is aware that could affect control of the offeree issuer, including an agreement with change of control provisions, a security holder agreement or a voting trust agreement, that the offeree issuer has access to and can reasonably be regarded as material to a security holder in deciding whether to deposit securities under the bid.

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(3) The documents required to be filed
(a) under subsection (1) must be filed on the day the take-over bid circular is filed under section 2.10, and (b) under subsection (2) must be filed on the day that the directors’ circular is filed under section 2.19. (4) If an agreement required to be filed under subsection (1) or (2) is entered into after a take-over bid circular referred to in subsection (1) or the directors’ circular referred to in subsection (2) is filed, the agreement must be filed promptly but not later than 2 business days from the date that the agreement was entered into. (5) If a document required to be filed under subsection (1) or (2) has already been filed in electronic format under Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval+ (SEDAR+) (chapter V-1.1, r. 2.3), the requirement to file the document may be satisfied by filing a letter describing the document and stating the filing date and project number. (6) A document dated before March 30, 2004 that is required to be filed under subsection (1) or (2) may be filed in paper format if it does not exist electronically under Regulation 13-103 respecting System for Electronic Data Analysis and Retrieval+ (SEDAR+) (chapter V-1.1, r. 2.3). (7) A provision in a document required to be filed under subsection (1) or (2) may be omitted or marked so as to be unreadable if (a) the filer has reasonable grounds to believe that disclosure of the provision would be seriously prejudicial to the interests of the filer or would violate confidentiality provisions, (b) the provision does not contain information relating to the filer or its securities that would be necessary to understand the document, and (c) in the copy of the document filed by the filer, the filer includes a brief description of the information that has been omitted or marked so as to be unreadable immediately after the provision that has been omitted or marked. M.O. 2008-02, s. 3.2; M.O. 2023-11, s. 1.
3.3. Certification of bid circulars
(1) A bid circular or a notice of change or notice of variation in respect of the bid circular required under this Regulation must contain a certificate of the offeror in the required form signed (a) if the offeror is a person other than an individual, by each of the following:

Regulation 62-104 September 19, 2025 PAGE 32
(i) the chief executive officer or, in the case of a person that does not have a chief executive officer, the individual who performs similar functions to a chief executive officer, (ii) the chief financial officer or, in the case of a person that does not have a chief financial officer, the individual who performs similar functions to a chief financial officer, and (iii) 2 directors, other than the chief executive officer and the chief financial officer, who are duly authorized by the board of directors of that person to sign on behalf of the board of directors, or (b) if the offeror is an individual, by the individual. (2) For the purposes of subsection (1)(a), if the offeror has fewer than 4 directors and officers, the certificate must be signed by all of the directors and officers. (3) A directors’ circular or a notice of change in respect of a directors’ circular required under this Regulation must contain a certificate of the board of directors of the offeree issuer in the required form signed by 2 directors who are duly authorized by the board of directors of that person to sign on behalf of the board of directors. (4) Every person that files and sends an individual director’s or officer’s circular or a notice of change in respect of an individual director’s or officer’s circular under this Regulation must ensure that the circular or notice contains a certificate in the required form and signed by or on behalf of the director or officer sending the circular or notice. (5) If the regulator, except in Québec, or securities regulatory authority is satisfied that either or both of the chief executive officer or chief financial officer cannot sign a certificate required under this Regulation, the regulator or securities regulatory authority may accept a certificate signed by another officer or director. M.O. 2008-02, s. 3.3.
3.4. Obligation to provide security holder list
(1) If a person makes or proposes to make a take-over bid under Part 2 for a class of securities of an issuer that is not otherwise required by law to provide a list of its security holders to the person, the issuer must provide a list of holders of that class of securities, and any known holder of an option or right to acquire securities of that class, to enable the person to carry out the bid in compliance with this Regulation.

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(2) For the purposes of subsection (1), section 21 of the Canada Business Corporations Act (R.S.C. 1985, c. 44) applies with necessary modifications to the person making or proposing to make the take-over bid and to the issuer, except that the affidavit that accompanies the request for the list of security holders must state that the list will not be used except in connection with a bid made under Part 2 for securities of the issuer. M.O. 2008-02, s. 3.4.
PART 4
EXEMPTIONS
DIVISION 1 Exempt Take-Over Bids
4.1. Normal course purchase exemption
A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) the bid is for not more than 5% of the outstanding securities of a class of securities of the offeree issuer; (b) the aggregate number of securities acquired in reliance on this exemption by the offeror and any person acting jointly or in concert with the offeror within any period of 12 months, when aggregated with acquisitions otherwise made by the offeror and any person acting jointly or in concert with the offeror within the same 12-month period, other than under a bid that is subject to Part 2, does not exceed 5% of the securities of that class outstanding at the beginning of the 12-month period; (c) there is a published market for the class of securities that are the subject of the bid; (d) the value of the consideration paid for any of the securities acquired is not in excess of the market price at the date of acquisition, as determined in accordance with section 1.11, plus reasonable brokerage fees or commissions actually paid. M.O. 2008-02, s. 4.1.
4.2. Private agreement exemption
(1) A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) purchases are made from not more than 5 persons in the aggregate, including persons located outside the local jurisdiction; (b) the bid is not made generally to security holders of the class of securities that is the subject of the bid, so long as there are more than 5 security holders of the class;

Regulation 62-104 September 19, 2025 PAGE 34
(c) if there is a published market for the securities acquired, the value of the consideration paid for any of the securities, including brokerage fees or commissions, is not greater than 115% of the market price of the securities at the date of the bid as determined in accordance with section 1.11; (d) if there is no published market for the securities acquired, there is a reasonable basis for determining that the value of the consideration paid for any of the securities is not greater than 115% of the value of the securities. (2) In subsection (1), if an offeror makes an offer to acquire securities from a person and the offeror knows or ought to know after reasonable enquiry that (a) the person acquired the securities in order that the offeror might make use of the exemption under subsection (1), then each person from whom those securities were acquired must be included in the determination of the number of persons to whom an offer to acquire has been made, or (b) the person from whom the acquisition is being made is acting as a nominee, agent, trustee, executor, administrator or other legal representative for one or more other persons having a direct beneficial interest in those securities, then each of those other persons must be included in the determination of the number of persons to whom an offer to acquire has been made. (3) Despite paragraph (2)(b), a trust or estate is to be considered a single security holder in the determination of the number of persons to whom an offer to acquire has been made if (a) an inter vivos trust has been established by a single settlor, or (b) an estate has not vested in all persons who are beneficially entitled to it. M.O. 2008-02, s. 4.2.
4.3. Non-reporting issuer exemption
A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) the offeree issuer is not a reporting issuer; (b) there is no published market for the securities that are the subject of the bid; (c) the number of security holders of that class of securities at the commencement of the bid is not more than 50, exclusive of holders who (i) are in the employment of the offeree issuer or an affiliate of the offeree issuer, or

Regulation 62-104 September 19, 2025 PAGE 35
(ii) were formerly in the employment of the offeree issuer or in the employment of an entity that was an affiliate of the offeree issuer at the time of that employment, and who while in that employment were, and have continued after that employment to be, security holders of the offeree issuer. M.O. 2008-02, s. 4.3.
4.4. Foreign take-over bid exemption
A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) security holders whose last address as shown on the books of the offeree issuer is in Canada hold less than 10% of the outstanding securities of the class subject to the bid at the commencement of the bid; (b) the offeror reasonably believes that security holders in Canada beneficially own less than 10% of the outstanding securities of the class subject to the bid at the commencement of the bid; (c) the published market on which the greatest volume of trading in securities of that class occurred during the 12 months immediately preceding the commencement of the bid was not in Canada; (d) security holders in the local jurisdiction are entitled to participate in the bid on terms at least as favourable as the terms that apply to the general body of security holders of the same class; (e) at the same time as material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid, the material is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction; (f) if the bid materials referred to in paragraph (e) are not in English, a brief summary of the key terms of the bid prepared in English, and in Québec in French or French and English, is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction at the same time as the bid materials are filed and sent; (g) if no material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid but a notice or advertisement of the bid is published by or on behalf of the offeror in the jurisdiction where the offeree issuer is incorporated or organized, an advertisement of the bid specifying where and how security holders may obtain a copy of, or access to, the bid documents is filed and published in English, and in Québec in French or French and English, in at least one major daily newspaper of general and regular paid circulation in the local jurisdiction. M.O. 2008-02, s. 4.4.

