OSC Bulletin

The Ontario Securities Commission

OSC Bulletin

January 13, 2012

Volume 35, Issue 2

(2012), 35 OSCB

The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)

The Ontario Securities Commission Published under the authority of the Commission by: Cadillac Fairview Tower Carswell, a Thomson Reuters business Suite 1903, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4

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One Corporate Plaza Customer Relations 2075 Kennedy Road Toronto 1-416-609-3800 Toronto, Ontario Elsewhere in Canada/U.S. 1-800-387-5164 M1T 3V4 Fax 1-416-298-5082 www.carswell.com Email www.carswell.com/email Table of Contents

Chapter 1 Notices / News Releases ...... 357 Chapter 4 Cease Trading Orders ...... 447 1.1 Notices ...... 357 4.1.1 Temporary, Permanent & Rescinding 1.1.1 Current Proceedings before the Issuer Cease Trading Orders...... 447 Ontario Securities Commission ...... 357 4.2.1 Temporary, Permanent & Rescinding 1.1.2 Roundtable Consultation Session on Management Cease Trading Orders ...... 447 CSA’s Review of Minimum Amount 4.2.2 Outstanding Management & Insider and Accredited Investor Prospectus Cease Trading Orders ...... 447 Exemptions...... 365 1.1.3 Irwin Boock et al. – s. 127 ...... 366 Chapter 5 Rules and Policies...... (nil) 1.2 Notices of Hearing...... 367 1.2.1 Jowdat Waheed and Bruce Walter Chapter 6 Request for Comments ...... (nil) – ss. 127, 127.1...... 367 1.2.2 Irwin Boock et al. – ss. 127, 127.1...... 376 Chapter 7 Insider Reporting...... 449 1.3 News Releases...... (nil) 1.4 Notices from the Office Chapter 8 Notice of Exempt Financings...... 579 of the Secretary ...... 384 Reports of Trades Submitted on 1.4.1 HEIR Home Equity Investment Forms 45-106F1 and 45-501F1...... 579 Rewards Inc...... 384 1.4.2 Jowdat Waheed and Bruce Walter ...... 384 Chapter 9 Legislation...... (nil) 1.4.3 Frank Dunn et al...... 385 1.4.4 Irwin Boock et al...... 385 Chapter 11 IPOs, New Issues and Secondary Financings...... 587 Chapter 2 Decisions, Orders and Rulings ...... 387 2.1 Decisions ...... 387 Chapter 12 Registrations...... 593 2.1.1 Covington Capital Corporation and 12.1.1 Registrants...... 593 Covington Venture Fund Inc...... 387 2.1.2 Peregrine Metals Ltd...... 391 Chapter 13 SROs, Marketplaces and 2.1.3 ICO Therapeutics Inc. et al...... 393 Clearing Agencies ...... 595 2.1.4 Brookfield Renewable Power 13.1 SROs...... (nil) Preferred Equity Inc...... 400 13.2 Marketplaces ...... 595 2.1.5 Pizza Pizza Royalty Income Fund ...... 408 13.2.1 Alpha ATS LP – Notice for Proposed 2.1.6 Galileo Funds Inc...... 412 Changes and Request for Feedback ...... 595 2.1.7 BRP Finance ULC ...... 415 13.3 Clearing Agencies ...... (nil) 2.1.8 Wellington West Capital Inc. and National Bank Financial Ltd...... 423 Chapter 25 Other Information ...... 597 2.1.9 National Bank Financial Inc. and 25.1 Approvals ...... 597 National Bank Financial Ltd...... 425 25.1.1 Pursuit Financial Management 2.1.10 Goodman & Company, Investment Corporation – s. 213(3)(b) of the LTCA...... 597 Counsel Ltd. and the Funds Listed 25.1.2 Galileo Funds Inc. in Schedule A ...... 428 – s. 213(3)(b) of the LTCA ...... 598 2.1.11 0920496 B.C. Ltd...... 431 25.2 Exemptions ...... 598 2.1.12 Aston Hill Asset Management Inc. 25.2.1 Laurentian Funds – Part 6 of NI 81-101 and Aston Hill Global High Income Mutual Fund Prospectus Disclosure ...... 598 Fund ...... 433 25.2.2 Mackenzie Cundhill Recovery Class 2.1.13 Lincluden Investment Management – Part 6 of NI 81-101 Mutual Fund Limited and Lincluden Balanced Fund ...... 437 Prospectus Disclosure ...... 599 2.2 Orders...... 439 2.2.1 HEIR Home Equity Investment Index...... 601 Rewards Inc. – ss. 127(1), 127.1...... 439 2.2.2 Frank Dunn et al. ņ s. 17(1) ...... 441 2.3 Rulings ...... (nil)

Chapter 3 Reasons: Decisions, Orders and Rulings...... 443 3.1 OSC Decisions, Orders and Rulings ...... 443 3.1.1 M.H. – s. 31...... 443 3.2 Court Decisions, Order and Rulings...... (nil)

January 13, 2012 (2012) 35 OSCB

Chapter 1 Notices / News Releases

1.1 Notices SCHEDULED OSC HEARINGS

1.1.1 Current Proceedings Before The Ontario January 16, Shaun Gerard McErlean, Securities Commission 2012 Securus Capital Inc., and Acquiesce Investments January 13, 2012 11:00 a.m. s. 127 CURRENT PROCEEDINGS March 28-30, and April 3, M. Britton in attendance for Staff BEFORE 2012 Panel: VK/JDC ONTARIO SECURITIES COMMISSION 10:00 a.m.

------March 26, 2012 Unless otherwise indicated in the date column, all hearings will take place at the following location: 11:00 a.m. The Harry S. Bray Hearing Room Ontario Securities Commission January 16, North American Financial Group Cadillac Fairview Tower 2012 Inc., North American Capital Suite 1700, Box 55 Inc., Alexander Flavio Arconti, 20 Queen Street West 10:00 a.m. and Luigino Arconti Toronto, Ontario M5H 3S8 s. 127

Telephone: 416-597-0681 Telecopier: 416-593-8348 M. Vaillancourt in attendance for Staff CDS TDX 76 Panel: JEAT Late Mail depository on the 19th Floor until 6:00 p.m.

------January 18-23, Peter Beck, Swift Trade Inc. 2012 (continued as 7722656 Canada THE COMMISSIONERS Inc.), Biremis, Corp., Opal Stone 10:00 a.m. Financial Services S.A., Barka Co. Howard I. Wetston, Chair — HIW Limited, Trieme Corporation and a limited partnership referred to James E. A. Turner, Vice Chair — JEAT as “Anguilla LP” Lawrence E. Ritchie, Vice Chair — LER s. 127 Mary G. Condon, Vice Chair — MGC Sinan O. Akdeniz — SOA B. Shulman in attendance for Staff James D. Carnwath — JDC Panel: JEAT Margot C. Howard — MCH Sarah B. Kavanagh — SBK Kevin J. Kelly — KJK Paulette L. Kennedy — PLK Edward P. Kerwin — EPK Vern Krishna __ VK Christopher Portner — CP Judith N. Robertson — JNR Charles Wesley Moore (Wes) Scott — CWMS

January 13, 2012 (2012) 35 OSCB 357 Notices / News Releases

January 20, L. Jeffrey Pogachar, Paola January 26-27, Empire Consulting Inc. and 2012 Lombardi, Alan S. Price, New Life 2012 Desmond Chambers Capital Corp., New Life Capital 10:00 a.m. Investments Inc., New Life Capital 10:00 a.m. s. 127 Advantage Inc., New Life Capital Strategies Inc., 1660690 Ontario D. Ferris in attendance for Staff Ltd., 2126375 Ontario Inc., 2108375 Ontario Inc., 2126533 Panel: EPK Ontario Inc., 2152042 Ontario Inc., 2100228 Ontario Inc., and 2173817 Ontario Inc. January 30, Firestar Capital Management 2012 Corp., Kamposse Financial Corp., s. 127 Firestar Investment Management 10:00 a.m. Group, Michael Ciavarella and M. Britton in attendance for Staff Michael Mitton

Panel: EPK/PLK s. 127 H. Craig in attendance for Staff January 23, Global Energy Group, Ltd., New January 25-26, Gold Limited Partnerships, Panel: JEAT January 30 and Christina Harper, Vadim Tsatskin, February 1-8, Michael Schaumer, Elliot Feder, 2012 Oded Pasternak, Alan Silverstein, January 30, Systematech Solutions Inc., Herbert Groberman, Allan Walker, 2012 April Vuong and Hao Quach 10:00 a.m. Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce 1:30 p.m. s. 127 January 24, Cohen and Andrew Shiff 2012 R. Goldstein/S. Schumacher in s. 37, 127 and 127.1 attendance for Staff 2:30 p.m. H. Craig in attendance for Staff Panel: JEAT

Panel: PLK/MCH/JNR January 31, Bruce Carlos Mitchell 2012 January 24, Majestic Supply Co. Inc., s. 127 2012 Suncastle Developments 3:00 p.m. Corporation, Herbert Adams, C. Johnson in attendance for Staff 10:00 a.m. Steve Bishop, Mary Kricfalusi, Kevin Loman and CBK Panel: MGC Enterprises Inc. February 1, Ciccone Group, Medra Corp. s. 37, 127 and 127.1 2012 (a.k.a. Medra Corporation), 990509 Ontario Inc., Tadd D. Ferris in attendance for Staff 10:00 a.m. Financial Inc., Cachet Wealth Management Inc., Vincent Panel: EPK/PLK Ciccone (a.k.a. Vince Ciccone), Darryl Brubacher, Andrew J January 26, American Heritage Stock Transfer Martin, Steve Haney, Klaudiusz 2012 Inc., American Heritage Stock Malinowski, Transfer, Inc., BFM Industries and Ben Giangrosso 10:00 a.m. Inc., Denver Gardner Inc., Sandy Winick, Andrea Lee McCarthy, s. 127 Kolt Curry and Laura Mateyak M. Vaillancourt in attendance for s. 127 Staff

J. Feasby in attendance for Staff Panel: PLK

Panel: CP

January 13, 2012 (2012) 35 OSCB 358 Notices / News Releases

February 1-3, Irwin Boock, Stanton Defreitas, February 27, Juniper Fund Management February 7-10 Jason Wong, Saudia Allie, Alena February 29, Corporation, Juniper Income February 15-17 Dubinsky, Alex Khodjiaints March 2 and Fund, Juniper Equity Growth and February Select American Transfer Co., March 5, 2012 Fund and Roy Brown (a.k.a. Roy 22-23, 2012 Leasesmart, Inc., Advanced Brown-Rodrigues) Growing Systems, Inc., 10:00 a.m. 10:00 a.m. International Energy Ltd., s. 127 and 127.1 Nutrione Corporation, Pocketop March 6, 2012 February 6, 13 Corporation, Asia Telecom Ltd., D. Ferris in attendance for Staff and 21, 2012 Pharm Control Ltd., Cambridge 1:00 p.m. Resources Corporation, Panel: VK/MCH 11:00 a.m. Compushare Transfer Corporation, Federated Purchaser, Inc., TCC March 5-12 and Ameron Oil and Gas Ltd., MX-IV Industries, Inc., First National March 14- 21, Ltd., Gaye Knowles, Giorgio Entertainment Corporation, WGI 2012 Knowles, Anthony Howorth, Holdings, Inc. and Enerbrite Vadim Tsatskin, Technologies Group 10:00 a.m. Mark Grinshpun, Oded Pasternak, and Allan Walker s. 127 and 127.1 s. 127 H. Craig in attendance for Staff H. Craig/C. Rossi in attendance for Panel: VK Staff Panel: CP February 2-3, Zungui Haixi Corporation, Yanda 2012 Cai and Fengyi Cai March 8, 2012 Energy Syndications Inc., Green 10:00 a.m. s. 127 Syndications Inc., Syndications 10:00 a.m. Canada Inc., Land Syndications J. Superina in attendance for Staff Inc. and Douglas Chaddock

Panel: CP s. 127 C. Johnson in attendance for Staff February 15, Jowdat Waheed and Bruce Walter 2012 Panel: CP s. 127 10:00 a.m. J. Lynch in attendance for Staff March 12, David M. O’Brien March 14-26, Panel: TBA and March 28, s. 37, 127 and 127.1 2012 B. Shulman in attendance for Staff February 15-17, Maitland Capital Ltd., Allen 10:00 a.m. 2012 Grossman, Hanoch Ulfan, Panel: EPK Leonard Waddingham, Ron 10:00 a.m. Garner, Gord Valde, Marianne Hyacinthe, Dianna Cassidy, Ron March 27, Shallow Oil & Gas Inc., Eric Catone, Steven Lanys, Roger 2012 O’Brien, Abel Da Silva, Gurdip McKenzie, Tom Mezinski, William Singh Rouse and Jason Snow 9:00 a.m. Gahunia aka Michael Gahunia and Abraham Herbert Grossman aka s. 127 and 127.1 June 18 and Allen Grossman June 20-22, D. Ferris in attendance for Staff 2012 s. 127(7) and 127(8)

Panel: EPK 10:00 a.m. H. Craig in attendance for Staff Panel: PLK

January 13, 2012 (2012) 35 OSCB 359 Notices / News Releases

April 2-5, April Bernard Boily May 9-18 and Crown Hill Capital Corporation 9, April 11-23 May 23-25, and and April 25-27, s. 127 and 127.1 2012 Wayne Lawrence Pushka 2012 M. Vaillancourt/U. Sheikh in 10:00 a.m. s. 127 10:00 a.m. attendance for Staff A. Perschy in attendance for Staff Panel: TBA Panel: EPK April 11, 2012 Global Consulting and Financial Services, Crown Capital June 4, June 6- Peter Sbaraglia 10:00 a.m. Management Corporation, 18, and June Canadian Private Audit Service, 20-26, 2012 s. 127 Executive Asset Management, Michael Chomica, Peter Siklos (Also 10:00 a.m. J. Lynch in attendance for Staff Known As Peter Kuti), Jan Chomica and Lorne Banks Panel: TBA

s. 127 June 22, 2012 New Hudson Television H. Craig/C. Rossi in attendance for Corporation, Staff 10:00 a.m. New Hudson Television L.L.C. & James Dmitry Salganov Panel: CP s. 127

April 18, 2012 Sextant Capital Management Inc., C. Watson in attendance for Staff Sextant Capital GP Inc., Otto 10:00 a.m. Spork, Robert Levack and Natalie Panel: TBA Spork

s. 127 September Portus Alternative Asset 4-10, Management Inc., Portus Asset T. Center in attendance for Staff September Management Inc., Boaz Manor, 12-14, Michael Mendelson, Michael Panel: JDC September Labanowich and John Ogg 19-24, and September 26 – s. 127 April 30-May 7, Rezwealth Financial Services Inc., October 5, 2012 May 9-18 and Pamela Ramoutar, Justin H Craig in attendance for Staff May 23-25, Ramoutar, 10:00 a.m. 2012 Tiffin Financial Corporation, Panel: TBA Daniel Tiffin, 2150129 Ontario 10:00 a.m. Inc., Sylvan Blackett, 1778445 Ontario Inc. and Willoughby September 21, Oversea Chinese Fund Limited Smith 2012 Partnership, Weizhen Tang and Associates Inc., Weizhen Tang s. 127(1) and (5) 10:00 a.m. Corp., and Weizhen Tang

A. Heydon in attendance for Staff s. 127 and 127.1

Panel: CP H. Craig in attendance for Staff Panel: TBA

January 13, 2012 (2012) 35 OSCB 360 Notices / News Releases

TBA Yama Abdullah Yaqeen TBA Lyndz Pharmaceuticals Inc., James Marketing Ltd., Michael s. 8(2) Eatch and Rickey McKenzie

J. Superina in attendance for Staff s. 127(1) and (5)

Panel: TBA J. Feasby/C. Rossi in attendance for Staff

TBA Microsourceonline Inc., Michael Panel: TBA Peter Anzelmo, Vito Curalli, Jaime S. Lobo, Sumit Majumdar and Jeffrey David Mandell TBA M P Global Financial Ltd., and Joe Feng Deng s. 127 s. 127 (1) J. Waechter in attendance for Staff M. Britton in attendance for Staff Panel: TBA Panel: TBA TBA Frank Dunn, Douglas Beatty, Michael Gollogly TBA Shane Suman and Monie Rahman

s. 127 s. 127 and 127(1)

K. Daniels in attendance for Staff C. Price in attendance for Staff

Panel: TBA Panel: TBA

TBA MRS Sciences Inc. (formerly TBA Gold-Quest International, Health Morningside Capital Corp.), and Harmoney, Iain Buchanan Americo DeRosa, Ronald and Lisa Buchanan Sherman, Edward Emmons and Ivan Cavric s. 127

s. 127 and 127(1) H. Craig in attendance for Staff

D. Ferris in attendance for Staff Panel: TBA

Panel: TBA TBA Brilliante Brasilcan Resources Corp., York Rio Resources Inc., TBA Gold-Quest International, 1725587 Brian W. Aidelman, Jason Ontario Inc. carrying Georgiadis, Richard Taylor and on business as Health and Victor York Harmoney, Harmoney Club Inc., Donald Iain Buchanan, Lisa s. 127 Buchanan and Sandra Gale H. Craig in attendance for Staff s. 127 Panel: TBA H. Craig in attendance for Staff

Panel: TBA TBA Abel Da Silva s. 127

C. Watson in attendance for Staff

Panel: TBA

January 13, 2012 (2012) 35 OSCB 361 Notices / News Releases

TBA Paul Azeff, Korin Bobrow, TBA Axcess Automation LLC, Mitchell Finkelstein, Howard Axcess Fund Management, LLC, Jeffrey Miller and Man Kin Cheng Axcess Fund, L.P., Gordon Alan (a.k.a. Francis Cheng) Driver, David Rutledge, 6845941 Canada Inc. carrying on business s. 127 as Anesis Investments, Steven M. Taylor, Berkshire Management T. Center/D. Campbell in attendance Services Inc. carrying on for Staff business as International Communication Strategies, Panel: TBA 1303066 Ontario Ltd. Carrying on business as ACG Graphic Communications, TBA Merax Resource Management Ltd. Montecassino Management carrying on business as Crown Corporation, Reynold Mainse, Capital Partners, Richard Mellon World Class Communications Inc. and Alex Elin and Ronald Mainse

s. 127 s. 127

T. Center in attendance for Staff Y. Chisholm in attendance for Staff

Panel: TBA Panel: TBA

TBA Alexander Christ Doulis TBA Nest Acquisitions and Mergers, (aka Alexander Christos Doulis, IMG International Inc., Caroline aka Alexandros Christodoulidis) Myriam Frayssignes, David and Liberty Consulting Ltd. Pelcowitz, Michael Smith, and Robert Patrick Zuk s. 127 s. 37, 127 and 127.1 S. Horgan in attendance for Staff C. Price in attendance for Staff Panel: TBA Panel: TBA TBA Uranium308 Resources Inc., Michael Friedman, George TBA Goldpoint Resources Schwartz, Peter Robinson, and Corporation, Pasqualino Novielli Shafi Khan also known as Lee or Lino Novielli, Brian Patrick s. 127 Moloney also known as Brian Caldwell, and Zaida Pimentel also H. Craig/C.Rossi in attendance for known as Zaida Novielli Staff s. 127(1) and 127(5) Panel: TBA C. Watson in attendance for Staff TBA Paul Donald Panel: TBA s. 127 TBA Lehman Brothers & Associates C. Price in attendance for Staff Corp., Greg Marks, Kent Emerson Lounds and Gregory William Panel: TBA Higgins

s. 127

C. Rossi in attendance for Staff

Panel: TBA

January 13, 2012 (2012) 35 OSCB 362 Notices / News Releases

TBA Ground Wealth Inc., Armadillo TBA Vincent Ciccone and Medra Corp. Energy Inc., Paul Schuett, Doug DeBoer, James Linde, s. 127 Susan Lawson, Michelle Dunk, Adrion Smith, Bianca Soto and M. Vaillancourt in attendance for Terry Reichert Staff

s. 127 Panel: TBA

S. Schumacher in attendance for Staff TBA FactorCorp Inc., FactorCorp Financial Inc. and Mark Twerdun Panel: TBA s. 127

TBA Heir Home Equity Investment C. Price in attendance for Staff Rewards Inc.; FFI First Fruit Investments Inc.; Wealth Building Panel: CP Mortgages Inc.; Archibald Robertson; Eric Deschamps; Canyon Acquisitions, LLC; TBA New Found Freedom Financial, Canyon Acquisitions Ron Deonarine Singh, Wayne International, LLC; Brent Borland; Gerard Martinez, Pauline Levy, Wayne D. Robbins; Marco David Whidden, Paul Swaby and Caruso; Placencia Estates Zompas Consulting Development, Ltd.; Copal Resort Development Group, LLC; s. 127 Rendezvous Island, Ltd.; The Placencia Marina, Ltd.; and The A. Heydon in attendance for Staff Placencia Hotel and Residences Ltd. Panel: TBA

s. 127 TBA MBS Group (Canada) Ltd., Balbir Ahluwalia and Mohinder A. Perschy / B. Shulman in Ahluwalia attendance for Staff s. 37, 127 and 127.1 Panel: TBA C. Rossi in attendance for staff TBA Sino-Forest Corporation, Allen Chan, Albert Ip, Alfred C.T. Hung, Panel: TBA George Ho and Simon Yeung TBA 2196768 Ontario Ltd carrying on s. 127 business as Rare Investments, Ramadhar Dookhie, Adil Sunderji A. Perschy/H. Craig in attendance and Evgueni Todorov for Staff s. 127 Panel: TBA D. Campbell in attendance for Staff TBA Normand Gauthier, Gentree Asset Management Inc., R.E.A.L. Group Panel: TBA Fund III (Canada) LP, and CanPro Income Fund I, LP

s. 127

B. Shulman in attendance for Staff

Panel: TBA

January 13, 2012 (2012) 35 OSCB 363 Notices / News Releases

TBA York Rio Resources Inc., TBA Richvale Resource Corp., Brilliante Brasilcan Resources Marvin Winick, Howard Blumenfeld, Corp., Victor York, Robert Runic, John Colonna, Pasquale Schiavone George Schwartz, Peter and Shafi Khan Robinson, Adam Sherman, Ryan Demchuk, Matthew Oliver, s. 127(7) and 127(8) Gordon Valde and Scott Bassingdale J. Feasby in attendance for Staff

s. 127 Panel: TBA

H. Craig/C. Watson in attendance for Staff TBA Simply Wealth Financial Group Inc., Naida Allarde, Bernardo Giangrosso Panel: TBA K&S Global Wealth Creative Strategies Inc., Kevin Persaud, Maxine Lobban and Wayne Lobban TBA Innovative Gifting Inc., Terence Lushington, Z2A Corp., and s. 127 and 127.1 Christine Hewitt C. Johnson in attendance for Staff s. 127 Panel: TBA M. Vaillancourt in attendance for Staff

Panel: TBA ADJOURNED SINE DIE

TBA Marlon Gary Hibbert, Ashanti Global Privacy Management Trust and Robert Corporate Services Inc., Dominion Cranston International Resource Management Inc., Kabash Resource Management Livent Inc., Garth H. Drabinsky, Myron I. Gottlieb, Power to Create Wealth Inc. and Gordon Eckstein, Robert Topol Power to Create Wealth Inc. (Panama) LandBankers International MX, S.A. De C.V.; Sierra Madre Holdings MX, S.A. De C.V.; L&B s. 127 LandBanking Trust S.A. De C.V.; Brian J. Wolf Zacarias; Roger Fernando Ayuso Loyo, Alan J. Lynch/S. Chandra in attendance Hemingway, Kelly Friesen, Sonja A. McAdam, Ed for Staff Moore, Kim Moore, Jason Rogers and Dave Urrutia Panel: TBA Hollinger Inc., Conrad M. Black, F. David Radler, John A. Boultbee and Peter Y. Atkinson

January 13, 2012 (2012) 35 OSCB 364 Notices / News Releases

1.1.2 Roundtable Consultation Session on CSA’s Review of Minimum Amount and Accredited Investor Prospectus Exemptions

A Roundtable Consultation Session on CSA’s Review of Minimum Amount and Accredited Investor Prospectus Exemptions

Staff of the Ontario Securities Commission invite you to attend a roundtable consultation session as part of the Canadian Securities Administrators’ (CSA) review of the minimum amount (or $150,000) prospectus exemption and accredited investor prospectus exemption.

The roundtable discussion will provide investors, issuers, registrants and professional advisors with an opportunity to share their views as to whether or not any changes to these exemptions may be appropriate.

The CSA’s formal public consultation on these exemptions will conclude on February 29, 2012.

Choice of Sessions Dates: Thursday, February 2, 2012 (9:00 am to 10:30 am) Wednesday, February 8, 2012 (9:00 am to 10:30 am) Monday, February 13, 2012 (9:00 am to 10:30 am)

Location: 22nd Floor OSC Training Room 20 Queen Street West, Toronto, Ontario

Cost: No charge

RSVP: Maria Wiltshire Email: [email protected] Deadline: Friday, January 27, 2012

OBJECTIVE

On November 10, 2011, the CSA published CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions (the Consultation Note).

The Consultation Note provides summary information regarding the minimum amount and accredited investor prospectus exemptions and sets out a number of specific consultation questions.

The purpose of the Consultation Note and related roundtable discussions is to obtain input from investors, issuers, registrants and professional advisors to inform the CSA’s review of these exemptions.

For further information, please refer to the Consultation Note which is available on the OSC website at http://www.osc.gov.on.ca/en/33950.htm. Written comments may also be provided until February 29, 2012.

WHO SHOULD ATTEND

¾ Retail and institutional investors ¾ Management and representatives of issuers ¾ Investment dealers, advisors to investors and other registrants ¾ Internal and external legal counsel, auditors and other professional advisors to issuers

CONSULTATION LEADERS Jo-Anne Matear, Elizabeth Topp and Jason Koskela (Corporate Finance), Melissa Schofield (Investment Funds) and Maria Carelli (Compliance and Registrant Regulation)

January 13, 2012 (2012) 35 OSCB 365 Notices / News Releases

1.1.3 Irwin Boock et al. – s. 127

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF IRWIN BOOCK, STANTON DEFREITAS, JASON WONG, SAUDIA ALLIE, ALENA DUBINSKY, ALEX KHODJIAINTS, SELECT AMERICAN TRANSFER CO., LEASESMART, INC., ADVANCED GROWING SYSTEMS, INC., INTERNATIONAL ENERGY LTD., NUTRIONE CORPORATION, POCKETOP CORPORATION, ASIA TELECOM LTD., PHARM CONTROL LTD., CAMBRIDGE RESOURCES CORPORATION, COMPUSHARE TRANSFER CORPORATION, FEDERATED PURCHASER, INC., TCC INDUSTRIES, INC., FIRST NATIONAL ENTERTAINMENT CORPORATION, WGI HOLDINGS, INC. AND ENERBRITE TECHNOLOGIES GROUP

NOTICE OF WITHDRAWAL (Section 127)

WHEREAS on January 5, 2012 the Ontario Securities Commission issued an Amended Notice of Hearing and an Amended Statement of Allegations of Staff pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended, in respect of Irwin Boock, Stanton DeFreitas, Jason Wong, Saudia Allie, Alena Dubinsky, Alex Khodjiaints, Select American Transfer Co., LeaseSmart, Inc.; Advanced Growing Systems, Inc. (formerly, The Bighub.com, Inc.); NutriOne Corporation; International Energy Ltd.; Pocketop Corporation (formerly, Universal Seismic, Inc.); Asia Telecom Ltd.; Pharm Control Ltd.; Cambridge Resources Corporation; Compushare Transfer Corporation; WGI Holdings, Inc.; Federated Purchaser, Inc.; First National Entertainment Corporation (“First National”); TCC Industries, Inc.; and Enerbrite Technologies Group Inc.;

AND WHEREAS the hearing of this matter is scheduled to proceed on February 1, 2012;

TAKE NOTICE that Staff of the Commission withdraw the allegations against the respondent Saudia Allie as of January 10, 2012.

January 10, 2012

STAFF OF THE ONTARIO SECURITIES COMMISSION 20 Queen Street West PO Box 55, 19th Floor Toronto, ON M5H 3S8

Donna Campbell LSUC# 26116R Tel: 416-593-3661

January 13, 2012 (2012) 35 OSCB 366 Notices / News Releases

1.2 Notices of Hearing

1.2.1 Jowdat Waheed and Bruce Walter – ss. 127, 127.1

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF JOWDAT WAHEED AND BRUCE WALTER

NOTICE OF HEARING Sections 127 and 127.1

TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission located at 20 Queen Street West, 17th Floor, on February 15, 2012 at 10:00 a.m., or as soon thereafter as the hearing can be held.

AND TAKE NOTICE THAT the purpose of the hearing is to consider whether it is in the public interest for the Commission, at the conclusion of the hearing, to make an order:

(i) pursuant to clause 2 of section 127(1) of the Act that trading in any securities by Jowdat Waheed (“Waheed”) and Bruce Walter (“Walter”) (collectively, the “Res-pondents”) cease permanently or for such period as is specified by the Commission;

(ii) pursuant to clause 2.1 of section 127(1) of the Act the acquisition of any securities by the Respondents is prohibited permanently or for such other period as is specified by the Commission;

(iii) pursuant to clause 3 of section 127(1) of the Act that any exemptions contained in Ontario securities law do not apply to the Respondents permanently or for such period as is specified by the Commission;

(iv) pursuant to clause 6 of section 127(1) of the Act that the Respondents be reprimanded;

(v) pursuant to clauses 7, 8.1 and 8.3 of section 127(1) of the Act that the Respondents resign all positions that they hold as a director or officer of any issuer, registrant, or investment fund manager;

(vi) pursuant to clauses 8, 8.2 and 8.4 of section 127(1) of the Act that the Respondents be prohibited from becom-ing or acting as a director or officer of any issuer, registrant, or investment fund manager;

(vii) pursuant to clause 9 of section 127(1) of the Act that the Respondents each pay an administrative penalty of not more than $1 million for each failure by that Respondent to comply with Ontario securities law;

(viii) pursuant to clause 10 of section 127(1) of the Act that each Respondent disgorge to the Commission any amounts obtained as a result of non-compliance by that Respondent with Ontario securi-ties law;

(ix) pursuant to section 127.1 of the Act that the Respondents be ordered to pay the costs of the Commission investigation and the hearing; and

(x) such further order as the Commission considers appropriate in the public interest.

BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated January 9, 2012 and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceedings.

DATED at Toronto this 9th day of January, 2012.

“John Stevenson” Secretary to the Commission

January 13, 2012 (2012) 35 OSCB 367 Notices / News Releases

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF JOWDAT WAHEED AND BRUCE WALTER

STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission (“Staff”) make the following allegations:

I. OVERVIEW

1. This is a case of insider tipping and trading by a former consultant to Baffinland Iron Mines Corporation (“Baffinland” or the “Company”), who three months after ceasing to be a consultant, breached his confidentiality obligations and acted contrary to the public interest by using material facts and confidential information about Baffinland to launch a hostile take-over bid for Baffinland with his close friend and colleague.

2. Jowdat Waheed (“Waheed”) was a consultant at Baffinland from February to April 2010. While a consultant, he received confidential information and learned material facts about Baffinland that had not been generally disclosed.

3. Waheed received the following confidential information about the Company:

a) its budgets and financial forecasts;

b) its exploration plans;

c) its business plans and strategies;

d) details about the Company’s negotiations relating to permitting;

e) its Board of Directors (“Board”) materials;

f) the 2008 Scoping Study;

g) the 2010 Road Haulage Conceptual Study;

h) details about the Company’s search for a strategic partner; and

i) details about the Company’s negotiations with ArcelorMittal S.A. (“ArcelorMittal”).

4. The details about Baffinland’s confidential negotiations with ArcelorMittal relating to a potential joint venture were material facts. While a consultant, Waheed received copies of presentations and term sheets and details of the negotiations. Waheed learned further material facts about Baffinland’s continued confidential negotiations with ArcelorMittal regarding a potential joint venture after ceasing to be a consultant at Baffinland during the period of June to August 2010.

5. Beginning in July, 2010, Waheed informed Bruce Walter (“Walter”) and other third parties of material facts respecting Baffinland, as set out above, that had not been generally disclosed, contrary to s. 76(2) of the Securities Act, R.S.O. 1990, c. S.5, (as amended) (the “Securities Act”).

6. On September 9, 2010, Nunavut Iron Ore Acquisition Inc. (“Nunavut”) purchased shares of Baffinland. Nunavut was incorporated by Waheed and Walter on August 27, 2010, for the sole purpose of launching a take-over bid for Baffinland. As director, President and CEO, and Chairman of Nunavut, respectively, Waheed and Walter authorized, permitted or acquiesced in the purchase of securities of Baffinland by Nunavut, contrary to s.76(1) of the Securities Act. At the time of the purchase, Waheed and Walter were in a special relationship with Baffinland and both had knowledge of material facts with respect to Baffinland that had not been generally disclosed. On September 22, 2010, Nunavat launched a hostile take-over bid for Baffinland.

7. Waheed and Walter also acted contrary to the public interest by using material facts and confidential information belonging to Baffinland to purchase a toehold and launch a hostile take-over bid which put Baffinland in play. Walter and

January 13, 2012 (2012) 35 OSCB 368 Notices / News Releases

Waheed knew the hostile take-over bid would disrupt the joint venture negotiations between Baffinland and ArcelorMittal. By their actions, Waheed and Walter deprived Baffinland shareholders of the opportunity and ability to benefit from future developments of the Mary River Project (defined below) as a joint venture partner with ArcelorMittal. Waheed and Walter knew that launching the bid for BIM would create benefits and opportunities for Nunavut at the expense of Baffinland shareholders.

8. Waheed also acted contrary to the public interest by acting in his own self interest both while and after ceasing to be a consultant at Baffinland. While a consultant, Waheed provided advice to Baffinland’s majority shareholder and even advocated that it commence a proxy battle to take control of Baffinland’s Board. After ceasing to be a consultant, Waheed sought information from management under the guise of assisting Baffinland to identify an alternative strategic partner. Instead, Waheed used the information he obtained from Baffinland management for his own benefit to launch a hostile take-over bid for the Company.

II. THE RESPONDENTS

9. Waheed is a resident of Toronto, Ontario. He was a consultant to Baffinland from February 18, 2010 to April 30, 2010. He subsequently became the President, Chief Executive Officer (“CEO”) and a director of Nunavut on or about August 27, 2010. He is presently a director of Baffinland.

10. Prior to joining Baffinland as a consultant, Waheed held a number of senior executive positions at several large public corporations, including that of President and CEO. He also previously served as a director of a number of large public companies.

11. Walter is a resident of Toronto, Ontario. He was semi-retired until July, 2010 when he agreed to pursue a transaction involving Baffinland with Waheed. He subsequently became the Chairman and a director of Nunavut on or about August 27, 2010. He is presently a director of Baffinland.

12. Walter is a very experienced businessman, having been a member of senior management, including President and CEO, at several large public corporations. He has also been Chairman and a director of a number of large public companies.

13. Waheed and Walter met and became friends while employed at Horsham Corporation in the 1980’s and remained close personal friends thereafter. On or about July 4, 2010, Waheed approached Walter about pursuing a possible transaction involving Baffinland. Walter knew that Waheed had recently been a consultant at Baffinland. He was aware that Waheed learned of and was privy to material facts and confidential information about Baffinland that were not generally disclosed while he was a consultant at Baffinland and furthermore that Waheed was subject to a two year confidentiality provision in his consulting agreement with Baffinland which was still in force.