Regulation 62-104 September 19, 2025 PAGE 36
4.5. De minimis exemption
A take-over bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) the number of beneficial owners of securities of the class subject to the bid in the local jurisdiction is fewer than 50; (b) the securities held by the beneficial owners referred to in paragraph (a) constitute, in aggregate, less than 2% of the outstanding securities of that class; (c) security holders in the local jurisdiction are entitled to participate in the bid on terms at least as favourable as the terms that apply to the general body of security holders of the same class; (d) at the same time as material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid, the material is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction. M.O. 2008-02, s. 4.5. DIVISION 2 Exempt Issuer Bids
4.6. Issuer acquisition or redemption exemption
An issuer bid for a class of securities is exempt from Part 2 if any of the following conditions are satisfied:
(a) the securities are purchased, redeemed or otherwise acquired in accordance with the terms and conditions attaching to the class of securities that permit the purchase, redemption or acquisition of the securities by the issuer without the prior agreement of the owners of the securities, or the securities are acquired to meet sinking fund or purchase fund requirements; (b) the purchase, redemption or other acquisition is required by the terms and conditions attaching to the class of securities or by the statute under which the issuer was incorporated, organized or continued; (c) the terms and conditions attaching to the class of securities contain a right of the owner to require the issuer of the securities to redeem, repurchase, or otherwise acquire the securities, and the securities are acquired under the exercise of the right. M.O. 2008-02, s. 4.6.

Regulation 62-104 September 19, 2025 PAGE 37
4.7. Employee, executive officer, director and consultant exemption
An issuer bid is exempt from Part 2 if the securities are acquired from a current or former employee, executive officer, director or consultant of the issuer or of an affiliate of the issuer and, if there is a published market in respect of the securities, (a) the value of the consideration paid for any of the securities acquired is not greater than the market price of the securities at the date of the acquisition, determined in accordance with section 1.11, and (b) the aggregate number of securities or, in the case of convertible debt securities, the aggregate principal amount of securities acquired by the issuer within any period of 12 months in reliance on the exemption provided by this paragraph does not exceed 5% of the securities of that class outstanding at the beginning of the 12-month period. M.O. 2008-02, s. 4.7.
4.8. Normal course issuer bid exemptions
(1) In this section, “designated exchange” means the Toronto Stock Exchange, the TSX Venture Exchange, Cboe Canada Inc. or other exchange recognized or designated by the securities regulatory authorities for the purpose of this Regulation. (2) An issuer bid that is made in the normal course through the facilities of a designated exchange is exempt from Part 2 if the bid is made in accordance with the bylaws, rules, regulations and policies of that exchange. (3) An issuer bid that is made in the normal course on a published market, other than a designated exchange, is exempt from Part 2 if all of the following conditions are satisfied:
(a) the bid is for not more than 5% of the outstanding securities of a class of securities of the issuer; (b) the aggregate number of securities or, in the case of convertible debt securities, the aggregate principal amount of securities acquired in reliance on this exemption by the issuer and any person acting jointly or in concert with the issuer within any 12-month period does not exceed 5% of the securities of that class outstanding at the beginning of the 12-month period; (c) the value of the consideration paid for any of the securities acquired is not in excess of the market price at the date of acquisition as determined in accordance with section 1.11, plus reasonable brokerage fees or commissions actually paid. (4) An issuer making a bid under subsection (2) must promptly file any news release required to be issued by the designated exchange.

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(5) An issuer making a bid under subsection (3) must issue and file, at least 5 days before the commencement of the bid, a news release containing the following information:
(a) the class and number of securities or principal amount of debt securities sought; (b) the dates, if known, on which the issuer bid will commence and expire; (c) the value, in Canadian dollars, of the consideration offered per security; (d) the manner in which the securities will be acquired; and (e) the reasons for the issuer bid. M.O. 2008-02, s. 4.8; M.O. 2025-16, s. 1.
4.9. Non-reporting issuer exemption
An issuer bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) the issuer is not a reporting issuer;
(b) there is no published market for the securities that are the subject of the bid; (c) the number of security holders of that class of securities at the commencement of the bid is not more than 50, exclusive of holders who (i) are in the employment of the issuer or an affiliate of the issuer, or (ii) were formerly in the employment of the issuer or in the employment of an entity that was an affiliate of the issuer at the time of that employment, and who while in that employment were, and have continued after the employment to be, security holders of the issuer. M.O. 2008-02, s. 4.9.
4.10. Foreign issuer bid exemption
An issuer bid is exempt from Part 2 if all of the following conditions are satisfied:
(a) security holders whose last address as shown on the books of the offeree issuer is in Canada hold less than 10% of the outstanding securities of the class subject to the bid at the commencement of the bid; (b) the offeror reasonably believes that security holders in Canada beneficially own less than 10% of the outstanding securities of the class subject to the bid at the commencement of the bid;

Regulation 62-104 September 19, 2025 PAGE 39
(c) the published market on which the greatest volume of trading in securities of that class occurred during the 12 months immediately preceding the commencement of the bid was not in Canada; (d) security holders in the local jurisdiction are entitled to participate in the bid on terms at least as favourable as the terms that apply to the general body of security holders of the same class; (e) at the same time as material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid, the material is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction; (f) if the bid materials referred to in paragraph (e) are not in English, a brief summary of the key terms of the bid prepared in English, and in Québec in French or French and English, is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction at the same time as the bid materials are filed and sent; (g) if no material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid but a notice or advertisement of the bid is published by or on behalf of the offeror in the jurisdiction where the offeree issuer is incorporated or organized, an advertisement of the bid specifying where and how security holders may obtain a copy of, or access to, the bid documents is filed and published in English, and in Québec in French or French and English, in at least one major daily newspaper of general and regular paid circulation in the local jurisdiction. M.O. 2008-02, s. 4.10.
4.11. De minimis exemption
An issuer bid is exempt from the requirements of Part 2 if all of the following conditions are satisfied:
(a) the number of beneficial owners of the class of securities subject to the bid in the local jurisdiction is fewer than 50; (b) the securities held by the beneficial owners referred to in paragraph (a) constitute, in aggregate, less than 2% of the outstanding securities of that class; (c) security holders in the local jurisdiction are entitled to participate in the bid on terms at least as favourable as the terms that apply to the general body of security holders of the same class;

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(d) at the same time as material relating to the bid is sent by or on behalf of the offeror to security holders of the class that is subject to the bid, the material is filed and sent to security holders whose last address as shown on the books of the offeree issuer is in the local jurisdiction. M.O. 2008-02, s. 4.11.
PART 5
REPORTS AND ANNOUNCEMENTS OF ACQUISITIONS
5.1. Definitions and interpretation
(1) In this Part,
“acquiror” means a person who acquires a security, other than by way of a take￾over bid or an issuer bid made in compliance with Part 2; “acquiror’s securities” means securities of an issuer beneficially owned, or over which control or direction is exercised, on the date of the acquisition or disposition, by an acquiror or any person acting jointly or in concert with the acquiror; “specified securities lending arrangement” means a securities lending arrangement if all of the following apply:
(a) the material terms of the securities lending arrangement are set out in a written agreement; (b) the securities lending arrangement requires the borrower to pay to the lender amounts equal to all dividends or interest payments, if any, paid on the security that would have been received by the lender if the lender had held the security throughout the period beginning at the date of the transfer or loan and ending at the time the security or an identical security is transferred or returned to the lender; (c) the lender has established policies and procedures that require the lender to maintain a record of all securities that it has transferred or lent under securities lending arrangements; (d) the written agreement referred to in paragraph (a) provides for any of the following:
(i) the lender has an unrestricted right to recall all securities that it has transferred or lent under the securities lending arrangement, or an equal number of identical securities, before the record date for voting at any meeting of securityholders at which the securities may be voted; (ii) the lender requires the borrower to vote the securities transferred or lent in accordance with the lender’s instructions;

Regulation 62-104 September 19, 2025 PAGE 41
“securities lending arrangement” means an arrangement between a lender and a borrower with respect to which both of the following apply:
(a) the lender transfers or lends a security to the borrower; (b) at the time that the security is lent or transferred, the lender and the borrower reasonably expect that the borrower will, at a later date, transfer or return to the lender the security or an identical security. (2) For the purposes of this Part, if an acquiror and one or more persons acting jointly or in concert with the acquiror acquire or dispose of securities, the securities are deemed to be acquired or disposed of, as applicable, by the acquiror. M.O. 2008-02, s. 5.1; M.O. 2016-07, s. 17.
5.2. Early warning
(1) An acquiror who acquires beneficial ownership of, or control or direction over, voting or equity securities of any class of a reporting issuer, or securities convertible into voting or equity securities of any class of a reporting issuer, that, together with the acquiror’s securities of that class, constitute 10% or more of the outstanding securities of that class, must (a) promptly, and, in any event, no later than the opening of trading on the business day following the acquisition, issue and file a news release containing the information required by section 3.1 of Regulation 62-103 respecting The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (chapter V-1.1, r. 34), and (b) promptly, and, in any event, no later than 2 business days from the date of the acquisition, file a report containing the information required by section 3.1 of Regulation 62-103 respecting The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. (2) An acquiror who is required to make disclosure under subsection (1) must make further disclosure, in accordance with subsection (1), each time any of the following events occur:
(a) the acquiror or any person acting jointly or in concert with the acquiror, acquires or disposes beneficial ownership of, or acquires or ceases to have control or direction over, either of the following:
(i) securities in an amount equal to 2% or more of the outstanding securities of the class of securities that was the subject of the most recent report required to be filed by the acquiror under subsection (1) or under this subsection; (ii) securities convertible into 2% or more of the outstanding securities referred to in subparagraph (i);

Regulation 62-104 September 19, 2025 PAGE 42
(b) there is a change in a material fact contained in the most recent report required to be filed under paragraph (1)(b) or under paragraph (a) of this subsection. (3) An acquiror must issue and file a news release and file a report in accordance with subsection (1) if beneficial ownership of, or control or direction over, the outstanding securities of the class of securities that was the subject of the most recent report required to be filed by the acquiror under this section decreases to less than 10%. (4) If an acquiror issues and files a news release and files a report under subsection (3), the requirements under subsection (2) do not apply unless subsection (1) applies in respect of a subsequent acquisition of beneficial ownership of, or control or direction over, voting or equity securities of any class of a reporting issuer, or securities convertible into voting or equity securities of any class of a reporting issuer, that, together with the acquiror’s securities of that class, constitute 10% or more of the outstanding securities of that class. M.O. 2008-02, s. 5.2; M.O. 2016-07, s. 17.
5.3. Moratorium provisions
(1) During the period beginning on the occurrence of an event in respect of which a report is required to be filed under section 5.2 and ending on the expiry of the first business day following the date that the report is filed, an acquiror, or any person acting jointly or in concert with the acquiror, must not acquire or offer to acquire beneficial ownership of, or control or direction over, any securities of the class in respect of which the report is required to be filed or any securities convertible into securities of that class. (2) Subsection (1) does not apply to an acquiror that has beneficial ownership of, or control or direction over, securities that, together with the acquiror’s securities of that class, constitute 20% or more of the outstanding securities of that class. M.O. 2008-02, s. 5.3; M.O. 2016-07, s. 17.
5.4. Acquisitions during bid
(1) If, after a take-over bid or an issuer bid has been made under Part 2 for voting or equity securities of a reporting issuer and before the expiry of the bid, an acquiror acquires beneficial ownership of, or control or direction over, securities of the class subject to the bid which, when added to the acquiror’s securities of that class, constitute 5% or more of the outstanding securities of that class, the acquiror must, before the opening of trading on the next business day, issue and file a news release containing the information required by subsection (3). (2) An acquiror must issue and file an additional news release in accordance with subsection (3) before the opening of trading on the next business day each time the acquiror, or any person acting jointly or in concert with the acquiror, acquires beneficial ownership of, or control or direction over, in aggregate, an additional 2% or more of the

Regulation 62-104 September 19, 2025 PAGE 43 outstanding securities of the class of securities that was the subject of the most recent news release required to be filed by the acquiror under this section. (3) A news release or further news release required under subsection (1) or (2) must set out (a) the name of the acquiror, (b) the number of securities of the offeree issuer that were beneficially acquired, or over which control or direction was acquired, in the transaction that gave rise to the requirement under subsection (1) or (2) to issue the news release, (c) the number of securities and the percentage of outstanding securities of the offeree issuer that the acquiror and all persons acting jointly or in concert with the acquiror, have beneficial ownership of, or control or direction over, immediately after the acquisition described in paragraph (b), (d) the number of securities of the offeree issuer that were beneficially acquired, or over which control or direction was acquired, by the acquiror and all persons acting jointly or in concert with the acquiror, since the commencement of the bid, (e) the name of the market in which the acquisition described in paragraph (b) took place, and (f) the purpose of the acquiror and all persons acting jointly or in concert with the acquiror in making the acquisition described in paragraph (b), including any intention of the acquiror and all persons acting jointly or in concert with the acquiror to increase the beneficial ownership of, or control or direction over, any of the securities of the offeree issuer. M.O. 2008-02, s. 5.4; M.O. 2016-07, s. 17.
5.5. Duplicate news release not required
If the facts in respect of which a news release is required to be filed under sections 5.2 and 5.4 are identical, a news release is required only under the provision requiring the earlier news release. M.O. 2008-02, s. 5.5; M.O. 2016-07, s. 17.
5.6. Copies of news release and report
An acquiror that files a news release or report under section 5.2 or 5.4 must promptly send a copy of each filing to the reporting issuer. M.O. 2016-07, s. 17.

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5.7. Exception
Sections 5.2, 5.3 and 5.4 do not apply to either of the following:
(a) an acquiror that is a lender in respect of securities transferred or lent pursuant to a specified securities lending arrangement; (b) an acquiror that is a borrower in respect of securities or identical securities borrowed, disposed of or acquired in connection with a securities lending arrangement if all of the following apply:
(i) the borrowed securities are disposed of by the borrower no later than 3 business days from the date of the transfer or loan; (ii) the borrower will at a later date acquire the securities or identical securities and transfer or return those securities to the lender; (iii) the borrower does not intend to vote and does not vote the securities or identical securities during the period beginning on the date of the transfer or loan and ending at the time the securities or identical securities are transferred or returned to the lender. M.O. 2016-07, s. 17.
PART 6
EXEMPTIONS
6.1. Exemption – general
(1) The regulator, except in Québec, or the securities regulatory authority may grant an exemption from the provisions of 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. (3) 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. M.O. 2008-02, s. 6.1; M.O. 2016-07, s. 18.
6.2. Exemption – collateral benefit
(1) The regulator, except in Québec, or the securities regulatory authority may decide for the purposes of section 2.24 that an agreement, commitment or understanding with a selling security holder is made for reasons other than to increase the value of the consideration paid to a selling security holder for the securities of the

Regulation 62-104 September 19, 2025 PAGE 45 selling security holder and that the agreement, commitment or understanding may be entered into despite that section. (2) Despite subsection (1), in Ontario, only the regulator may make such a decision. M.O. 2008-02, s. 6.2; M.O. 2016-07, s. 19.
PART 7
TRANSITION AND COMING INTO FORCE
7.1. Transition
The take-over bid or issuer bid provisions in securities legislation that were in force immediately before May 9, 2016, continue to apply in respect of (a) every take-over bid and issuer bid commenced before May 9, 2016, (b) any take-over bid in respect of the securities of an offeree issuer subject to a take-over bid referred to in paragraph (a) commenced subsequent to May 9, 2016 and prior to the date of the expiry of a take-over bid referred to in paragraph (a), and (c) any take-over bid in respect of the securities of an issuer that issued a news release before May 9, 2016 announcing that it intends to effect an alternative transaction, whether pursuant to an agreement or otherwise, commenced subsequent to May 9, 2016 and prior to the date of completion or abandonment of the alternative transaction. M.O. 2008-02, s. 7.1; M.O. 2016-07, s. 20.
7.2. Coming into force
(Omitted).
M.O. 2008-02, s. 7.2.