14. On or about July 4, 2010, despite having previously known about Baffinland but not having been interested in the Company, Walter agreed to pursue a transaction involving Baffinland with Waheed. From that time onward, Waheed and Walter were in regular and frequent contact. Waheed and Walter initially proposed doing a transaction involving Baffinland which would be financed by Barclays Natural Resources Investment Fund (“Barclays”).

15. On August 9, 2010, Barclays advised Waheed and Walter that it would not be able to provide all the financing required for a bid for Baffinland. The parties began to look for another financing partner. On August 12, 2010, Walter contacted John Calvert (“Calvert”), one of the principals at The Energy & Mineral Group (“EMG”) about the possibility of financing a take-over bid for Baffinland. Seven days later, after Waheed provided information about Baffinland to EMG, some of which included material facts that had not been generally disclosed and confidential information, EMG advised that it was willing to provide $200 million initially for a transaction involving Baffinland with the option to commit more later.

16. Waheed and Walter subsequently incorporated Nunavut pursuant to the Canada Business Corporations Act, R.S.C. 1985, c. C-44, on August 27, 2010 for the sole purpose of launching a take-over bid for Baffinland. On September 1, 2010, Nunavut opened a trading account with GMP Securities L.P. (“GMP”). Waheed and Walter were authorized to provide trading instructions for this account. They provided instructions to GMP to acquire Baffinland securities which would then be transferred to Nunavut as a toehold ownership position prior to initiating a formal public offer for Baffinland securities.

17. On September 9, 2010, Nunavut purchased 20 million common shares and 5 million 2009 warrants of Baffinland. Nunavut paid $12,062,600 for the 20 million common shares and $675,000 for the 5 million warrants. Waheed, as an officer and director of Nunavut, and Walter as a director of Nunavut, authorized and directed the purchase of such shares and warrants while in possession of material facts and confidential information about Baffinland.

18. On September 22, 2010, Nunavut made an offer to purchase all of the shares of Baffinland for $0.80 per common share (the “Nunavut Offer”).

January 13, 2012 (2012) 35 OSCB 369 Notices / News Releases

19. On November 12, 2010, ArcelorMittal made an offer to purchase all of the shares of Baffinland for $1.10 per common share (the “ArcelorMittal Offer”). Nunavut and ArcelorMittal each subsequently amended and extended their respective offers several times between November 12, 2010 and January 10, 2011. On January 14, 2011, ArcelorMittal and Nunavut announced a joint venture to purchase all of the shares of Baffinland for $1.50 per common share (the “Joint Bid”). The Joint Bid was ultimately successful and Nunavut and ArcelorMittal acquired control of Baffinland.

III. BACKGROUND

Baffinland’s Search For A Strategic Partner

20. Baffinland is a junior mining company incorporated pursuant to the Business Corporations Act (Ontario), R.S.O. 1990, c. B.16, whose main asset is an undeveloped iron ore deposit in Nunavut with substantial proven and probable resources (the “Mary River Project”). It was a reporting issuer in all provinces and territories in Canada and its shares were publicly traded on the Toronto Stock Exchange until, after the successful completion of the Joint Bid, Baffinland completed a going private transaction by way of plan of arrangement on March 25, 2011.

21. Baffinland did not have the finances to develop the Mary River Project. As such, it began a search for a strategic partner in 2008.

22. In August 2009, ArcelorMittal, the world’s largest steel producer, expressed an interest in Baffinland and visited the Mary River Project. In December 2009, ArcelorMittal provided Baffinland with an initial proposal. Further meetings and exchanges of term sheets by the parties took place in January and February 2010. Negotiations continued throughout 2010 and the parties entered into two exclusivity agreements. The negotiations were at an advanced stage and very close to being finalized at the time that Nunavut announced its bid for Baffinland on September 22, 2010.

23. It was a matter of public knowledge that Baffinland was seeking a strategic partner and that it was in discussions with potential strategic partners. It was not public knowledge however, that ArcelorMittal was in active negotiations with Baffinland. It was extremely important to ArcelorMittal, as known to Baffinland insiders and Waheed, that its identity as a potential strategic partner remain confidential.

Waheed Joins Baffinland As a Consultant

24. On February 18, 2010, Waheed joined Baffinland as a consultant to provide strategic advice to the Board regarding potential partnerships and the development of the Mary River Project generally. In fact, Waheed was brought in with a view to having him later join the Baffinland Board, potentially as Chairman.

25. Waheed’s consulting agreement contained a confidentiality clause which required that Waheed preserve the confidentiality of all confidential and proprietary information or material relating to Baffinland’s operations or business he received from and about the Company for a two year period following the termination of his consulting agreement. This confidentiality provision also prohibited Waheed’s use of Baffinland’s confidential information for his own account.

26. While a consultant, Waheed was given complete access to all of Baffinland’s files and materials, including among other things: the Company’s budgets and financial forecasts, the Company’s exploration plans, the Company’s business plans and strategies, the Company’s permitting information and negotiations with government relating to the Mary River Project, the proposed Inuit Impact Benefit Agreement (“IIBA”) that was being negotiated between the Company and the Qikiqtani Inuit Association (“QIA”), the status of the ongoing negotiations between Baffinland and the QIA with respect to royalties, the 2008 Definitive Feasibility Study, the 2008 Scoping Study and the Company’s Board materials.

27. In addition, Waheed met and spoke with all of Baffinland’s senior management, directors and financial advisors. He attended at least one Baffinland Board meeting and several Board committee meetings. He regularly attended weekly management meetings.

28. There was no distinction between the Company information shared with Waheed and that shared with the directors and officers of Baffinland. During his discussions with Baffinland management and directors and his review of Baffinland’s corporate materials, Waheed learned of material facts about Baffinland that were not generally disclosed, and other confidential information, as set out in greater detail below.

29. Waheed was essentially an insider while he was a consultant at Baffinland. He was treated as, and acted as, a senior officer of the Company – attending weekly management meetings, assigning work to others and working on and providing input on management work products.

January 13, 2012 (2012) 35 OSCB 370 Notices / News Releases

IV. THE UNDISCLOSED MATERIAL FACTS

Waheed Learns of Material Facts About Baffinland While A Consultant At Baffinland

30. Shortly after joining Baffinland as a consultant on February 18, 2010, Waheed met and spoke extensively with Daniella Dimitrov (“Dimitrov”) about Baffinland’s negotiations with ArcelorMittal regarding a potential joint venture. Dimitrov was the Baffinland representative involved in the negotiations with ArcelorMittal. She provided Waheed with, among other things: a detailed chronology of the negotiations between the parties; presentations made to the Baffinland Board by CIBC World Markets Inc. (“CIBC”), Baffinland’s financial advisor in the negotiations; Baffinland’s presentations to ArcelorMittal; and proposals and term sheets exchanged between the parties. All of this information was confidential and not generally disclosed to the public.

31. As the negotiations between Baffinland and ArcelorMittal progressed in March and April 2010, Waheed was kept fully apprised of the status of the negotiations and was actively involved in discussing and providing input on Baffinland’s strategy in the negotiations. He also assisted senior management in preparing a presentation to ArcelorMittal.

32. In mid-March 2010, Waheed learned that ArcelorMittal was very serious about moving ahead with a transaction with Baffinland as it had hired financial advisors and legal counsel for the transaction.

33. Waheed was present at the March 23, 2010 Baffinland Board meeting during which it was agreed that Baffinland would enter into an exclusivity agreement with ArcelorMittal until August 12, 2010.

34. Waheed was also aware of ArcelorMittal’s proposed terms. On April 4, 2010, ArcelorMitttal provided Baffinland with a new term sheet for the potential joint venture. This term sheet formed the basis for ongoing negotiations between the parties and ArcelorMittal conducting its due diligence in the summer of 2010. Waheed reviewed this term sheet and provided advice to Baffinland on the proposal.

35. The status and terms of the negotiations between Baffinland and ArcelorMittal regarding a potential joint venture as set out in paragraphs 30-34 above were material facts that had not been generally disclosed to the public. The fact that ArcelorMittal, the world’s largest steel-maker and one of the world’s largest mining companies was interested in and engaged in active negotiations with Baffinland, a junior mining company, would reasonably be expected to have a significant effect on the market price or value of Baffinland’s securities.

Waheed Learns Further Material Facts About the Baffinland and ArcelorMittal Negotiations in June and July 2010

36. Waheed ceased to be a consultant at Baffinland on April 30, 2010. He had been invited to join the Baffinland Board, but not in the position of Chairman. He declined the invitation.

37. Waheed retained in his possession confidential information belonging to Baffinland after he ceased to be a consultant. In particular, he kept a copy of a financial model which he had developed and conducted extensive work on with the assistance of Baffinland senior management while a consultant. Waheed also kept copies of Baffinland PowerPoint presentations which he had prepared and used while a consultant.

38. On or about April 30, 2010, Waheed started having discussions with Barclays about becoming a member of a senior management team in Canada. At the suggestion of Waheed, these discussions included doing a possible transaction involving Baffinland.

39. In June and July 2010, Waheed actively sought information about Baffinland. He approached Baffinland management on a number of occasions to request updates in respect of the Company, including the status of its negotiations with ArcelorMittal. Waheed advised Richard McCloskey (“McCloskey”) and Dimitrov, the Chairman and Vice-Chairman respectively of the Baffinland Board, that he had spent some time in New York with a private equity fund, and that he was working on putting a proposal together for the Mary River Project. He did not, however, advise McCloskey and Dimitrov of his own personal interest in the prospect of a transaction involving Baffinland.

40. On June 9, 2010, Waheed met with Dimitrov. At this meeting, Dimitrov provided information to Waheed about the status of Baffinland’s potential joint venture transaction with ArcelorMittal.

41. On July 12, 2010, Waheed contacted McCloskey to request a meeting to discuss Baffinland’s recently completed internal conceptual study which reviewed producing 1 to 2 million tonnes of iron ore at the proposed mine and trucking the ore to a port by road (the “Road Haulage Conceptual Study”). In his email, Waheed advised McCloskey, “I continue to be covered by the confidentiality agreement.”

42. On July 13, 2010, Waheed met with Dimitrov and learned that: Baffinland had terminated its exclusivity agreement with ArcelorMittal which resulted in ArcelorMittal providing an enhanced offer to Baffinland as compared to the last offer he had seen

January 13, 2012 (2012) 35 OSCB 371 Notices / News Releases while a consultant at Baffinland; and Baffinland was an advanced stage of negotiations with ArcelorMittal. Waheed’s notes, which were taken after the meeting, reflect a conversation between Waheed and Dimitrov relating to negotiations between Baffinland and ArcelorMittal:

– maybe extending AM exclusivity – next week?!

– Higher offer on [table]

– WILL HAVE OUT FOR unsolicited like before

43. Waheed’s knowledge of the status of the ArcelorMittal negotiations is further reflected in his notes of a meeting between himself, Dimitrov and Barclays on July 20, 2010. His notes state:

– need to better AM

– will entertain proposal

– exclusivity??

44. Waheed subsequently learned that Baffinland executed a second exclusivity agreement with ArcelorMittal on August 12, 2010 which was to run until October 15, 2010.

45. The status and details of the negotiations between Baffinland and ArcelorMittal about a potential joint venture as set out above in paragraphs 40-44 were material facts that were not generally disclosed to the public. The fact that ArcelorMittal was in advanced negotiations with Baffinland, as evidenced by the revised and improved term sheet and the parties executing a second exclusivity agreement, would reasonably be expected to have a significant effect on the market price or value of Baffinland’s securities.

V. INSIDER TIPPING BY WAHEED

46. Waheed was in a special relationship with Baffinland. Waheed learned of material facts about Baffinland, both while and after ceasing to be a consultant at Baffinland from officers and directors of the Company and from Baffinland’s documents and records which he reviewed while he was a consultant. Waheed informed third parties of these material facts before the material facts were generally disclosed, contrary to s.76(2) of the Securities Act.

47. More specifically, during the period of July – September 2010, when Waheed and Walter were discussing and planning a take-over bid for Baffinland, Waheed advised Walter about the status and details of the advanced state of negotiations between Baffinland and ArcelorMittal relating to a potential joint venture, which were material facts that had not been generally disclosed.

48. On July 19, 2010, Waheed sent an email to Walter in which he advised that Baffinland had terminated its exclusivity with ArcelorMittal which had resulted in ArcelorMittal providing an enhanced offer to Baffinland.

49. On July 26, 2010, Waheed sent an email to Walter in which he advised that there were two options for Baffinland: either an enhanced offer from ArcelorMittal or a possible offer from Rio Tinto. Waheed informed Walter that management was in favour of advancing the process with ArcelorMittal and that some Board members were keen to sign a deal with ArcelorMittal.

50. On August 20, 2010, Waheed sent an email to Walter and Calvert at EMG in which he advised that “ArcelorMittal has been around the company for a while. It is probably still toiling away to steal the company through a farm in.”

51. In an email dated August 29, 2010, Waheed told Walter that Baffinland was presently in exclusivity discussions with ArcelorMittal.

VI. INSIDER TRADING BY WAHEED

52. Waheed was in a special relationship with Baffinland. He learned of material facts with respect to the Company from officers and directors of Baffinland and from Baffinland’s documents and records provided to him while he was a consultant.

53. On September 9, 2010, Nunavut purchased 20 million common shares and 5 million warrants of Baffinland. Waheed, as President and CEO and a director of Nunavut and while in a special relationship with Baffinland, authorized, permitted or acquiesced in the purchase of securities with knowledge of material facts about Baffinland that were not generally disclosed, contrary to s.76(1) of the Securities Act.

January 13, 2012 (2012) 35 OSCB 372 Notices / News Releases

VII. CONDUCT CONTRARY TO THE PUBLIC INTEREST BY WAHEED

54. Waheed engaged in the following conduct contrary to the public interest:

(a) Tipping Contrary To Section 76(2) of the Securities Act

55. Waheed was in a special relationship with Baffinland. Waheed learned of the material facts about Baffinland, both while and after ceasing to be a consultant at Baffinland. He learned the material facts from officers and directors of the Company and from Baffinland’s documents and records provided to him while he was a consultant. As set out above, he informed third parties, including: Walter, Barclays and Calvert of the material facts before the material facts were generally disclosed.

56. Further, and in any event, Waheed acted contrary to the public interest by informing Walter and other third parties of the material facts about Baffinland before the material facts had been generally disclosed.

(b) Trading Contrary To Section 76(1) of the Securities Act

57. Waheed was in a special relationship with Baffinland. He learned of material facts with respect to the Company from officers and directors of Baffinland. As set out above, Waheed authorized, permitted or acquiesced in Nunavut purchasing securities of Baffinland with knowledge of material facts that were not generally disclosed.

58. Further, and in any event, Waheed acted contrary to the public interest by causing Nunavut to purchase securities of Baffinland in the circumstances set out above.

59. Nunavut launched the hostile take-over bid for Baffinland on September 22, 2010. Waheed as an director, officer and the President and CEO of Nunavut at the time of the bid used confidential information belonging to Baffinland and material facts about Baffinland to launch the hostile take-over bid.

60. In particular, Waheed used a financial model, which he had developed and conducted extensive work on while a consultant at Baffinland as the basis of the take-over bid for Baffinland. The financial model was intended to provide Baffinland with a working basis to consider and rank various production options for the mine that were being considered.

61. The financial model contained confidential information and assumptions, which included, among other things:

a) the proposed royalty rates sought by the QIA;

b) the Company’s revenues;

c) the Company’s tax reserves;

d) cost estimates for building a port;

e) cost estimates for shipping; and

f) capital and operating costs.

62. As set out above, Waheed was subject to a confidentiality provision in his consulting agreement pursuant to which he was to keep all information he received from and about Baffinland confidential for a two year period. Waheed breached his confidentiality provision by using a copy of the financial model, which he kept on his home computer, as a basis to create a take- over bid for Baffinland and further by providing a copy of the financial model to Walter, Barclays and Calvert.

63. In addition, Waheed used the Road Haulage Conceptual Study in the planning and launch of the hostile take-over bid. In the period of March – June 2010, senior management at Baffinland developed the Road Haulage Conceptual Study that was completed on June 30, 2010.

64. On July 12, 2010, Baffinland publicly announced that it had commissioned a definitive feasibility study for road haulage. On the same day, Waheed contacted McCloskey and asked for the final trucking numbers in the Road Haulage Conceptual Study. In his request, Waheed advised McCloskey, “I continue to be covered by the confidentiality agreement.”

65. On July 13, 2010, Waheed met with Dimitrov and discussed the completed Road Haulage Conceptual Study. Waheed was provided with a copy of the conceptual study the next day. The Road Haulage Conceptual Study was not a public document. National Instrument 43-101 Standards of Disclosure for Mineral Projects prevented Baffinland from publicly

January 13, 2012 (2012) 35 OSCB 373 Notices / News Releases disclosing this document. The document was only provided to potential strategic partners who signed a confidentiality agreement and to Waheed.

66. Waheed used the Road Haulage Conceptual Study to update the financial model that he was using to create a take- over bid for Baffinland. Contrary to the public interest and in breach of the confidentiality provision in his contract with Baffinland, Waheed provided the Road Haulage Conceptual Study to Barclays and Calvert.

67. Finally, Waheed also used the royalty rates being proposed by the QIA in his planning of the hostile take-over bid. In order to develop the Mary River Project, Baffinland was required to file an IIBA, which included, among other things, royalties that Baffinland was required to pay to the QIA. The discussions between Baffinland and the QIA regarding the royalty rates were confidential and had not been generally disclosed to the public.

68. Waheed was advised of the proposed QIA royalty rates by Baffinland management in February, 2010. The proposed royalty rates were also set out in the financial model described above which Waheed kept in his possession after ceasing to be a consultant at Baffinland and subsequently used to launch a take-over bid for the Company.

69. Contrary to the public interest and in breach of the confidentiality provision in his consulting agreement with Baffinland, Waheed advised Walter and Calvert of the proposed QIA royalty rates. On August 20, 2010, Waheed sent an email to Walter and Calvert in which he stated that the current ask from the Inuit association for royalties was “probably around $30mm.” In fact, this was the current ask by the QIA. This was a confidential fact that had not been generally disclosed.

70. Waheed and Walter also acted contrary to the public interest by using material facts and confidential information belonging to Baffinland to purchase a toehold and launch a hostile take-over bid which put Baffinland in play. The hostile take- over bid was launched by them knowing it would disrupt the joint venture negotiations between Baffinland and ArcelorMittal. Waheed and Walter knew that if the Nunavut bid was successful, Nunavut would have the opportunity to either sell the Mary River Project to ArcelorMittal outright or negotiate a joint venture with ArcelorMittal as Baffinland was attempting to do. Further, by purchasing the toehold at $0.60 per share, significantly less than the price offered under the Nunavut bid, Nunavut was able to reduce the overall cost of its bid. Waheed and Walter also knew they had an effective hedge in the event that ArcelorMittal decided to enter into the auction process for Baffinland, as they knew that if ArcelorMittal made a competing bid for Baffinland that was successful, Nunavut could sell its toehold position into the successful ArcelorMittal bid and make itself a large profit.

71. Ultimately, Nunavut was able to combine these two possible alternatives. On January 14, 2011, Nunavut and ArcelorMittal announced that they were making a joint take-over bid for Baffinland. Nunavut obtained the opportunity to develop the Mary River Property with ArcelorMittal at the expense of the Baffinland shareholders. Further, Nunavut benefitted because it purchased its toehold shares of Baffinland at a price of $0.60 per share which was significantly lower than the $1.50 per share price paid to Baffinland shareholders under the joint Nunavut/ArcelorMittal take-over bid.

72. While a consultant, Waheed did not always act in the best interests of Baffinland. Although he was retained by Baffinland to provide strategic advice to the Company, Waheed at times acted on behalf of Baffinland’s majority shareholder, Resource Capital Fund (“RCF”) and/or in his own self interest, as described below. Waheed often reported to RCF without providing the same reports to the Company. He also provided advice to RCF on various issues, including in April, 2010, advocating that RCF commence a proxy battle to take control of Baffinland’s Board. Waheed offered to resign as a consultant at Baffinland to conduct the proxy battle on behalf of RCF. This was a breach of his duty of loyalty owed to the Company and conduct contrary to the public interest.

73. Waheed also acted in his own self interest with respect to Baffinland. During June and July, 2010, Mr. Waheed obtained information from McCloskey and Dimitrov, under the guise of assisting Baffinland to identify an alternative strategic partner. McCloskey and Dimitrov were of the view that Waheed was acting in the best interests of Baffinland. Contrary to the public interest, Waheed was aware of this fact and chose to allow this deception to continue until Nunavut launched the bid for Baffinland on September 22, 2010.

VII. INSIDER TRADING AND CONDUCT CONTRARY TO THE PUBLIC INTEREST BY WALTER

Trading Contrary To Section 76(2) of the Securities Act

74. On or about July 4, 2010, Waheed approached Walter about becoming involved in a possible transaction involving Baffinland. At the time, Mr. Walter was semi-retired. Over drinks in the backyard, Waheed told Walter information respecting Baffinland that led Walter to become interested in doing a possible transaction involving Baffinland despite the fact that he had previously been aware of the Mary River Project but it had not interested him.

75. From approximately July 9, 2010 onward, Walter and Waheed communicated on a regular and frequent basis while working on a possible transaction involving Baffinland. During these discussions which culminated in the Nunavut take-over bid

January 13, 2012 (2012) 35 OSCB 374 Notices / News Releases on September 22, 2010, Waheed advised Walter of the following material facts about Baffinland that had not been generally disclosed:

The Advanced Negotiations between Baffinland and ArcelorMittal Regarding A Potential Joint Venture:

(i) July 19, 2010 email – Waheed advised Walter that Baffinland had terminated exclusivity with ArcelorMittal and this resulted in ArcelorMittal providing an enhanced offer to Baffinland;

(ii) July 26, 2010 email – Waheed advised Walter that Baffinland management was in favour of advancing the process with ArcelorMittal and that some Board members were keen to sign a deal with ArcelorMittal;

(iii) August 20, 2010 email – Waheed advised Walter and Calvert that ArcelorMittal has been around the company for awhile and that it was probably still toiling away to steal the company through a farm in; and

(iv) August 29, 2010 email – Waheed advised Walter that Baffinland was presently in exclusivity discussions with ArcelorMittal.

76. Walter knew that Waheed was a person in a special relationship with Baffinland as he knew that Waheed had been a consultant at Baffinland from February 2010 until April 2010. Walter was aware of the fact that Waheed learned of and was privy to material facts and confidential information about Baffinland that had not been generally disclosed while he was a consultant at Baffinland. Walter further knew that Waheed met with Dimitrov in June and July 2010 and that he received further material facts and confidential information about Baffinland during those meetings. Pursuant to s. 76(1)(e) of the Securities Act, Walter was in a special relationship with Baffinland.

77. On September 9, 2010, Nunavut purchased 20 million shares and 5 million warrants of Baffinland. Walter, as the Chairman and a director of Nunavut and while in a special relationship with Baffinland authorized, permitted or acquiesced in the purchase of securities with material facts about Baffinland that were not generally disclosed, contrary to s. 76(1) of the Securities Act.

Conduct Contrary To The Public Interest

78. Walter acted contrary to the public interest by causing Nunavut to purchase securities of Baffinland in the circumstances set out above.

79. As set out in paragraphs 7, 70 and 71 herein, like Waheed, Walter acted contrary to the public interest by using material facts and confidential information belonging to Baffinland to purchase a toehold and launch a hostile take-over bid which put Baffinland in play. The hostile take-over bid was launched by them knowing it would disrupt the joint venture negotiations between Baffinland and ArcelorMittal. By their actions, Waheed and Walter deprived Baffinland shareholders of the opportunity and ability to benefit from future developments of the Mary River Project as a joint venture partner with ArcelorMittal.

80. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit.

DATED at Toronto, Ontario, this 9th day of January 2012.

January 13, 2012 (2012) 35 OSCB 375 Notices / News Releases

1.2.2 Irwin Boock et al. – ss. 127, 127.1

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

AMENDED NOTICE OF HEARING (Section 127 and 127.1)

TAKE NOTICE THAT the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the offices of the Commission, 20 Queen Street West, 17th Floor, Large Hearing Room, commencing on February 1, 2012 at 10:00 a.m., or as soon thereafter as the hearing can be held:

AND TAKE NOTICE the purpose of the hearing is to consider whether it is in the public interest for the Commission to make an order:

(a) pursuant to clause 2 of subsection 127(1), that trading in any securities by Irwin Boock, Stanton DeFreitas, Jason Wong, Saudia Allie, Alena Dubinsky and Alex Khodjiaints (collectively, the “Individual Respondents”) and by Select American Transfer Co. and Compushare Transfer Co. cease permanently or for such other period as specified by the Commission;

(b) pursuant to clause 2 of subsection 127(1), that trading in the securities of LeaseSmart, Inc., Advanced Growing Systems, Inc., NutriOne Corporation, International Energy Ltd., Pocketop Corporation, Asia Telecom Ltd., Pharm Control Ltd., Cambridge Resources Corporation, WGI Holdings, Inc., Federated Purchaser, Inc., First National Entertainment Corporation, TCC Industries, Inc., Enerbrite Technologies Group Inc. (collectively the “Issuer Respondents”) cease permanently or for such other period as specified by the Commission;

(c) pursuant to clause 3 of subsection 127(1), that any exemptions contained in Ontario securities law do not apply to the Respondents, or any of them, permanently or for such other period as specified by the Commission;

(d) pursuant to clause 8 of subsection 127(1), that Irwin Boock, Stanton DeFreitas and Jason Wong be prohibited from becoming or acting as a director or officer of any issuer;

(e) pursuant to clause 9 of subsection 127(1), that the Individual Respondents, or any of them, pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law to the Commission for allocation to or for the benefit of third parties;

(f) pursuant to clause 10 of subsection 127(1), that the Individual Respondents, or any of them, disgorge to the Commission any amounts obtained as a result of non-compliance with securities law for allocation to or for the benefit of third parties;

(g) pursuant to subsection 127(10)(3), that an order be made against Irwin Boock, Stanton DeFreitas and Jason Wong under subsection 127(1) or (5);

January 13, 2012 (2012) 35 OSCB 376 Notices / News Releases

(h) pursuant to section 127.1, that the Individual Respondents be ordered to pay the costs of the investigation and the costs of or related to the hearing incurred by or on behalf of the Commission;

(i) if necessary, pursuant to clause 7 of subsection 127(7), that the temporary orders previously made against the Respondents on May 18, 2007, May 22, 2007, May 30, 2007 and May 5, 2008, as amended and extended from time to time by the Commission, be extended until the conclusion of the hearing; and

(j) such other order as the Commission may consider appropriate.

BY REASON OF the allegations set out in the Amended Statement of Allegations of Staff dated January 4, 2012 and such additional allegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel if that party attends or submits evidence at the hearing;

AND TAKE FURTHER NOTICE that in the event that the Commission determines that any of the Respondents has not complied with Ontario securities law, Staff may request the Commission to consider whether, in the opinion of the Commission, an application should be made to the Superior Court of Justice for a declaration pursuant to section 128(1) of the Act that such persons have not complied with Ontario securities law, and that if such declaration be made, the Superior Court of Justice make such orders pursuant to section 128(3) of the Act as it considers appropriate.

DATED at Toronto this 5th day of January, 2012.

January 13, 2012 (2012) 35 OSCB 377 Notices / News Releases

IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED

AND

AMENDED STATEMENT OF ALLEGATIONS (Section 127)

Staff of the Ontario Securities Commission allege the following in respect of the Respondents:

I. THE RESPONDENTS

1. Irwin Boock, Stanton DeFreitas, Jason Wong, Saudia Allie, Alena Dubinsky and Alex Khodjiaints (the “Individual Respondents”) are all residents of Ontario and are connected to each other through a complex scheme of securities fraud involving: a) the creation of fraudulent shell corporations by way of “corporate hijackings” as described herein; and b) the issuance of fraudulent or false securities in those corporations; and c) the trading of the fraudulent or false securities by the Respondents in Ontario and elsewhere.

2. Select American Transfer Co. (“Select American”) is a Delaware corporation that was established by Boock, DeFreitas and Wong in April 2005. Select American was operated as a transfer agent, primarily by DeFreitas, using aliases and nominees until May 2007, when it ceased operations due to cease trade orders issued by the Commission.

3. Compushare Transfer Corporation (“Compushare”) is also a Delaware corporation that operated out of Toronto as a transfer agent. Compushare was incorporated by Boock in September 2006 and was operated by him using aliases and nominees until May 2008, when it ceased operations due to cease trade orders and other regulatory action by the Commission.

4. By virtue of the corporate hijacking scheme described herein, the following entities are fraudulently created U.S. corporations, the securities of which were quoted for trading on the Pink Sheets LLC in the over-the-counter securities market in the U.S.:

(a) LeaseSmart, Inc. (“LeaseSmart”);

(b) Advanced Growing Systems, Inc. (formerly, The Bighub.com, Inc.) (“Bighub”);

(d) nternational Energy Ltd. (“International Energy”);

(e) Pocketop Corporation (formerly, Universal Seismic, Inc.) (“Pocketop”);

(f) Asia Telecom Ltd. (“Asia Telecom”);

(g) Pharm Control Ltd. (“Pharm Control”);

(h) Cambridge Resources Corporation (“Cambridge Resources”);

January 13, 2012 (2012) 35 OSCB 378 Notices / News Releases

(i) WGI Holdings, Inc. (“WGI Holdings”);

(j) Federated Purchaser, Inc. (“Federated Purchaser”);

(k) First National Entertainment Corporation (“First National”);

(l) TCC Industries, Inc. (“TCC Industries”);

(m) Enerbrite Technologies Group Inc. (“Enerbrite”)

(collectively, the “Issuer Respondents”).

5. Select American and Compushare acted as the transfer agents to the Issuer Respondents and were the primary vehicles through which the corporate hijackings and share issuances were carried out.

6. Dubinsky and Khodjiaints operated trading accounts in Ontario in 2006 and 2007 for the purpose of receiving and trading fraudulent or false securities in a number of the Issuer Respondents.

II. THE FRAUDULENT SECURITIES SCHEME

A. Corporate Hijacking

7. The corporate hijacking scheme used to perpetrate securities fraud with respect to the Issuer Respondents was carried out in the following manner:

(a) Corporate documents were filed with the relevant Secretary of State in the U.S. (either Delaware, Nevada, California or Florida) to incorporate a company with the same name as a defunct public issuer. Typically, the directors, officers and registered agents listed on the corporate documents were either fictitious identities or nominees and the purported corporate addresses for the newly created entities would be mailbox locations obtained through UPS or other virtual mailbox providers;

(b) Shortly thereafter, amendment documents were filed with the relevant Secretary of State to effect a name change of the newly created entity and a consolidation of the company’s shares in the form of a reverse stock split;

(c) Subsequently, steps were taken to obtain a new CUSIP number for the renamed, newly created entity as if it was the successor company to the defunct public issuer; and

(d) Documents containing false representations were then filed by the transfer agent with NASDAQ to obtain a new trading symbol for the renamed company and to effect the reverse stock split of the company’s shares on a 1 for 1,000 basis.

B. Select American Transfer Co.

8. DeFreitas, Boock and Wong are the founders of Select American. Between April and August 2005, DeFreitas and Wong operated Select American jointly and were the directing minds of Select American.

9. Between April 2005 and July 2005, Boock, DeFreitas and Wong, acting individually or in concert, usurped the corporate identity of a number of defunct public issuers using the corporate hijacking scheme described above, including but not limited to LeaseSmart, Bighub, NutriOne and International Energy.

10. Boock, DeFreitas and Wong, using Select American as the vehicle, caused the companies to obtain quotations for trading on the Pink Sheets as if they were the legitimate defunct public issuers whose identities had been hijacked and, further, caused the companies to issue fraudulent shares as if they were the shares of the defunct public issuers.

11. In or around August 2005, Wong left Select American. Following Wong’s departure, DeFreitas operated Select American using aliases and nominees. The day-to-day operations, however, were run with the assistance of Saudia Allie, a friend of DeFreitas’ who was employed as the office manager of Select American.

12. Following Wong’s departure, Boock and DeFreitas, acting individually or in concert, created additional fraudulent shell companies for which Select American acted as the transfer agent, including but not limited to Pocketop, Asia Telecom, Pharm Control and Cambridge Resources.

January 13, 2012 (2012) 35 OSCB 379 Notices / News Releases

13. Following their incorporation, Boock and DeFreitas used Select American as the transfer agent to these entities to obtain quotations for trading on the Pink Sheets as if they were the legitimate defunct public issuers whose identities had been hijacked and, further, caused the companies to issue fraudulent shares as if they were the shares of the defunct public issuers.

14. In certain cases, Boock and DeFreitas also caused these companies to set up false web sites and issue false or promotional press releases as a means of creating a market for the fraudulent shares.

15. Boock and DeFreitas also sold some of the fraudulently created shell companies to third parties who were seeking to “go public” by way of a reverse takeover or reverse merger with an existing privately-held company. More particularly, DeFreitas sold NutriOne and Cambridge Resources to third parties in Montreal and Boock sold International Energy to a third party in Florida and Pharm Control to a third party in Ontario. In other cases, however, the fraudulent shell companies were purely vehicles for DeFreitas and Boock to issue and trade fraudulent securities.

16. In her role, Allie participated in and facilitated the fraudulent scheme by assisting DeFreitas in operating Select American, including by preparing the fraudulent share certificates for the shares of the Issuer Respondents for which Select American was the transfer agent. In preparing the share certificates, Allie knowingly and fraudulently signed the share certificates in a manner that purported the shares to be authenticated by the officers and directors of Select American. Allie knew the officers and directors of Select American to be either aliases or nominees.

C. Compushare as a Vehicle for Additional Shell Companies

17. Between August 2006 and March 2007, Boock used Compushare as a separate vehicle through which to perpetrate securities fraud. In that period, Boock created the following fraudulent entities: WGI Holdings, Federated Purchaser and Enerbrite.

18. Using Compushare as the vehicle, Boock then caused the companies to obtain quotations for trading on the Pink Sheets as if they were the legitimate defunct public issuers whose identities had been hijacked and, further, caused the companies to issue fraudulent shares as if they were the shares of these defunct public issuers.

19. In certain cases, Boock caused these companies to set up false web sites and issue promotional or false press releases as a means of creating a market for the securities.

20. With respect to Enerbrite, Boock acted together in concert with Wong in incorporating the initial fraudulent entity in September 2006, which was initially named IDF International but which was renamed Compliance Resource Group and was merged with and further renamed Enerbrite following the sale of the entity as a shell company by Boock.

21. In addition to selling this predecessor shell to Enerbrite, Boock sold the predecessor shell of Federated Purchaser to third parties for the purposes of a reverse merger.

D. Cease Trade of Select American and Continued Operation of Compushare

22. In or around April 2007, DeFreitas caused Select American to be sold to a third party in Montreal. Shortly thereafter, on or around May 18, 2007, the Commission issued temporary cease trade orders in respect of Select American and others, including DeFreitas and the fraudulent shell companies identified above for which Select American was the transfer agent. Following the cease trade orders, Select American ceased operations.

23. Boock, however, continued to perpetrate securities fraud using Compushare as the vehicle to carry out corporate hijackings and to issue and trade securities of the hijacked entities.