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FORM 62-104F1
TAKE-OVER BID CIRCULAR
PART 1 GENERAL PROVISIONS
(a) Defined terms
If a term is used but not defined in this Form, refer to Part 1 of Regulation 62-104 respecting Take-Over Bids and Issuer Bids (chapter V-1.1, r. 35) (the Regulation) and to Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3). (b) Incorporating information by reference If you are qualified to file a short form prospectus under sections 2.2 to 2.7 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16), or by reason of an exemption granted by a securities regulatory authority, you may incorporate information required under item 19 to be included in your take-over bid circular by reference to another document. Clearly identify the referenced document or any excerpt of it that you incorporate into your take-over bid circular. Unless you have already filed the referenced document, you must file it with your take-over bid circular. You must also disclose that the document is on SEDAR+ at www.sedarplus.com and that, on request, you will promptly provide a copy of the document free of charge to a security holder of the offeree issuer. (c) Plain language Write the take-over bid circular so that readers are able to understand it and make informed investment decisions. Offerors should apply plain language principles when they prepare a take-over bid circular including:

• using short sentences;
• using definite everyday language;
• using the active voice;
• avoiding superfluous words;
• organizing the document into clear, concise sections, paragraphs and
  sentences;
• -avoiding jargon;
• using personal pronouns to speak directly to the reader;
• avoiding reliance on glossaries and defined terms unless it facilitates
  understanding of the disclosure;
• avoiding vague boilerplate wording;

Regulation 62-104 September 19, 2025 PAGE 47

• avoiding abstract terms by using more concrete terms or examples;
• avoiding multiple negatives;
• using technical terms only when necessary and explaining those terms;
• using charts, tables and examples where it makes disclosure easier to
  understand.
  If you use technical terms, explain them in a clear and concise manner. (d) Numbering and headings The numbering, headings and ordering of items included in this Form are guidelines only. You do not need to include the heading or numbering or follow the order of items in this Form. You do not need to refer to inapplicable items and, unless otherwise required in this Form, you may omit negative answers to items. Disclosure provided in response to any item need not be repeated elsewhere in the circular.
  PART 2 CONTENTS OF TAKE-OVER BID CIRCULAR
  Item 1 Name and description of offeror
  State the corporate name of the offeror or, if the offeror is an unincorporated entity, the full name under which it exists and carries on business, and give a brief description of its activities. Item 2 Name of offeree issuer State the corporate name of the offeree issuer or, if the offeree issuer is an unincorporated entity, the full name under which it exists and carries on business. Item 3 Securities subject to the bid State the class and number of securities that are the subject of the take-over bid and a description of the rights of the holders of any other class of securities that have a right to participate in the offer. Item 4 Time period State the dates on which the take-over bid will commence and expire. Item 5 Consideration State the consideration to be offered. If the consideration includes securities, state the particulars of the designation, rights, privileges, restrictions and conditions attaching to those securities.

Regulation 62-104 September 19, 2025 PAGE 48
Item 6 Ownership of securities of offeree issuer State the number, designation and percentage of the outstanding securities of any class of securities of the offeree issuer beneficially owned or over which control or direction is exercised (a) by the offeror, (b) by each director and officer of the offeror, and (c) if known after reasonable enquiry, by (i) each associate or affiliate of an insider of the offeror, (ii) an insider of the offeror, other than a director or officer of the offeror, and (iii) any person acting jointly or in concert with the offeror. In each case where no securities are owned, directed or controlled, state this fact. Item 7 Trading in securities of offeree issuer State, if known after reasonable enquiry, the following information about any securities of the offeree issuer purchased or sold by the persons referred to in item 6 during the 6-month period preceding the date of the take-over bid:
(a) the description of the security;
(b) the number of securities purchased or sold; (c) the purchase or sale price of the security; (d) the date of the transaction. If no such securities were purchased or sold, state this fact. Item 8 Commitments to acquire securities of offeree issuer Disclose all agreements, commitments or understandings made by the offeror, and, if known after reasonable enquiry, by the persons referred to in item 6 to acquire securities of the offeree issuer, and the terms and conditions of those agreements, commitments or understandings.

Regulation 62-104 September 19, 2025 PAGE 49
Item 9 Terms and conditions of the bid
State the terms of the take-over bid. If the obligation of the offeror to take up and pay for securities under the take-over bid is conditional, state the particulars of each condition. Item 9.1. Minimum Tender Requirement and Mandatory Extension Period State the following in italics and boldface type at the top of the cover page of the take-over bid circular:
“No securities tendered to this bid will be taken up until (a) more than 50% of the outstanding securities of the class sought (excluding those securities beneficially owned, or over which control or direction is exercised by the offeror or any person acting jointly or in concert with the offeror) have been tendered to the bid, (b) the minimum deposit period required under applicable securities laws has elapsed, and (c) any and all other conditions of the bid have been complied with or waived, as applicable. If these criteria are met, the offeror will take up securities deposited under the bid in accordance with applicable securities laws and extend its bid for an additional minimum period of 10 days to allow for further deposits of securities.”. Item 10 Payment for deposited securities State the particulars of the method and time of payment of the consideration. Item 11 Right to withdraw deposited securities Describe the withdrawal rights of the security holders of the offeree issuer under the take-over bid. State that the withdrawal is made by sending a written notice to the designated depository and becomes effective on its receipt by the depository. Item 12 Source of funds State the source of any funds to be used for payment of deposited securities. If the funds are to be borrowed, state (a) the name of the lender, (b) the terms and financing conditions of the loan, (c) the circumstances under which the loan must be repaid, and (d) the proposed method of repayment. Item 13 Trading in securities to be acquired Provide a summary showing

Regulation 62-104 September 19, 2025 PAGE 50
(a) the name of each principal market on which the securities sought are traded, (b) any change in a principal market that is planned following the take-over bid, including but not limited to listing or de-listing on an exchange, (c) where reasonably ascertainable, in reasonable detail, the volume of trading and price range of the class of the securities in the 6-month period preceding the date of the take-over bid, or, in the case of debt securities, the prices quoted on each principal market, and (d) the date that the take-over bid to which the circular relates was announced to the public and the market price of the securities immediately before that announcement. Item 14 Arrangements between the offeror and the directors and officers of offeree issuer Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeror and any of the directors or officers of the offeree issuer, including particulars of any payment or other benefit proposed to be made or given by way of compensation for loss of office or their remaining in or retiring from office if the take-over bid is successful. Item 15 Arrangements between the offeror and security holders of offeree issuer (1) Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeror and a security holder of the offeree issuer relating to the bid, including a description of its purpose, its date, the identity of the parties, and its terms and conditions. Disclosure with respect to each agreement, commitment or understanding, other than an agreement that a security holder will tender securities to a take-over bid made by the offeror, must include (a) a detailed explanation as to how the offeror determined entering into it was not prohibited by section 2.24 of the Regulation, or (b) disclosure of the exception to, or exemption from, the prohibition against collateral agreements relied on by the offeror and the facts supporting that reliance. (2) If the offeror is relying on an exception to the prohibition against collateral agreements under subparagraph 2.25(1)(b)(ii) of the Regulation, and if the information is available to the offeror, disclose the review process undertaken by the independent committee of directors of the issuer and the basis on which the independent committee made its determination under clause 2.25(1)(b)(ii)(A) or (B) of the Regulation.