24. In December 2007 and February 2008, respectively, Boock incorporated First National and TCC Industries. Compushare acted as the transfer agent for both entities and, using Compushare as the vehicle, Boock caused these entities to obtain quotations on the Pink Sheets and to issue fraudulent shares for trading in the over-the-counter securities market.

E. Cease Trade of Compushare

25. On May 5, 2008, the Commission issued temporary cease trade orders against Boock, Compushare and others, including the fraudulently created entities for which Compushare acted as the transfer agent. Following the cease trade orders issued by the Commission, Compushare ceased operations.

January 13, 2012 (2012) 35 OSCB 380 Notices / News Releases

F. Trading by Individual Respondents

(i) Trading by Wong

26. For his involvement in the scheme as described above, Wong primarily received fraudulent shares in lieu of compensation, including shares of LeaseSmart, International Energy, Asia Telecom and Pocketop.

27. Between February and March 2006, Wong sold the fraudulent shares of LeaseSmart he had received through a corporate trading account held at RBC Direct Investing Inc. (“RBC”) and controlled by him.

28. Subsequently, between November 2006 and February 2007, Wong sold the additional fraudulent shares he had received in International Energy, Asia Telecom and Pocketop. These trades were made through a separate corporate trading account at RBC controlled by Wong.

29. In November 2007, Wong received additional compensation from Boock in respect of his involvement in the scheme as described herein.

(ii) Trading by DeFreitas – The Franklin Ross Accounts

30. Between November 2006 and May 2007, DeFreitas operated approximately 48 nominee accounts at Franklin Ross, a brokerage firm in the U.S. DeFreitas opened and operated the accounts purportedly as a “foreign affiliate” to the firm (the “Franklin Ross Accounts”). DeFreitas was recommended to Franklin Ross by Wong.

31. A number of the Franklin Ross Accounts were opened by DeFreitas solely for the purpose of trading in fraudulent securities of companies for which Select American was the transfer agent.

32. In at least 23 of the 48 Franklin Ross Accounts, DeFreitas engaged in a wholesale liquidation of fraudulent securities in LeaseSmart, Bighub, International Energy, NutriOne, Pocketop, Asia Telecom, Pharm Control and Cambridge Resources as well as others for which Select American was the transfer agent and which exhibited the same pattern of fraudulent corporate history.

33. The proceeds of trading from these 23 accounts totalled over USD $750,000 in 2006 and over USD $2.3 million in 2007. All of the trading proceeds were transferred to bank accounts in Ontario that were controlled and owned by DeFreitas.

(iii) Trading by DeFreitas and Boock – The Scottrade Account

34. In January 2007, using fraudulent and deceitful means, DeFreitas and Boock caused a corporate trading account to be opened at Scottrade, a retail brokerage firm in the U.S. that offers discount brokerage services online, in order to trade additional fraudulent securities (the “Scottrade Account”). The Scottrade Account was opened in the name of For Better Living Inc., a company created by DeFreitas and Boock using aliases and nominees.

35. In February and March 2007, DeFreitas and Boock caused share certificates representing millions of fraudulent shares in International Energy, Asia Telecom, Pharm Control and Universe Seismic to be issued by the respective entities and to be deposited to the Scottrade Account. Using the online trading services of Scottrade, Boock sold the fraudulent shares from Ontario between February and October 2007.

36. In July 2007, using fraudulent and deceitful means, DeFreitas and Boock caused approximately $120,000 of the proceeds of the trading in the Scottrade Account to be transferred to them in Ontario.

(iv) Trading by Dubinsky and Khodjiaints

37. Alena Dubinsky and Alex Khodjiaints are residents of Toronto. Dubinsky is the girlfriend of Khodjiaints. Their involvement in the scheme is described below and includes: a) fraudulent and manipulative trading of shares of a number of the Issuer Respondent; and b) participation in an illegal distribution of those shares.

• RBC Account

38. In June 2006, at the instruction of Khodjiaints, Dubinsky opened an account at RBC in her name.

39. The account was operated and maintained by Dubinsky and Khodjiaints between June 2006 and March 2007.

January 13, 2012 (2012) 35 OSCB 381 Notices / News Releases

40. Between July and September 2006, millions of fraudulent share certificates were issued to Khodjiaints in Dubinsky’s name, including shares of: BigHub (42.5 million), Leasesmart (30 million), El Apparel (the fraudulent predecessor company to NutriOne) (12 million), Universal Seismic (the fraudulent predecessor company to Pocketop) (1.8 million) and International Energy (.25 million).

41. At the time, Boock and DeFreitas controlled the issuance of shares in these companies and caused the shares to be issued to Khodjiaints in Dubinsky’s name.

42. At the instruction of Khodjiaints, Dubinsky deposited the shares to the RBC account, a significant number of which were sold by December 2006. All of the sales were carried out by or at the instruction of Khodjiaints.

43. Around that time, RBC expressed concerns to Dubinsky regarding the questionable nature of the securities and the trading in the account.

44. As of December 2006, the only activity in the account at RBC had been: a) the delivery of over 100 million securities in entities whose securities were quoted for trading on the Pink Sheets, all of which had Select American as the transfer agent; and b) significant selling activity with respect to the shares.

45. In March 2007, RBC advised Dubinsky that it was restricting the account due to its concerns regarding the securities and the transactions in the account.

• HSBC Account

46. In February 2007, as a result of the difficulties in trading in the RBC account, Khodjiaints instructed Dubinsky to open a trading account at HSBC Securities (Canada) Inc. (“HSBC”).

47. As with the account at RBC, Dubinsky opened the account at HSBC in her name.

48. In March 2007, at the instruction of Khodjiaints, Dubinsky deposited millions of fraudulent shares of the Bighub (10 million), LeaseSmart (10 million), International Energy (289 million) and Universal Seismic (the fraudulent predecessor to Pocketop) (1.5 million), all of which had also been traded in her account at RBC. In addition, Dubinsky deposited millions of shares of Pharm Control and Asia Telecom to the account.

49. At that time, Boock and DeFreitas controlled the issuance of shares in these companies and caused the shares identified above to be issued to Khodjiaints in Dubinsky’s name.

50. Once the shares were deposited, Khodjiaints proceeded to engage in manipulative trading in respect of the securities, and in particular in respect of the shares of Pharm Control and Asia Telecom.

51. Over a 5 day trading period between March 7 and 13, 2007, Khodjiaints sold approximately 40 million shares of Pharm Control, which represented virtually all of the Pharm Control shares issued to him in Dubinsky’s name. Khodjiaints carried out the selling following an intensive period of promotional press releases by or on behalf of Pharm Control.

52. The sales of Pharm Control as identified constituted approximately 40% of the total volume of trading in Pharm Control on those days.

53. With respect to the securities of Asia Telecom, most of the trading occurred on 4 separate days within a 6 day period between March 7 and 14, 2007 and consisted of selling large quantities of shares on days when Asia Telecom had made press releases containing promotional information regarding its purported business.

54. In that 4 day period, Khodjiaints sold approximately 60 million shares of Asia Telecom, which represented virtually all of the Asia Telecom shares issued to him in Dubinsky’s name.

55. The sales of Asia Telecom as identified constituted approximately 25% of the total volume of trading in Asia Telecom on those days.

56. In addition to the fraudulent and manipulative nature of the trading by Khodjiaints, the trades in the securities of Pharm Control and Asia Telecom were trades in securities not previously issued. Neither a preliminary prospectus nor a prospectus had been filed with the Commission and no receipts had been issued by the Director to qualify the trading of these securities in Ontario.

January 13, 2012 (2012) 35 OSCB 382 Notices / News Releases

57. On or around March 12, 2007, Dubinsky sought to withdraw $400,000 in trading proceeds from the account. HSBC did not allow the withdrawal due to its concerns regarding the questionable nature of the securities and the trading that had been carried out in the account.

58. As of March 19, 2007, HSBC restricted the account and any remaining securities were not sold. As of that time, very few securities remained in the account.

59. During the operation of the account at HSBC, the only account activity was: a) the delivery of hundreds of millions of fraudulent shares in entities quoted for trading on the Pink Sheets for which Select American acted as the transfer agent; and b) the virtual wholesale liquidation of those shares on successive or near successive days following the issuance of promotional press releases by the company.

60. The total proceeds generated from the trading in the account at HSBC (attributable almost entirely to trading the fraudulent securities of Pharm Control and Asia Telcom) was approximately $1 million. The trading was the most profitable trading of all the trading across Canada in these securities.

61. The trading in the account was fraudulent, manipulative and constituted an illegal distribution in which both Dubinsky and Khodjiaints participated.

G. SECURITIES AND EXCHANGE COMMISSION PROCEEDINGS

62. On September 29, 2009, the Securities and Exchange Commission of the United States (“SEC”) initiated an action in the United States District Court for the Southern District of New York (“NY District Court”) naming DeFreitas, Boock, Wong and two others as defendants (the “SEC action”) which alleged breaches of federal securities laws. The conduct underlying the alleged breaches also forms the basis of the Statement of Allegations issued by Staff in this proceeding.

63. On March 26, 2010, the NY District Court entered a default judgment against DeFreitas and Boock. A motion by the SEC for summary judgment against Wong was granted on August 25, 2011. A motion for reconsideration of the summary judgment was dismissed on November 10, 2011. A proceeding to determine the amount of the disgorgement to be required of Wong, Boock and DeFreitas is pending.

BREACHES OF THE ACT

64. With respect to each of the Individual Respondents, by their involvement in the securities scheme described above, each of them has engaged in acts, practices or courses of conduct relating to securities that they knew or reasonably ought to have known resulted in or contributed to a misleading appearance of trading activity in, or an artificial price for, the securities contrary to subsection 126.1(a) of the Securities Act (the “Act”) and, further, perpetrated a fraud on persons or companies contrary to subsection 126.1(b) of the Act.

65. With respect to DeFreitas, Boock and Wong, each has been found by the NY District Court to have contravened the laws of the jurisdiction respecting the buying or selling of securities or derivatives which are circumstances which permit an order to be made under section 127(10)(3) of the Act.

66. In addition, Dubinsky and Khodjiaints, in trading and carrying out acts in furtherance of trading in the securities of Pharm Control and Asia Telecom as described above, participated in an illegal distribution of those securities contrary to section 53 of the Act.

67. With respect to Select American and Compushare, by virtue of their status as vehicles for securities fraud, it is contrary to the public interest that they be permitted to trade or act as market participants in Ontario’s capital markets.

68. Such further and other allegations as Staff may advise and the Commission may permit.

DATED this day of January 4, 2012.

“Josée Turcotte” Per: John Stevenson Secretary to the Commission

January 13, 2012 (2012) 35 OSCB 383 Notices / News Releases

1.4 Notices from the Office of the Secretary 1.4.2 Jowdat Waheed and Bruce Walter

1.4.1 HEIR Home Equity Investment Rewards Inc. FOR IMMEDIATE RELEASE January 9, 2012 FOR IMMEDIATE RELEASE January 9, 2012 IN THE MATTER OF THE SECURITIES ACT, IN THE MATTER OF R.S.O. 1990, c. S.5, AS AMENDED THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED AND

AND IN THE MATTER OF JOWDAT WAHEED AND BRUCE WALTER IN THE MATTER OF \ HEIR HOME EQUITY INVESTMENT REWARDS INC.; TORONTO – The Office of the Secretary issued a Notice of FFI FIRST FRUIT INVESTMENTS INC.; WEALTH Hearing setting the matter down to be heard on February BUILDING MORTGAGES INC.; ARCHIBALD 15, 2012 at 10:00 a.m. or as soon thereafter as the hearing ROBERTSON; ERIC DESCHAMPS; CANYON can be held in the above named matter. ACQUISITIONS, LLC; CANYON ACQUISITIONS INTERNATIONAL, LLC; BRENT BORLAND; A copy of the Notice of Hearing dated January 9, 2012 and WAYNE D. ROBBINS; MARCO CARUSO; Statement of Allegations of Staff of the Ontario Securities PLACENCIA ESTATES DEVELOPMENT, LTD.; Commission dated January 9, 2012 are available at COPAL RESORT DEVELOPMENT GROUP, LLC; www.osc.gov.on.ca. RENDEZVOUS ISLAND, LTD.; THE PLACENCIA MARINA, LTD.; AND THE PLACENCIA HOTEL OFFICE OF THE SECRETARY AND RESIDENCES LTD. JOHN P. STEVENSON SECRETARY TORONTO – The Commission issued an Order in the above named matter which provides that a further pre- For media inquiries: hearing conference shall be held on Wednesday, February [email protected] 1, 2012 at 9:00 a.m. for the purpose of confirming September 10, 2012 as the target date for the Wendy Dey commencement of the hearing on the merits and the Director, Communications & Public Affairs schedule for such hearing. 416-593-8120

A copy of the Order dated December 20, 2011 is available Carolyn Shaw-Rimmington at www.osc.gov.on.ca. Manager, Public Affairs 416-593-2361 OFFICE OF THE SECRETARY JOHN P. STEVENSON Dylan Rae SECRETARY Media Relations Specialist 416-595-8934 For media inquiries: [email protected] For investor inquiries:

Wendy Dey OSC Contact Centre Director, Communications & Public Affairs 416-593-8314 416-593-8120 1-877-785-1555 (Toll Free)

Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361

Dylan Rae Media Relations Specialist 416-595-8934

For investor inquiries:

OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

January 13, 2012 (2012) 35 OSCB 384 Notices / News Releases

1.4.3 Frank Dunn et al. 1.4.4 Irwin Boock et al.

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE January 10, 2012 January 11, 2012

IN THE MATTER OF IN THE MATTER OF AN APPLICATION UNDER SECTION 17 THE SECURITIES ACT, OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED R.S.O. 1990, c. S.5, AS AMENDED AND AND IN THE MATTER OF IN THE MATTER OF IRWIN BOOCK, STANTON DEFREITAS, FRANK DUNN, DOUGLAS BEATTY AND JASON WONG, SAUDIA ALLIE, ALENA DUBINSKY, MICHAEL GOLLOGLY ALEX KHODJIAINTS, SELECT AMERICAN TRANSFER CO., LEASESMART, INC., ADVANCED TORONTO – The Commission issued an Order in the GROWING SYSTEMS, INC., INTERNATIONAL above named matter which provides that Frank Dunn, ENERGY LTD., NUTRIONE CORPORATION, Douglas Beatty and Michael Gollogly be permitted to POCKETOP CORPORATION, ASIA TELECOM LTD., disclose and use the evidence listed in Schedule “A” for the PHARM CONTROL LTD., CAMBRIDGE RESOURCES purpose of making full answer and defense in their criminal CORPORATION, COMPUSHARE TRANSFER trials in the Superior Court of Justice on Indictment #10- CORPORATION, FEDERATED PURCHASER, INC., 00145, and for all appeals therefrom, but for no other TCC INDUSTRIES, INC., FIRST NATIONAL purpose. ENTERTAINMENT CORPORATION, WGI HOLDINGS, INC. AND ENERBRITE TECHNOLOGIES GROUP A copy of the Order dated January 6, 2012 is available at www.osc.gov.on.ca. TORONTO – The Office of the Secretary issued an Amended Notice of Hearing dated January 5, 2012 setting OFFICE OF THE SECRETARY the matter down to be heard on February 1, 2012 or as JOHN P. STEVENSON soon thereafter as the hearing can be held in the above SECRETARY named matter.

For media inquiries: Staff of the Ontario Securities Commission filed a Notice of [email protected] Withdrawal against the respondent, Saudia Allie, dated January 10, 2012. Wendy Dey Director, Communications & Public Affairs A copy of the Amended Notice of Hearing dated January 5, 416-593-8120 2012, Amended Statement of Allegations of Staff of the Ontario Securities Commission dated January 4, 2012 and Carolyn Shaw-Rimmington Notice of Withdrawal dated January 10, 2012 are available Manager, Public Affairs at www.osc.gov.on.ca. 416-593-2361 OFFICE OF THE SECRETARY Dylan Rae JOHN P. STEVENSON Media Relations Specialist SECRETARY 416-595-8934 For media inquiries: For investor inquiries: [email protected]

OSC Contact Centre Wendy Dey 416-593-8314 Director, Communications & Public Affairs 1-877-785-1555 (Toll Free) 416-593-8120

Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361

Dylan Rae Media Relations Specialist 416-595-8934

January 13, 2012 (2012) 35 OSCB 385 Notices / News Releases

For investor inquiries:

OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)

January 13, 2012 (2012) 35 OSCB 386 Chapter 2 Decisions, Orders and Rulings

2.1 Decisions a consolidation (the Asset Consolidation) of the pools of assets forming the net asset values of the Class A Shares, 2.1.1 Covington Capital Corporation and Covington Series I, II, III, IV and V of the Filer, which is expected to Venture Fund Inc. become effective on December 23, 2011 or as soon thereafter as practicable (the Effective Date) (the Headnote Exemption Sought).

NP 11-203 Process for Exemptive Relief Applications in Under the Process for Exemptive Relief Applications in Multiple Jurisdictions – Approval of mutual fund Multiple Jurisdictions (for a passport application): reorganization – Approval required because transaction does not meet the criteria for pre-approval – Distinct funds (a) the Ontario Securities Commission is the principal within one labour sponsored investment fund consolidating regulator for this application (the Principal – The labour sponsored fund does not have a current Regulator), and prospectus – Shareholders provided with timely and adequate disclosure regarding the consolidation and (b) the Filer has provided notice that section 4.7(1) of prospectus-level disclosure regarding the continuing series. Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Applicable Legislative Provisions Columbia, Alberta, Manitoba, Québec, New Brunswick, Nova Scotia, Newfoundland and National Instrument 81-102 Mutual Funds, ss. 5.5(1)(b), Labrador and Prince Edward Island (including 5.6(1)(a), 5.6(1)(f). Ontario, the Jurisdictions).

December 21, 2011 Interpretation

IN THE MATTER OF Terms defined in National Instrument 14-101 Definitions THE SECURITIES LEGISLATION OF and MI 11-102 have the same meaning if used in this ONTARIO decision, unless otherwise defined. (the Jurisdiction) Representations AND This decision is based on the following facts represented IN THE MATTER OF by the Filer: THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURSIDICTIONS The Manager

AND 1. The Manager is the investment fund manager of the Filer. IN THE MATTER OF COVINGTON CAPITAL CORPORATION 2. The Manager is an Ontario corporation and has its (the Manager) head office in Toronto.

AND 3. The Manager is registered under the securities legislation of Ontario in the categories of IN THE MATTER OF investment fund manager, portfolio manager and COVINGTON VENTURE FUND INC. exempt market dealer. (the Filer) 4. The Manager is the manager of the Filer under a DECISION management agreement dated December 4, 2006 which was assigned to the Manager. On January Background 1, 2007, the Manager amalgamated with Covington Group of Funds Inc. under the laws of The principal regulator in the Jurisdiction has received an the Province of Nova Scotia. Prior to January 1, application from the Manager on behalf of the Filer for a 2007, Covington Group of Funds Inc. had been decision under the securities legislation of the Jurisdiction the manager of the Filer and following January 1, of the principal regulator (the Legislation) for approval, 2007, the Manager continued this function. On pursuant to section 5.5(1)(b) of National Instrument 81-102 January 29, 2010, the Manager was continued Mutual Funds (the Instrument), to permit the Filer to effect under the laws of the Province of Ontario.

January 13, 2012 (2012) 35 OSCB 387 Decisions, Orders and Rulings

The Filer Small Business Investment Funds Act (Ontario) (the Ontario Act) and as a labour-sponsored 5. The Filer is a corporation formed by way of an venture capital corporation under the Income Tax amalgamation on January 6, 2006 pursuant to the Act (Canada) (the Tax Act). The Filer’s investing Canada Business Corporations Act (the activities are governed by such legislation Amalgamation) of six predecessor funds, Triax (collectively, the LSIF Legislation). Growth Fund Inc., New Millennium Venture Fund Inc., New Generation Biotech (Balanced) Fund 13. The Filer is a mutual fund as defined in the Inc., E2 Venture Fund Inc., Venture Partners Securities Act (Ontario) (the Securities Act). Balanced Fund Inc. and Capital First Venture Fund Inc. (collectively, the Predecessor Funds). 14. The Filer is a reporting issuer under the applicable securities legislation of the Jurisdictions. 6. The Class A shares of Triax Growth Fund Inc. were previously offered in all of the provinces of 15. The Series I Shares, the Series II Shares and the Canada except in the Province of Saskatchewan Series III Shares refer to a separate consolidated pursuant to a long form prospectus for which a portfolio of assets (the Series I, II, III Assets) for receipt was obtained pursuant to the legislation of the calculation of their net asset value, and are those jurisdictions. The Class A shares of the considered to be a separate mutual fund for the other Predecessor Funds were offered only in the purposes of the Securities Act. Province of Ontario. 16. The Series IV Shares refer to a separate portfolio 7. The authorized capital of the Filer consists of an of assets (the Series IV Assets) for the unlimited number of Class A shares, issuable in calculation of their net asset value, and are series (collectively, the Class A Shares) and an considered to be a separate mutual fund for the unlimited number of Class B shares (the Class B purposes of the Securities Act. Shares). 17. The Series V Shares refer to a separate portfolio 8. The Filer has nine series of Class A Shares of assets (the Series V Assets) for the calculation currently issued and outstanding as follows: Class of their net asset value, and are considered to be A Shares, Series I (Series I Shares), Class A a separate mutual fund for the purposes of the Shares, Series II (Series II Shares), Class A, Securities Act. Series III (Series III Shares), Class A Shares, Series IV (Series IV Shares), Class A Shares, 18. The Asset Consolidation consists of the Series V (Series V Shares), Class A Shares, consolidation of the Series I, II, III Assets with the Series VI (Series VI Shares), Class A Shares, Series IV Assets and the Series V Assets, which Series VII (Series VII Shares), Class A Shares, assets would then be managed as one Series VIII (Series VIII Shares) and Class A consolidated pool (the Consolidated Pool) for the Shares, Series IX (Series IX Shares). The Series benefit of the shareholders of each of the Series I I Shares, the Series II Shares, the Series III Shares, the Series II Shares, the Series III Shares, Shares, the Series IV Shares, the Series V the Series IV Shares and the Series V Shares. Shares, the Series VI Shares and the Series VII Shares were each issued to shareholders of the 19. The Asset Consolidation, if completed, will not Predecessor Funds as part of the Amalgamation. affect any series of Class A Shares other than the Certain of those series were subsequently offered Series I Shares, the Series II Shares, the Series III for sale by prospectus. Shares, the Series IV Shares and the Series V Shares. 9. All of the issued and outstanding Class B Shares are owned by the sponsor, the Canadian Federal 20. As of September 30, 2011, the Filer had Pilots Association. approximately $87.7 million in net assets.

10. No Class A Shares are currently offered for sale. 21. As of September 30, 2011, the net asset values The Filer last filed a (final) prospectus dated were as follows: January 30, 2009 in the Province of Ontario in connection with the offering to the public of the (a) for the Series I Shares, the Series II Series II Shares, the Series III Shares, the Series Shares, the Series III Shares, collec- VIII Shares, and the Series IX Shares. That tively, the net asset value was prospectus lapsed and was not renewed. approximately $31 million,

11. No series of the Filer’s Class A Shares is listed on (b) for the Series IV Shares, the net asset an exchange. value was approximately $6.7 million, and 12. The Filer is registered as a labour sponsored investment fund corporation under the Community

January 13, 2012 (2012) 35 OSCB 388 Decisions, Orders and Rulings

(c) for the Series V Shares, the net asset Series IV Shares from 2.75% per year to 2.5% per value was approximately $7.7 million. year.

22. The Filer makes investments in eligible Canadian 27. The Asset Consolidation will have no effect on the businesses as defined in the Ontario Act. The fee structure of the Series V Shares. investments objectives of the series of Class A Shares that are the subject of this Application are: 28. The Manager is entitled to a performance bonus (the Series I, II, III Performance Bonus) based (a) for each of the Series I Shares, the on the realized gains and cumulative performance Series II Shares, the Series III Shares of the eligible investments comprising the Series I, and the Series IV Shares, to realize long- II, III Assets. term capital appreciation on its investment portfolio; and 29. The Manager is entitled to a performance bonus (the Series IV Performance Bonus) based on the (b) for the Series V Shares, (i) to realize realized gains and cumulative performance of the long-term capital appreciation on a eligible investments comprising the Series IV portion of its investment portfolio and (ii) Assets. preserve and return an investor’s initial subscription price paid for their Series V 30. The Manager was originally entitled to a Shares on or about December 31, 2011 performance bonus on the investment portfolio (the Series V Capital Repayment Date). comprising the Series V Assets (the Series V Performance Bonus); however the Filer has 23. With respect to the Series V Shares, the divested of each of the Community Small applicable Predecessor Fund invested exclusively Business Investment Funds (CSBIFs) in which it in life sciences transactions and the performance invested without triggering the payment of a of the Series V Assets, both in the applicable performance bonus. Upon the dissolution of the Predecessor Fund and the Filer, has been poor. It CSBIFs, underlying investments were distributed is highly unlikely that, absent an infusion of in kind to the Filer, which investments are not capital, that the second portion of the investment eligible for the payment of a performance bonus. objective would be achieved by the Series V Capital Repayment Date, if ever. If the Asset 31. Neither the Series I, II, III Performance Bonus nor Consolidation is completed, the Manager, who is the Series IV Performance Bonus will be affected owed accrued but unpaid fees of approximately by the Asset Consolidation. These performance $3.8 million at September 30, 2011 will forgive bonuses will remain the same both before and approximately $2.9 million of this amount in after the Asset Consolidation. connection with the Asset Consolidation which will enable the Filer to return an amount equal to each Shareholder Approval investor’s initial subscription price on the Effective Date, which is anticipated to be prior to the Series 32. On October 20, 2011, the Filer announced the V Capital Repayment Date. As a result, proposed Asset Consolidation. The Asset shareholders of the Series V Shares who do not Consolidation has been approved by the board of redeem all of their Series V Shares would choose directors of the Filer and by its independent review to continue to invest the balance of their committee. investment in accordance with the investment objective of realizing long-term capital 33. On September 23, 2011, the Filer filed a notice of appreciation on the Series V Shares. meeting and record date calling an annual and special meeting of the shareholders of the Filer for 24. After giving effect to the Asset Consolidation, the November 18, 2011, which meeting was single investment objective of the Series I Shares, subsequently adjourned to December 16, 2011 the Series II Shares, the Series III Shares, the (the Shareholders’ Meeting). Series IV Shares and the Series V Shares will be to realize long-term capital appreciation on the 34. In connection with the Shareholders’ Meeting, combined investment portfolio. shareholders of the Filer were sent an information circular dated October 24, 2011, containing details 25. The net asset value of each of the series of the of the proposed Asset Consolidation, the fees to Filer’s Class A Shares is calculated on a weekly be paid following the Asset Consolidation and the basis, on the last business day of each week. income tax considerations associated therewith. The information circular was filed on SEDAR. 26. The Asset Consolidation will have no effect on the fee structure of the Series I Shares, the Series II 35. An addendum to the information circular, Shares and the Series III Shares, and will result in containing additional disclosure and amending a decrease in the annual management fee for the certain disclosure in the information circular, was sent to the dealers representing the shareholders

January 13, 2012 (2012) 35 OSCB 389 Decisions, Orders and Rulings

of the Series I Shares, the Series II Shares, the 41. None of the Series I Shares, the Series II Shares, Series III Shares, the Series IV Shares and the the Series III Shares, the Series IV Shares or the Series V Shares, and was filed on SEDAR on Series V Shares will be issued, acquired, December 2, 2011 (the information circular and redeemed or cancelled in order to effect the Asset addendum, together, being the Circular). Consolidation.

36. The Circular contained prospectus-level disclosure 42. The last scheduled date for calculation of the net regarding the Asset Consolidation. asset value of the Series I Shares, the Series II Shares, the Series III Shares, the Series IV 37. The Asset Consolidation has received the Shares and the Series V Shares before the approval of a special majority of the shareholders anticipated Effective Date is expected to be of the Series I Shares, the Series II Shares, the December 23, 2011. Series III Shares, voting as a group, the shareholders of the Series IV Shares, voting as a 43. Shareholders of all of the series of the Filer will series, and the shareholders of the Series V continue to have the right to redeem Series I Shares, voting as a series. Shares, the Series II Shares, the Series III Shares, the Series IV Shares and the Series V Shares for 38. The Asset Consolidation requires amendments to cash at any time up to the close of business on certain sections of the amended articles of the last valuation day immediately preceding the amalgamation of the Filer (the Articles). Effective Date of the Asset Consolidation. Such Amendments to the sections of the Articles redemptions may be subject to tax under the LSIF relating to the Series I Shares, the Series II Legislation. Shares, the Series III Shares, the Series IV Shares and the Series V Shares will be made in 44. Shareholders of the Series I Shares, the Series II order to effect the consolidation of the Series I, II, Shares, the Series III Shares, the Series IV III Assets, the Series IV Assets and the Series V Shares and/or the Series V Shares are permitted Assets, which will form the basis of the net asset to dissent from the Asset Consolidation resolution values of such shares. The Articles will be pursuant to the provisions of section 190 of the amended so that the shareholders of the Series I Canada Business Corporations Act. A shareholder Shares, the Series II Shares, the Series III Shares, who dissents will be entitled, in the event the the Series IV Shares and the Series V Shares all Asset Consolidation becomes effective, to be paid share in one pool of assets, the Consolidated by the Filer, the fair value of the Series I Shares, Pool, after the Asset Consolidation, instead of the Series II Shares, the Series III Shares, the three pools of assets prior to the Asset Series IV Shares and/or the Series V Shares held Consolidation. by such shareholder determined as at the close of business on the day before the Asset 39. Each shareholder of the Series I Shares, the Consolidation resolution was adopted. Where a Series II Shares, the Series III Shares, the Series shareholder dissents from the resolution and IV Shares and the Series V Shares will continue to receives a cash payment for his shares from the hold the same number and series of shares Filer, the shareholder is considered to have immediately following the Asset Consolidation as realized proceeds of disposition equal to the such shareholder held immediately prior to the amount of the payment received by the Asset Consolidation. Similarly, each Series I shareholder. If such Class A Shares have been Share, Series II Share, Series III Share, Series IV held by the shareholder for less than eight years, Share and Series V Share will have the same the proceeds of disposition will be reduced by the value immediately following the Asset amount required to be withheld from the proceeds Consolidation as it did immediately prior to the and remitted by the Filer to the appropriate taxing Asset Consolidation. authorities and any applicable fees.

40. Thereafter, the entitlement of each shareholder of 45. The Filer will issue a press release after the close the Series I Shares, the Series II Shares, the of business on the date of Shareholders’ Meeting, Series III Shares, the Series IV Shares and the being December 16, 2011, announcing the results Series V Shares will be based upon its of the Shareholders’ Meeting and, if applicable, proportionate interest of the assets of the confirming the anticipated Effective Date. Consolidated Pool. This proportionate interest is based on the respective contributions of each 46. All of the costs of effecting the Asset series to the Consolidated Pool on the Effective Consolidation (consisting primarily of legal, proxy Date. Each series of Class A Shares will continue solicitation, printing, mailing and accounting costs) to be responsible for series specific expenses and will be paid by the Manager. will, therefore, have a different net asset value from the other series. 47. In the opinion of the Manager, the Asset Consolidation will be beneficial to shareholders of the Series I Shares, the Series II Shares, the

January 13, 2012 (2012) 35 OSCB 390 Decisions, Orders and Rulings

Series III Shares, the Series IV Shares and the 2.1.2 Peregrine Metals Ltd. Series V Shares for the following reasons: Headnote (a) it will result in improved liquidity levels that will enable the Consolidated Pool to National Policy 11-203 Process for Exemptive Relief better manage follow-on investment Applications in Multiple Jurisdictions – application for an requirements of investee companies and order that the issuer is not a reporting issuer under to meet the redemption requests of applicable securities laws – requested relief granted. shareholders; Applicable Legislative Provisions (b) it will add further diversification to the current separate pools of assets; and Securities Act, R.S.O. 1990, c.S.5, as am., s. 1(10)(a)(ii). CSA Staff Notice 12-307 Applications for a Decision that an (c) as there are a number of fixed costs and Issuer is not a Reporting Issuer. expenses associated with operating separate series of the Fund as distinct December 29, 2011 pools of assets, it will result in a reduction of the fixed cost component of each such IN THE MATTER OF series as a result of operating one THE SECURITIES LEGISLATION OF Consolidated Pool. ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, Approval for the Asset Consolidation under Section PRINCE EDWARD ISLAND AND 5.5(1)(b) of the Instrument NEWFOUNDLAND AND LABRADOR (THE "JURISDICTIONS") 48. Approval for the Asset Consolidation is required because the Filer does not satisfy all of the criteria AND for pre-approved organizations and transfers set out in section 5.6(1) of the Instrument because it IN THE MATTER OF THE PROCESS FOR EXEMPTIVE does not have a current prospectus or simplified RELIEF prospectus, as required under sections APPLICATIONS IN MULTIPLE JURISDICTIONS 5.6(1)(a)(iv) and 5.6(1)(f)(ii) of the Instrument. AND 49. The Filer and the Manager are not in default of securities legislation in any province or territory of IN THE MATTER OF Canada. PEREGRINE METALS LTD. (THE "FILER")

Decision DECISION

The Principal Regulator is satisfied that the decision meets Background the test set out in the Legislation for the Principal Regulator to make the decision. The securities regulatory authority or regulator in each of the Jurisdictions (the "Decision Maker") has received an The decision of the Principal Regulator under the application from the Filer for a decision under the securities Legislation is that the Exemption Sought is granted. legislation of the Jurisdictions (the "Legislation") that the Filer is deemed to have ceased to be a reporting issuer “Sonny Randhawa” (the "Exemptive Relief Sought"). Manager, Investment Funds Branch Ontario Securities Commission Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application):

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) the decision is the decision of the principal regulator and evidences the decision of each other Decision Maker.

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 Passport System have the same meaning if used in this decision, unless otherwise defined.

January 13, 2012 (2012) 35 OSCB 391 Decisions, Orders and Rulings

Representations (j) On November 17, 2011, an application was made to delist the Shares from the Toronto This decision is based on the following facts represented Stock Exchange. Such Shares are expected by the Filer: to be delisted on or before the close of business on December 17, 2011. (a) The Filer is a corporation governed by the Business Corporations Act (British Columbia) (k) The Filer has no current intention to seek with its registered address located at 201 – public financing by way of an offering of 1250 Homer Street, Vancouver, B.C., V6B securities. 1C6. (l) The Filer is applying for relief to cease to be a (b) The Filer is a reporting issuer in the provinces reporting issuer in all jurisdictions of Canada of British Columbia, Alberta, Saskatchewan, in which it is currently a reporting issuer. Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island and (m) The Filer is not in default of any requirement Newfoundland and Labrador. of the securities legislation in any of the Jurisdictions except for the obligation arising (c) The Filer's authorized share capital consists after Stillwater came to be the issuer’s sole of an unlimited number of common shares shareholder pursuant to the Arrangement to ("Shares"). file its Interim Financial Statements and its Management Discussion and Analysis for the (d) No securities of the Filer are traded on a periods ending September 30, 2011, as marketplace as defined in National Instrument required under National Instrument 51-102, 21-101 Marketplace Operation. (“NI 21-101”). Continuous Disclosure Obligations and the related certification of such financial (e) The outstanding securities of the Filer, statements as required under Multilateral including debt securities, are beneficially Instrument 52-109 - Certification of Disclosure owned, directly or indirectly, by less than 15 in Filers' Annual and Interim Filings. security holders in each of the jurisdictions in Canada and less than 51 security holders in (n) All of the Shares are owned by Stillwater. total in Canada. (o) The Filer, upon the grant of the Exemptive The Arrangement Relief Sought, will no longer be a reporting issuer or the equivalent in any jurisdiction in (f) Stillwater Mining Company (“Stillwater”) is a Canada. producer of palladium and platinum incorporated pursuant to the laws of the state Decision of Delaware, and is a reporting issuer in the provinces of Alberta, Saskatchewan, Ontario Each of the Decision Makers is satisfied that the decision and Prince Edward Island. The common meets the test set out in the Legislation for the Decision shares of Stillwater are listed for trading on Maker to make the decision. the TSX. The decision of the Decision Makers under the Legislation (g) On July 11, 2011, pursuant to a definitive is that the Exemptive Relief Sought is granted. agreement entered into between the Filer and Stillwater (the “Agreement”), Stillwater “Judith Robertson” agreed, through a court ordered plan of Commissioner arrangement (the “Arrangement”), to acquire Ontario Securities Commission all of the issued and outstanding Shares. Pursuant to the Agreement, Stillwater agreed “Vern Krishna” to issue US$1.35 cash and 0.08136 of one Commissioner common share of Stillwater in exchange for Ontario Securities Commission each Share.

Background to Application

(h) Prior to consummation of the transactions described above, the Shares were listed for trading on the Toronto Stock Exchange under the symbol "PGM".

(i) Other than as described above, the Filer has no other securities issued and outstanding.

January 13, 2012 (2012) 35 OSCB 392 Decisions, Orders and Rulings

2.1.3 ICO Therapeutics Inc. et al.

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Exemption from registration requirement – A purchaser under an equity line of credit wants relief from the requirement to register as an underwriter – The purchaser will not solicit any offers to purchase the securities it acquires from the issuer and will resell any securities through an exchange, using a registered dealer unaffiliated with the issuer or the purchaser.

Exemption from prospectus delivery requirement – A purchaser under an equity line of credit wants relief from the requirement to deliver a prospectus – The issuer will file a supplement to its base shelf prospectus describing the terms of the equity purchase agreement – The issuer will issue a news release upon entering into the equity purchase agreement and file the agreement on SEDAR – For each drawdown under the agreement, the issuer will issue a news release indicating that the base shelf prospectus and relevant prospectus supplement have been filed and will specify where and how purchasers may obtain a copy.

Exemption from short form prospectus form requirements – An issuer wants relief from the requirement to include in the prospectus a statement of purchasers’ statutory rights in the prescribed form – The issuer is distributing securities to purchasers on the TSX Venture Exchange through a purchaser under an equity line of credit – The purchasers on the Exchange will have all statutory rights except those rights triggered by delivery of the prospectus – The issuer will provide an amended statement of rights in the prospectus so that the prospectus properly describes applicable rights and purchasers are not misled.

Exemption from shelf prospectus form requirements – An issuer wants relief from the requirement to include certain disclosure in the base shelf prospectus – The issuer is distributing securities to purchasers on the TSX Venture Exchange through a purchaser under an equity line of credit – The purchasers on the Exchange will have all statutory rights except those rights triggered by delivery of the prospectus – The issuer will include in its base shelf prospectus all disclosure required under section 5.5 of National Instrument 44-102 but will eliminate or modify statements that specifically refer to delivery of the prospectus.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 25, 71(1), 71(2), 74, 147. National Instrument 44-101, s. 8.1. Form 44-101F1, s. 20. National Instrument 44-102, ss. 5.5(2), 5.5(3).

July 29, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA AND ONTARIO (THE JURISDICTIONS)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF ICO THERAPEUTICS INC. (ISSUER), DUTCHESS OPPORTUNITY CAYMAN FUND, LTD. (DUTCHESS) AND DUTCHESS CAPITAL MANAGEMENT II, LC (THE MANAGER AND, TOGETHER WITH ICO AND DUTCHESS, THE FILERS)

DECISION

January 13, 2012 (2012) 35 OSCB 393 Decisions, Orders and Rulings

Background

1 The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Makers) have received an application (the Application) from the Filers for a decision under the securities legislation of the Jurisdictions (the Legislation) that:

(a) the following disclosure requirements under the Legislation (the Prospectus Disclosure Requirements) do not apply to the Issuer in connection with the Distribution (as defined below):

(i) the statement in the Prospectus Supplement (as defined below) respecting statutory rights of withdrawal and rescission or damages in the form required by Item 20 of Form 44-101F1 of National Instrument 44-101 Short Form Prospectus Distributions (NI 44-101); and

(ii) the statements required by Subsections 5.5(2) and (3) of National Instrument 44-102 Shelf Distributions (NI 44-102) (the Prospectus Disclosure Relief);

(b) the prohibition from acting as a dealer unless the person is registered as such (the Dealer Registration Requirement) does not apply to Dutchess or the Manager in connection with the Distribution (the Dealer Registration Relief);

(c) the requirement under the Legislation that a dealer send a copy of the Prospectus (as defined below) to a subscriber or purchaser in the context of a distribution (the Prospectus Delivery Requirement) does not apply to Dutchess and the Manager or the dealer(s) through whom Dutchess distributes the Common Shares (as defined below) and that, as a result, rights of withdrawal or rights of rescission, price revision or damages for non-delivery of the Prospectus do not apply in connection with the Distribution (the Prospectus Delivery Relief); and

(d) the Application and this decision be held in confidence by the Decision Makers (the Confidentiality Relief).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the British Columbia Securities Commission is the principal regulator for this application,

(b) the Filers have provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11- 102) is intended to be relied upon in Alberta, and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

2 Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

3 This decision is based on the following facts represented by the Filers:

The Issuer

1. the Issuer is a corporation existing under the Business Corporations Act (British Columbia) with is head office located in Vancouver, British Columbia;

2. the Issuer is a reporting issuer in the Provinces of British Columbia and Alberta and is not in default of any requirements under the securities legislation in any jurisdiction of Canada;

3. the share capital of the Issuer consists of an unauthorized number of common shares (the Common Shares), of which 41,057,301 are issued and outstanding. An aggregate of 1,846,429 Common Shares are issuable on conversion of outstanding stock options and an aggregate of 235,000 Common Shares are issuable on conversion of outstanding common share purchase warrants;

4. the Common Shares are listed and posted for trading on the TSX Venture Exchange (the TSXV) under the symbol “ICO”;

January 13, 2012 (2012) 35 OSCB 394 Decisions, Orders and Rulings

5. upon filing a notice of intention to be qualified to file a short form prospectus pursuant to Section 2.6 of NI 44- 101, the Issuer will, within 10 business days after filing such notice, be eligible to file a short form prospectus under Section 2.2 of NI 44-101 and base shelf prospectus under Section 2.2 of NI 44-102;

6. the Issuer intends to file in the Provinces of British Columbia, Alberta and Ontario a base shelf prospectus (such base shelf prospectus and any amendments thereto is referred to as the Base Shelf Prospectus);

7. the statements included in the Base Shelf Prospectus pursuant to Subsection 5.5(2) and 5.5(3) of NI 44-102 will be qualified, in each case, by adding “except in cases where an exemption from such delivery requirements has been obtained”;

Dutchess and the Manager

8. Dutchess is an investment fund established as a Cayman Islands exempt limited partnership with its head office located in the Cayman Islands;

9. the Manager, a limited liability corporation incorporated under the laws of Delaware with its head office in Boston, Massachusetts;

10. the Manager is an investment manager for funds which have made direct investments in growth-stage and mature public companies which span a wide array of sectors using various investment structures such as equity line facilities, equity-linked securities and direct placements;

11. Dutchess is an affiliate of the Manager and one of several investment funds managed by the Manager;

12. neither Dutchess nor the Manager is a reporting issuer under the securities legislation of any jurisdiction of Canada or registered as a registered firm as that term is defined National Instrument 31-103 Registration Requirements and Exemptions in any jurisdiction of Canada;

13. neither Dutchess nor the Manager are in default of securities legislation in any jurisdiction of Canada;

Proposed Distribution Arrangements

14. the Issuer and Dutchess propose to enter into an equity line facility agreement (the Equity Line Facility Agreement), pursuant to which Dutchess will agree to subscribe for, and the Issuer will have the right, exercisable from time to time for a period of 36 months (the Commitment Period), to issue and sell to Dutchess, up to $10,000,000 of Common Shares (the Maximum Commitment Amount);

15. under the Equity Line Facility Agreement, the Issuer will, subject to paragraph 16, be entitled to deliver to Dutchess, at any time during the Commitment Period, a draw down notice (a Draw Down Notice), which notice shall (i) notify Dutchess of its intention to draw down funds under the Equity Line, (ii) specify the amount of the proposed draw down and (iii) specify the lowest price per share at which the Issuer will issue Common Shares in connection with such Draw Down Notice (the Minimum Price); provided, however, that the Minimum Price may not be lower than the volume-weighted average price per Common Share on the TSXV over a period of five consecutive trading days immediately preceding the applicable Draw Down Notice, less the permitted discount under the private placement rules contained in the TSXV Corporate Finance Manual;

16. the Issuer may not deliver a Draw Down Notice during the period beginning 10 trading days before the Issuer's next subsequent annual financial statements or quarterly financial statements are to be publicly released and ending 2 trading days after such report is released, or during any other period in which the Issuer is in possession of material non-public information;

17. the Equity Line Facility Agreement will provide the Issuer with the ability to raise capital as needed from time to time; Dutchess regularly engages in such transactions; Dutchess will, in most cases, finance its commitment to subscribe for Common Shares on a draw down through short-sales or resales out of existing holdings of the Issuer’s securities;

18. the maximum amount that the Issuer shall be entitled to draw down pursuant to any Draw Down Notice shall not exceed the greater of (i) $250,000 or (ii) 200% of the product of the average daily trading volume of Common Shares on the TSXV during the three days immediately preceding the date of such Draw Down Notice and the average of the closing price of the Common Shares on the TSXV during such three day period;

January 13, 2012 (2012) 35 OSCB 395 Decisions, Orders and Rulings

19. the subscription price of Common Shares to be issued pursuant to a Draw Down Notice will equal 95% of the lowest daily volume-weighted average trading price of the Common Shares on the TSXV during the five consecutive trading days immediately preceding the date of the Draw Down Notice (the Draw Down Pricing Period); provided, however, that the subscription price shall not be less than the Minimum Price;

20. subject to early settlement in certain circumstances, the gross proceeds to be received by the Issuer with respect to the issuance of Common Shares pursuant to a Draw Down Notice will be settled on the seventh trading day (each date on which Common Shares are issued pursuant to a Draw Down Notice, a Settlement Date) following delivery of the Draw Down Notice to Dutchess; provided, however, that the obligation of Dutchess to subscribe for Common Shares pursuant to a Draw Down Notice shall be subject to delivery to Dutchess, on the date of the Draw Down Notice and the Settlement Date, of a certificate of a senior officer of the Issuer certifying that the Prospectus, as supplemented, contains full, true and plain disclosure of all material facts relating to the Issuer 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 light of the circumstances under which it is made; the Issuer would therefore be unable to issue Common Shares under the Equity Line Facility Agreement when it is in possession of undisclosed information that would constitute a material fact or material change;

21. on or after a Settlement Date, Dutchess may seek to sell some or all of the Common Shares issued to Dutchess pursuant to the applicable Draw Down Notice;

22. during the term of the Equity Line Facility Agreement, Dutchess and its affiliates, associates or insiders, as a group, will not own at any time, directly or indirectly, Common Shares representing more than 9.9% of the issued and outstanding Common Shares at such time;

23. Dutchess and its trading affiliates will not hold a “net short position” in Common Shares during the term of the Equity Line Facility Agreement; provided, however, Dutchess may, after the receipt of a Draw Down Notice, seek to short-sell Common Shares to be issued pursuant to the Draw Down Notice, or engage in hedging strategies, in order to reduce the economic risk associated with its commitment to subscribe for Common Shares, provided that:

(a) Dutchess complies with applicable rules of the TSXV and applicable securities laws;

(b) Dutchess and its affiliates, associates, partners and insiders do not during the period between a Draw Down Notice and the corresponding Settlement Date, directly or indirectly, sell Common Shares or grant any right to purchase or acquire any right to dispose of, nor otherwise dispose for value of, any Common Shares or any securities convertible into or exchangeable for Common Shares, in an amount exceeding the number of Common Shares to be issued to Dutchess pursuant to the applicable Draw Down Notice; and

(c) Dutchess and its affiliates, associates, partners and insiders do not, directly or indirectly, sell Common Shares or grant any right to purchase or acquire any right to dispose of, nor otherwise dispose for value of, any Common Shares or any securities convertible into or exchangeable for, any Common Shares, between the time of delivery of a Draw Down Notice and the filing of the press release announcing the draw down;

24. disclosure of the activities of Dutchess and its affiliates, associates or insiders, as well as the restrictions thereon, the whole as described in paragraph 23 above, will be included in the Base Shelf Prospectus. In addition, the Issuer will include in the Base Shelf Prospectus a risk factor that explains that Dutchess may engage in short-sales, resales or other hedging strategies to reduce or eliminate investment risks associated with a draw down and that such risk factor will disclose the possibility that such transactions may result in significant dilution to existing shareholders and could have a significant effect on the price of the Common Shares;

25. no extraordinary commission or consideration will be paid by Dutchess or the Manager to a person or company in respect of the disposition of Common Shares by Dutchess to purchasers who purchase them from Dutchess through the dealer(s) engaged by Dutchess through the TSXV (the TSXV Purchasers);

26. the Issuer has agreed to pay up to $30,000 of the fees and expenses incurred by Dutchess in connection with the Equity Line Facility Agreement;

27. in effecting any disposition of the Common Shares, Dutchess and the Manager will not engage in any sales, marketing or solicitation activities of the type undertaken by underwriters in the context of a public offering. More specifically, Dutchess and the Manager will not (i) advertise or otherwise hold itself out as a dealer; (ii)

January 13, 2012 (2012) 35 OSCB 396 Decisions, Orders and Rulings

purchase or sell securities as principal from or to customers; (iii) carry a dealer inventory in securities; (iv) quote a market in securities; (v) extend or arrange for the extension of credit in connection with securities transactions; (vi) run a book of repurchase and reverse repurchase agreements; (vii) use a carrying broker for securities transactions; (viii) lend securities for customers; (ix) guarantee contract performance or indemnify the Issuer for any loss or liability from the failure of the transaction to be successfully consummated; (x) participate in a selling group; (xi) effect any disposition other than in accordance with applicable securities laws; (xii) provide investment advice; or (xiii) issue or originate securities;

28. Dutchess will not solicit offers to purchase Common Shares and will complete all sales of Common Shares through a dealer unaffiliated with Dutchess, the Manager and the Issuer;

Prospectus Supplements

29. the Issuer intends to file a supplement to the Base Shelf Prospectus (a Prospectus Supplement) in the Provinces of British Columbia, Alberta and Ontario within two business days after the final Settlement Date for each draw down under the Equity Line Facility Agreement;

30. each Prospectus Supplement will include (i) the number of Common Shares sold, (ii) the price per share, (iii) the information required by NI 44-102, including the disclosure required by Subsection 9.1(3) thereof, (iv) other information required by NI 44-101 omitted from the Base Shelf Prospectus in accordance with NI 44- 102, and (v) the following statement:

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment. In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment are not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province. However, such rights and remedies will not be available to purchasers of common shares distributed under this prospectus because the prospectus will not be delivered to purchasers, as permitted under a decision document issued by the British Columbia Securities Commission on ___, 2011.

In several of the provinces, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contain a misrepresentation, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province. Such remedies remain unaffected by the non-delivery of the prospectus, as permitted under the decision document referred to above.

The purchaser should refer to any applicable provision of the securities legislation of the purchaser’s province for the particulars of these rights or consult with a legal adviser.

(the Amended Statement of Rights);

31. the Base Shelf Prospectus, as supplemented by the Prospectus Supplements, will (i) qualify the distribution of the Common Shares to Dutchess on each Settlement Date of the draw down disclosed in the relevant Prospectus Supplement, (ii) qualify the distribution of Common Shares to TSXV Purchasers during the period that commences on the date of issuance of a Draw Down Notice to Dutchess and ends on the earlier of (x) the date on which the distribution of such Common Shares has ended or (y) the 40th day following such Settlement Date (collectively, a Distribution);

32. the Prospectus Delivery Requirements are not workable in the context of the Distribution because the TSXV Purchasers will not be readily identifiable as the dealer(s) acting on behalf of Dutchess may combine the sell orders made under the Prospectus with other sell orders and the dealer(s) acting on behalf of the TSXV Purchasers may combine a number of purchase orders;

33. each Prospectus Supplement will contain an underwriter’s certificate in the form set out in Section 2.2 of Appendix B to NI 44-102 signed by Dutchess;

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34. at least three business days prior to filing the Prospectus Supplement to be filed in connection with the initial Distribution, the Issuer will provide a draft of the Prospectus Supplement for comment to the Decision Makers a draft of such Prospectus Supplement;

Continuous Disclosure

35. following the execution of the Equity Line Facility Agreement, the Issuer will:

(a) promptly issue and file a press release on SEDAR disclosing the material terms of the Equity Line Facility Agreement, including the Maximum Commitment Amount; and

(b) within 10 days after the execution,

(i) file a copy of the Equity Line Facility Agreement on SEDAR; and

(ii) file a material change report on SEDAR;

36. the Issuer will promptly issue and file a press release on SEDAR upon each issuance of a Draw Down Notice, disclosing in each case the amount of the draw down, the maximum number of Common Shares to be issued pursuant to the Draw Down Notice, the Minimum Price, as well as the fact that the Base Shelf Prospectus is available on SEDAR and specifying how a copy of this document can be obtained;

37. the Issuer will

(a) issue and file a press release on SEDAR on, or as soon as practicable after, the final Settlement Date in respect of a draw down stating:

(i) the number of Common Shares issued to Dutchess and the price per Common Share;

(ii) that the Base Shelf Prospectus and the relevant Prospectus Supplement will be available on SEDAR and specifying how a copy of these documents can be obtained; and

(iii) the Amended Statement of Rights; and

(b) file a material change report on SEDAR within ten days of the final Settlement Date in respect of a draw down, if the relevant Distribution constitutes a material change under applicable securities legislation, disclosing at a minimum the number of Common Shares issued to, and the price per Common Share paid by, Dutchess;

38. the Issuer will disclose in its financial statements and management’s discussion and analysis filed on SEDAR pursuant to National Instrument 51-102 Continuous Disclosure Obligations, for each financial period, the number and price of Common Shares issued to Dutchess pursuant to the Equity Line Facility Agreement;

Deliveries Upon Request

39. the Issuer will deliver to the Decision Makers, upon request, a copy of each Draw Down Notice delivered by the Issuer to Dutchess under the Equity Line Facility Agreement; and

40. Dutchess and the Manager will provide to the Decision Makers, upon request, full particulars of trading and hedging activities by Dutchess and the Manager (and, if required, trading and hedging activities by their affiliates, associates, partners or insiders) in relation to securities of the Issuer during the term of the Equity Line Facility Agreement.

Decision

4 Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that

(a) the Prospectus Disclosure Relief is granted provided that:

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(i) the Issuer comply with the representations in paragraphs 7, 24, 30, 31, 35, 36, 37 and 39; and

(ii) the number of Common Shares distributed by the Issuer under the Equity Line Facility Agreement does not exceed, in any 12 month period, 19.9% of the aggregate number of Common Shares outstanding calculated at the beginning of such period;

(b) both the Dealer Registration Relief and the Prospectus Delivery Relief are granted provided that Dutchess and/or the Manager, as the case may be, comply with the representations in paragraphs 23, 25, 27, 28, 33 and 40;

(i) the date the Issuer issues the press release described in paragraph 35(a); and

(ii) the date that is 90 days from the date of this decision; and

(d) this decision will terminate 25 months after the date of the Base Shelf Prospectus.

“Martin Eady, CA” Director, Corporate Finance British Columbia Securities Commission

January 13, 2012 (2012) 35 OSCB 399 Decisions, Orders and Rulings

2.1.4 Brookfield Renewable Power Preferred Equity Inc.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Filer wants to put in place a credit support issuer structure, but is unable to rely on the exemption for credit support issuers in applicable securities legislation – Relief granted from continuous disclosure requirements, certification requirements, insider reporting requirement, audit committee requirements and corporate governance requirements – Relief also granted from short form prospectus requirements, incorporation by reference requirement, earnings coverage requirements and subsidiary credit supporter requirements – Filer unable to rely on exemption for credit support issuers in applicable securities legislation since Filer’s parent only owns 50.1% of an intermediate holding entity (a limited partnership) that indirectly owns 100% of the voting securities of the Filer – When the characteristics of the limited partnership units of the holding limited partnership (including that the majority are held by the parent) are viewed together with a voting agreement, control and direction of the holding limited partnership is held by the Filer’s parent as if the parent beneficially owned all the outstanding voting securities of holding limited partnership – Filer unable to rely on the exemption since the issuer proposes to issue convertible preferred shares that are convertible into other preferred shares of the Issue – Relief subject to conditions, including conditions relating to minority interest in holding limited partnership.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, ss. 107, 121(2)(a)(ii). National Instrument 44-101 Short Form Prospectus Distributions , s. 8.1. National Instrument 51-102 Continuous Disclosure Obligations, ss. 13.1, 13.4. National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, s. 8.6. National Instrument 52-110 Audit Committees, s. 8.1. National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI), s. 6.1. National Instrument 55-104 Insider Reporting Requirements and Exemptions, s. 10.1(2). National Instrument 58-101 Disclosure of Corporate Governance Practices, s. 3.1.

December 15, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (THE “JURISDICTION”)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC. (THE “FILER”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) exempting:

(a) the Filer from the requirements of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”) (the “Continuous Disclosure Requirements”);

(b) the Filer from the requirements of National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”) (the “Certification Requirements”);

(c) insiders of the Filer from the insider reporting requirement (as defined in National Instrument 14-101 Definitions) (the “Insider Reporting Requirements”);

January 13, 2012 (2012) 35 OSCB 400 Decisions, Orders and Rulings

(d) the Filer from the requirements of National Instrument 52-110 Audit Committees (“NI 52-110”) (the “Audit Committee Requirements”);

(e) the Filer from the requirements of National Instrument 58-101 Disclosure of Corporate Governance Practices (“NI 58- 101”) (the “Corporate Governance Requirements”);

(f) the Filer from the qualification requirements (the “Qualification Requirements”) of Part 2 of National Instrument 44- 101 Short Form Prospectus Distributions (“NI 44-101”), such that the Filer is qualified to file a prospectus in the form of a short form prospectus;

(g) the Filer from the requirement to incorporate by reference into a short form prospectus the documents under paragraphs 1 to 4 and 6 to 8 of subsection 11.1(1) of Form 44-101F1 Short Form Prospectus (“Form 44-101F1”) (the “Incorporation by Reference Requirements”);

(h) the Filer from the requirement to include in a short form prospectus the earnings coverage ratios under section 6.1 of Form 44-101F1 (the “Earnings Coverage Requirements”); and

(i) the Filer from the requirement to include in a short form prospectus the disclosure of one or more subsidiary credit supporters required by section 12.1 of Form 44-101F1 (the “Subsidiary Credit Supporter Requirements”);

(collectively, the “Exemption Sought”) in each case to accommodate a transaction, effected by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”), that was completed on November 28, 2011 and resulted in the combination of all of the renewable power assets of Brookfield Renewable Power Inc. (“BRPI”) and Brookfield Renewable Power Fund (the “Fund”).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (“MI 11-102”) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Newfoundland & Labrador and Prince Edward Island.

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. In this decision, “BREP Related Entities” means, collectively, Brookfield Renewable Energy L.P. (“BRELP”) and subsidiary entities (as this term is defined in Multilateral Instrument 61-101 – Take-Over Bids and Special Transactions) of BRELP.

Representations

This decision is based on the following facts represented by the Filer:

The Filer

1. The Filer has been incorporated under the laws of Canada since February 10, 2010.

2. The registered and head office of the Filer is located in Toronto, Ontario.

3. The Filer is a reporting issuer, or the equivalent, in the Jurisdictions and, to its knowledge, is not in default of any requirements under the Legislation.

4. The authorized share capital of the Filer consists of an unlimited number of common shares (the “Common Shares”), an unlimited number of Class A Preference Shares (the “Class A Preference Shares”), issuable in series and an unlimited number of Class B Preference Shares (the “Class B Preference Shares”) issuable in series.

5. The only voting securities of the Filer are the Common Shares, all of which were, prior to the completion of the Arrangement, indirectly held by the Fund.

6. The Class A Preference Shares and Class B Preference Shares may at any time and from time to time be issued in one or more series having such rights, restrictions and privileges determined by the directors of the Filer. Subject to

January 13, 2012 (2012) 35 OSCB 401 Decisions, Orders and Rulings

any rights which may be attached to a series of such shares and applicable law, the holders of such shares shall not be entitled to vote at any meeting of shareholders of the Filer.

7. The Filer currently has one series of Class A Preference Shares outstanding, being the Class A Preference Shares, Series 1 (the “Series 1 Shares”).

8. The Series 1 Shares are convertible, in certain circumstances, at the option of the holder or the Filer, into an equal number of Class A Preference Shares, Series 2 (the “Series 2 Shares”, and together with the Series 1 Shares, the “Preferred Shares”) and the Series 2 Shares are convertible, in certain circumstances, at the option of the holder or the Filer, into an equal number of Series 1 Shares.

9. As of the date hereof, 1 Common Share and 10 million Series 1 Shares were issued and outstanding. No Class B Preference Shares have been issued.

10. The Series 1 Shares are listed on the Toronto Stock Exchange (“TSX”) under the symbol “BRF.PR.A”.

11. The Filer operates as a financing company and has no significant assets or liabilities unrelated to the Preferred Shares and does not have any ongoing business operations of its own.

12. The Filer is a “credit support issuer” (as defined in NI 51-102).

13. Prior to the completion of the Arrangement, the Fund was the Filer’s parent credit supporter (as such term is defined in NI 51-102). Prior to the completion of the Arrangement, both the Series 1 Shares and the Series 2 Shares satisfied the definition of “designated credit support securities” in Section 13.4(1) of NI 51-102, but for the convertibility feature allowing their conversion into Class A Preference Shares of the other series.

14. In connection with its offering of the Series 1 Shares to the public, on February 15, 2010, the Filer was granted substantially similar relief to the Exemption Sought because both the Series 1 Shares and the Series 2 Shares satisfied the definition of “designated credit support securities” in Section 13.4(1) of NI 51-102, but for the convertibility feature allowing their conversion into Class A Preference Shares of the other series (the “2010 Decision”).

The Arrangement

15. Upon the completion of the Arrangement, the Filer no longer satisfies the conditions in the 2010 Decision as a result of the change in corporate structure and the winding up of the Fund.

16. Pursuant to the terms of the Arrangement:

(a) public unitholders of the Fund exchanged their trust units in the Fund (“Fund Units”) for limited partnership units (“LP Units”) in Brookfield Renewable Energy Partners L.P. (“BREP”), a Bermuda exempted limited partnership formed by BRPI;

(b) the LP Units were listed on the TSX and the Fund Units were de-listed;

(d) all the issued and outstanding voting securities of the Filer are held by Brookfield Renewable Holding Corp. (“BRHC”), which is in effect an indirect subsidiary of BREP;

(e) the Series 1 Shares remain issued and outstanding securities held by the public; and

(f) each of BREP, BRELP, Brookfield BRP Holdings (Canada) Inc. (“CanHoldco”) and BRP Bermuda Holdings I Limited (“Bermuda Holdco”) (collectively, the “Guarantors”) provided full and unconditional joint and several subordinated guarantees (the “Guarantees”) of the payments to be made by the Filer in respect of the Preferred Shares.

17. At a special meeting held on November 16, 2011, the Arrangement was approved by over 99 percent of votes cast by holders of Series 1 Shares present in person or by proxy.

18. In connection with the Arrangement, the Guarantors provided full and unconditional joint and several subordinated guarantees of the payments to be made by the Filer in respect of the Preferred Shares, as stipulated in agreements governing the rights of holders of the securities, that result in the holders of such securities being entitled to receive

January 13, 2012 (2012) 35 OSCB 402 Decisions, Orders and Rulings

payment from the Guarantors within 15 days of any failure by the Filer to make a payment, as contemplated by paragraph (d) of the definition of “designated credit support security” in NI 51-102.

19. The Preferred Shares satisfy the definition of “designated credit support securities” (as defined in NI 51-102), other than (i) the fact that BREP does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102) because: (a) BREP is not the beneficial owner of all of the voting securities of the Filer as required under Section 13.4(2)(a) of NI 51-102; and (b) all of the Filer’s voting securities are directly held by BRHC, which does not technically fall within the definition of an “affiliate” of BREP as required under Section 13.4(2)(c)(ii) of NI 51-102 (because BREP is a partnership and not a company), and (ii) the Preferred Shares are convertible, in certain circumstances, at the option of the holder or the Filer, into Class A Preference Shares of the other series. Therefore, the Filer does not meet the test set forth in Section 13.4(2.1)(a) of NI 51-102 by virtue of not being able to meet the test in 13.4(2)(c).

20. The Filer may, subject to market conditions, desire to issue other series of Class A Preference Shares that, but for the fact that (i) BREP does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102) and (ii) they may be convertible into other series of Class A Preference Shares (the “Resulting Class A Preference Shares”), would satisfy the definition of “designated credit support securities” in NI 51-102 (the “Future Class A Preference Shares”).

21. If the Exemption Sought is granted, BREP and the Filer will: (i) treat BREP as a parent credit supporter and comply with the conditions in section 13.4(2.1) of NI 51-102 that apply to parent credit supporters; and (ii) treat the Preferred Shares and any Future Class A Preference Shares and Resulting Class A Preference Shares as designated credit support securities and comply with the conditions in section 13.4(2.1) that apply to designated credit support securities, in accordance with the terms and conditions of the order granted.

22. The Filer is a wholly-owned subsidiary of BRHC, which is a wholly-owned subsidiary of Brookfield BRP Canada Corp. (“BRP Canada”), which is a wholly-owned subsidiary of CanHoldco, which is in effect a wholly-owned subsidiary of BRELP. BREP owns an approximate 50.1% limited partnership interest in BRELP, with the remaining limited partnership interest being held by BRPI, directly or indirectly. The limited partnership units held by BRPI are subject to a redemption-exchange mechanism pursuant to which BRPI will be able to acquire LP Units in exchange for its BRELP limited partnership units on a one for one basis. BREP would have a 100% limited partnership interest in BRELP on a fully exchanged basis.

23. The Filer does not directly satisfy the eligibility criteria in Part 2 of NI 44-101 in order to be able to file a prospectus in the form of a short form prospectus.

BREP, BRELP, CanHoldco and Bermuda Holdco

24. BREP is a Bermuda exempted limited partnership that was established on June 27, 2011.

25. BREP is, to the best of the Filer’s knowledge, not in default of any requirement of Canadian securities laws.

26. BREP is a reporting issuer, or the equivalent, in all provinces of Canada that files all documents it is required to file under NI 51-102.

27. The LP Units are listed on the TSX under the symbol “BEP”. BREP also intends to apply to have the LP Units listed for trading on the New York Stock Exchange.

28. 2288509 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of BREP. The general partner of BREP holds a 0.01% general partnership interest in BREP. The general partner of BREP is a wholly- owned subsidiary of BRPI. Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of BREP.

29. BREP has entered into a management agreement with certain affiliates of BRPI (collectively, the “Manager”) to provide BREP and specified BREP Related Entities with management and other services.

30. The LP Units are non-voting limited partnership units and the general partner of BREP controls BREP.

31. BREP’s sole asset is an approximate 50.1% limited partnership interest in BRELP, a Bermuda exempted limited partnership that was established on June 27, 2011.

32. BREP Holding L.P. (“BRELP GP LP”), a Bermuda exempted limited partnership, acts as the general partner of BRELP. BRELP GP LP holds an approximate 1% general partnership interest in BRELP. 2288508 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of BRELP GP LP. The general partner of BRELP

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GP LP is a wholly-owned subsidiary of BRPI. Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of BRELP GP LP. The general partner of BRELP GP LP is controlled by BREP, through its general partner, pursuant to the Voting Agreement described below.

33. CanHoldco is a corporation incorporated under the laws of Canada on June 22, 2011.

34. Bermuda Holdco is a corporation incorporated under the laws of Bermuda on June 22, 2011.

35. BREP, BRELP, CanHoldco and Bermuda Holdco are “credit supporters” as defined in NI 51-102.

36. BREP does not satisfy the definition of “parent credit supporter” (as defined in NI 51-102) because: (i) BREP is not the beneficial owner of all of the voting securities of the Filer as required under Section 13.4(2)(a) of NI 51-102 and; (ii) all of the Filer’s voting securities are directly held by BRHC, which does not technically fall within the definition of an “affiliate” of BREP as required under Section 13.4(2)(c)(ii) of NI 51-102 (because BREP is a partnership and not a company).

37. BRELP owns all the common shares of CanHoldco and Bermuda Holdco. These securities are the only assets of BRELP.

38. BRPI holds special shares of Bermuda Holdco (“Bermuda Holdco Special Shares”). The Bermuda Holdco Special Shares are not entitled to vote, except as required by law, and are redeemable for cash at the option of BRPI or Bermuda Holdco, subject to certain limitations. Each series of Bermuda Holdco Special Shares is tied to a particular development project that was indirectly acquired by Bermuda Holdco as part of the Arrangement. Upon the completion of each development project (or a sale prior to completion), the redemption amount will be the amount that would reimburse BRPI for its expenses in connection with the project prior to the Arrangement as well as pay BRPI 50% of the amount by which the equity value of the project exceeds the total invested equity in the project. Equity value means BREP’s pro rata percentage of the fair market value of a development project measured on the date on which substantial completion of the development project has been achieved, or, if earlier, the date that the project is sold.

39. As of the date hereof, the aggregate redemption value of the Bermuda Holdco Special Shares is a nominal amount. The redemption value will only increase once substantial completion of the project has been achieved, or if the project is sold; at which time the Bermuda Holdco Special Shares will be redeemed for cash. In the event of a liquidation, the Bermuda Holdco Special Shares will rank equally with the common shares of Bermuda Holdco (the “Bermuda Holdco Common Shares”) except that if there is a distribution of assets in the event of a liquidation, the holders of Bermuda Holdco Special Shares and Bermuda Holdco Common Shares will participate pro rata provided that the maximum amount the holders of Bermuda Holdco Special Shares will be entitled to receive will be equal to the redemption price for the Bermuda Holdco Special Shares.

40. BRPI and its affiliates other than BREP and BREP Related Entities (collectively, “Brookfield”) own all the Bermuda Holdco Special Shares and the preferred shares of Bermuda Holdco (the “Bermuda Holdco Preferred Shares”). The Bermuda Holdco Preferred Shares are redeemable for a total of $5 million of cash at the option of Bermuda Holdco, subject to certain limitations, and are not entitled to vote, except as required by law. The Bermuda Holdco Preferred Shares are not equity securities as such term is defined in the Securities Act (Ontario).