Regulation 62-104 September 19, 2025 PAGE 51
Item 16 Arrangements with or relating to the offeree issuer Disclose the particulars of any agreement, commitment or understanding made between the offeror and the offeree issuer relating to the take-over bid and any other agreement, commitment or understanding of which the offeror is aware that could affect control of the offeree issuer, including an agreement with change of control provisions, a security holder agreement or a voting trust agreement that the offeror has access to and that can reasonably be regarded as material to a security holder in deciding whether to deposit securities under the bid. Item 17 Purpose of the bid State the purpose of the take-over bid. Disclose the particulars of any plans or proposals for (a) subsequent transactions involving the offeree issuer such as a going private transaction, or (b) material changes in the affairs of the offeree issuer, including, for example, any proposal to liquidate the offeree issuer, to sell, lease or exchange all or a substantial part of its assets, to amalgamate it with any other business organization or to make any material changes in its business, corporate structure (debt or equity), management or personnel. Item 18 Valuation If the take-over bid is an insider bid, as defined in applicable securities legislation, include the disclosure regarding valuations required by securities legislation. Item 19 Securities of an offeror or other issuer to be exchanged for securities of offeree issuer (1) If a take-over bid provides that the consideration for the securities of the offeree issuer is to be, in whole or in part, securities of the offeror or other issuer, include the financial statements and other information required in a prospectus of the issuer whose securities are being offered in exchange for the securities of the offeree issuer. (2) For the purposes of subsection (1), provide the pro forma financial statements that would be required in a prospectus assuming that (a) the likelihood of the offeror completing the acquisition of securities of the offeree issuer is high, and (b) the acquisition is a significant acquisition for the offeror. (3) Despite subsection (1), the financial statements of the offeree issuer are not required to be included in the circular.

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Item 20 Right of appraisal and acquisition
State any rights of appraisal the security holders of the offeree issuer have under the laws or constating document governing, or contracts binding, the offeree issuer and state whether or not the offeror intends to exercise any right of acquisition the offeror may have. Item 21 Market purchases of securities State whether or not the offeror intends to purchase in the market securities that are the subject of the take-over bid. Item 22 Approval of take-over bid circular If the take-over bid is made by or on behalf of an offeror that has directors, state that the take-over bid circular has been approved and its sending has been authorized by the directors. Item 23 Other material facts Describe (a) any material facts concerning the securities of the offeree issuer, and (b) any other matter not disclosed in the take-over bid circular that has not previously been generally disclosed, is known to the offeror, and that would reasonably be expected to affect the decision of the security holders of the offeree issuer to accept or reject the offer. Item 24 Solicitations Disclose any person retained by or on behalf of the offeror to make solicitations in respect of the take-over bid and the particulars of the compensation arrangements. Item 25 Statement of rights Include the following statement of rights provided under the securities legislation of the jurisdictions relating to this circular:
“Securities legislation in the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.”.

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Item 26 Certificate
A take-over bid circular certificate form must state:
“The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made.”. Item 27 Date of take-over bid circular Specify the date of the take-over bid circular. M.O. 2008-02, Sch. 62-104F1; M.O. 2016-07, s. 21; M.O. 2023-11, s. 2.

Regulation 62-104 September 19, 2025 PAGE 54
FORM 62-104F2
ISSUER BID CIRCULAR
PART 1 GENERAL PROVISIONS
(a) Defined terms
If a term is used but not defined in this Form, refer to Part 1 of Regulation 62-104 respecting Take-Over Bids and Issuer Bids (chapter V-1.1, r. 35) (the Regulation) and to Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3). (b) Incorporating information by reference If you are qualified to file a short form prospectus under sections 2.2 to 2.7 of Regulation 44-101 respecting Short Form Prospectus Distributions (chapter V-1.1, r. 16), or by reason of an exemption granted by a securities regulatory authority, you may incorporate information required under item 21 to be included in your issuer bid circular by reference to another document. Clearly identify the referenced document or any excerpt of it that you incorporate into your issuer bid circular. Unless you have already filed the referenced document, you must file it with your issuer bid circular. You must also disclose that the document is on SEDAR+ at www.sedarplus.com and that, on request, you will promptly provide a copy of the document free of charge to a security holder of the issuer. (c) Plain language Write the issuer bid circular so that readers are able to understand it and make informed investment decisions. Issuers should apply plain language principles when they prepare an issuer bid circular including:

• using short sentences;
• using definite everyday language;
• using the active voice;
• avoiding superfluous words;
• organizing the document into clear, concise sections, paragraphs and
  sentences;
• avoiding jargon;
• using personal pronouns to speak directly to the reader;
• avoiding reliance on glossaries and defined terms unless it facilitates
  understanding of the disclosure;
• avoiding vague boilerplate wording;

Regulation 62-104 September 19, 2025 PAGE 55

• avoiding abstract terms by using more concrete terms or examples;
• avoiding multiple negatives;
• using technical terms only when necessary and explaining those terms;
• using charts, tables and examples where it makes disclosure easier to
  understand.
  If you use technical terms, explain them in a clear and concise manner. (d) Numbering and headings The numbering, headings and ordering of items included in this Form are guidelines only. You do not need to include the heading or numbering or follow the order of items in this Form. You do not need to refer to inapplicable items and, unless otherwise required in this Form, you may omit negative answers to items. Disclosure provided in response to any item need not be repeated elsewhere in the circular.
  PART 2 CONTENTS OF ISSUER BID CIRCULAR
  Item 1 Name of issuer
  State the corporate name of the issuer or, if the issuer is an unincorporated entity, the full name under which it exists and carries on business. Item 2 Securities subject to the bid State the class and number of securities that are the subject of the issuer bid and a description of the rights of the holders of any other class of securities that have a right to participate in the offer. Where the number of securities sought under the bid is subject to additional purchases by the issuer for the purpose of preventing security holders from being left with less than a standard trading unit, disclose this fact. Where the issuer intends to rely on the exception from the proportionate take up and payment requirements found in subsection 2.26(3) of the Regulation relating to “dutch auctions”, the issuer is not required to disclose the number of securities that are the subject of the issuer bid if the issuer discloses a maximum amount the issuer intends to spend making purchases pursuant to the bid. Item 3 Time period State the dates on which the issuer bid will commence and expire. Item 4 Consideration State the consideration to be offered. If the consideration includes securities, state the particulars of the designation, rights, privileges, restrictions and conditions attaching to those securities.

Regulation 62-104 September 19, 2025 PAGE 56
Item 5 Payment for deposited securities
State the particulars of the method and time of payment of the consideration. Item 6 Right to withdraw deposited securities Describe the right to withdraw securities deposited under the issuer bid. State that the withdrawal is made by sending a written notice to the designated depository and becomes effective on its receipt by the depository. Item 7 Source of funds State the source of any funds to be used for payment of deposited securities. If the funds are to be borrowed, state (a) the name of the lender, (b) the terms and financing conditions of the loan, (c) the circumstances under which the loan must be repaid, and (d) the proposed method of repayment. Item 8 Participation If the issuer bid is for less than all of the outstanding securities of that class, state that if a greater number or principal amount of the securities are deposited than the issuer is bound or willing to take up and pay for, the issuer will take up as nearly as may be proportionately, disregarding fractions, according to the number or principal amount of the securities deposited. To the extent that this is not the case, as permitted by securities legislation, the response to this item should be modified accordingly. If an issuer intends to rely on one or both of the exceptions from the proportionate take up and payment requirements found in subsections 2.26 (2) and (3) of the Regulation relating to standard trading units and “dutch auctions”, describe the mechanism under which securities would be deposited and taken up without proration. Item 9 Purpose of the bid State the purpose for the issuer bid, and if it is anticipated that the issuer bid will be followed by a going private transaction or other transaction such as a business combination, describe the proposed transaction. Item 10 Trading in securities to be acquired Provide a summary showing (a) the name of each principal market on which the securities sought are traded,

Regulation 62-104 September 19, 2025 PAGE 57
(b) any change in a principal market that is planned following the issuer bid, (c) where reasonably ascertainable, in reasonable detail, the volume of trading and price range of the class of the securities in the 6-month period preceding the date of the issuer bid, or, in the case of debt securities, the prices quoted on each principal market, and (d) the date that the issuer bid to which the circular relates was announced to the public and the market price of the securities of the issuer immediately before that announcement. Item 11 Ownership of securities of issuer State the number, designation and the percentage of the outstanding securities of any class of securities of the issuer beneficially owned or over which control or direction is exercised (a) by each director and officer of the issuer, and (b) if known after reasonable enquiry, by (i) each associate or affiliate of an insider of the issuer, (ii) each associate or affiliate of the issuer, (iii) an insider of the issuer, other than a director or officer of the issuer, and (iv) each person acting jointly or in concert with the issuer. In each case where no securities are owned, directed or controlled, state this fact. Item 12 Commitments to acquire securities of issuer Disclose all agreements, commitments or understandings made by the issuer and, if known after reasonable enquiry, by the persons referred to in item 11, to acquire securities of the issuer, and the terms and conditions of those agreements, commitments or understandings. Item 13 Acceptance of issuer bid If known after reasonable enquiry, state the name of every person named in item 11 who has accepted or intends to accept the issuer bid and the number of securities in respect of which the person has accepted or intends to accept the issuer bid.