41. BRELP owns all the issued and outstanding equity and voting securities of Bermuda Holdco except for the Bermuda Holdco Special Shares. BRELP owns all the issued and outstanding equity and voting securities of CanHoldco.

42. CanHoldco owns all the equity and voting securities of BRP Canada, which in turn owns all the equity and voting securities of BRHC, which in turn owns all the equity and voting securities of the Filer. The Filer expects that BRHC will be wound up or amalgamated on or before January 1, 2012.

43. BREP owns an approximate 50.1% limited partnership interest in BRELP with the remaining limited partnership interest held by BRPI, directly or indirectly. The limited partnership units held by BRPI are subject to a redemption-exchange mechanism pursuant to which BRPI will be able to acquire LP Units in exchange for its BRELP limited partnership units on a one for one basis. At any time after two years from November 28, 2011, BRPI will have the right to require BRELP to redeem for cash all or a portion of the limited partnership units held by BRPI subject to BREP’s right of first refusal, entitling it, at its sole discretion, to elect to acquire all (but not less than all) of the units to be redeemed in exchange for LP Units of BREP on a one for one basis.

44. BREP and BRPI entered into a voting agreement (the “Voting Agreement”) pursuant to which BRPI agreed that any voting rights with respect to the general partner of BRELP GP LP, BRELP GP LP and BRELP will be voted in accordance with the direction of BREP with respect to (A) the election of directors of the general partner of BRELP GP LP and (B) the approval or rejection of the following matters relating to any such entity, as applicable: (i) any sale of all

January 13, 2012 (2012) 35 OSCB 404 Decisions, Orders and Rulings

or substantially all of its assets, (ii) any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control, (iii) any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency, (iv) any amendment to the limited partnership agreement of BRELP GP LP or BRELP or (v) any commitment or agreement to do any of the foregoing.

45. BREP will consolidate BRELP (and all of BRELP’s assets, including CanHoldco, Bermuda Holdco, BRP Canada, BRHC (until it is wound up or amalgamated) and the Filer) in its financial statements.

Offering of Class A Preference Shares

46. At the time of the filing of any short form prospectus in connection with an offering of any Future Class A Preference Shares:

(a) the Filer will comply with all of the filing requirements and procedures set out in NI 44-101, other than the Qualification Requirements, except as permitted by the Legislation;

(b) the prospectus will be prepared in accordance with the short form prospectus requirements of NI 44-101 other than the Incorporation by Reference Requirements, the Earnings Coverage Requirements and the Subsidiary Credit Supporter Requirements, except as permitted by the Legislation;

(d) BREP will continue to be a reporting issuer under the Legislation that files all documents it is required to file under NI 51-102;

(e) BREP will continue to provide its Guarantee (to the extent that the Series 1 Shares or the Series 2 Shares remain outstanding) and will provide full and unconditional joint and several subordinated guarantees of the payments to be made by the Filer in respect of Future Class A Preference Shares and Resulting Class A Shares (if any Future Class A Preference Shares are convertible into other Series of Class A Preference Shares), as stipulated in agreements governing the rights of holders of the securities, that result in the holders of such securities being entitled to receive payment from BREP within 15 days of any failure by the Filer to make a payment;

(f) the prospectus will incorporate by reference the documents of BREP set forth under Item 11.1 of Form 44- 101F1;

(g) the prospectus disclosure required by Item 11 of Form 44-101F1 will be addressed by incorporating by reference BREP’s public disclosure documents referred to in paragraph 46(f) above; and

(h) BREP will continue to satisfy all of the criteria in section 2.2 of NI 44-101.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted provided that:

1. in respect of the Continuous Disclosure Requirements, the Filer and BREP continue to satisfy the conditions set out in subsection 13.4(2.1) of NI 51-102, except as modified as follows:

(a) any reference to parent credit supporter in section 13.4 shall be deemed to include BREP notwithstanding its indirect ownership of the Filer through BRELP,

(b) any reference to subsidiary credit supporter in section 13.4 shall be deemed to include Bermuda Holdco and CanHoldco and their affiliates, including BREP and BREP Related Entities, notwithstanding BREP’s indirect ownership of such entities through BRELP,

January 13, 2012 (2012) 35 OSCB 405 Decisions, Orders and Rulings

(i) the Voting Agreement remains in force with the terms described in paragraph 44 above and the Voting Agreement is disclosed in BREP’s AIF (as defined in NI 51-102),

(ii) BREP directly holds at least a 50.01% ownership interest in BRELP,

(iii) the aggregate ownership interest of Brookfield and BRELP GP LP in BRELP does not exceed 49.99%,

(iv) no party other than BREP, Brookfield and BRELP GP LP will have any direct or indirect ownership of, or control or direction over, voting securities of BRELP,

(v) no party other than BREP, Brookfield, BRELP GP LP and BRELP will have any direct or indirect ownership of, or control or direction over, voting securities of Bermuda Holdco and CanHoldco,

(vi) no party other than BREP, Brookfield, BRELP GP LP, BRELP, CanHoldco, BRP Canada, BRHC and their affiliates, including BREP and BREP Related Entities, will have any direct or indirect ownership of, or control or direction over, voting securities of the Filer,

(vii) BREP is a reporting issuer, or the equivalent, in all provinces of Canada that files all documents it is required to file under NI 51-102, and does not comply with any of the requirements of NI 51-102 by relying on a provision of National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers,

(viii) BREP consolidates in its financial statements BRELP, Bermuda Holdco, CanHoldco and the Filer as well as any entities consolidated by any of the foregoing, and

(ix) the issued and outstanding voting securities of Bermuda Holdco, CanHoldco and the Filer are 100% owned by their respective parent companies or entities,

(d) the Filer does not have to comply with the conditions in section 13.4(2)(c) of NI 51-102 if the Filer does not issue any securities, and does not have any securities outstanding, other than

(i) designated credit support securities,

(ii) securities issued to and held by BREP or BREP Related Entities, and

(iii) debt securities issued to and held by banks, loan corporations, loan and investment corporations, savings companies, trust corporations, treasury branches, saving or credit unions, financial services cooperatives, insurance companies or other financial institutions,

(iv) securities issued under the exemptions from the prospectus requirements in Section 2.35 of National Instrument 45-106 Prospectus and Registration Exemptions,

(v) Series 1 Shares and Series 2 Shares, and

(vi) Future Class A Preference Shares and Resulting Class A Preference Shares (if any Future Class A Preference Shares are convertible into other series of Class A Preference Shares) provided that BREP has provided full and unconditional joint and several subordinated guarantees of the payments to be made by the Filer in respect of such securities, as stipulated in agreements governing the rights of holders of the securities, that result in the holders of such securities being entitled to receive payment from BREP within 15 days of any failure by the Filer to make a payment, and

(e) the summary financial information referred to in section 13.4(2.1)(c) of NI 51-102 will be reconciled to the consolidated financial statements of BREP, including any minority interest adjustments;

2. in respect of the Certification Requirements, the Audit Committee Requirements and the Corporate Governance Requirements, BREP and the Filer continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above;

3. in respect of the Insider Reporting Requirements, an insider of the Filer can only rely on the Exemption Sought so long as:

(a) the insider complies with the conditions in sections 13.4(3)(b) and (c) of NI 51-102, and

January 13, 2012 (2012) 35 OSCB 406 Decisions, Orders and Rulings

(b) the Filer and BREP continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above;

4. in respect of the Qualification Requirements, Incorporation by Reference Requirement, the Earnings Coverage Requirements and the Subsidiary Credit Supporter Requirements so long as,

(a) the Filer and BREP, as applicable, comply with paragraph 46 above,

(b) the Filer and BREP satisfy the conditions set out in section 13.3 of Form 44-101F1, except as modified as follows:

(i) any reference to parent credit supporter in section 13.3 of Form 44-101F1 shall be deemed to include BREP notwithstanding its indirect ownership of the Filer through BRELP,

(ii) any reference to subsidiary credit supporter in section 13.3 of Form 44-101F1 shall be deemed to include Bermuda Holdco and CanHoldco and their affiliates, including BREP and BREP Related Entities, notwithstanding BREP’s indirect ownership of such entities through BRELP,

(iii) BREP does not have to comply with the conditions in sections 13.3(1)(e) and 13.3(1)(f) of Form 44- 101F1 if it meets the conditions in paragraph 1(c) of this decision above,

(iv) the Filer does not have to comply with the condition in Section 2.4 of NI 44-101 that the securities being distributed be non-convertible preferred shares and section 13.3(1)(d) of Form 44-101F1 if, on completion of any offering of Future Class A Preference Shares, it meets the conditions in paragraph 1(d) of this decision above, and

(v) the summary financial information referred to in section 13.3(1)(g) of Form 44-101F1 will be reconciled to the consolidated financial statements of BREP, including any minority interest adjustments,

(c) any preliminary short form prospectus and final short form prospectus of the Filer contains (or incorporates by reference a document containing) a corporate organizational chart showing the ownership and control relationships among Brookfield, BREP and its general partner, BRELP GP LP and its general partner, BRELP, Bermuda Holdco, CanHoldco and the Filer, and

(d) the Filer and BREP continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above.

As to the Exemption Sought (other than from the Insider Reporting Requirements in the Securities Act (Ontario)).

“Jo-Anne Matear” Manager Ontario Securities Commission

As to the Exemption Sought from the Insider Reporting Requirements in the Securities Act (Ontario).

“Sarah Kavanagh” Commissioner Ontario Securities Commission

“James Turner” Vice-Chair Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 407 Decisions, Orders and Rulings

2.1.5 Pizza Pizza Royalty Income Fund Interpretation

Headnote Terms defined in National Instrument 14-101 – Definitions and MI 11-102 have the same meaning if used in this Multilateral Instrument 61-101 Protection of Minority decision, unless otherwise defined herein. Security Holders in Special Transactions – related party transaction – the underlying operating entity of an income Representations trust proposes to amend an agreement with a related party – the amendment is advantageous to the operating entity, This decision is based on the following facts represented the issuer and its unitholders and does not confer any by the Filer: benefit or transfer of value to the related party or its related parties – relief from the requirement to obtain minority 1. The Filer is an unincorporated open-ended limited approval of the amendment granted. purpose trust governed under the laws of the Province of Ontario pursuant to an amended and Applicable Legislative Provisions restated declaration of trust dated June 24, 2005, as further amended July 24, 2007. The Filer is a Multilateral Instrument 61-101 Protection of Minority reporting issuer in each province of Canada, and Security Holders in Special Transactions, ss. is not in default of securities legislation in any 8.1(2), 9.1(2). province of Canada.

November 7, 2011 2. The authorized capital of the Filer consists of an unlimited number of trust units, of which IN THE MATTER OF 21,818,392 are issued and outstanding at THE SECURITIES LEGISLATION OF September 29, 2011. The Filer’s units are ONTARIO “affected securities” for the purposes of MI 61-101. (THE JURISDICTION) 3. Pizza Pizza Royalty Limited Partnership (the AND Partnership) is a limited partnership governed under the laws of the Province of Ontario pursuant IN THE MATTER OF to an amended and restated limited partnership THE PROCESS FOR EXEMPTIVE RELIEF agreement (the Partnership Agreement) dated APPLICATIONS IN MULTIPLE JURISDICTIONS July 24, 2007, as amended May 19, 2009.

AND 4. The authorized capital of the Partnership consists of one ordinary general partnership unit and an IN THE MATTER OF unlimited number of Class A ordinary partnership PIZZA PIZZA ROYALTY INCOME FUND units, Class B ordinary partnership units, Class C (THE FILER) ordinary partnership units, Class D ordinary partnership units, Class A limited partnership units DECISION and Class C limited partnership units, of which 4,073,128 Class B ordinary partnership units, Background 3,000,000 Class C ordinary partnership units, 100,000 Class D ordinary partnership units, one The principal regulator in the Jurisdiction has received an ordinary general partnership unit and 18,310,094 application from the Filer for a decision under the securities Class A limited partnership units are issued and legislation of the Jurisdiction (the Legislation) for an outstanding at October 26, 2011. exemption from the minority approval requirement for related party transactions in section 5.6 of Multilateral 5. The managing general partner of the Partnership, Instrument 61-101 – Protection of Minority Security Holders Pizza Pizza GP Inc., is indirectly controlled by the in Special Transactions (MI 61-101) in respect of the Filer through its wholly-owned subsidiary entity, Amendment (as defined below) (the Exemption Sought). Pizza Pizza Holdings Trust. Accordingly, each of Pizza Pizza GP Inc. and the Partnership is a Under the Process for Exemptive Relief Applications in subsidiary entity of the Filer for the purposes of MI Multiple Jurisdictions (for a passport application): 61–101.

(a) the Ontario Securities Commission is the principal 6. Pizza Pizza Limited (PPL) is a corporation regulator for this application; and amalgamated under the laws of the Province of Ontario on December 27, 1989. PPL is a related (b) the Filer has provided notice that subsection party of the Partnership for the purposes of MI 61- 4.7(1) of Multilateral Instrument 11-102 – Passport 101 because, as a general partner of the System (MI 11-102) is intended to be relied upon Partnership, it is actively engaged in the business in Quebec. of the Partnership, is responsible for, and has authority in, assisting Pizza Pizza GP Inc. in the

January 13, 2012 (2012) 35 OSCB 408 Decisions, Orders and Rulings

management of the business and affairs of the 11. The Class B ordinary partnership units and Class Partnership and performs additional specific D ordinary partnership units are exchangeable for duties in connection with the business of the units of the Filer based on specific rates (the Partnership as are delegated to it by Pizza Pizza Class B Exchange Multiplier and the Class D GP Inc. from time to time pursuant to the Exchange Multiplier, respectively), in accordance Partnership Agreement. PPL also provides with an amended and restated exchange consultation and management services to the agreement dated July 24, 2007 between the Filer, Partnership as to the operation and management PPL, and certain other subsidiary entities of the of the Partnership’s business, in addition to the Filer (the Exchange Agreement). Pursuant to the assistance provided to Pizza Pizza GP Inc. Partnership Agreement, PPL receives distributions on the Class B ordinary partnership units and 7. The Filer completed its initial public offering on Class D ordinary partnership units based on the July 6, 2005, at which time it acquired from PPL, number of units of the Filer that it would hold if this through the Partnership, certain intellectual exchange right was exercised in full. property rights used in PPL’s “Pizza Pizza” restaurant business. On July 29, 2007, the Fund 12. The Partnership Agreement provides for a process acquired, through the Partnership, additional by which the Class B Exchange Multiplier and the intellectual property rights used in PPL’s “Pizza Class D Exchange Multiplier will be adjusted, as a 73” restaurant business. result of annual changes in the number of Pizza Pizza or Pizza 73 restaurants included in the 8. In connection with the acquisition of these respective Royalty Pools. intellectual property rights, PPL and the Partnership entered into licence and royalty 13. The pool of Pizza Pizza restaurants is adjusted agreements (the Licence and Royalty annually on January 1 (the Adjustment Date) to Agreements) under which PPL may continue to include new Pizza Pizza restaurants opened on or use the intellectual property rights that it sold to before December 31 of the prior year, and remove the Partnership, in consideration for the payment any Pizza Pizza restaurants that have been of a monthly royalty based on the system sales of permanently closed during that year. Similarly the a defined pool of Pizza Pizza and Pizza 73 pool of Pizza 73 restaurants is adjusted annually restaurants (the Royalty Pools). PPL was also on the Adjustment Date to include new Pizza 73 issued Class B ordinary partnership units and restaurants opened on or before September 1 of Class D ordinary partnership units of the the prior year, and remove any Pizza 73 Partnership as part of the consideration for the restaurants that have been permanently closed intellectual property rights, and it currently holds during that year. Where there is a net increase in all the issued and outstanding Class B ordinary the system sales generated by the restaurants partnership units, Class C ordinary partnership that are added to and removed from a Royalty units and Class D ordinary partnership units. The Pool as a result of these restaurant openings and Class C ordinary partnership units are not closures, the Class B Exchange Multiplier and/or exchangeable for units of the Filer, and are not Class D Exchange Multiplier may be adjusted. proposed to be changed in connection with the Amendment. 14. On the Adjustment Date, the adjustment to the Class B Exchange Multiplier involves first 9. There are two Royalty Pools: one for Pizza Pizza calculating the “Estimated Determined Amount”, restaurants, and one for Pizza 73 restaurants. For which is defined as 92.5% of the estimated net Pizza Pizza restaurants, a royalty equal to 6% of system sales added to the Royalty Pool and system sales for the restaurants included in the multiplied by the royalty rate, divided by the Pizza Pizza Royalty Pool is payable monthly by prevailing yield of the Filer’s units. The Estimated PPL to the Partnership. For Pizza 73 restaurants, Determined Amount is then multiplied by 80% (as a royalty equal to 9% of system sales for the this adjustment is based on an estimate of net restaurants included in the Pizza 73 Royalty Pool additional system sales, the 80% calculation is payable monthly by PPL to the Partnership. results in a more conservative change to the multiplier), divided by the current market price of 10. Since the Partnership’s royalty income will be the Filer’s units, and further divided by the number greater when there are more restaurants included of Class B ordinary partnership units outstanding. in the Royalty Pools, and when those restaurants This fraction is added to the Class B Exchange generate greater sales, it was appropriate to Multiplier from the preceding year (which was 1 on develop an incentive for PPL to expand its the closing of the Filer’s initial public offering; restaurant chains and to grow sales from those currently it is 1.4996). On the following Adjustment restaurants. This is accomplished through the Date, a second adjustment to the Class B Class B ordinary partnership units and the Class D Exchange Multiplier is made in the same manner, ordinary partnership units, and related provisions based on the “Actual Determined Amount”, once of the Partnership Agreement. the system sales for new Pizza Pizza restaurants are known with certainty.

January 13, 2012 (2012) 35 OSCB 409 Decisions, Orders and Rulings

15. On each Adjustment Date, a separate adjustment Royalty Pools, PPL, Pizza Pizza Holdings Trust, is made to the Royalty Pool for the Pizza 73 Pizza Pizza GP Inc. and the Partnership propose restaurants, calculated in a similar manner as the to enter into an amending agreement to the Class B Exchange Multiplier described above, Partnership Agreement that will have the effect of based on the estimated net additional royalty amending the entitlements of the Class B ordinary income generated from the increased Royalty units and the Class D ordinary units (the Pool, with a true-up on the following Adjustment Amendment). Under the Amendment, the Date once the system sales for new Pizza 73 definitions of the Pizza Pizza and Pizza 73 restaurants are known with certainty. At the time Estimated and Actual Determined Amounts (the the Class D ordinary partnership units were Determined Amounts), which are the basis for issued, the Class D Exchange Multiplier was zero; determining changes to the Class B Exchange currently, it is 15.4543). Multiplier and the Class D Exchange Multiplier and PPL’s additional entitlements to units of the Filer, 16. At the time the Partnership Agreement and the would be amended to include SIFT Tax as part of Exchange Agreement were entered into, the Filer the formula to calculate the Determined Amounts. and the Partnership were not subject to taxes on their income. Accordingly, the “vend-in” formulas 21. Under the Amendment, the Determined Amounts for calculating changes to the Class B Exchange would be calculated in the same manner as under Multiplier and the Class D Exchange Multiplier the current formula, except that the resulting give credit to PPL for net increases in the figures would be multiplied by a number equal to Partnership’s aggregate royalty income (and, in (1-Tax%). “Tax%” will be an estimate of the Filer’s turn, the Filer’s income available for distribution to effective tax rate for the year (determined using unitholders) rather than the Partnership’s and the the total income taxes paid by the Filer during the Filer’s after-tax income. fiscal year divided by the total cash received by the Filer during that fiscal year) (i.e., for the 17. In June 2007, the Federal Government of Canada Adjustment Date of January 1, 2012, it will be the amended the Income Tax Act (Canada) to impose effective Filer tax rate for the year ended the specified investment flow-through trust income December 31, 2011). This estimate of the effective and distribution tax (the SIFT Tax). The Filer tax rate will be subject to an adjustment when the became a taxable entity effective January 1, 2011. actual effective entity level tax rate of the Filer for As a result of the SIFT Tax, the Filer is required to the year is known. pay tax on its income at a rate approximately equal to or less than the rate applicable to income 22. The trustees of the Filer (the Trustees) believe earned by a Canadian public corporation. The that the Amendment will eliminate the dilutive SIFT Tax reduces the amount of cash available for effect of the SIFT Tax at the Adjustment Date. The distribution to the unitholders by the Filer. Amendment would be effective as of January 2, 2011 and would govern the vend-in of new Pizza 18. Under the current terms of the Partnership Pizza and Pizza 73 restaurants to the Royalty Agreement, the SIFT Tax will have a negative Pools on January 1, 2012 and each January 1 impact, from the point of view of the Filer, on the thereafter. economics associated with the adjustments for incentivizing PPL (through changes in the Class B 23. PPL is under no contractual or other legal Exchange Multiplier and the Class D Exchange obligation to enter into the Amendment. However, Multiplier), because the formulas do not take PPL management has advised the Filer that it account of the tax now payable by the Filer. As a believes that an adjustment to the vend-in formula result, PPL’s entitlements are effectively over- is in the best interest of all parties. If no change is stated, relative to the after-tax income stream that made to the vend-in formula, future additions to is available for distribution to the Fund’s the Royalty Pools would be dilutive to current unitholders. unitholders of the Filer. The Amendment will have no positive or accretive impact on PPL’s existing 19. A failure to amend the Partnership Agreement to entitlements to distributions from the Partnership account for the SIFT Tax would therefore result in or its additional Filer unit entitlements. PPL receiving an unintended increase in its retained interest in the Filer through the Class B 24. The Trustees, each of whom is independent of Exchange Multiplier and the Class D Exchange PPL within the meaning of the Legislation, are Multiplier and in the distributions it receives from also the trustees of Pizza Pizza Holdings Trust the Partnership (which are based on the number and constitute a majority of the directors of Pizza of the units of the Filer that PPL would hold if the Pizza GP Inc. As such, the Trustees are in a exchange right was exercised in full). position to independently assess the Amendment and whether it is fair to the Filer’s unitholders. The 20. To address the impact of the SIFT Tax on the Trustees have also determined that the adjustment by which new Pizza Pizza and Pizza Amendment is not prejudicial to the Filer’s 73 restaurants are added to the respective unitholders; as such, the Amendment does not

January 13, 2012 (2012) 35 OSCB 410 Decisions, Orders and Rulings

need to be submitted to the Filer’s unitholders for approval pursuant to the constating documents of any of the Partnership, Pizza Pizza GP Inc., Pizza Pizza Holdings Trust or the Filer.

25. The proposed Amendment is advantageous to the Partnership, the Filer and its unitholders and does not confer any benefit or transfer of value to PPL or any other related party of PPL.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted provided that:

(i) the Amendment is implemented and approved as described in above paragraphs 20 to 25; and;

(ii) any applicable disclosure required by section 5.2 of MI 61-101 will be included in a press release to be released following the issuance of this decision.

“Naizam Kanji” Deputy Director, Corporate Finance Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 411 Decisions, Orders and Rulings

2.1.6 Galileo Funds Inc.

Headnote

National Policy 11-203 – Process for Exemptive Relief Applications in Multiple Jurisdictions – approval granted for indirect change of control of mutual fund manager under s. 5.5(2) of NI 81-102 – indirect change in control of the manager will not result in any change in how the manager operates or acts in relation to the mutual funds.

Applicable Legislative Provisions

National Instrument 81-102 Mutual Funds, s. 5.5(2).

December 8, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATION IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF GALILEO FUNDS INC. (the Manager)

DECISION

Background

The principal regulator in the Jurisdiction (the Decision Maker) has received an application from the Manager for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for approval pursuant to subsection 5.5(2) of National Instrument 81-102 Mutual Funds (NI 81-102) of an indirect change of control of the Manager (the Approval Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Manager has provided notice that section 4.7(1) of Multilateral instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta, British Columbia, Manitoba, Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island, Québec, Saskatchewan, Northwest Territories, Yukon and Nunavut (together with Ontario, the Jurisdictions).

Interpretation

Defined terms contained in National Instrument 14-101 Definitions and MI 11-102 have the same meaning in this decision unless they are otherwise defined in this decision.

Representations

This decision is based on the following facts represented by the Manager:

The Manager and the Funds

1. The Manager is a corporation incorporated under the laws of the Province of Ontario and is registered in Ontario in the category of investment fund manager. The Manager’s head office is located in Ontario. The Manager is not in default of securities legislation in any Jurisdiction.

January 13, 2012 (2012) 35 OSCB 412 Decisions, Orders and Rulings

2. The Manager is the investment fund manager of Galileo High Income Plus Fund and Galileo Global Opportunities Fund (collectively, the Funds).

3. The Manager is a wholly-owned subsidiary of Galileo Global Equity Advisors Inc. (GGEA), a corporation incorporated under the laws of the Province of Ontario.

4. GGEA is registered: (a) in Ontario, as an exempt market dealer and portfolio manager; (b) in Alberta, as a portfolio manager; (c) in Manitoba, as a portfolio manager; (d) in British Columbia, as a portfolio manager, (e) in Nova Scotia, as a portfolio manager and (f) in Québec, as a portfolio manager and an exempt market dealer.

5. Investment advice and portfolio management services to the Funds are provided by GGEA.

6. The Funds are reporting issuers in the Jurisdictions and are not in default of any of the securities law requirements of those Jurisdictions. The securities of the Funds are qualified for distribution in the Jurisdictions by a simplified prospectus and annual information form.

7. The Funds are marketed and distributed through registered dealers.

The Proposed Acquisition

8. On October 18, 2011, Michael Waring, the controlling shareholder of GGEA, entered into an agreement with Michael Wekerle, Stephen Craig, Joseph MacDonald and Paul Sparkes (collectively, the Purchasers) pursuant to which Michael Waring has agreed to sell approximately 75% of the issued and outstanding common shares of GGEA to the Purchasers (the Transaction). Michael Waring currently holds 6,874,886,928 Class A common shares in the capital of GGEA, representing approximately 99.9999985% of the total issued and outstanding common shares of GGEA. Following the completion of the Transaction, the issued and outstanding common shares of GGEA will be owned as follows:

Name of Shareholder Number of Class A % of Total Common Shares Michael Waring 1,718,721,732 24.9999996% Joseph MacDonald 1,718,721,732 24.9999996% Michael Wekerle 1,718,721,732 24.9999996% Stephen Craig 1,374,977,386 19.9999997% Paul Sparkes 343,744,346 4.9999999% Other shareholders 100 0.0000015% Totals 6,874,887,028 100%

9. The completion of the Transaction is subject to the satisfaction of closing conditions, including regulatory approvals, and is expected to close prior to December 31, 2011 following receipt of the regulatory approvals and the expiration of the notice period provided for in section 5.8(1)(a) of NI 81-102.

Proposed Change of Control

10. The Transaction will result in an indirect change of control of the Manager.

11. The current directors of GGEA and the Manager are Michael Waring, Joseph MacDonald and Evelyn Foo. Following the closing of the Transaction, Michael Wekerle, Stephen Craig and Paul Sparkes will also join the board of directors of GGEA and the Manager.

12. The Purchasers are experienced executives. By adding the Purchasers as shareholders and directors of both GGEA and the Manager, the Transaction is intended to enhance GGEA’s reputation as a leading provider of specialized asset management in Canada, and to assist in growing GGEA’s assets under management.

13. A press release describing the Transaction was issued by the Manager on October 18, 2011 and filed under SEDAR Project No. 01812994.

January 13, 2012 (2012) 35 OSCB 413 Decisions, Orders and Rulings

14. Securityholder notice regarding the change of control was posted on SEDAR under SEDAR Project No. 01815014 and was sent to securityholders of the Funds on October 25, 2011, pursuant to section 5.8(1)(a) of NI 81-102.

15. In respect of the impact of the proposed change of control on the Manager and the management and administration of the Funds:

(a) The indirect change of control of the Manager will have no negative consequences on the ability of the Manager to comply with all applicable regulatory requirements or its ability to satisfy its obligations to the Funds.

(b) Following the Transaction, while Michael Waring will no longer own a controlling indirect interest in the Manager, and the shares of the Manager will be indirectly owned by several shareholders none of whom owns more than 25% of the outstanding shares, the Transaction will not result in any change in how the Manager operates or acts in relation to the Funds. The Transaction will not have a negative impact on the Funds or their securityholders.

(c) There are no current plans to change the Funds’ portfolio manager or the individual portfolio managers of GGEA who are responsible for managing the investment portfolios of the Funds within a foreseeable period of time following the closing of the Transaction.

(d) Following the Transaction, while there will be changes to the board of directors and the officers of GGEA and the Manager, the individuals chiefly responsible for the management and administration of the Funds, namely, Michael Waring (President, Chief Executive Officer, Chief Investment Officer and Chief Compliance Officer), Evelyn Foo (Chief Financial Officer and Secretary) and Joseph MacDonald (Chief Operating Officer), will continue in their current capacities. All directors and officers of the Manager following closing of the Transaction will continue to have the requisite integrity and experience to fulfil their roles.

(e) Although the current members of the Funds’ independent review committee (IRC) will automatically cease to be members of the IRC by operation of section 3.10(1)(c) of National Instrument 81-107 Independent Review Committee for Investment Funds upon the closing of the Transaction, the Manager intends to reappoint them immediately after the closing of the Transaction.

(f) It is not expected that there will be any change to the investment objectives and strategies of the Funds or the expenses that are charged to the Funds as a result of the Transaction.

(g) The proposed Transaction is not expected to impact the financial stability of the Manager or its ability to fulfill its regulatory obligations.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Approval Sought is granted.

“Darren McKall” Manager, Investment Funds Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 414 Decisions, Orders and Rulings

2.1.7 BRP Finance ULC

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Filer wants to put in place a credit support issuer structure, but is unable to rely on the exemption for credit support issuers in applicable securities legislation – Relief granted from continuous disclosure requirements, certification requirements, insider reporting requirement, audit committee requirements and corporate governance requirements – Relief also granted from short form prospectus requirements, incorporation by reference requirement, earnings coverage requirements and subsidiary credit supporter requirements – Filer unable to rely on exemption for credit support issuers in applicable securities legislation since Filer’s parent only owns 50.1% of an intermediate holding entity (a limited partnership) that indirectly owns 100% of the voting securities of the Filer – When the characteristics of the limited partnership units of the holding limited partnership (including that the majority are held by the parent) are viewed together with a voting agreement, control and direction of the holding limited partnership is held by the Filer’s parent as if the parent beneficially owned all the outstanding voting securities of holding limited partnership – Relief subject to conditions, including conditions relating to minority interest in holding limited partnership.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, ss. 107, 121(2)(a)(ii). National Instrument 44-101 Short Form Prospectus Distributions, s. 8.1. National Instrument 51-102 Continuous Disclosure Obligations, ss. 13.1, 13.4. National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, s. 8.6. National Instrument 52-110 Audit Committees, s. 8.1. National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI), s. 6.1. National Instrument 55-104 Insider Reporting Requirements and Exemptions, s. 10.1(2). National Instrument 58-101 Disclosure of Corporate Governance Practices, s. 3.1.

December 15, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (THE “JURISDICTION”)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF BRP FINANCE ULC (THE “FILER”)

DECISION

Background

(a) the Filer from the requirements of National Instrument 51-102 Continuous Disclosure Obligations (“NI 51-102”) (the “Continuous Disclosure Requirements”);

(b) the Filer from the requirements of National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”) (the “Certification Requirements”);

(c) insiders of the Filer from the insider reporting requirement (as defined in National Instrument 14-101 Definitions) (the “Insider Reporting Requirements”);

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(d) the Filer from the requirements of National Instrument 52-110 Audit Committees (“NI 52-110”) (the “Audit Committee Requirements”);

(e) the Filer from the requirements of National Instrument 58-101 Disclosure of Corporate Governance Practices (“NI 58- 101”) (the “Corporate Governance Requirements”);

(f) the Filer from the requirement to incorporate by reference into a short form prospectus the documents under paragraphs 1 to 4 and 6 to 8 of subsection 11.1(1) of Form 44-101F1 Short Form Prospectus (“Form 44-101F1”) (the “Incorporation by Reference Requirements”);

(g) the Filer from the requirement to include in a short form prospectus the earnings coverage ratios under section 6.1 of Form 44-101F1 (the “Earnings Coverage Requirements”); and

(h) the Filer from the requirement to include in a short form prospectus the disclosure of one or more subsidiary credit supporters required by section 12.1 of Form 44-101F1 (the “Subsidiary Credit Supporter Requirements”);

(collectively, the “Exemption Sought”) in each case to accommodate a transaction, effected by way of a plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”), that was completed on November 28, 2011, involving, among others, Brookfield Renewable Power Inc. (“BRPI”) and BRPI’s 5.25% Medium Term Notes, Series 3, 5.84% Medium Term Notes, Series 4, 6.132% Medium Term Notes, Series 6, and 5.14% Medium Term Notes, Series 7 (collectively, the “Bonds”).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and

Interpretation

Representations

This decision is based on the following facts represented by the Filer:

The Filer

1. The Filer has been incorporated under the laws of Alberta since September 14, 2011.

2. The registered office of the Filer is in Calgary, Alberta and head office of the Filer is located in Ottawa, Ontario.

3. The Filer is, to the best of its knowledge, not in default of any requirement of Canadian securities laws.

The Arrangement

4. The Arrangement resulted in the combination of all of the renewable power assets of BRPI and Brookfield Renewable Power Fund (the “Fund”). Pursuant to the terms of the Arrangement:

(b) the LP Units were listed on the Toronto Stock Exchange (“TSX”) and the Fund Units were de-listed;

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(d) all the issued and outstanding voting securities of the Filer are held by Brookfield BRP Holdings (Canada) Inc. (“CanHoldco”), which is in effect an indirect subsidiary of BREP;

(e) the Filer assumed the obligations of BRPI under the Bonds and the indenture dated December 16, 2004 as supplemented, amended and restated from time to time (the “Indenture”) governing the Bonds in consideration for a promissory note;

(f) in connection with the Filer assuming all of the obligations of BRPI under the Bonds and the Indenture, the Filer was substituted for BRPI as the issuer of the Bonds, BRPI was released from all of its obligations under the Bonds and the Indenture, and each of BREP, BRELP, CanHoldco and BRP Bermuda Holdings I Limited (“Bermuda Holdco”) (collectively, the “Guarantors”) provided full and unconditional joint and several guarantees (the “Guarantees”) of the payments to be made by the Filer in respect of the Bonds.

5. At a special meeting held on October 25, 2011, holders of Bonds (collectively, “Bondholders”) approved an extraordinary resolution authorizing the assumption of the Bonds by the Filer, the release of BRPI and certain amendments to the Indenture and the execution of an amended and restated indenture facilitating, among other things, the same.

6. In connection with the Arrangement, the Filer became a reporting issuer, or the equivalent, in all provinces and territories of Canada except Ontario.

7. Once the Filer is eligible to use the short form prospectus system, the Filer intends to file a short form base shelf prospectus qualifying the distribution of additional bonds under the Indenture in the Jurisdictions and become a reporting issuer in Ontario.

8. The authorized share capital of the Filer consists of an unlimited number of common shares (the “Common Shares”).

9. The only voting securities of the Filer are the Common Shares, all of which are directly held by CanHoldco.

10. As of the date hereof, 1 Common Share is issued and outstanding.

11. The Filer operates as a financing company and has no significant assets or liabilities unrelated to the Bonds and does not have any ongoing business operations of its own.

12. The Filer is a “credit support issuer” (as defined in NI 51-102).

13. In connection with the Arrangement, the Filer assumed the obligations of BRPI under the Bonds and the Indenture in consideration for a promissory note (which was subsequently assigned to CanHoldco in exchange for a promissory note from CanHoldco to the Filer) and, in connection with the Filer assuming all of the obligations of BRPI under the Bonds and the Indenture, the Filer was substituted for BRPI as the issuer of the Bonds, BRPI was released from all of its obligations under the Bonds and the Indenture and the Guarantors provided the Guarantees in respect of the Bonds.

14. The Filer may, subject to market conditions, desire to issue additional bonds under the Indenture that, but for the fact that BREP does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102), would be designated credit support securities (as defined in NI 51-102) (the “Future Bonds”).

15. In connection with the Arrangement, the Guarantors provided full and unconditional joint and several guarantees of the payments to be made by the Filer in respect of the Bonds and any Future Bonds, as stipulated in agreements governing the rights of holders of the securities, that result in the holders of such securities being entitled to receive payment from the Guarantors within 15 days of any failure by the Filer to make a payment, as contemplated by paragraph (d) of the definition of “designated credit support security” in NI 51-102.

16. The Bonds and any Future Bonds satisfy the definition of “designated credit support securities” (as defined in NI 51- 102), other than the fact that BREP does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102) because: (i) BREP is not the beneficial owner of all of the voting securities of the Filer as required under Section 13.4(2)(a) of NI 51-102; and (ii) all of the Filer’s voting securities are directly held by CanHoldco, which does not technically fall within the definition of an “affiliate” of BREP as required under Section 13.4(2)(c)(ii) of NI 51-102 (because BREP is a partnership and not a company). Therefore, the Filer does not meet the test set forth in Section 13.4(2.1)(a) of NI 51-102 by virtue of not being able to meet the test in 13.4(2)(c).

17. If the Exemption Sought is granted, BREP and the Filer will: (i) treat BREP as a parent credit supporter and comply with the conditions in section 13.4(2.1) of NI 51-102 that apply to parent credit supporters; and (ii) treat the Bonds and

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any Future Bonds as designated credit support securities and comply with the conditions in section 13.4(2.1) that apply to designated credit support securities, in accordance with the terms and conditions of the order granted.

18. The Filer is a wholly-owned subsidiary of CanHoldco, which is in effect a wholly-owned subsidiary of BRELP. BREP owns an approximate 50.1% limited partnership interest in BRELP, with the remaining limited partnership interest being held by BRPI, directly or indirectly. The limited partnership units held by BRPI are subject to a redemption-exchange mechanism pursuant to which BRPI will be able to acquire LP Units in exchange for its BRELP limited partnership units on a one for one basis. BREP would have a 100% limited partnership interest in BRELP on a fully exchanged basis.

BREP, BRELP, CanHoldco and Bermuda Holdco

19. BREP is a Bermuda exempted limited partnership that was established on June 27, 2011.

20. BREP is, to the best of the Filer’s knowledge, not in default of any requirement of Canadian securities laws.

21. BREP is a reporting issuer, or the equivalent, in all provinces of Canada that files all documents it is required to file under NI 51-102.

22. The LP Units are listed on the TSX under the symbol “BEP”. BREP also intends to apply to have the LP Units listed for trading on the New York Stock Exchange.

23. 2288509 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of BREP. The general partner of BREP holds a 0.01% general partnership interest in BREP. The general partner of BREP is a wholly- owned subsidiary of BRPI. Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of BREP.

24. BREP has entered into a management agreement with certain affiliates of BRPI (collectively, the “Manager”) to provide BREP and specified BREP Related Entities with management and other services.

25. The LP Units are non-voting limited partnership units and the general partner of BREP controls BREP.

26. BREP’s sole asset is an approximate 50.1% limited partnership interest in BRELP, a Bermuda exempted limited partnership that was established on June 27, 2011.

27. BREP Holding L.P. (“BRELP GP LP”), a Bermuda exempted limited partnership, acts as the general partner of BRELP. BRELP GP LP holds an approximate 1% general partnership interest in BRELP. 2288508 Ontario Inc., a corporation incorporated under the laws of Ontario, acts as the general partner of BRELP GP LP. The general partner of BRELP GP LP is a wholly-owned subsidiary of BRPI. Prior to the end of its first fiscal period, the Filer expects that a Bermuda company, also wholly-owned by BRPI, will become the general partner of BRELP GP LP. The general partner of BRELP GP LP is controlled by BREP, through its general partner, pursuant to the Voting Agreement described below.

28. CanHoldco is a corporation incorporated under the laws of Canada on June 22, 2011.

29. Bermuda Holdco is a corporation incorporated under the laws of Bermuda on June 22, 2011.

30. BREP, BRELP, CanHoldco and Bermuda Holdco are “credit supporters” as defined in NI 51-102.

31. BREP does not satisfy the definition of “parent credit supporter” (as defined in NI 51-102) because: (i) BREP is not the beneficial owner of all of the voting securities of the Filer as required under Section 13.4(2)(a) of NI 51-102 and; (ii) all of the Filer’s voting securities are directly held by CanHoldco, which does not technically fall within the definition of an “affiliate” of BREP as required under Section 13.4(2)(c)(ii) of NI 51-102 (because BREP is a partnership and not a company).

32. BRELP owns all the common shares of CanHoldco and Bermuda Holdco. These securities are the only assets of BRELP.

33. BRPI holds special shares of Bermuda Holdco (“Bermuda Holdco Special Shares”). The Bermuda Holdco Special Shares are not entitled to vote, except as required by law, and are redeemable for cash at the option of BRPI or Bermuda Holdco, subject to certain limitations. Each series of Bermuda Holdco Special Shares is tied to a particular development project that was indirectly acquired by Bermuda Holdco as part of the Arrangement. Upon the completion of each development project (or a sale prior to completion), the redemption amount will be the amount that would reimburse BRPI for its expenses in connection with the project prior to the Arrangement as well as pay BRPI 50% of the amount by which the equity value of the project exceeds the total invested equity in the project. Equity value means

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BREP’s pro rata percentage of the fair market value of a development project measured on the date on which substantial completion of the development project has been achieved, or, if earlier, the date that the project is sold.

34. As of the date hereof, the aggregate redemption value of the Bermuda Holdco Special Shares is a nominal amount. The redemption value will only increase once substantial completion of the project has been achieved, or if the project is sold; at which time the Bermuda Holdco Special Shares will be redeemed for cash. In the event of a liquidation, the Bermuda Holdco Special Shares will rank equally with the common shares of Bermuda Holdco (the “Bermuda Holdco Common Shares”) except that if there is a distribution of assets in the event of a liquidation, the holders of Bermuda Holdco Special Shares and Bermuda Holdco Common Shares will participate pro rata provided that the maximum amount the holders of Bermuda Holdco Special Shares will be entitled to receive will be equal to the redemption price for the Bermuda Holdco Special Shares.

35. BRPI and its affiliates other than BREP and BREP Related Entities (collectively, “Brookfield”) own all the Bermuda Holdco Special Shares and the preferred shares of Bermuda Holdco (the “Bermuda Holdco Preferred Shares”). The Bermuda Holdco Preferred Shares are redeemable for a total of $5 million of cash at the option of Bermuda Holdco, subject to certain limitations, and are not entitled to vote, except as required by law. The Bermuda Holdco Preferred Shares are not equity securities as such term is defined in the Securities Act (Ontario).

36. BRELP owns all the issued and outstanding equity and voting securities of Bermuda Holdco except for the Bermuda Holdco Special Shares. BRELP owns all the issued and outstanding equity and voting securities of CanHoldco.

37. CanHoldco owns all the equity and voting securities of the Filer.

38. BREP owns an approximate 50.1% limited partnership interest in BRELP with the remaining limited partnership interest held by BRPI, directly or indirectly. The limited partnership units held by BRPI are subject to a redemption-exchange mechanism pursuant to which BRPI will be able to acquire LP Units in exchange for its BRELP limited partnership units on a one for one basis. At any time after two years from November 28, 2011, BRPI will have the right to require BRELP to redeem for cash all or a portion of the limited partnership units held by BRPI subject to BREP’s right of first refusal, entitling it, at its sole discretion, to elect to acquire all (but not less than all) of the units to be redeemed in exchange for LP Units of BREP on a one for one basis.

39. BREP and BRPI entered into a voting agreement (the “Voting Agreement”) pursuant to which BRPI agreed that any voting rights with respect to the general partner of BRELP GP LP, BRELP GP LP and BRELP will be voted in accordance with the direction of BREP with respect to (A) the election of directors of the general partner of BRELP GP LP and (B) the approval or rejection of the following matters relating to any such entity, as applicable: (i) any sale of all or substantially all of its assets, (ii) any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control, (iii) any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency, (iv) any amendment to the limited partnership agreement of BRELP GP LP or BRELP or (v) any commitment or agreement to do any of the foregoing.

40. BREP will consolidate BRELP (and all of BRELP’s assets, including CanHoldco, Bermuda Holdco and the Filer) in its financial statements.

Offering of Bonds

41. At the time of the filing of any short form prospectus in connection with an offering of Future Bonds:

(a) the Filer will comply with all of the filing requirements and procedures set out in NI 44-101, except as permitted by the Legislation;

(d) BREP will continue to be a reporting issuer under the Legislation that files all documents it is required to file under NI 51-102;

(e) BREP will continue to provide its Guarantee;

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(f) the prospectus will incorporate by reference the documents of BREP set forth under Item 11.1 of Form 44- 101F1;

(g) the prospectus disclosure required by Item 11 of Form 44-101F1 will be addressed by incorporating by reference BREP’s public disclosure documents referred to in paragraph 41(f) above; and

(h) BREP will continue to satisfy all of the criteria in section 2.2 of NI 44-101.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted provided that:

1. in respect of the Continuous Disclosure Requirements, the Filer and BREP continue to satisfy the conditions set out in subsection 13.4(2.1) of NI 51-102, except as modified as follows:

(a) any reference to parent credit supporter in section 13.4 shall be deemed to include BREP notwithstanding its indirect ownership of the Filer through BRELP,

(i) the Voting Agreement remains in force with the terms described in paragraph 39 above and the Voting Agreement is disclosed in BREP’s AIF (as defined in NI 51-102),

(ii) BREP directly holds at least a 50.01% ownership interest in BRELP,

(iii) the aggregate ownership interest of Brookfield and BRELP GP LP in BRELP does not exceed 49.99%,

(iv) no party other than BREP, Brookfield and BRELP GP LP will have any direct or indirect ownership of, or control or direction over, voting securities of BRELP,

(v) no party other than BREP, Brookfield, BRELP GP LP and BRELP will have any direct or indirect ownership of, or control or direction over, voting securities of Bermuda Holdco and CanHoldco,

(vi) no party other than BREP, Brookfield, BRELP GP LP, BRELP, CanHoldco and their affiliates, including BREP and BREP Related Entities, will have any direct or indirect ownership of, or control or direction over, voting securities of the Filer,

(viii) BREP consolidates in its financial statements BRELP, Bermuda Holdco, CanHoldco and the Filer as well as any entities consolidated by any of the foregoing, and

(ix) the issued and outstanding voting securities of Bermuda Holdco, CanHoldco and the Filer are 100% owned by their respective parent companies or entities,

(d) the Filer does not have to comply with the conditions in section 13.4(2)(c) of NI 51-102 if the Filer does not issue any securities, and does not have any securities outstanding, other than

(i) designated credit support securities,

(ii) securities issued to and held by BREP or BREP Related Entities, and

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(iv) securities issued under the exemptions from the prospectus requirements in Section 2.35 of National Instrument 45-106 Prospectus and Registration Exemptions,

(v) Bonds, and

(vi) Future Bonds,

3. in respect of the Insider Reporting Requirements, an insider of the Filer can only rely on the Exemption Sought so long as:

(a) the insider complies with the conditions in sections 13.4(3)(b) and (c) of NI 51-102, and

(b) the Filer and BREP continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above;

4. in respect of the Incorporation by Reference Requirement, the Earnings Coverage Requirements and the Subsidiary Credit Supporter Requirements so long as,

(a) the Filer and BREP, as applicable, comply with paragraph 41 above,

(b) the Filer and BREP satisfy the conditions set out in section 13.3 of Form 44-101F1, except as modified as follows:

(i) any reference to parent credit supporter in section 13.3 of Form 44-101F1 shall be deemed to include BREP notwithstanding its indirect ownership of the Filer through BRELP,

(iii) BREP does not have to comply with the conditions in sections 13.3(1)(e) and 13.3(1)(f) of Form 44- 101F1 if it meets the conditions in paragraph 1(c) of this decision above,

(iv) the summary financial information referred to in section 13.3(1)(g) of Form 44-101F1 will be reconciled to the consolidated financial statements of BREP, including any minority interest adjustments,

(d) the Filer and BREP continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above.

As to the Exemption Sought (other than from the Insider Reporting Requirements in the Securities Act (Ontario)).

“Jo-Anne Matear” Manager Ontario Securities Commission

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As to the Exemption Sought from the Insider Reporting Requirements in the Securities Act (Ontario).

“Sarah Kavanagh” Commissioner Ontario Securities Commission

“James Turner” Vice-Chair Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 422 Decisions, Orders and Rulings

2.1.8 Wellington West Capital Inc. and National Bank Under the Process for Exemptive Relief Applications in Financial Ltd. Multiple Jurisdictions (for a passport application):

Headnote a) the Ontario Securities Commission (OSC) is the principal regulator for this application; and Multilateral Instrument 11-102 Passport System – National Policy 11-203 Process for Exemptive Relief Applications in b) the Filers have provided notice that section 4.7(1) Multiple Jurisdictions – National Instrument 33-109 of Multilateral Instrument 11-102 Passport System Registration Information (NI 33-109) – relief from certain (MI 11-102) is intended to be relied upon by the filing requirements of NI 33-109 in connection with a bulk Filers in all of the other provinces and territories of transfer of business locations and registered and non- Canada, excluding Quebec and New Brunswick. registered individuals under a reorganization in accordance with section 3.4 of Companion Policy 33-109CP to NI 33- Interpretation 109. Terms defined in MI 11-102 and National Instrument 14- Applicable Legislative Provisions 101 Definitions have the same meaning if used in this decision, unless otherwise defined. Multilateral Instrument 11-102 Passport System. National Instrument 33-109 Registration Information. Representations Companion Policy 33-109CP. National Policy 11-203 Process for Exemptive Relief The decision is based on the following facts represented by Applications in Multiple Jurisdictions. the Filers:

October 28, 2011 1. WWCI is registered in each of the provinces and territories in Canada in the category of investment IN THE MATTER OF dealer and as a derivatives dealer in Quebec, is a THE SECURITIES LEGISLATION OF member of the Investment Industry Regulatory ONTARIO Organization of Canada (IIROC) and the TSX (the Jurisdiction) Venture Exchange (TSXV). WWCI has its head office in Manitoba. AND 2. NBFL is registered in each of the provinces and IN THE MATTER OF territories in Canada, excluding Quebec and New THE PROCESS FOR EXEMPTIVE RELIEF Brunswick, in the category of investment dealer APPLICATIONS IN MULTIPLE JURISDICTIONS and as a futures commission merchant in each of Manitoba and Ontario, is a member of IIROC and AND has its head office in Ontario.

IN THE MATTER OF 3. Each of the filers is an indirectly wholly-owned WELLINGTON WEST CAPITAL INC. (WWCI) subsidiary of National Bank of Canada (NBC), a Schedule I Canadian chartered bank. AND 4. The Filers are not, to the best of their knowledge, NATIONAL BANK FINANCIAL LTD. in default of any requirement of securities (NBFL, and, together with WWCI, the Filers) legislation in any province or territory of Canada.

DECISION 5. Effective on or about October 31, 2011, as part of a proposed integration/combination of Wellington Background West registered firms into or with NBC registered firms, the Quebec and New Brunswick business of The principal regulator in the Jurisdiction has received an WWCI will be transferred to National Bank application from the Filers for a decision under the Financial Inc.(NBFI), another wholly-owned securities legislation of the Jurisdiction of the principal subsidiary of NBC. Shares of WWCI will then be regulator (the Legislation) for relief from sections 2.2, 2.3, transferred to NBFL, at which time WWCI will wind 2.5, 3.2 and 4.2 pursuant to section 7.1 of National up into NBFL so that NBFL will continue to carry Instrument 33-109 Registration Information (NI 33-109) to on the registerable activities formerly carried on by allow the bulk transfer (the Bulk Transfer) of all the WWCI outside of Quebec and New Brunswick. registered individuals and all the locations, to the exception of those in Quebec and New Brunswick, of WWCI to NBFL, 6. On September 30, 2011, appropriate notifications on or about October 31, 2011 in accordance with section to, and requests for non-objections/approvals from 3.4 of the Companion Policy to NI 33-109 (the Exemption the securities regulatory authorities, IIROC and Sought). TSXV are being made by letter in regards to the proposed integration/combination of Wellington

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West registered firms into or with NBC registered payment of the costs associated with the Bulk Transfer, firms. and make such arrangement in advance of the Bulk Transfer. 7. Effective on or about October 31, 2011, all of the current existing registrations and approvals for all “Erez Blumberger” WWCI’s registered individuals, permitted Deputy Director, individuals, other employees and business Compliance and Registrant Regulation locations outside of Quebec and New Brunswick Ontario Securities Commission will be transferred to NBFL (the Bulk Transfer). The Quebec and New Brunswick business of WWCI will be transferred manually to NBFI.

8. The Filers do not anticipate that there will be any disruption in the ability of the Filers to trade or advise on behalf of their respective clients either immediately before or immediately after the Bulk Transfer.

9. NBFL will carry on the same securities business of WWCI in substantially the same manner as WWCI prior to the Bulk Transfer and with essentially the same personnel.

10. NBFL will accept responsibility for WWCI’s outstanding liabilities effective as of October 31, 2011.

11. NBFL is registered in the same category of registration that WWCI is currently registered in each of the provinces and territories in Canada, excluding Quebec and New Brunswick.

12. Clients of WWCI whose accounts will be transferred to NBFL have been given prior notice in accordance with section 14.11 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.

13. Given the significant number of individuals and affected business locations of WWCI, it would be unduly time-consuming to individually transfer all affected business locations and individuals to NBFL in accordance with the requirements set out in NI 33-109. Moreover, it is imperative that the transfer of the affected business locations and individuals occur on the same date, in order to ensure that there is no break in registration.

14. The Bulk Transfer will not be contrary to the public interest and will have no negative consequence on the ability of the Filers to comply with all applicable regulatory requirements or the ability to satisfy any obligations to their clients.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted provided that the Filers make acceptable arrangements with CDS Inc. for the

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2.1.9 National Bank Financial Inc. and National Bank that the Filers must not permit their respective current and Financial Ltd. future registered dealing representatives to act as dealing representatives of their firm if such dealing representatives Headnote are registered as dealing representatives of the other Filer, and instead seeks to be allowed to permit their respective National Policy 11-203 Process for Exemptive Relief registered current and future dealing representatives to act Applications in Multiple Jurisdictions – paragraph 4.1(1)(b) as dealing representatives of their firm if such dealing of National Instrument 31-103 Registration Requirements, representatives are registered as dealing representatives of Exemptions and Ongoing Registrant Obligations – a the other Filer (the “Exemption Sought”). registered firm must not permit an individual to act as a dealing, advising or associate advising representative of Under the Process for Exemptive Relief Applications in the registered firm if the individual is registered as a Multiple Jurisdictions (for a Passport and dual application): dealing, advising or associate advising representative of another registered firm – individuals will engage in the (a) the Autorité des marchés financiers (“AMF”) is the same activities with the same clients but only through a principal regulator of NBFI and the Ontario different entity – policies in place to handle potential Securities Commission (“OSC”) is the principal conflicts of interest – clients provided disclosure regarding regulator of NBFL for this application; the transition of client accounts and relationship between the Filers – Filers (who are large bank-owned investment (b) the Filers have provided notice that subsection dealers with institutional and retail businesses) exempted 4.7(1) of Regulation 11-102 respecting Passport from prohibition for all current and future representatives. System (“11-102”) is intended to be relied upon in all of the other Canadian jurisdictions (all such Applicable Legislative Provisions jurisdictions together with the provinces of Québec and Ontario, the “Filing Jurisdictions”); and Multilateral Instrument 11-102 Passport System, s. 4.7. National Instrument 31-103 Registration Requirements, (c) the decisions are the decisions of the principal Exemptions and Ongoing Registrant Obligations, regulators and evidence the decisions of the ss. 4.1, 15.1. securities regulatory authority or regulator in all Canadian jurisdictions. December 12, 2011 Interpretation IN THE MATTER OF THE SECURITIES LEGISLATION OF Terms defined in 11-102 and Regulation 14-101 respecting QUÉBEC AND ONTARIO Definitions have the same meaning if used in these (THE “JURISDICTIONS”) decisions, unless otherwise defined.

AND Representations

THE PROCESS FOR EXEMPTIVE RELIEF These decisions are based on the following facts APPLICATIONS IN MULTIPLE JURISDICTIONS represented by the Filers:

AND 1. NBFI was incorporated and is a subsisting corporation under the laws of the Province of IN THE MATTER OF Québec. NBFI is an indirectly wholly-owned NATIONAL BANK FINANCIAL INC. subsidiary of National Bank of Canada (“National (“NBFI”) Bank”), a Schedule I Canadian chartered bank. NBFI is registered in the category of “investment AND dealer” in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, the NATIONAL BANK FINANCIAL LTD. Northwest Territories, Nova Scotia, Nunavut, (“NBFL” and, together with NBFI, the “Filers”) Ontario, Prince Edward Island, Québec, Saskatch- ewan and Yukon. NBFI is also registered in the DECISION category of “futures commission merchant” in Ontario and in the category of “derivatives dealer” Background in Québec. NBFI is a member of the TSX Venture Exchange, the Canadian National Stock The securities regulatory authority or regulator in each of Exchange and the Montreal Exchange, a the Jurisdictions (“Decision Maker”) has received an “participating organization” of the Toronto Stock application from the Filers for decisions under the securities Exchange, and a “dealer member” of the legislation of the Jurisdictions (the “Legislation”) for relief Investment Industry Regulatory Organization of from the restriction contained in paragraph 4.1(1)(b) of Canada (“IIROC”). Regulation 31-103 respecting Registration Requirements, Exemptions and Ongoing Registrant Obligations (“31-103”)

January 13, 2012 (2012) 35 OSCB 425 Decisions, Orders and Rulings

2. NBFL was incorporated and is a subsisting 6. Each of the Filers carries on business under the corporation under the laws of the Province of name “National Bank Financial”. It is on this basis Ontario. NBFL is a wholly-owned subsidiary of that clients deal with each of the Filers. NBFI and, as a result, is also an indirectly wholly- owned subsidiary of National Bank. NBFL is 7. Consistent with the foregoing, National Bank registered in the category of “investment dealer” in Financial has established a fully harmonized Alberta, British Columbia, Manitoba, Newfound- compliance organization that oversees the land and Labrador, the Northwest Territories, operations and activities of both Filers in Nova Scotia, Nunavut, Ontario, Prince Edward accordance with National Bank Financial’s two Island, Saskatchewan and Yukon. NBFL is also distinct lines of securities business, which are registered in the category of “futures commission based on the nature of the clients served: an merchant” in Manitoba and Ontario and in the “Institutional” division and a “Retail” division: category of “investment fund manager” in Ontario. NBFL is a “dealer member” of IIROC. a) The Institutional division forms part of the Financial Markets group of National 3. The Filers are not, to the best of their knowledge, Bank Financial Group, and consists of in default of any requirement of securities fixed income, institutional equities, legislation in any of the Filing Jurisdictions. corporate and investment banking, and certain derivatives and proprietary trading 4. For various business and other reasons, National businesses. The rest of the Financial Bank has historically caused, and continues to Markets group includes specialty finance require, the full-service securities brokerage and US merchant banking. The Financial businesses of its subsidiaries to be carried out Markets group includes two support through two registrants whereby, in certain units, being Corporate Development and Canadian jurisdictions, the retail brokerage Governance and Business Strategy business is carried out through one registrant and Management; the institutional brokerage business is carried out through a second registrant. Currently, this is b) The Retail division forms part of the reflected through the respective businesses of the Wealth Management group of National Filers as follows: Bank Financial Group, and provides discretionary managed and non- a) all institutional brokerage business of the discretionary advisory and other wealth Filers is carried out through NBFI; management related services to retail clients through both Filers. The Wealth b) retail brokerage business in all Management group is also supported by jurisdictions other than the provinces of Corporate Development and Gover- Québec and New Brunswick is carried nance; out through NBFL; and c) Although the Filers together form c) retail brokerage business in the National Bank Financial through their provinces of Québec and New Brunswick operations and activities, the Institutional is carried out through NBFI. and Retail divisions have separate and distinct senior management structures 5. For purposes of discharging their obligations with each a co-President and co-Chief under applicable securities legislation, stock Executive Officer (“co-CEO”), each of exchange requirements and IIROC requirements, which reports independently to the Chief the Filers have been, and continue as of the date Executive Officer of National Bank and of this application to be, considered in all material has final authority to effect decisions in respects as a combined entity, including: respect of its division.

a) for reporting purposes and regulatory d) in addition, there is a separate capital adequacy purposes, the Filers compliance department with its own prepare a single monthly financial report Chief Compliance Officer (“CCO”) for in which their net capital is computed on each of the Institutional division and a joint basis; Retail division, and each CCO has access to its co-CEO. Note that on b) a single statement of policies governs August 24, 2010, the Filers obtained from each of the Filers; and the AMF and the OSC a exemption notably from section 11.3 of 31-103 in c) in compliance with IIROC requirements, order to permit the Filers to name two (2) the respective obligations of the Filers CCOs for each of the Institutionnal and are cross-guaranteed. Retail divisions.

January 13, 2012 (2012) 35 OSCB 426 Decisions, Orders and Rulings

e) With respect to institutional client does not offer any retail brokerage compliance matters, the CCO of the business services, contrarily to NBFL; Institutional division heads an institutional and compliance department which is supported by eleven (11) compliance c) certain registered dealing representatives officers, analysts and managers. National can, as a practical matter, successfully Bank Financial’s institutional compliance establish accounts for both retail and department supervises all institutional institutional clients (and, in certain cases, activity for National Bank Financial; have done so during their tenure as dealing representatives of other regis- f) With respect to retail client compliance trants). In most jurisdictions, such indivi- matters, the CCO of the Retail division duals could only do so through being a heads a retail compliance department registered dealing representative with which is supported by thirty (30) com- both NBFI (through which institutional pliance officers, analysts and managers. brokerage business is carried out) and The retail compliance department of NBFL (through which retail brokerage National Bank Financial supervises all business is carried out). retail activity for this entity, irrespective of whether such activity is conducted 10. On October 11, 2002, the Filers obtained from the through NBFI or NBFL; and OSC, on their behalf and on behalf of their current and future registered dealing representatives, g) The National Bank Financial compliance exemptions from certain of the “dual” registration structure has been designed to ensure restrictions of OSC Rule 31-501 – Registrant that all activities conducted by National Relationships and subsection 127(1) of Ontario Bank Financial, whether relating to retail Regulation 1015 – General Regulation made client trading or institutional client trading, under the Securities Act (Ontario), to the extent are supervised according to the require- that such subsection would be interpreted to ments established by all applicable restrict dual registration of dealing representatives regulatory bodies and self-regulatory (the “OSC Exemptive Relief”). organizations, irrespective of which of the Filers is conducting the subject activity. 11. At the time the Filers obtained the OSC Exemptive Relief, the province of Ontario was the only 8. National Bank Financial’s compliance structure Canadian jurisdiction which securities legislation has been in place for a significant period and, provided that no person registered as a accordingly, the persons responsible for salesperson of a registered firm could act or be compliance for the Filers are particularly sensitive registered as a director, partner or officer of the to, and well structured to effectively monitor and registrant or as a salesperson, officer, partner or address, the respective compliance obligations of director of another registered firm. the Filers relating to institutional client trading on the one hand and retail client trading on the other 12. The OSC Exemptive Relief remains valid in hand. Ontario.

9. The Filers require the Exemption Sought because 13. The National Bank Financial operational structure, the structure of National Bank Financial does not which has always been organized in two distinct allow for their registered dealing representatives full-service investment dealer firms, is based on to take full advantage of the business business, historical and other reasons. This opportunities available to them, for the following operational structure has not been modified by the reasons: Filers in connection with the implementation of 31- 103. The Filers now seek to ensure that the a) certain registered dealing representatives National Bank Financial operational structure of NBFL have opportunities to market remains aligned with its business model while their services to retail clients in Québec effectively meeting the policy objectives of 31-103. and New-Brunswick, where NBFI is duly registered but not NBFL; 14. 31-103 was implemented on September 28, 2009.

b) certain registered dealing representatives 15. On July 11, 2011, certain amendments were of NBFI have opportunities to market made to section 4.1 of 31-103, notably on their services to retail clients in Alberta, subsection 1)b), whereby a registered firm must British Columbia, Manitoba, Newfound- not permit an individual to act as a registered land and Labrador, the Northwest dealing representative of the registered firm if the Territories, Nova Scotia, Nunavut, individual is registered as a dealing representative Ontario, Prince Edward Island, of another registered firm. Saskatchewan and Yukon, where NBFI

January 13, 2012 (2012) 35 OSCB 427 Decisions, Orders and Rulings

16. As provided under subsection 4.1(2) of 31-103, 2.1.10 Goodman & Company, Investment Counsel the foregoing restriction does not apply in respect Ltd. and the Funds Listed in Schedule A of a representative whose registration as a dealing representative of more than one registered firm Headnote was granted before July 11, 2011. National Policy 11-203 Process for Exemptive Relief 17. Prior to 31-103, except in the province of Ontario, Applications in Multiple Jurisdictions – Relief granted to there was no restriction under the securities mutual funds for extension of lapse date of prospectus for legislation of any of the Filing Jurisdiction for a 37 days – Lapse date extended to permit adding additional registered firm not to permit an individual to act as funds and classes or series – Extension of lapse date will a registered dealing representative of the not affect the currency or accuracy of the information registered firm if the individual is registered as a contained in the prospectus – Securities Act (Ontario). dealing representative of another registered firm. Applicable Legislative Provisions Decisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5). Each of the Decision Makers is satisfied that the decisions meet the test set out in the Legislation for the Decision December 13, 2011 Makers to make the decisions. IN THE MATTER OF The decisions of the Decision Makers under the Legislation THE SECURITIES LEGISLATION OF are that the Exemption Sought is granted provided that: ONTARIO (the “Jurisdiction”) (a) the circumstances described in paragraphs 5, 6 and 8 above remain in place; AND and IN THE MATTER OF (b) the Filers comply with all requirements of THE PROCESS FOR EXEMPTIVE RELIEF IIROC from time to time for permitting APPLICATIONS IN MULTIPLE JURISDICTIONS such dual registration. AND “Erez Blumberger” Deputy Director, IN THE MATTER OF Compliance and Registrant Regulation GOODMAN & COMPANY, Ontario Securities Commission INVESTMENT COUNSEL LTD. (the “Filer”)

AND

IN THE MATTER OF THE FUNDS LISTED IN SCHEDULE A (the “Existing Funds”)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Existing Funds for a decision under the securities legislation of the Jurisdiction of the principal regulator (“Legislation”) for an exemption that the time limits pertaining to filing the renewal prospectuses of the Existing Funds be extended as if the lapse date of the simplified prospectus and annual information form of the Existing Funds dated December 14, 2010 (the “Current Prospectus”) is January 20, 2012 (the "Requested Relief").

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application, and

January 13, 2012 (2012) 35 OSCB 428 Decisions, Orders and Rulings

(b) the Filer has provided notice that section 4.7(1) of 6. Neither the Filer nor the Existing Funds are in Multilateral Instrument 11-102 – Passport System default of securities legislation in any of the is intended to be relied upon in each of the other Jurisdictions. provinces and territories of Canada (together with Ontario, the “Jurisdictions”). 7. Each of the New Funds will be an open-ended mutual fund trust or corporation established under Interpretation the laws of the Province of Ontario. The securities of each of the New Funds will be qualified for Terms defined in National Instrument 14-101 – Definitions distribution in the Jurisdictions pursuant to the have the same meaning if used in this decision, unless Final Renewal Prospectus. otherwise defined in this decision. 8. There have been no material changes in the Representations affairs of the Existing Funds since the date of the Current Prospectus, other than those for which 1. Pursuant to the Legislation, the “lapse date” for amendments have been filed. Accordingly, the the Current Prospectus is December 14, 2011. Current Prospectus represents current information regarding each Existing Fund. 2. On November 14, 2011, a pro forma simplified prospectus and a pro forma annual information 9. The Requested Relief will not affect the accuracy form (the “Pro Forma Prospectus”) were filed of the information in the Current Prospectus and with the principal regulator. In order to comply with therefore will not be prejudicial to the public the requirements of the Legislation the final interest. The granting of the Requested Relief will simplified prospectus and annual information form allow sufficent time for (i) the Filer to prepare and (the “Final Renewal Prospectus”) must be filed file with the principal regulator the Amended and on or before December 24, 2011. Restated Pro Forma Prospectus; (ii) the principal regulator to review and comment on the Amended 3. The Filer has decided to establish and make and Restated Pro Forma Prospectus and (iii) the available for distribution to the public two new Filer to prepare and file with the principal regulator mutual funds (collectively, the “New Funds”). The the Final Renewal Prospectus. Filer has also decided to offer additional series of securities of certain Existing Funds (the “New Decision Series”). The Filer would like to qualify the New Funds and the New Series in each of the The principal regulator is satisfied that the decision meets Jurisdictions by including the New Funds and New the test set out in the Legislation for the principal regulator Series in (i) an amended and restated pro forma to make the decision. and preliminary simplified prospectus and annual information form (the “Amended and Restated The decision of the principal regulator under the Legislation Pro Forma Prospectus”) and (ii) the Final is that the Requested Relief is granted. Renewal Prospectus. “Sonny Randhawa” 4. The Filer is a corporation existing under the laws Manager, Investment Funds of the Province of Ontario, is registered with the Ontario Securities Commission principal regulator as a portfolio manager in the category of adviser, is further registered in that category in each of British Columbia, Alberta, Manitoba, Saskatchewan, Quebec, New Bruns- wick, Prince Edward Island and Nova Scotia and is registered as a commodity trading manager and investment fund manager with the principal regulator. For each of the Existing Funds and New Funds, the Filer is or will be the (i) trustee (where applicable), principal distributor and registrar and (ii) manager and/or portfolio adviser.

5. Each of the Existing Funds is an open-ended mutual fund trust or corporation established under the laws of the Province of Ontario. The securities of each of the Existing Funds are qualified for distribution in the Jurisdictions pursuant to the Current Prospectus.