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Item 14 Benefits from the bid
State the direct or indirect benefits to any of the persons named in item 11 of accepting or refusing the issuer bid. Item 15 Material changes in the affairs of issuer Disclose the particulars of any plans or proposals for material changes in the affairs of the issuer, including, for example, any contract or agreement under negotiation, any proposal to liquidate the issuer, to sell, lease or exchange all or a substantial part of its assets, to amalgamate it or to make any material changes in its business, corporate structure (debt or equity), management or personnel. Item 16 Other benefits If any material changes or subsequent transactions are contemplated, as described in item 9 or 15, state any specific benefit, direct or indirect, as a result of such changes or transactions to any of the persons named in item 11. Item 17 Arrangements between the issuer and security holders (1) Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the issuer and a security holder of the issuer relating to the bid, including a description of its purpose, its date, the identity of the parties, and its terms and conditions. Disclosure with respect to each agreement, commitment or understanding, other than an agreement that a security holder will tender securities to an issuer bid, must include (a) a detailed explanation as to how the issuer determined entering into it was not prohibited by section 2.24 of the Regulation, or (b) disclosure of the exception to, or exemption from, the prohibition against collateral agreements relied on by the issuer and the facts supporting that reliance. (2) If the issuer is relying on an exception to the prohibition against collateral agreements under subparagraph 2.25(1)(b)(ii) of the Regulation, and if the information is available to the issuer, disclose the review process undertaken by the independent committee of directors of the issuer and the basis on which the independent committee made its determination under clause 2.25(1)(b)(ii)(A) or (B) of the Regulation. Item 18 Previous purchases and sales State the following information about any securities of the issuer purchased or sold by the issuer during the 12 months preceding the date of the issuer bid, excluding securities purchased or sold pursuant to the exercise of employee stock options, warrants and conversion rights:
(a) the description of the security,

Regulation 62-104 September 19, 2025 PAGE 59
(b) the number of securities purchased or sold, (c) the purchase or sale price of the security, and (d) the date and purpose of each transaction. If no securities were purchased or sold, state this fact. Item 19 Financial statements If the most recently available interim financial report is not included, include a statement that the most recent interim financial report will be sent without charge to any security holder requesting it. Item 20 Valuation If a valuation is required by applicable securities legislation, include the disclosure regarding valuations required by securities legislation. Item 21 Securities of issuer to be exchanged for others If an issuer bid provides that the consideration for the securities of the issuer is to be, in whole or in part, different securities of the issuer, include the financial and other information prescribed for a prospectus of the issuer. Item 22 Approval of issuer bid circular State that the issuer bid circular has been approved by the issuer’s directors, disclosing the name of any individual director of the issuer who has informed the directors in writing of their opposition to the issuer bid and that the delivery of the issuer bid circular to the security holders of the issuer has been authorized by the issuer’s directors. If the issuer bid is part of a transaction or to be followed by a transaction required to be approved by minority security holders, state the nature of the approval required. Item 23 Previous distribution If the securities of the class subject to the issuer bid were distributed during the 5 years preceding the issuer bid, state the distribution price per share and the aggregate proceeds received by the issuer or selling security holder. Item 24 Dividend policy State the frequency and amount of dividends with respect to shares of the issuer during the 2 years preceding the date of the issuer bid, any restrictions on the issuer’s ability to pay dividends and any plan or intention to declare a dividend or to alter the dividend policy of the issuer.

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Item 25 Tax consequences
Provide a general description of the income tax consequences in Canada of the issuer bid to the issuer and to the security holders of any class affected. Item 26 Expenses of bid Provide a statement of the expenses incurred or to be incurred in connection with the issuer bid. Item 27 Right of appraisal and acquisition State any rights of appraisal the security holders of the issuer have under the laws or constating documents governing, or contracts binding, the issuer and state whether or not the issuer intends to exercise any right of acquisition the issuer may have. Item 28 Statement of rights Include the following statement of rights provided under the securities legislation of the jurisdictions relating to this circular:
“Securities legislation in the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.”. Item 29 Other material facts Describe (a) any material facts concerning the securities of the issuer, and (b) any other matter not disclosed in the issuer bid circular that has not previously been generally disclosed, is known to the issuer, and that would reasonably be expected to affect the decision of the security holders of the issuer to accept or reject the offer. Item 30 Solicitations Disclose any person retained by or on behalf of the issuer to make solicitations in respect of the issuer bid and the particulars of the compensation arrangements. Item 31 Certificate An issuer bid circular certificate form must state:

Regulation 62-104 September 19, 2025 PAGE 61
“The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made.”. Item 32 Date of issuer bid circular Specify the date of the issuer bid circular. M.O. 2008-02, Sch. 62-104F2; M.O. 2010-17, s. 2; M.O. 2023-11, s. 3.

Regulation 62-104 September 19, 2025 PAGE 62
FORM 62-104F3
DIRECTORS' CIRCULAR
PART 1 GENERAL PROVISIONS
(a) Defined terms
If a term is used but not defined in this Form, refer to Part 1 of Regulation 62-104 respecting Take-Over Bids and Issuer Bids (chapter V-1.1, r. 35) (the Regulation) and to Regulation 14-101 respecting Definitions (chapter V-1.1, 3). (b) Plain language Write the directors’ circular so that readers are able to understand it and make informed investment decisions. Directors should apply plain language principles when they prepare a directors’ circular including:

• using short sentences;
• using definite everyday language;
• using the active voice;
• avoiding superfluous words;
• organizing the document into clear, concise sections, paragraphs and
  sentences;
• avoiding jargon;
• using personal pronouns to speak directly to the reader;
• avoiding reliance on glossaries and defined terms unless it facilitates
  understanding of the disclosure;
• avoiding vague boilerplate wording;
• avoiding abstract terms by using more concrete terms or examples;
• avoiding multiple negatives;
• using technical terms only when necessary and explaining those terms;
• using charts, tables and examples where it makes disclosure easier to
  understand.
  If you use technical terms, explain them in a clear and concise manner.

Regulation 62-104 September 19, 2025 PAGE 63
(c) Numbering and headings
The numbering, headings and ordering of items included in this Form are guidelines only. You do not need to include the heading or numbering or follow the order of items in this Form. You do not need to refer to inapplicable items and, unless otherwise required in this Form, you may omit negative answers to items. Disclosure provided in response to any item need not be repeated elsewhere in the circular.
PART 2 CONTENTS OF DIRECTORS’ CIRCULAR
Item 1 Name of offeror
State the corporate name of the offeror or, if the offeror is an unincorporated entity, the full name under which it exists and carries on business. Item 2 Name of offeree issuer State the corporate name of the offeree issuer or, if the offeree issuer is an unincorporated entity, the full name under which it exists and carries on business. Item 3 Names of directors of the offeree issuer State the name of each director of the offeree issuer. Item 4 Ownership of securities of offeree issuer State the number, designation and the percentage of the outstanding securities of any class of securities of the offeree issuer beneficially owned or over which control or direction is exercised (a) by each director and officer of the offeree issuer, and (b) if known after reasonable enquiry, by (i) each associate or affiliate of an insider of the offeree issuer, (ii) each associate or affiliate of the offeree issuer, (iii) an insider of the offeree issuer, other than a director or officer of the offeree issuer, and (iv) each person acting jointly or in concert with the offeree issuer. In each case where no securities are owned, directed or controlled, state this fact.