January 13, 2012 (2012) 35 OSCB 429 Decisions, Orders and Rulings

SCHEDULE “A”

The Existing Funds

Dynamic Blue Chip Balanced Fund Dynamic Global Dividend Value Class Dynamic Blue Chip Equity Fund Dynamic Global Value Class Dynamic Dividend Fund Dynamic Value Balanced Class Dynamic Dividend Income Fund Dynamic Emerging Markets Class Dynamic Energy Income Fund Dynamic Strategic Energy Class Dynamic Equity Income Fund Dynamic Strategic Gold Class Dynamic Small Business Fund DynamicEdge Balanced Class Portfolio Dynamic Strategic Yield Fund DynamicEdge Balanced Growth Class Portfolio Dynamic Advantage Bond Fund DynamicEdge Equity Class Portfolio Dynamic Canadian Bond Fund DynamicEdge Growth Class Portfolio Dynamic High Yield Bond Fund DynamicEdge 2020 Class Portfolio Dynamic Real Return Bond Fund DynamicEdge 2025 Class Portfolio Dynamic Power American Currency Neutral Fund DynamicEdge 2030 Class Portfolio Dynamic Power American Growth Fund Dynamic Aurion Canadian Equity Class Dynamic Power Balanced Fund Dynamic Aurion Tactical Balanced Class Dynamic Power Canadian Growth Fund Dynamic Aurion Total Return Bond Class Dynamic Power Global Growth Fund DMP Canadian Dividend Class Dynamic Power Small Cap Fund DMP Canadian Value Class Dynamic Diversified Real Asset Fund DMP Global Value Class Dynamic Financial Services Fund DMP Power Canadian Growth Class Dynamic Focus+ Resource Fund DMP Power Global Growth Class Dynamic Global Infrastructure Fund DMP Resource Class Dynamic Global Real Estate Fund DMP Value Balanced Class Dynamic Precious Metals Fund Dynamic Strategic All Income Portfolio Dynamic Strategic Growth Portfolio Dynamic American Value Fund Dynamic Canadian Dividend Fund Dynamic Dividend Value Fund Dynamic European Value Fund Dynamic Far East Value Fund Dynamic Global Asset Allocation Fund Dynamic Global Discovery Fund Dynamic Global Dividend Value Fund Dynamic Global Value Fund Dynamic Value Balanced Fund Dynamic Value Fund of Canada DynamicEdge Balanced Portfolio DynamicEdge Balanced Growth Portfolio DynamicEdge Equity Portfolio DynamicEdge Growth Portfolio DynamicEdge 2020 Portfolio DynamicEdge 2025 Portfolio DynamicEdge 2030 Portfolio Dynamic Aurion Total Return Bond Fund Dynamic Blue Chip Balanced Class Dynamic Dividend Income Class Dynamic Strategic Yield Class Dynamic Advantage Bond Class Dynamic Power American Growth Class Dynamic Power Balanced Class Dynamic Power Canadian Growth Class Dynamic Power Global Balanced Class Dynamic Power Global Growth Class Dynamic Power Global Navigator Class Dynamic Canadian Dividend Class Dynamic Canadian Value Class Dynamic EAFE Value Class Dynamic Global Discovery Class

January 13, 2012 (2012) 35 OSCB 430 Decisions, Orders and Rulings

2.1.11 0920496 B.C. Ltd. Representations

Headnote This decision is based on the following facts represented by the Filer: National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an (i) The Filer is a corporation governed by the order that the issuer is not a reporting issuer under Business Corporations Act (British Columbia) (the applicable securities laws – requested relief granted. BCBCA) with its head office located in Vancouver, British Columbia. Applicable Legislative Provisions (ii) The authorized capital of the Filer consists of an Securities Act, R.S.O. 1990, c. S.5, as am., ss. 1(10)(a)(ii). unlimited number of common shares. As of the CSA Staff Notice 12-307 Applications for a Decision that an date hereof, 1 common share is issued and Issuer is not a Reporting Issuer. outstanding, which is held by Compañía Minera Milpo S.A.A. (Milpo). January 9, 2012 (iii) The Filer is a reporting issuer in each of the IN THE MATTER OF Jurisdictions. THE SECURITIES LEGISLATION OF ALBERTA, MANITOBA AND ONTARIO (iv) Milpo and Inca Pacific Resources Inc. (Inca), a (the Jurisdictions) predecessor by amalgamation to the Filer, entered into an arrangement agreement dated as of AND September 5, 2011, pursuant to which the parties agreed that Milpo would cause a wholly-owned IN THE MATTER OF subsidiary to acquire all of the issued and THE PROCESS FOR EXEMPTIVE RELIEF outstanding shares of Inca by way of a plan of APPLICATIONS IN MULTIPLE JURISDICTIONS arrangement (the Plan of Arrangement) pursuant to the BCBCA. AND (v) On October 19, 2011, Inca held a special meeting IN THE MATTER OF of its shareholders at which a special resolution 0920496 B.C. LTD. (the FILER) was passed approving the Plan of Arrangement involving Inca and 0920496 B.C. Ltd. (the DECISION Acquiror), a wholly-owned subsidiary of Milpo.

Background (vi) The Plan of Arrangement was completed on October 26, 2011, whereby the Acquiror acquired The securities regulatory authority or regulator in each of all of the issued and outstanding common shares the Jurisdictions (Decision Maker) has received an of Inca. application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) that the (vii) On October 27, 2011, Inca amalgamated with the Filer is not a reporting issuer in the Jurisdictions (the Acquiror under the BCBCA to form the Filer under Exemptive Relief Sought). the name 0920496 B.C. Ltd. As a result of this amalgamation, the Filer became a reporting issuer Under the Process for Exemptive Relief Applications in in the Jurisdictions and in British Columbia. Multiple Jurisdictions (for a coordinated review application), (viii) The Filer’s common shares were delisted from the (i) the Ontario Securities Commission is the principal TSX Venture Exchange on October 27, 2011 and regulator for the application, and delisted from the Lima Stock Exchange on November 21, 2011. (ii) the decision is the decision of the principal regulator and evidences the decision of each (ix) As a result of the transactions described above, other Decision Maker. Milpo became the holder of all of the outstanding securities of the Filer, and no securities of the Filer Interpretation are traded on a marketplace as defined in National Instrument 21-101 Marketplace Opera- Defined terms contained in National Instrument 14-101 tion. Definitions have the same meaning in this decision, unless otherwise defined. (x) The Filer has no intention to seek public financing by way of an offering of securities.

(xi) The Filer applied to voluntarily surrender its status as a reporting issuer in British Columbia under BC

January 13, 2012 (2012) 35 OSCB 431 Decisions, Orders and Rulings

11-502, and ceased to be a reporting issuer in British Columbia effective December 9, 2011.

(xii) Upon the grant of the relief sought herein, the Filer will not be a reporting issuer or the equivalent in any jurisdiction of Canada.

(xiii) The Filer is not in default of any of its obligations as a reporting issuer under the Legislation other than its obligation to file interim financial statements, related management’s discussion and analysis and certificates under Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings for its third quarter ended August 31, 2011 (the “Interim Filings”). On October 30, 2011 the last date by which the Filer was required to make such filings, Milpo owned 100% of the common shares of the Filer.

(xiv) The Filer is not eligible to use the simplified procedure under CSA Staff Notice 12-307 Application for a Decision that an Issuer is not a Reporting Issuer because it is in default of its obligation to file the Interim Filings.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Makers to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemptive Relief Sought is granted.

“E.P. Kerwin” Commissioner Ontario Securities Commission

“P.L. Kennedy” Commissioner Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 432 Decisions, Orders and Rulings

2.1.12 Aston Hill Asset Management Inc. and Aston Hill Global High Income Fund

Headnote

NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Approval of mutual fund mergers – approval required because mergers do not meet the criteria for pre-approval – Differing investment objectives, one continuing fund does not have a current simplified prospectus – Terminating fund’s unitholders provided with timely and adequate disclosure regarding the merger and disclosure regarding the continuing fund.

Applicable Legislative Provisions

National Instrument 81-102 Mutual Funds, ss. 5.6(1)(a), 5.6(1)(b).

December 15, 2011

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF ASTON HILL ASSET MANAGEMENT INC. (the Filer)

AND

ASTON HILL GLOBAL HIGH INCOME FUND (the Terminating Fund)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Terminating Fund for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for approval of the merger (the Merger) of the Terminating Fund into Aston Hill Global Convertible Bond Class (the Continuing Corporate Fund) and Aston Hill Global Convertible Bond Fund (the Continuing Trust Fund and, together with the Continuing Corporate Fund, the Continuing Funds) pursuant to subsection 5.5(1)(b) of National Instrument 81-102 Mutual Funds (NI 81-102) (the Approval Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

1. the Ontario Securities Commission is the principal regulator for this application; and

2. the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador (the Non-Principal Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

January 13, 2012 (2012) 35 OSCB 433 Decisions, Orders and Rulings

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer is a corporation subsisting under the laws of Ontario. The Filer is registered under the Securities Act (Ontario) as an investment fund manager, portfolio manager and exempt market dealer. The Filer is the manager of the Terminating Fund and each Continuing Fund (collectively, the Funds). The Filer also is the trustee of the Terminating Fund and the Continuing Trust Fund. The head office of the Filer is located in Toronto, Ontario.

2. The Terminating Fund was formed on May 22, 2009 and completed its initial public offering (IPO) of Class A Units and Class F Units on June 9, 2009 for gross proceeds of $12,700,000. The Fund invested the proceeds of the IPO in a portfolio of common shares of Canadian public companies (the Common Share Portfolio). The Fund then entered into a forward agreement (the Forward Agreement) with a counterparty (the Counterparty) pursuant to which the Counterparty agreed to the pay to the Fund on June 10, 2012 (the Forward Termination Date) as the purchase price for the Common Share Portfolio an amount based on the value of the units of the Aston Hill Global High Income Trust (formerly called the Navina/Lazard Strategic Trust). In this manner, the Fund obtained exposure to the returns of the investment portfolio held by the Trust.

3. At the completion of the IPO, the Fund incurred and paid offering expenses aggregating approximately $1,100,000. Rather than causing the Fund’s net asset value (NAV) to immediately decline by that amount, the Fund arranged for its NAV to be reduced by its offering expenses over a period of time. This was accomplished by having the Manager agree to reimburse the Fund for such expenses over a period of 8 years using funds provided by the Fund to the Manager in the form of an additional 1% of management fees each year. The arrangement is evidenced primarily by a promissory note (the Note) issued by the Manager to the Fund. Since the principal amount of the Note constitutes an asset that matches the Fund’s offering expenses, the Fund did not reduce its NAV at the closing of the IPO by the offering expenses it incurred, and instead has been reducing its NAV gradually through the higher management fees it pays each year. Notwithstanding that this arrangement has helped the Fund maintain a higher NAV per unit, any unitholder who redeems his or her units is entitled to receive only the NAV per unit after the unitholder’s proportionate share of the IPO offering expenses are deducted. When this occurs, the terms of the Note and the attributes of the units provide that a proportionate amount of the Note is forgiven and the redemption proceeds payable to the redeeming unitholder are reduced by the corresponding amount. This effectively results in the Fund accelerating the pace at which the Fund’s NAV is reduced by its offering expenses.

4. Each of the Terminating Fund and the Continuing Trust Fund is a reporting issuer under the securities legislation of the Jurisdiction and each Non-Principal Jurisdiction. The Continuing Corporate Fund is a reporting issuer under the securities legislation of the Jurisdiction and each Non-Principal Jurisdiction other than Québec. The Terminating Fund does not currently offer its securities to the public. Each Continuing Fund currently offers its securities to the public under a simplified prospectus filed under the securities legislation of the Jurisdiction and each Non-Principal Jurisdiction other than Québec.

5. Neither the Filer nor any of the Funds is in default of the securities legislation of the Jurisdiction or any Non-Principal Jurisdiction. Each Fund is a mutual fund that is subject to the requirements of NI 81-102 and National Instrument 81- 101 Mutual Fund Prospectus Disclosure.

6. The Filer proposes to merge the Terminating Fund into the Continuing Funds. The principal difference between the Continuing Funds is that the Continuing Corporate Fund may be more suitable than the Continuing Trust Fund for investors (Taxable Investors) who hold their investment outside of a registered retirement savings plan, registered retirement income fund, deferred profit sharing plan or other similar tax-advantaged plan (collectively, Registered Plans). An objective of the Merger is to transfer the existing unitholders of the Terminating Fund to the Continuing Fund that is most suitable for them based on their tax status. Accordingly, but subject to paragraph 7, Taxable Investors will become securityholders in the Continuing Corporate Fund and investors (Non-Taxable Investors) who hold their investments inside of a Registered Plan will become securityholders of the Continuing Trust Fund.

7. All unitholders of the Terminating Fund who are resident in Québec will become unitholders of the Continuing Trust Fund, regardless of their tax status. As a result, by becoming unitholders of the Continuing Trust Fund, Taxable Investors resident in Québec will not have the future benefit of being able to switch such investment to other mutual funds within Aston Hill Corporate Funds Inc. on a tax-deferred basis.

8. As required by National Instrument 81-107 Independent Review Committee for Investment Funds, the Filer presented the Merger to the independent review committee of the Funds (the IRC) for its review. The IRC met to consider the matter presented and, as part of such consideration, were provided by the Filer with a draft version of the Circular (as defined below), background financial data describing the tax implications of the Merger, and the Filer’s written policies

January 13, 2012 (2012) 35 OSCB 434 Decisions, Orders and Rulings

and procedures relating to mergers of public mutual funds. After due consideration and reasonable inquiry, the IRC determined that the decision of the Filer to proceed with the Merger:

(a) has been proposed by the Filer free from any influence by an entity related to the Filer and without taking into account any consideration relevant to an entity related to Filer;

(b) represents the business judgement of the Filer uninfluenced by considerations other than the best interest of the Funds;

(d) achieves a fair and reasonable result for the Funds.

9. The proposed Merger was announced in a press release and material change report dated November 15, 2011, each of which has been filed on SEDAR.

10. The Filer is convening a special meeting (the Meeting) of the unitholders of the Terminating Fund in order to seek the approval of unitholders to complete the Merger, as required by subsection 5.1(f) of NI 81-102. The Meeting will be held on or about December 20, 2011. In connection with the Meeting, the Filer has mailed to unitholders of the Terminating Fund a notice of meeting and management information circular (the Circular), a related form of proxy and the fund facts relating to the series of securities of the Continuing Funds (collectively, the Meeting Materials). The Meeting Materials have been filed on SEDAR.

11. If all required approvals for the Merger are obtained, it is intended that the Merger will occur after the close of business on or about December 20, 2011, but not later than January 31, 2012, (the Effective Date). The Terminating Fund will be wound-up as soon as reasonably possible following the Effective Date.

12. All costs of implementing the Merger (consisting primarily of proxy solicitation, printing, mailing, legal, regulatory fees and brokerage charges) will be borne by the Filer.

13. Unitholders of each Terminating Fund will continue to have the right to redeem their units of the Terminating Fund at any time up to the close of business on the Effective Date.

14. In the opinion of the Filer, the Merger satisfies all of the criteria for pre-approved reorganizations and transfers set forth in section 5.6(1) of NI 81-102, except as follows:

(a) the Merger will not be implemented as either a “qualifying exchange” within the meaning of section 132.2 of the Income Tax Act (Canada) (the Tax Act) or a tax-deferred transaction under section 85(1), 85.1(1), 86(1) or 87(1) of the Tax Act (in each case, a Prescribed Rollover). Consequently, the Merger will not meet the criteria for pre-approved reorganizations and transfers under subsection 5.6(1)(b) of NI 81-102;

(b) a reasonable person may not consider the investment objectives of the Terminating Fund to be substantially similar to the investment objectives of the Continuing Funds. Accordingly, the Merger may not meet the criteria for pre-approved reorganizations and transfers under subsection 5.6(1)(a)(ii) of NI 81-102; and

(c) the Continuing Trust Fund does not have a current simplified prospectus under the securities legislation of Québec. Consequently, the Merger will not meet the criteria for pre-approved reorganizations and transfers under subsection 5.6(1)(a)(iv) of NI 81-102.

15. The Circular explains that the Merger will not be implemented as a Prescribed Rollover because:

(a) there will be no tax advantage to the Terminating Fund or its unitholders from implementing the Merger as Prescribed Rollover since:

(i) all of the Terminating Fund’s assets will be converted to cash immediately prior to completing the Merger; and

(ii) unitholders of the Terminating Fund are expected to realize a capital gain on the redemption of their units as part of the Merger of not more than 3.1% of their net asset value per unit; and

(b) by not implementing the Merger as a Prescribed Rollover, the Terminating Fund will have the flexibility to transfer unitholders to the Continuing Fund more suitable for them based on their current tax status, as described above.

January 13, 2012 (2012) 35 OSCB 435 Decisions, Orders and Rulings

16. The Circular also provides:

(a) a summary of the anticipated tax implications of completing the Merger;

(b) a comparison of the investment objectives and strategies of the Terminating Fund to the investment objectives and strategies of each Continuing Fund; and

17. The Filer believes that the Merger will be beneficial to securityholders of each Fund for the following reasons:

(a) unitholders of the Terminating Fund will become investors in a Continuing Fund that is able to provide them with exposure to a more broadly diversified investment portfolio than is currently possible through the Terminating Fund;

(b) unitholders of the Terminating Fund will become investors in a Continuing Fund that will have a lower management expense ratio than the Terminating Fund due to lower costs and economies of scale;

(c) unitholders of the Terminating Fund will have enhanced liquidity following the Merger since securities of the Continuing Funds are redeemable daily while units of the Terminating Fund are redeemable weekly;

(d) Taxable Investors in the Terminating Fund will be transferred to the Continuing Corporate Fund which will provide them with the flexibility to switch to other mutual funds within Aston Hill Corporate Funds Inc. on a tax- deferred basis (except for unitholders who are resident in Québec);

(e) following the Merger, each Continuing Fund will have more assets, thereby allowing for:

(i) increased portfolio diversification exposure;

(ii) a smaller proportion of assets set aside to fund redemptions; and

(iii) lower annual operating expenses as a percentage of their net asset values; and

(f) following the Merger, unitholders of the Fund will become unitholders or shareholders of an equivalent series in a Continuing Fund that pays annual management fees that are lower, by 1% or more, than the management fees currently paid by the Fund.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Approval Sought is granted.

“Darren McKall” Manager, Investment Funds Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 436 Decisions, Orders and Rulings

2.1.13 Lincluden Investment Management Limited (b) Section 5.8(1)(a) of NI 81-102 to allow the New and Lincluden Balanced Fund Lincluden to abridge the 60 day notice period that is given to the unitholders of the Fund about the Headnote effective change of control of the manager of the Fund to 37 days (collectively, the Approvals NP 11-203 – Process for Exemptive Relief Applications in Sought). Multiple Jurisdictions – approval granted for change of control of mutual fund manager under s. 5.5(2) of NI 81- Under the Process for Exemptive Relief Applications in 102 and approval for abridgement of the related 60 day Multiple Jurisdictions (for a passport application): notice requirement to 37 days under s. 5.8(1)(a) of NI 81- 102 – 37 days notice to unitholders provided, no changes (a) the Ontario Securities Commission is the principal being made to the management, administration or portfolio regulator for this application; and management of the fund for at least 60 days after the notice delivered. (b) the New Lincluden has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Applicable Legislative Provisions Passport System (MI 11-102) is intended to be relied upon in each province and territory of National Instrument 81-102 Mutual Funds, ss. 5.5(2), Canada other than Ontario (collectively with 5.8(1), 19.1. Ontario, the Jurisdictions).

December 30, 2011 Interpretation

IN THE MATTER OF Defined terms contained in National Instrument 14-101 THE SECURITIES LEGISLATION OF Definitions and MI 11-102 have the same meaning in this ONTARIO decision unless they are otherwise defined in this decision. (THE JURISDICTION) Representations AND The decision is based on the following facts represented by IN THE MATTER OF the New Lincluden: THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS The Existing Lincluden

AND 1. The Existing Lincluden is a corporation incorporated under the Business Corporations Act IN THE MATTER OF (Ontario) and has its head office in Oakville, LINCLUDEN INVESTMENT MANAGEMENT LIMITED Ontario. (THE NEW LINCLUDEN) 2. The Existing Lincluden is the investment fund AND manager, trustee, portfolio manager and principal distributor of the Fund. LINCLUDEN BALANCED FUND (THE FUND) 3. The Existing Lincluden is registered as a portfolio manager, investment fund manager and exempt DECISION market dealer in Ontario, and as a portfolio manager in each of the other Jurisdictions. Background 4. The Existing Lincluden is indirectly, a wholly- The principal regulator in the Jurisdiction has received an owned subsidiary of Old Mutual (US) Holdings Inc. application from the New Lincluden for a decision under the (Old Mutual). securities legislation of the Jurisdiction (the Legislation) for relief pursuant to section 19.1 of National Instrument 81- 5. The Existing Manager is not in default of 102 Mutual Funds (NI 81-102) from: applicable securities legislation in any of the Jurisdictions. (a) Section 5.5(2) of NI 81-102 to effectively allow a change of control of the manager of the Fund by The Fund means of a transaction (the Transaction) whereby the management of Lincluden Manage- 6. The Fund is a reporting issuer in all of the ment Limited, the existing manager of the Fund, Jurisdictions pursuant to a simplified prospectus (the Existing Lincluden) will through the New and annual information form, each dated April 29, Lincluden acquire the business of the Existing 2011. Lincluden, including the management of the Fund; and

January 13, 2012 (2012) 35 OSCB 437 Decisions, Orders and Rulings

7. Units of the Fund can only be purchased by 18. After the completion of the Transaction, the interested investors in each of the Jurisdictions personnel of the New Lincluden will manage and pursuant to a front end sales charge, and cannot advise the Fund in exactly the same manner as be purchased pursuant to a deferred sales charge they did when they worked for the Existing option. Lincluden.

8. The Fund is not in default of applicable securities 19. There will not be any change to the investment legislation in any of the Jurisdictions. objective or any other material aspects of the Fund, except that the individuals managing and The New Lincluden advising the Fund will work for, and in some cases have an equity interest in, the New Lincluden 9. The New Lincluden is a corporation incorporated instead of working for the Existing Lincluden. under the Canada Business Corporations Act and has its head office in Oakville, Ontario. 20. The Transaction is not expected to have any material impact on the unitholders of the Fund. 10. The New Lincluden has applied to become registered as a portfolio manager, investment fund 21. It is not expected that there will be any change in manager and exempt market dealer in Ontario, the expenses that are charged to the Fund as a and as a portfolio manager in each of the other result of the Transaction. Jurisdictions. Notice 11. The New Lincluden is not in default of applicable securities legislation in any of the Jurisdictions. 22. Pursuant to the requirements of Section 5.8(1)(a) of NI 81-102, unitholders of the Fund were The Transaction advised of the Transaction on October 17, 2011 (the Mailing) and November 24, 2011 (the 12. The shareholder of the New Lincluden, the Notice), which means that if the Transaction Existing Lincluden and Old Mutual have entered occurs on December 30, 2011, such unitholders into an asset purchase agreement whereby the will have received the Notice approximately 37 New Lincluden will on the receipt of all required days in advance of the effective change of control regulatory approvals acquire the business of the of the manager of the Fund. Existing Lincluden, including the management of the Fund, which is expected to occur on or about 23. The New Lincluden submits that it would not be December 30, 2011, which is effectively a change prejudicial to the unitholders of the Fund to of control of the manager of the Fund. abridge the notice period prescribed by Section 5.8(1)(a) of NI 81-102 from 60 days to 37 days for 13. The Transaction was structured as an asset the following reasons: purchase transaction instead of a share purchase transaction as certain liabilities of the Existing (a) as noted above, the personnel of the Lincluden are not being assumed by the New New Lincluden will manage and advise Lincluden. the Fund in exactly the same manner as they did when they worked for the 14. A press release was issued on September 6, 2011 Existing Lincluden; announcing the Transaction (the Press Release). (b) the Transaction will not have any impact 15. The independent review committee of the Fund on unitholders’ interests in the Fund; has approved of the effective change of control of the manager of the Fund to the New Lincluden (c) the unitholders of the Fund may redeem pursuant to the Transaction. their units of the Fund at any time without incurring any penalty or cost as units of 16. At the time that the New Lincluden becomes the Fund are only sold on a front end registered in the same capacities as the Existing sales charge basis; and Lincluden in the Jurisdictions, the registered individuals at the Existing Lincluden will become (d) the Transaction was publicly announced registered individuals of the New Lincluden and through the Press Release and the the registrations of the Existing Lincluden will be Mailing, such that most unitholders of the suspended. Fund are likely already aware of the Transaction. 17. Concurrently with the registration of the New Lincluden, the business of the Existing Lincluden will be purchased by the New Lincluden.

January 13, 2012 (2012) 35 OSCB 438 Decisions, Orders and Rulings

Decision 2.2 Orders

The principal regulator is satisfied that the decision meets 2.2.1 HEIR Home Equity Investment Rewards Inc. – the test set out in the Legislation for the principal regulator ss. 127(1), 127.1 to make the decision. IN THE MATTER OF The decision of the principal regulator under the Legislation THE SECURITIES ACT, is that the Approvals Sought are granted provided that the R.S.O. 1990, c. S.5, AS AMENDED New Lincluden does not initiate any changes to the management, administration or portfolio management of AND the Fund for at least 60 days following the Notice. IN THE MATTER OF “Sonny Randhawa” HEIR HOME EQUITY INVESTMENT REWARDS INC.; Manager, Investment Funds Branch FFI FIRST FRUIT INVESTMENTS INC.; WEALTH Ontario Securities Commission BUILDING MORTGAGES INC.; ARCHIBALD ROBERTSON; ERIC DESCHAMPS; CANYON ACQUISITIONS, LLC; CANYON ACQUISITIONS INTERNATIONAL, LLC; BRENT BORLAND; WAYNE D. ROBBINS; MARCO CARUSO; PLACENCIA ESTATES DEVELOPMENT, LTD.; COPAL RESORT DEVELOPMENT GROUP, LLC; RENDEZVOUS ISLAND, LTD.; THE PLACENCIA MARINA, LTD.; AND THE PLACENCIA HOTEL AND RESIDENCES LTD.

ORDER (Sections 127(1) and 127.1)

WHEREAS on March 29, 2011, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended in connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) on March 29, 2011 in respect of HEIR Home Equity Investment Rewards Inc., FFI First Fruit Investments Inc., Wealth Building Mortgages Inc., Archibald Robertson, Eric Deschamps (collectively, the “HEIR Respondents”) and Canyon Acquisitions, LLC, Canyon Acquisitions International, LLC, Brent Borland, Wayne D. Robbins, Marco Caruso, Placencia Estates Development, Ltd., Copal Resort Development Group, LLC, Rendezvous Island, Ltd., The Placencia Marina, Ltd. and The Placencia Hotel and Residences Ltd. (collectively, the “Canyon Respondents”);

AND WHEREAS the HEIR Respondents and the Canyon Respondents were served with the Notice of Hearing and Statement of Allegations on March 29 and 30, 2011 and April 5, 2011;

AND WHEREAS counsel for the Canyon Respondents wished to attend the hearing but was not available on April 27, 2011;

AND WHEREAS on consent of all the parties, on April 20, 2011, the Commission ordered that the hearing scheduled to commence on April 27, 2011 be rescheduled to commence on May 17, 2011 at 11:00 a.m. or as soon thereafter as the hearing could be held;

AND WHEREAS on May 17, 2011, a first appearance on this matter was held before the Commission, at which Staff attended, counsel from Borden

January 13, 2012 (2012) 35 OSCB 439 Decisions, Orders and Rulings

Ladner Gervais LLP attended on behalf of all of the HEIR ordered that a further pre-hearing conference be held on Respondents, and counsel from Cassels Brock & Blackwell Tuesday, December 20, 2011 at 2:30 p.m.; LLP attended on behalf of all of the Canyon Respondents, and at that first attendance, Staff submitted that the hearing AND WHEREAS on December 2, 2011, Norton on the merits should be scheduled at a future pre-hearing Rose LLP served notice that it had been retained on behalf conference or at a subsequent attendance; of Eric Deschamps (“Deschamps”), and as of that date, Deschamps is no longer included in the defined term “HEIR AND WHEREAS on May 17, 2011, the Respondents” used herein; Commission ordered that the hearing be adjourned to June 28, 2011 at 10:00 a.m., or to such other date as may be AND WHEREAS on December 20, 2011 Staff and agreed to by the parties and fixed by the Office of the counsel for each of the HEIR Respondents, the Canyon Secretary, for the purpose of addressing scheduling and Respondents and Deschamps appeared before the any other procedural matters or for such other purposes as Commission for a confidential pre-hearing conference; may be requested; AND WHEREAS the Commission is of the opinion AND WHEREAS on June 28, 2011, Staff and that it is in public interest to make this order; counsel for the HEIR Respondents attended, and Staff advised the Commission that counsel for the Canyon IT IS ORDERED that a further pre-hearing Respondents, while not in attendance, had recently conference shall be held on Wednesday, February 1, 2012 indicated that the Canyon Respondents would likely retain at 9:00 a.m. for the purpose of confirming September 10, new counsel in the near future to represent them before the 2012 as the target date for the commencement of the Commission; hearing on the merits and the schedule for such hearing.

AND WHEREAS on June 28, 2011, the DATED at Toronto this 20th day of December, Commission ordered that the hearing be adjourned to July 2011. 19, 2011 at 2:30 p.m., for the purpose of addressing scheduling and any other procedural matters or for such “Christopher Portner” other purposes as may be requested;

AND WHEREAS on July 19, 2011, McCarthy Tétrault LLP served notice that it had been engaged to represent the Canyon Respondents as of that date;

AND WHEREAS at the attendance before the Commission on July 19, 2011, counsel from McCarthy Tétrault LLP attended on behalf of the Canyon Respondents and confirmed the firm’s engagement;

AND WHEREAS at the attendance before the Commission on July 19, 2011, counsel made submissions regarding the scheduling of a further status conference or a pre-hearing conference in light of McCarthy Tétrault LLP having been retained that day and the on-going investigation by the Commission;

AND WHEREAS on July 19, 2011, the Commission ordered that the hearing be adjourned to August 22, 2011 at 10:00 a.m. for the purpose of discussing scheduling and any other procedural matters or for such other purposes as may be appropriate;

AND WHEREAS on August 22, 2011, Staff and counsel for each of the HEIR Respondents and the Canyon Respondents appeared and made submissions regarding the scheduling of a pre-hearing conference, and the Commission ordered that a pre-hearing conference be held on Tuesday, October 11, 2011 at 3:30 p.m.;

AND WHEREAS on October 11, 2011, Staff and counsel for each of the HEIR Respondents and the Canyon Respondents appeared before the Commission for a confidential pre-hearing conference and the Commission

January 13, 2012 (2012) 35 OSCB 440 Decisions, Orders and Rulings

2.2.2 Frank Dunn et al. ņ s. 17(1) Schedule “A”

IN THE MATTER OF 1. Transcripts of interviews of Mr. A identified as AN APPLICATION UNDER SECTION 17 OF Bates Numbers 0002856-0003107 and 0003108-0003345. THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED 2. Transcript of interview of Mr. B identified as Bates Numbers 0009437-0009869. AND 3. Records of Nortel’s Disclosure Committee as IN THE MATTER OF identified by the following Bates Numbers: FRANK DUNN, DOUGLAS BEATTY AND MICHAEL GOLLOGLY (a) NN 031013

ORDER (b) NNOSC0004650 - NNOSC0004679 (Subsection 17(1) of the Securities Act) (c) NNOSC0004996 - NNOSC0005006 WHEREAS a Motion was brought by Frank Dunn (the “Moving Party”) before the Ontario Securities (d) NNOSC0005057 - NNOSC0005077 Commission (the “Commission”) on January 6, 2012 for an Order pursuant to subsection 17(1) of the Securities Act, (e) NNOSC0006185 - NNOSC0006460 R.S.O. 1990, c. S.5, as amended (the “Act”) authorizing the disclosure and use of the evidence referred to in Schedule (f) NNOSC0004500 - NNOSC0004537 “A” to this Order, which evidence was obtained by Staff of the Commission in the course of its investigation of the (g) NNOSC0004538 - NNOSC0004592 Respondents; (h) NNOSC0004680 - NNOSC0004756 AND WHEREAS the Commission has reviewed the Notice of Motion, the Affidavits of Helen Burnett, the (i) NNOSC0004757 - NNOSC0004780 Affidavits of Sandy Allan, the Factum of the Moving Party, and the Factum of Staff of the Commission, heard (j) NNOSC0006236 - NNOSC0006299 submissions from counsel for the Moving Party, counsel for Staff of the Commission, counsel for Nortel Networks (k) NNOSC0004798 - NNOSC0004863 Corporation and Nortel Networks Limited (collectively, “Nortel”), and counsel for Michael Gollogly, who joined in (l) NNOSC0006099 - NNOSC0006142 the submissions of Mr. Dunn, and received a subsequent written request from counsel for Douglas Beatty for the (m) NNOSC0005012 - NNOSC0005056 same relief as Mr. Dunn; (n) NNOSC0006171 - NNOSC0006182 AND WHEREAS no one appeared for the respondents to the Motion, Messrs. A and B, whose (o) NNOSC0004781 - NNOSC0004797 compelled testimony is the subject of this Order, although both of those respondents were properly served with the (p) NNOSC0004864 - NNOSC0004890 Motion; (q) NNOSC0004893 - NNOSC0004962 AND WHEREAS the Commission has considered and balanced all of the competing interests raised by the (r) NNOSC0004966 - NNOSC0004995 Motion and this Order; (s) NNOSC0006154 - NNOSC0006170 AND WHEREAS the Commission is of the opinion that it is in the public interest under subsection 17(1) of the (t) NNOSC0005007 - NNOSC0005009 Act to make this Order; (u) NNOSC0005010 - NNOSC0005011 IT IS ORDERED THAT Frank Dunn, Douglas Beatty and Michael Gollogly be permitted to disclose and (v) NNOSC0006234 - NNOSC0006235 use the evidence listed in Schedule “A” for the purpose of making full answer and defense in their criminal trials in the 4. Nortel accounting document identified as Bates Superior Court of Justice on Indictment #10-00145, and for Number NN014898 – NN014937 all appeals therefrom, but for no other purpose.

DATED at Toronto this 6th day of January, 2012.

“James E. A. Turner”

January 13, 2012 (2012) 35 OSCB 441 Decisions, Orders and Rulings

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January 13, 2012 (2012) 35 OSCB 442 Chapter 3 Reasons: Decisions, Orders and Rulings

3.1 OSC Decisions, Orders and Rulings

3.1.1 M.H. – s. 31

IN THE MATTER OF STAFF’S RECOMMENDATION FOR THE REFUSAL OF REGISTRATION OF M.H.

OPPORTUNITY TO BE HEARD BY THE DIRECTOR Section 31 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the Act)

Decision

1. This matter relates to an opportunity to be heard proceeding (OTBH) held on December 6, 2011 pursuant to section 31 of the Act to consider whether M.H. (M.H.) should be denied registration as dealing representative of a mutual fund dealer.

2. For the reasons set out below, my decision is to refuse the registration of M.H.

3. My decision is based on the verbal submissions of Mark Skuce, Legal Counsel, Compliance and Registrant Regulation Branch of the Ontario Securities Commission (OSC) for Staff, and M.H., on his own behalf.