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Item 5 Acceptance of take-over bid
If known after reasonable enquiry, state the name of every person named in item 4 who has accepted or intends to accept the offer and the number of securities in respect of which such person has accepted or intends to accept the offer. Item 6 Ownership of securities of offeror If a take-over bid is made by or on behalf of an offeror that is an issuer, state the number, designation and percentage of the outstanding securities of any class of securities of the offeror beneficially owned or over which control or direction is exercised (a) by the offeree issuer, (b) by each director and officer of the offeree issuer, and (c) if known after reasonable enquiry, by (i) each associate or affiliate of an insider of the offeree issuer, (ii) each affiliate or associate of the offeree issuer, and (iii) an insider of the offeree issuer, other than a director or officer of the offeree issuer, and (iv) each person acting jointly or in concert with the offeree issuer. In each case where no securities are so owned, directed or controlled, state this fact. Item 7 Relationship between the offeror and the directors and officers of the offeree issuer Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeror and any of the directors or officers of the offeree issuer, including particulars of any payment or other benefit proposed to be made or given by way of compensation for loss of office or their remaining in or retiring from office if the take-over bid is successful. State also whether any directors or officers of the offeree issuer are also directors or officers of the offeror or any subsidiary entity of the offeror and identify those persons. Item 8 Arrangements between offeree issuer and officers and directors Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeree issuer and any of the directors or officers of the offeree issuer, including particulars of any payment or other benefit proposed to be made or given by way of compensation for loss of office or their remaining in or retiring from office if the take-over bid is successful.

Regulation 62-104 September 19, 2025 PAGE 65
Item 9 Arrangements between the offeror and security holders of offeree issuer (1) If not already disclosed in the take-over bid circular, disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeror and a security holder of the offeree issuer relating to the bid, including a description of its purpose, its date, the identity of the parties, and its terms and conditions. Disclosure with respect to each agreement, commitment or understanding, other than an agreement that a security holder will tender securities to a take-over bid made by the offeror, must include (a) a detailed explanation as to how the offeror determined entering into it was not prohibited by section 2.24 of the Regulation, or (b) disclosure of the exception to, or exemption from, the prohibition against collateral agreements relied on by the offeror and the facts supporting that reliance. (2) If the offeror is relying on an exception to the prohibition against collateral agreements under subparagraph 2.25(1)(b)(ii) of the Regulation, and if not already disclosed in the take-over bid circular, disclose the review process undertaken by the independent committee of directors of the issuer and the basis on which the independent committee made its determination under clause 2.25(1)(b)(ii)(A) or (B) of the Regulation. Item 10 Interests of directors and officers of the offeree issuer in material transactions with offeror State whether any director or officer of the offeree issuer and their associates and, if known to the directors or officers after reasonable enquiry, whether any person who owns more than 10% of any class of equity securities of the offeree issuer for the time being outstanding has any interest in any material transaction to which the offeror is a party, and if so, state particulars of the nature and extent of such interest. Item 11 Trading by directors, officers and other insiders (1) State the number of securities of the offeree issuer traded, the purchase or sale price and the date of each transaction during the 6-month period preceding the date of the directors' circular by the offeree issuer and each director, officer or other insider of the offeree issuer, and, if known after reasonable enquiry, by (a) each associate or affiliate of an insider of the offeree issuer, (b) each affiliate or associate of the offeree issuer, and (c) each person acting jointly or in concert with the offeree issuer. (2) Disclose the number and price of securities of the offeree issuer of the class of securities subject to the bid or convertible into securities of that class that have been

Regulation 62-104 September 19, 2025 PAGE 66 issued to the directors, officers and other insiders of the offeree issuer during the 2-year period preceding the date of the circular. Item 12 Additional information If any information required to be disclosed by the take-over bid circular prepared by the offeror has been presented incorrectly or is misleading, supply any additional information which will make the information in the circular correct or not misleading. Item 13 Material changes in the affairs of offeree issuer State the particulars of any information known to any of the directors or officers of the offeree issuer that indicates any material change in the affairs of the offeree issuer since the date of the last published interim financial report or annual financial statements of the offeree issuer. Item 14 Other material information State the particulars of any other information known to the directors but not already disclosed in the directors’ circular that would reasonably be expected to affect the decision of the security holders of the offeree issuer to accept or reject the offer. Item 15 Recommending acceptance or rejection of the bid Include either a recommendation to accept or reject the take-over bid and the reasons for such recommendation or a statement that the directors are unable to make or are not making a recommendation. If no recommendation is made, state the reasons for not making a recommendation. If the directors of an offeree issuer are considering recommending acceptance or rejection of a take-over bid after the sending of the directors’ circular, state that fact. Item 16 Response of offeree issuer Describe any transaction, directors’ resolution, agreement in principle or signed contract of the offeree issuer in response to the bid. Disclose whether there are any negotiations underway in response to the bid, which relate to or would result in (a) an extraordinary transaction such as a merger or reorganization involving the offeree issuer or a subsidiary entity, (b) the purchase, sale or transfer of a material amount of assets by the offeree issuer or a subsidiary entity, (c) a competing take-over bid, (d) a bid by the offeree issuer for its own securities or for those of another issuer, or

Regulation 62-104 September 19, 2025 PAGE 67
(e) any material change in the present capitalization or dividend policy of the offeree issuer. If there is an agreement in principle, give full particulars. Item 17 Approval of directors’ circular State that the directors’ circular has been approved and its sending has been authorized by the directors of the offeree issuer. Item 18 Statement of rights Include the following statement of rights provided under the securities legislation of the jurisdictions relating to this circular:
“Securities legislation in the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages, if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.”. Item 19 Certificate A directors’ circular certificate form must state:
“The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made.”. Item 20 Date of directors’ circular Specify the date of the directors’ circular. M.O. 2008-02, Sch. 62-104F3; M.O. 2010-17, s. 3.

Regulation 62-104 September 19, 2025 PAGE 68
FORM 62-104F4
DIRECTOR’S OR OFFICER’S CIRCULAR
PART 1 GENERAL PROVISIONS
(a) Defined terms
If a term is used but not defined in this Form, refer to Part 1 of Regulation 62-104 respecting Take-Over Bids and Issuer Bids (chapter V-1.1, r. 35) (the Regulation) and to Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3). (b) Plain language Write the director’s or officer’s circular so that readers are able to understand it and make informed investment decisions. Directors and officers should apply plain language principles when they prepare a director’s or officer’s circular including:

• using short sentences;
• using definite everyday language;
• using the active voice;
• avoiding superfluous words;
• organizing the document into clear, concise sections, paragraphs and
  sentences;
• avoiding jargon;
• using personal pronouns to speak directly to the reader;
• avoiding reliance on glossaries and defined terms unless it facilitates
  understanding of the disclosure;
• avoiding vague boilerplate wording;
• avoiding abstract terms by using more concrete terms or examples;
• avoiding multiple negatives;
• using technical terms only when necessary and explaining those terms;
• using charts, tables and examples where it makes disclosure easier to
  understand.
  If you use technical terms, explain them in a clear and concise manner.

Regulation 62-104 September 19, 2025 PAGE 69
(c) Numbering and headings
The numbering, headings and ordering of items included in this Form are guidelines only. You do not need to include the heading or numbering or follow the order of items in this Form. You do not need to refer to inapplicable items and, unless otherwise required in this Form, you may omit negative answers to items. Disclosure provided in response to any item need not be repeated elsewhere in the circular.
PART 2 CONTENTS OF DIRECTOR’S OR OFFICER’S CIRCULAR
Item 1 Name of offeror
State the corporate name of the offeror or, if the offeror is an unincorporated entity, the full name under which it exists and carries on business. Item 2 Name of offeree issuer State the corporate name of the offeree issuer or, if the offeree issuer is an unincorporated entity, the full name under which it exists and carries on business. Item 3 Name of director or officer of offeree issuer State the name of each director or officer delivering the circular. Item 4 Ownership of securities of offeree issuer State the number, designation and percentage of the outstanding securities of any class of securities of the offeree issuer beneficially owned or over which control or direction is exercised (a) by the director or officer, and (b) if known after reasonable enquiry, by the associates of the director or officer. In each case where no securities are so owned, directed or controlled, state this fact. Item 5 Acceptance of bid State whether the director or officer of the offeree issuer and, if known after reasonable enquiry whether any associate of such director or officer, has accepted or intends to accept the offer and state the number of securities in respect of which the director or officer, or any associate, has accepted or intends to accept the offer. Item 6 Ownership of securities of offeror If a take-over bid is made by or on behalf of an issuer, state the number, designation and percentage of the outstanding securities of any class of securities of the offeror beneficially owned or over which control or direction is exercised

Regulation 62-104 September 19, 2025 PAGE 70
(a) by the director or officer, or
(b) if known after reasonable enquiry, by the associates of the director or officer. In each case where no securities are so owned, directed or controlled, state this fact. Item 7 Arrangements between offeror and director or officer Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeror and the director or officer, including particulars of any payment or other benefit proposed to be made or given by way of compensation for loss of office or the director or officer remaining in or retiring from office if the take-over bid is successful. State whether the director or officer is also a director or officer of the offeror or any subsidiary entity of the offeror. Item 8 Arrangements between offeree issuer and director or officer Disclose the particulars of any agreement, commitment or understanding made or proposed to be made between the offeree issuer and the director or officer, including particulars of any payment or other benefit proposed to be made or given by way of compensation for loss of office or his or her remaining in or retiring from office if the take-over bid is successful. Item 9 Interests of director or officer in material transactions with offeror State whether the director or officer or the associates of the director or officer have any interest in any material transaction to which the offeror is a party, and if so, state the particulars of the nature and extent of such interest. Item 10 Additional information If any information required to be disclosed by the take-over bid circular prepared by the offeror or the directors’ circular prepared by the directors has been presented incorrectly or is misleading, supply any additional information within the knowledge of the director or officer which would make the information in the take-over bid circular or directors’ circular correct or not misleading. Item 11 Material changes in the affairs of offeree issuer State the particulars of any information known to the director or officer that indicates any material change in the affairs of the offeree issuer since the date of the last published interim financial report or annual financial statements of the offeree issuer and not generally disclosed or in the opinion of the director or officer not adequately disclosed in the take-over bid circular or directors’ circular.

Regulation 62-104 September 19, 2025 PAGE 71
Item 12 Other material information
State the particulars of any other information known to the director or officer but not already disclosed in the director’s or officer’s circular that would reasonably be expected to affect the decision of the security holders of the offeree issuer to accept or reject the offer. Item 13 Recommendation State the recommendation of the director or officer and the reasons for the recommendation. Item 14 Statement of rights Include the following statement of rights provided under the securities legislation of the jurisdictions relating to this circular:
“Securities legislation of the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.”. Item 15 Certificate Include a certificate in the following form signed by or on behalf of each director or officer delivering the circular:
“The foregoing contains no untrue statement of a material fact and does not omit to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the light of the circumstances in which it was made.”. Item 16 Date of director’s or officer’s circular Specify the date of the director’s or officer’s circular. M.O. 2008-02, Sch. 62-104F4; M.O. 2010-17, s. 4; M.O. 2016-07, s. 24.

Regulation 62-104 September 19, 2025 PAGE 72
FORM 62-104F5
NOTICE OF CHANGE OR NOTICE OF VARIATION
PART 1 GENERAL PROVISIONS
(a) Defined terms
If a term is used but not defined in this Form, refer to Part 1 of Regulation 62-104 respecting Take-Over Bids and Issuer Bids (chapter V-1.1, r. 35) (the Regulation) and to Regulation 14-101 respecting Definitions (chapter V-1.1, r. 3). (b) Plain language Write the notice of change or notice of variation so that readers are able to understand it and make informed investment decisions. Plain language principles should be applied when preparing a notice of change or notice of variation including:

• using short sentences;
• using definite everyday language;
• using the active voice;
• avoiding superfluous words;
• organizing the document into clear, concise sections, paragraphs and
  sentences;
• avoiding jargon;
• using personal pronouns to speak directly to the reader;
• avoiding reliance on glossaries and defined terms unless it facilitates
  understanding of the disclosure;
• avoiding vague boilerplate wording;
• avoiding abstract terms by using more concrete terms or examples;
• avoiding multiple negatives;
• using technical terms only when necessary and explaining those terms;
• using charts, tables and examples where it makes disclosure easier to
  understand.
  If you use technical terms, explain them in a clear and concise manner.

Regulation 62-104 September 19, 2025 PAGE 73
(c) Numbering and headings
The numbering, headings and ordering of items included in this Form are guidelines only. You do not need to include the heading or numbering or follow the order of items in this Form. You do not need to refer to inapplicable items and, unless otherwise required in this Form, you may omit negative answers to items. Disclosure provided in response to any item need not be repeated elsewhere in the circular.
PART 2 CONTENTS OF NOTICE OF CHANGE OR NOTICE OF VARIATION
Item 1 Name of offeror
State the corporate name of the offeror or, if the offeror is an unincorporated entity, the full name under which it exists and carries on business. Item 2 Name of offeree issuer (if applicable) State the corporate name of the offeree issuer or, if the offeree issuer is an unincorporated entity, the full name under which it exists and carries on business. Item 3 Particulars of notice of change or notice of variation (1) A notice of change required under section 2.11 of the Regulation must contain (a) a description of the change in the information contained in (i) the take-over bid circular or issuer bid circular, and (ii) any notice of change previously delivered under section 2.11, (b) the date of the change, (c) the date up to which securities may be deposited, (d) the date by which securities deposited must be taken up by the offeror, and (e) a description of the rights of withdrawal that are available to security holders. (2) A notice of variation required under section 2.12 of the Regulation must contain (a) a description of the variation in the terms of the take-over bid or issuer bid, (a.1) if one of the terms referred to in paragraph (a) is the mandatory 10 day extension period required pursuant to paragraph 2.31.1(a) of the Regulation, the number of securities deposited under the take-over bid and not withdrawn as at the date of the variation,

Regulation 62-104 September 19, 2025 PAGE 74
(b) the date of the variation,
(c) the date up to which securities may be deposited, (d) the date by which securities deposited must be taken up by the offeror, (e) if the date referred to in paragraph (d) is not known, a description of the legal requirements regarding the timing of take up of securities deposited under the bid, (f) a description of when payment will be made for deposited securities in relation to the time in which they are taken up by the offeror, and (g) a description of the rights of withdrawal that are available to security holders. (3) A notice of change required under section 2.18 or subsection 2.20(2) of the Regulation must contain, as applicable, a description of the change in the information contained in (a) the directors’ circular, (b) any notice of change previously delivered under section 2.18, (c) the director’s or officer’s circular, or (d) any notice of change previously delivered under subsection 2.20(2). Item 4 Statement of rights Include the following statement of rights provided under the securities legislation of the jurisdictions relating to this notice:
“Securities legislation of the provinces and territories of Canada provides security holders of the offeree issuer with, in addition to any other rights they may have at law, one or more rights of rescission, price revision or to damages if there is a misrepresentation in a circular or notice that is required to be delivered to those security holders. However, such rights must be exercised within prescribed time limits. Security holders should refer to the applicable provisions of the securities legislation of their province or territory for particulars of those rights or consult a lawyer.”. Item 5 Certificate Include the signed certificate required in the bid circular, directors’ circular or director’s or officer’s circular, amended to refer to the initial circular and to all subsequent notices of change or notices of variation.

Regulation 62-104 September 19, 2025 PAGE 75
Item 6 Date of notice of change or notice of variation Specify the date of the notice of change or notice of variation. M.O. 2008-02, Sch. 62-104F5; M.O. 2016-07, s. 25. TRANSITIONAL PROVISIONS M.O. 2010-17, 2010 G.O. 2, 3918
6. This Regulation only applies to periods relating to financial years beginning on or
after January 1, 2011.
Decision 2008-PDG-0007, 2008-01-17
Bulletin de l'Autorité: 2008-02-01, Vol. 5 n° 04 M.O. 2008-02, 2008 G.O. 2, 565 Amendments Decision 2010-PDG-0216, 2010-11-22 Bulletin de l'Autorité: 2010-12-17, Vol. 7 n° 50 M.O. 2010-17, 2010 G.O. 2, 3918 Decision 2016-PDG-0050, 2016-03-30 Bulletin de l’Autorité: 2016-05-05, Vol. 13, n° 18 M.O. 2016-07, 2016 G.O. 2, 1939 Decision 2023-PDG-0016, 2023-04-27 Bulletin de l’Autorité: 2023-06-01 Vol. 20, n° 21 M.O. 2023-11, 2023 G.O. 2, 1046 Decision 2025-PDG-0041, 2025-07-22 Bulletin de l’Autorité : 2025-09-04, Vol. 22 n° 35 M.O. 2025-16, 2025 G.O. 2, 3121