4. I have also made a decision, pursuant to subsections 8(c) and 10(a) of the Procedures for Opportunities to be Heard Before Director’s Decisions on Registration Matters (the OTBH procedures), that the transcript from this proceeding and any exhibits introduced therein be sealed and not disclosed to or made available to the public; and that the identity of M.H. be protected in the title of proceedings through the use of initials. Subsection 8(c) the OTBH procedures provides that: “[t]he proceedings will be open to the public unless intimate financial, personal and other matters may be disclosed that, in the opinion of the Director, would outweigh the public benefit of openness in Ontario Securities Commission proceedings”. Subsection 10(a) of the OTBH procedures provides that: “[a]ll written submissions and transcripts of appearances will be available to the public upon request, unless intimate financial, personal or other matters may be disclosed that, in the opinion of the Director, would outweigh the public benefit of openness in Ontario Securities Commission Proceedings”. As discussed below, M.H. entered into a direct accountability program (also known as a diversion program) relating to a criminal charge of theft under $5000. I consider this to be an intimate personal matter, and in light of the fact that the theft charge was dropped (by virtue of M.H. completing the program), I believe that the harm that would inure to M.H. resulting from public disclosure of this information would outweigh the public benefit of openness of Ontario Securities Commission proceedings.

Background

5. On September 13, 2011 M.H. was involved in a shoplifting incident at a local Zellers store. He was detained by security personnel when he left the store with an item that he later admitted he did not pay for. Police were called and M.H. was issued a notice of appearance, pursuant to which he was ordered to make a first appearance in court on October 4, 2011.

6. On September 29, 2011 M.H. submitted an application for registration to the Compliance and Registrant Regulation branch of the OSC as a mutual fund dealing representative.

7. On September 29, 2011, in the course of reviewing his application, Staff conducted a series of normal course security checks, including a search of the Canadian Police Information Centre (CPIC) database. The CPIC search revealed that M.H. had an outstanding charge of Theft Under $5000 relating to the Zellers incident that took place on September 13, 2011.

8. On the same day, Staff wrote to M.H. seeking clarification about why in his registration application he answered ‘No’ to the following question: “Are there any outstanding or stayed charges alleging a criminal offence that was committed in any province, territory, state or country?”

January 13, 2012 (2012) 35 OSCB 443 Reasons: Decisions, Orders and Rulings

9. On October 5, 2011, M.H. faxed to Staff the letter of September 29, 2011 marked with the following handwritten notation: “… the charge has been dropped, I do not have any outstanding charge. Please go ahead with my application”.

10. On October 6, 2011, OSC staff received from M.H. a two page document entitled “Consent to Participate Direct Accountability Program” (the DAP Consent). It was signed by M.H. and dated October 4, 2011. The following heading appears on page 1 of the document: “Charge(s): Theft Under”. Paragraph 1 of the document states the following: “I take responsibility for the actions which gave rise to the above noted charges”. Paragraph 5 of the document states: “I understand that once I have completed the terms and conditions of my Direct Accountability Program Agreement to the satisfaction of the Community Justice worker, the above-noted charges shall be withdrawn as soon as practicable…”. Paragraph 7 of the document states: “I understand that my participation in Direct Accountability Programming may involve sharing of information about me… which is relevant for the purpose of the Community Justice Worker determining the most appropriate consequence for my offending behaviour…” Under M.H.’s signature is a notation indicating M.H. spoke to duty counsel.

11. Further OSC enquiries ensued, including an email from Staff dated October 7, 2011 stating in part as follows: “It appears that you were charged with shoplifting on September 13, 2011. You applied for registration on September 29, 2011, and in response to the question ‘Are there any outstanding or stayed charges against you alleging a criminal offence that was committed in any province, territory, state or country?’ you wrote ‘No’. Please explain why you answered this question ‘No’ on September 29, 2011”.

12. On the same day M.H. sent an email response to Staff stating that “The charge was wrong. I did not shoplifting (sic). I was accused shoplifting. This is why I have to go to court to explain to the judge … and fight for my right. And the charge had been dropped”.

13. Further correspondence took place between Staff and M.H. in an apparent attempt to reconcile the information in M.H.’s original registration application of September 29 (‘No’ to the question about outstanding criminal charges); the information in the fax M.H. sent to Staff on October 5 (stating “the charge had been dropped”); and the information in the DAP Consent document alluding to existence of theft under charges against M.H.

14. By letter dated November 11, 2011, Staff recommended that the registration of M.H. in the category of dealing representative for a mutual fund dealer be refused.

Staff’s submissions

15. Staff submits that M.H. should be denied registration as a dealing representative because he lacks the requisite level of integrity required of an individual that would be licensed to deal with the investing public. The salient elements of Staff’s submissions are that M.H.:

a. Engaged in theft; and

b. Made the following misrepresentations to Staff and his sponsoring firm during the course of the registration process:

i Despite signing the DAP Consent stating that he took responsibility for his actions giving rise to the theft charge, he later denied the conduct to Staff;

ii He informed his employer that the OSC was not responding to him in relation to his application for registration, when in fact Staff had been in regular contact with him; and

iii In response to staff enquiries about his sponsoring firm’s views about the DAP Consent M.H. misinformed Staff with respect to nature of his meetings with his sponsoring firm.

M.H. Submissions

16. M.H. submits that staff’s refusal to recommend that he be registered is based on “really a lot of misunderstanding”. In particular, he submits his application for registration was accurate when he submitted it on September 29, 2011, because at that point in time he had not technically been charged with a criminal offence. He claims that the shoplifting incident that took place on September 13, 2011 was too a misunderstanding: “… I went to buy a telephone set, and a salesman told me it was buy one get one free. So I took two telephone sets and paid for one. And at the door, the security stopped me and accused me stealing the telephone set. And it was supposed to be free, from my understanding. I said to him that the salesman told me that if I buy one then I get one free”. According to M.H., the salesman that told him about the two for one sale could not be found.

January 13, 2012 (2012) 35 OSCB 444 Reasons: Decisions, Orders and Rulings

17. M.H. went on to explain that the Police were called, that he explained his story to them and was issued a notice of appearance for a court date on October 4, 2011. He also explained that it was his understanding from speaking with the police that “at that time I am not charged until I go to court”.

18. M.H. did not make any submissions regarding entering into the direct accountability program. Accordingly, I asked him about the DAP Consent that he signed as a condition for the theft charge being withdrawn. In particular, I asked him about Paragraph 1 of the document which states: “I take responsibility for the actions which gave rise to the above noted charges”; paragraph 5 of the document, which states: “I understand that once I have completed the terms and conditions of my Direct Accountability Program Agreement to the satisfaction of the Community Justice worker, the above-noted charges shall be withdrawn as soon as practicable…”; and paragraph 7 of the document, which states: “I understand that my participation in Direct Accountability Programming may involve sharing of information about me… which is relevant for the purpose of the Community Justice Worker determining the most appropriate consequence for my offending behaviour…”. He responded by saying “I didn’t really have time to read it. Honest.” When I asked him why he agreed to pay $200 as part of the direct accountability program if he had truly done nothing wrong, he said “ the lady [at court] was saying that if you agree to a donation, $200, then you are free to go… that’s what I understand. So I think, okay, it’s a donation, so I make a donation. I don’t really understand the whole thing”.

Suitability for registration generally

19. Subsection 25(1) of the Act requires any person that trades in securities to be registered in the relevant category. As set out in numerous prior decisions, a registrant is in a position to perform valuable services to the public, both in the form of direct services to individual investors and as part of the larger system that provides the public benefits of fair and efficient capital markets. A registrant also has a corresponding capacity to do material harm to individual investors and to the public at large. Therefore, determining whether an applicant should be registered is an important component of the work undertaken by the OSC.

20. Subsection 27(1) of the Act provides that the Director shall register a person unless it appears to the Director that the person is not suitable for registration or that the registration is otherwise objectionable. In the recent case of Ittihad Securities Inc., Re (2010) 33 OSCB 10458, the Director discussed the well established criteria that have been identified by the OSC when considering whether an applicant is suitable for registration:

The OSC has, over time, articulated three fundamental criteria for determining suitability for registration – integrity (which includes honesty and good faith, particularly in dealings with clients, and compliance with Ontario securities law), proficiency, and solvency. These three fundamental criteria have been codified in subsection 27(2) of the Act, which provides that in determining whether a person is suitable for registration, the Director shall consider whether the person has satisfied the requirements prescribed in the regulations relating to proficiency, solvency and integrity, and such other factors as the Director considers relevant.

The issue in this proceeding relates to the integrity of M.H.

Reasons

21. Staff submits that M.H.’s proposed registration should be refused on the grounds that he is unsuitable for registration because he lacks the requisite integrity of a securities professional. In this regard, Staff’s main submissions were that M.H. engaged in theft; and made numerous misrepresentations in the course of the registration application process.

M.H. engaged in theft

22. As discussed above, M.H. was engaged in a shoplifting incident on September 13, 2011. According to M.H., he purchased a telephone from Zellers and was detained by store security personnel when he left the store with two telephones, one of which he admitted not paying for. Police were called and M.H. was issued a notice of appearance, pursuant to which he was ordered to make a first appearance in court on October 4, 2011.

23. His explanation was that he was told by a salesperson in the store that the phones were on a two-for-one sale and that the whole incident was simply a misunderstanding. In my mind, his explanation does not have the ring of truth to it. I was particularly troubled by two points in his story. Firstly, the salesperson who supposedly told M.H. about the two-for- one sale was nowhere to be found to corroborate his story (either on the date of the incident or in the future and M.H. apparently made no independent effort to track this person down in support of his claim). Secondly, M.H. claimed he intended to buy two phones for the price of one yet he presented only one phone to the Zellers cashier. If he believed the phones were indeed part of a two for one sale why would he not present both phones to the cashier? He had no credible explanation for this.

January 13, 2012 (2012) 35 OSCB 445 Reasons: Decisions, Orders and Rulings

24. I do agree with M.H. that his application for registration was accurate when he submitted it on September 29, 2011; as Staff acknowledged during the proceeding, at that point in time it does not appear that he had technically been charged with a criminal offence. Nonetheless, I find that Staff did take appropriate steps to follow up with M.H. as a result of its CPIC search indicating that M.H. was involved in a theft incident on September 13, 2011.

M.H. made misrepresentations

25. Staff also submits that M.H.’s proposed registration should be refused on the grounds that in the course of the registration application process he made numerous misrepresentations to his sponsoring firm and to OSC staff, particularly that:

i Despite signing the DAP Consent stating that he took responsibility for his actions giving rise to the theft charge, he later denied the conduct to Staff;

ii He informed his employer that the OSC was not responding to him in relation to his application for registration, when in fact Staff had been in regular contact with him; and

iii In response to Staff enquiries about his sponsoring firm’s views about the DAP Consent, he misinformed Staff with respect to nature of his meetings with his sponsoring firm.

26. In my view, Staff was justifiably concerned with M.H.’s conduct relating to the above. In response to a request by Staff for an explanation about the theft incident, on October 7, 2011 M.H. faxed a note to Staff, stating: “The charge was wrong. I did not shoplifting (sic). I was accused shoplifting. This is why I have to go to court to explain to the judge … and fight for my right and the charge had been dropped.” As it turns out, this response was patently false. M.H. did go to court on October 4, 2011, but court transcripts from this session submitted by Staff make it plain that M.H. did not ‘fight for his right’ as he claimed to Staff or say even one word in court to indicate that he believed the theft under charge was ‘wrong’. He did not convince the court to drop the charge, per his note to Staff. His only action in court on October 7, 2011 was to consent to enter the DAP program.

27. M.H. would have me believe that each of the above examples was simply a product of misunderstanding between him and Staff. I find this explanation difficult to accept. In my view, seen in the best possible light, M.H. cut corners with the truth in his representations to both Staff and his sponsoring firm. Why he did this is open to speculation, but from my perspective it was done to keep his sponsoring firm in the dark about Staff’s integrity concerns, while he tried to cajole Staff into recommending that his registration be issued in the face of Staff’s questions surrounding the theft incident.

Conclusion

28. Even if I give M.H. the benefit of the doubt with respect to whether he intentionally made the misrepresentations discussed above, I can not overlook the biggest blow to his integrity in this proceeding – the theft incident. By virtue of completing the DAP program, which included taking responsibility for his action and making a $200 donation, M.H. does not have a criminal record. The test for registration is, however, whether M.H. possesses the requisite integrity and high standards demanded of a securities professional licensed to deal with the investing public. M.H. signed the DAP Consent and in so doing he acknowledged his responsibility for the theft and his bad judgement in the matter. The evidence presented also confirms that he spoke to duty counsel. It is clear to me that he understood what he was doing (and if he did not, I would question whether he possesses the requisite level of proficiency and competency to be licensed as a dealing representative).

29. In order to effectively protect members of the investing public from future harm, it is necessary for securities regulators to be aggressive and vigilant gatekeepers. Part of this work necessarily entails ensuring, to the extent possible, that as a precondition to receiving the privilege of working with the investing public, an applicant has met the high standard of integrity necessary to work in the Ontario capital market. Based on the information that was presented to me in this proceeding, I find that M.H. has not met this standard. Accordingly, it is my decision that his registration be refused.

“Erez Blumberger”, LL.B. Deputy Director Compliance and Registrant Regulation Branch Ontario Securities Commission

January 5, 2012

January 13, 2012 (2012) 35 OSCB 446 Chapter 4 Cease Trading Orders

4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Company Name Date of Date of Date of Date of Temporary Hearing Permanent Lapse/Revoke Order Order

THERE ARE NO ITEMS FOR THIS WEEK.

4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date of Date of Date of Date of Date of Order or Hearing Permanent Lapse/ Issuer Temporary Order Expire Temporary Order Order

Pacrim International Capital Inc. 30 Dec 11 11 Jan 12 11 Jan 12

4.2.2 Outstanding Management & Insider Cease Trading Orders

Company Name Date of Date of Date of Date of Date of Issuer Order or Hearing Permanent Lapse/ Temporary Temporary Order Expire Order Order

Pacrim International Capital Inc. 30 Dec 11 11 Jan 12 11 Jan 12

January 13, 2012 (2012) 35 OSCB 447 Cease Trading Orders

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January 13, 2012 (2012) 35 OSCB 448 Chapter 7 Insider Reporting

The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2

Guide to Codes Relationship of Insider to Issuer (Rel=n)

1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider

Nature of Transaction (T/O)

00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information

Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the transaction was reported.

1 SEDI® is a registered trademark owned by CDS INC. 2 ©CDS INC.

January 13, 2012 (2012) 35 OSCB 449 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed 01 Communique Laboratory Common Shares Train, William, Archibald 4 3/1/2012 10 0.58 278,500 9,000 Inc. 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 1/12/2011 38 2.6 14,200 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 1/12/2011 38 1,800 -12,400 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 6/12/2011 38 2.67 3,600 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 7/12/2011 38 2.67 5,400 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 8/12/2011 38 2.57 5,600 200 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 12/12/2011 38 2.56 7,400 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 13/12/2011 38 2.54 9,200 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 14/12/2011 38 2.43 11,000 1,800 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 16/12/2011 38 2.43 12,000 1,000 20-20 Technologies Inc. Common Shares 20-20 Technologies Inc. 1 29/12/2011 38 2.5 12,700 700 20-20 Technologies Inc. Common Shares Perrone, Steve 5 22/11/2011 30 2.6271 4,868 114 3P International Energy Common Shares Libra Advisors, LLC 3 4/1/2012 10 0.4 8,150,500 -11,500 Corp. A&W Revenue Royalties Exchangeable Shares A&W Food Services of 3 5/1/2012 11 18.92 1,699,369 362,138 Income Fund Canada Inc. ABCOURT MINES INC. Warrants Dupont, Chris 4 4/12/2009 53 0.19 57,918 ABCOURT MINES INC. Warrants Dupont, Chris 4 31/12/2009 53 0.19 57,918 57,918 ABCOURT MINES INC. Warrants Dupont, Chris 4 31/12/2011 55 0 -57,918 ABCOURT MINES INC. Common Shares Hinse, Renaud 4, 5 22/12/2011 11 0.1 20,000 catégorie B ABCOURT MINES INC. Common Shares Hinse, Renaud 4, 5 22/12/2011 11 0.1 4,085,074 170,000 catégorie B ABCOURT MINES INC. Warrants Hinse, Renaud 4, 5 31/12/2011 11 0.19 172,500 -147,000 Abitex Resources Inc. Common Shares Burrows, Fred 4 30/12/2011 10 0.045 233,500 81,000 Abitex Resources Inc. Common Shares Burrows, Fred 4 6/1/2012 10 0.045 302,500 69,000 Absolute Software Common Shares Bestmann, Martin 5 4/7/2010 30 3.15 85,066 1,733 Corporation Absolute Software Common Shares Bestmann, Martin 5 3/1/2012 30 4.25 1,352 Corporation Absolute Software Common Shares Bestmann, Martin 5 3/1/2012 30 3.61 86,418 1,352 Corporation Absolute Software Common Shares Chase, Robert George 5 6/1/2012 30 3.61 746,040 1,454 Corporation Absolute Software Common Shares Olsen, Errol 5 3/1/2012 30 3.61 1,426 665 Corporation Absolute Software Common Shares Sarantakes, Evan John 5 3/1/2012 30 3.61 3,086 1,479 Corporation Acadian Energy Inc. Common Shares Lawrence, Mark Andrew 4 12/11/2011 10 0.65 500 (formerly York Ridge Lifetech Inc.) Acadian Energy Inc. Common Shares Lawrence, Mark Andrew 4 11/12/2011 10 0.65 148,500 500 (formerly York Ridge Lifetech Inc.) Accord Financial Corp. Common Shares Accord Financial Corp. 1 14/12/2011 38 6.89 700 700 Accord Financial Corp. Common Shares Accord Financial Corp. 1 4/1/2012 38 0 -700 ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 30/12/2011 38 7.98 23,419,369 6,600

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 30/12/2011 38 8.03 23,424,269 4,900

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 3/1/2012 38 8.05 23,424,769 500

Adanac Molybdenum Common Shares Redleaf, Andrew 3 28/12/2011 10 0.55 2,506,011 -2,500 Corporation Adanac Molybdenum Common Shares Redleaf, Andrew 3 29/12/2011 10 0.54 2,504,011 -2,000 Corporation Adanac Molybdenum Common Shares Redleaf, Andrew 3 30/12/2011 10 0.54 2,503,011 -1,000 Corporation Ag Growth International Inc. Common Shares Anderson, Gary Keith 4, 5 3/1/2012 57 83,612 17,837

Ag Growth International Inc. Rights Long Term Anderson, Gary Keith 4, 5 3/1/2012 57 21,575 -17,837 Incentive Plan Ag Growth International Inc. Rights Share Award Anderson, Gary Keith 4, 5 3/1/2012 57 0 -26,666 Incentive Plan Ag Growth International Inc. Common Shares Braun, Ronald Edwin 5 3/1/2012 57 6,780 6,725

Ag Growth International Inc. Rights Long Term Braun, Ronald Edwin 5 3/1/2012 57 8,182 -6,725 Incentive Plan Ag Growth International Inc. Rights Deferred Brodie, Derek John Robert 4 2/1/2012 30 3,873 698 Compensation Plan Ag Growth International Inc. Common Shares Franzmann, Paul Edmund 5 3/1/2012 57 7,088 5,578

January 13, 2012 (2012) 35 OSCB 450 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Ag Growth International Inc. Common Shares Franzmann, Paul Edmund 5 3/1/2012 10 37.83 4,522 -2,566

Ag Growth International Inc. Rights Long Term Franzmann, Paul Edmund 5 3/1/2012 57 7,034 -5,578 Incentive Plan Ag Growth International Inc. Rights Deferred Lambert, William Allen 4 2/1/2012 56 7,786 821 Compensation Plan Ag Growth International Inc. Common Shares Sommerfeld, Steven Robert 5 3/1/2012 58 - Expiration of rights 14,615

Ag Growth International Inc. Common Shares Sommerfeld, Steven Robert 5 3/1/2012 57 43,587 14,615

Ag Growth International Inc. Common Shares Sommerfeld, Steven Robert 5 3/1/2012 10 37.83 39,587 -4,000

Ag Growth International Inc. Rights Long Term Sommerfeld, Steven Robert 5 3/1/2012 57 17,578 -14,615 Incentive Plan Ag Growth International Inc. Rights Share Award Sommerfeld, Steven Robert 5 3/1/2012 57 0.1 0 -13,334 Incentive Plan Ag Growth International Inc. Common Shares Weinbender, Douglas 5 3/1/2012 57 5,168 5,413 Frazer Ag Growth International Inc. Common Shares Weinbender, Douglas 5 3/1/2012 10 37.83 2,786 -2,382 Frazer Ag Growth International Inc. Rights Long Term Weinbender, Douglas 5 3/1/2012 57 7,033 -5,413 Incentive Plan Frazer Ag Growth International Inc. Rights Deferred White, David 4 2/1/2012 56 4,303 411 Compensation Plan Agnico-Eagle Mines Limited Common Shares Al-Joundi, Ammar 5 5/1/2012 56 38.02 24,014 12,330

Agnico-Eagle Mines Limited Options Al-Joundi, Ammar 5 3/1/2012 50 37.05 235,000 100,000

Agnico-Eagle Mines Limited Common Shares Allan, Don 5 5/1/2012 56 38.01 21,538 12,330

Agnico-Eagle Mines Limited Options Allan, Don 5 2/1/2012 52 48.09 270,000 -30,000

Agnico-Eagle Mines Limited Options Allan, Don 5 3/1/2012 50 37.05 345,000 75,000

Agnico-Eagle Mines Limited Common Shares Baker, Leanne Marie 4 5/1/2012 56 38.02 8,500 3,000

Agnico-Eagle Mines Limited Common Shares Beaumont, Doug 4 5/1/2012 56 38.02 18,960 1,000

Agnico-Eagle Mines Limited Options Beaumont, Doug 4 2/1/2012 51 48.09 50,944 -25,000

Agnico-Eagle Mines Limited Common Shares Blackburn, Alain 5 5/1/2012 56 38.02 13,038 12,330

Agnico-Eagle Mines Limited Options Blackburn, Alain 5 3/1/2012 50 37.05 374,750 75,000

Agnico-Eagle Mines Limited Common Shares Boyd, Sean 4, 5 5/1/2012 56 38.02 140,413 24,660

Agnico-Eagle Mines Limited Options Boyd, Sean 4, 5 2/1/2012 52 48.09 990,000 -100,000

Agnico-Eagle Mines Limited Options Boyd, Sean 4, 5 3/1/2012 50 37.05 1,315,000 325,000

Agnico-Eagle Mines Limited Options Cafazzo, Lino 5 3/1/2012 50 37.05 50,000

Agnico-Eagle Mines Limited Options Cafazzo, Lino 5 3/1/2012 50 37.05 112,500 40,000

Agnico-Eagle Mines Limited Common Shares Celej, Martine 4 5/1/2012 56 38.02 5,000 3,000

Agnico-Eagle Mines Limited Options Cook, Mathew 5 3/1/2012 50 37.05 100,000 30,000

Agnico-Eagle Mines Limited Options Cousin, Paul 5 3/1/2012 50 37.05 165,000 40,000

Agnico-Eagle Mines Limited Options Datta, Picklu 5 2/1/2012 52 48.09 180,000 -10,000

Agnico-Eagle Mines Limited Options Datta, Picklu 5 3/1/2012 50 37.05 230,000 50,000

Agnico-Eagle Mines Limited Common Shares Davis, Clifford John 4 5/1/2012 56 38.02 9,000 3,000

Agnico-Eagle Mines Limited Common Shares Gemmell, Robert 4 5/1/2012 56 38.02 13,000 3,000

Agnico-Eagle Mines Limited Options Gilbert, Patrice 5 3/1/2012 50 37.05 280,000 50,000

Agnico-Eagle Mines Limited Common Shares Girard, Paul-Henri 5 4/1/2012 10 37.99 4,266 500

January 13, 2012 (2012) 35 OSCB 451 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Agnico-Eagle Mines Limited Options Girard, Paul-Henri 5 3/1/2012 50 37.05 285,000 50,000

Agnico-Eagle Mines Limited Options Gosselin, Guy 5 3/1/2012 50 37.05 165,000 50,000

Agnico-Eagle Mines Limited Common Shares Grondin, Louise 5 5/1/2012 56 38.02 16,041 12,330

Agnico-Eagle Mines Limited Options Grondin, Louise 5 2/1/2012 52 48.09 184,250 -1,000

Agnico-Eagle Mines Limited Options Grondin, Louise 5 3/1/2012 50 37.05 259,250 75,000

Agnico-Eagle Mines Limited Options Haga, Ingmar Erik Johan 5 2/1/2012 52 48.09 180,000 -40,000

Agnico-Eagle Mines Limited Options Haga, Ingmar Erik Johan 5 3/1/2012 50 37.05 230,000 50,000

Agnico-Eagle Mines Limited Common Shares Haldane, Timothy Quentin 5 5/1/2012 56 38.02 17,182 12,330

Agnico-Eagle Mines Limited Options Haldane, Timothy Quentin 5 2/1/2012 52 41.24 185,000 -15,000

Agnico-Eagle Mines Limited Options Haldane, Timothy Quentin 5 3/1/2012 50 36.32 260,000 75,000

Agnico-Eagle Mines Limited Common Shares Kraft, Bernie 4 5/1/2012 56 38.02 13,657 1,000

Agnico-Eagle Mines Limited Common Shares Laing, R. Gregory 5 5/1/2012 56 38.02 12,330

Agnico-Eagle Mines Limited Common Shares Laing, R. Gregory 5 5/1/2012 56 38.02 22,049 12,330

Agnico-Eagle Mines Limited Options Laing, R. Gregory 5 2/1/2012 52 48.09 270,000 -50,000

Agnico-Eagle Mines Limited Options Laing, R. Gregory 5 3/1/2012 50 37.05 345,000 75,000

Agnico-Eagle Mines Limited Options Legault, Marc 5 2/1/2012 52 48.09 247,500 -30,000

Agnico-Eagle Mines Limited Options Legault, Marc 5 3/1/2012 50 37.05 297,500 50,000

Agnico-Eagle Mines Limited Common Shares Leiderman, Mel 4 5/1/2012 56 38.02 9,000 3,000

Agnico-Eagle Mines Limited Options Medina, Luis Felipe 5 3/1/2012 50 37.05 135,000 50,000

Agnico-Eagle Mines Limited Common Shares Nasso, James D. 4 5/1/2012 56 38.02 22,289 4,000

Agnico-Eagle Mines Limited Options Racine, Daniel 5 2/1/2012 52 48.09 270,000 -9,700

Agnico-Eagle Mines Limited Options Racine, Daniel 5 3/1/2012 50 37.05 330,000 60,000

Agnico-Eagle Mines Limited Common Shares Riley, Sean 4 5/1/2012 56 38.02 5,000 3,000

Agnico-Eagle Mines Limited Common Shares Roberts, John Merfyn 4 5/1/2012 56 38.02 9,000 3,000

Agnico-Eagle Mines Limited Common Shares Robitaille, Jean 5 5/1/2012 56 38.02 36,044 6,165

Agnico-Eagle Mines Limited Options Robitaille, Jean 5 2/1/2012 52 48.09 270,000 -40,000

Agnico-Eagle Mines Limited Options Robitaille, Jean 5 3/1/2012 50 37.05 345,000 75,000

Agnico-Eagle Mines Limited Common Shares Scherkus, Ebe 4, 6, 5 5/1/2012 56 38.02 84,938 12,330

Agnico-Eagle Mines Limited Options Scherkus, Ebe 4, 6, 5 2/1/2012 52 48.09 615,000 -75,000

Agnico-Eagle Mines Limited Options Scherkus, Ebe 4, 6, 5 3/1/2012 50 37.05 790,000 175,000

Agnico-Eagle Mines Limited Common Shares Smith, David 5 5/1/2012 56 38.02 21,956 12,330

Agnico-Eagle Mines Limited Options Smith, David 5 3/1/2012 50 37.05 280,000 75,000

Agnico-Eagle Mines Limited Common Shares Stockford, Howard Roger 4 5/1/2012 56 38.02 9,068 3,000

Agnico-Eagle Mines Limited Options Sylvestre, Yvon 5 3/1/2012 50 37.05 165,000 40,000

Agnico-Eagle Mines Limited Common Shares Voutilainen, Pertti 4 5/1/2012 56 38.02 22,000 1,000

Agrium Inc. Rights Deferred Share Girling, Russell 4 31/12/2011 56 397 Units

January 13, 2012 (2012) 35 OSCB 452 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Agrium Inc. Rights Deferred Share Girling, Russell 4 31/12/2011 56 19,117 397 Units Agrium Inc. Rights Deferred Share Henry, Susan A. 4 31/12/2011 56 50,611 503 Units Agrium Inc. Rights Deferred Share Lesar, David John 4 31/12/2011 56 4,601 389 Units Agrium Inc. Rights Deferred Share Lowe, John Edward 4 31/12/2011 56 4,695 412 Units Agrium Inc. Rights Deferred Share McLellan, A. Anne 4 31/12/2011 56 14,023 123 Units Agrium Inc. Rights Deferred Share Pannell, Derek George 4 31/12/2011 56 10,862 419 Units Agrium Inc. Rights Deferred Share Zaleschuk, Victor Jack 4 31/12/2011 56 27,613 462 Units Air Canada Class B Voting Shares Air Canada 1 1/6/2010 00 Air Canada Class B Voting Shares Air Canada 1 21/12/2011 38 1.0729 239,524 239,524 Air Canada Class B Voting Shares Air Canada 1 21/12/2011 38 0 -239,524 Air Canada Deferred Share Units Attali, Bernard 6 3/1/2012 56 1.02 17,866 7,354 Air Canada Deferred Share Units Huot, Jean Marc 4 3/1/2012 56 1.02 116,094 16,545 Air Canada Deferred Share Units Johnson, Pierre Marc 4 3/1/2012 56 1.02 23,171 5,515 Air Canada Deferred Share Units Porter, Arthur T., MD 4 3/1/2012 56 1.02 60,973 18,384 Air Canada Deferred Share Units Romanow, Roy 4 3/1/2012 56 1.02 28,891 11,030 Air Canada Deferred Share Units Sorensen, Vagn 4 3/1/2012 56 1.02 54,689 4,902 AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 29/12/2011 38 4.86 133,100 133,100 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 29/12/2011 38 0 -133,100 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 30/12/2011 38 5 2,300 2,300 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 30/12/2011 38 0 -2,300 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 3/1/2012 38 4.91 1,600 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 3/1/2012 38 4.91 1,600 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 3/1/2012 38 -1,600 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 3/1/2012 38 -1,600 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 4/1/2012 38 4.91 100 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 4/1/2012 38 4.91 100 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 4/1/2012 38 -100 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 4/1/2012 38 -100 CORP. Alacer Gold Corp. Common Shares Kellerman, Jay C. 4, 5 6/1/2012 10 11.08 49,055 -1,500 Alacer Gold Corp. Common Shares Kellerman, Jay C. 4, 5 6/1/2012 10 11.09 48,555 -500 Alacer Gold Corp. Common Shares Kellerman, Jay C. 4, 5 6/1/2012 10 11.11 46,555 -2,000 Alacer Gold Corp. Common Shares Kellerman, Jay C. 4, 5 6/1/2012 10 11.14 42,855 -3,700 Alacer Gold Corp. Common Shares Kellerman, Jay C. 4, 5 6/1/2012 10 11.17 42,755 -100 Alacer Gold Corp. Common Shares Tobler, Douglas Lee 5 3/1/2012 10 10.55 63,803 -10,000 Alacer Gold Corp. Common Shares Tobler, Douglas Lee 5 4/1/2012 10 10.84 53,803 -10,000 Alacer Gold Corp. Common Shares Tobler, Douglas Lee 5 5/1/2012 10 10.69 43,803 -10,000 Alacer Gold Corp. Common Shares Tobler, Douglas Lee 5 6/1/2012 10 10.92 23,803 -20,000 Alimentation Couche-Tard Options Valdes, Lou 5 3/1/2012 51 17.74 -6,000 Inc. Alimentation Couche-Tard Options Valdes, Lou 5 3/1/2012 51 17.74 -6,000 Inc. Alimentation Couche-Tard Options Valdes, Lou 5 3/1/2012 51 17.74 6,400 -6,000 Inc. Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 51 31.002 6,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 51 17.74 6,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 51 17.74 6,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 10 31.002 -6,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 10 31.002 -6,000 Inc. Shares Catégorie B

January 13, 2012 (2012) 35 OSCB 453 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 51 17.74 6,000 6,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Valdes, Lou 5 3/1/2012 10 31.002 0 -6,000 Inc. Shares Catégorie B Allana Potash Corp. Options SCOTT, JOHN EDWARD 5 18/4/2011 00 (formerly Allana Resources Inc.) Allana Potash Corp. Options SCOTT, JOHN EDWARD 5 19/12/2011 50 250,000 250,000 (formerly Allana Resources Inc.) Alliance Mining Corp. Common Shares Claydon, Antony John 4 6/1/2012 10 73,000 -10,000 Alliance Mining Corp. Common Shares Claydon, Antony John 4 6/1/2012 10 58,000 -15,000 Alliance Mining Corp. Common Shares Claydon, Antony John 4 6/1/2012 54 0.08 258,000 200,000 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 7/12/2011 10 4,336,130 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 7/12/2011 15 4,336,130 Allon Therapeutics Inc. Common Shares NDI Capital Inc. 3 14/12/2011 15 12,000,000 4,336,130 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 7/12/2011 53 6,000,000 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 7/12/2011 15 6,000,000 Allon Therapeutics Inc. Warrants NDI Capital Inc. 3 14/12/2011 15 6,000,000 6,000,000 Alterra Power Corp. Options Sweeney, Paul Bristol 4 18/12/2011 52 948,110 -119,000 Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 4/1/2012 10 11 60,600 2,000

Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 5/1/2012 38 2,000 -58,600

American Manganese Inc. Common Shares Reaugh, Larry 4 4/1/2012 10 0.355 3,700,675 -10,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 21/12/2011 10 0.23 6,070,293 20,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 22/12/2011 10 0.234 6,120,293 50,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 23/12/2011 10 0.26 6,136,293 16,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 28/12/2011 10 0.272 6,156,293 20,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 29/12/2011 10 0.278 6,207,293 51,000 Anderson Energy Ltd. Common Shares Chicoine, Blaine Morris 5 31/12/2011 30 0.76 318,131 28,325 Anderson Energy Ltd. Common Shares Dau, Brian Harold 4, 5 31/12/2011 30 0.76 1,761,850 36,480 Anderson Energy Ltd. Common Shares Harvey, Philip Andrew 5 31/12/2011 30 0.76 343,576 28,325 Anderson Energy Ltd. Common Shares O'Rourke, Patrick Michael 5 28/2/2011 00

Anderson Energy Ltd. Common Shares O'Rourke, Patrick Michael 5 31/12/2011 30 0.71 24,627 24,627

Anderson Energy Ltd. Common Shares Spyker, David Michael 5 31/12/2011 30 0.76 392,295 30,238 Anderson Energy Ltd. Common Shares Wong, Mary Darlene 5 31/12/2011 30 0.76 56,094 30,238 Andina Minerals Inc. Common Shares Rose, William Robert 5 1/1/2012 00 Andina Minerals Inc. Options Rose, William Robert 5 1/1/2012 00 Andina Minerals Inc. Options Rose, William Robert 5 1/1/2012 50 0.82 300,000 300,000 Angle Energy Inc. Common Shares Christie-Burns, Heather 5 31/12/2011 30 7.98 15,591 5,394 Lynn Angle Energy Inc. Common Shares Cormack, George Graham 5 31/12/2011 30 7.98 8,576 4,142

Angle Energy Inc. Common Shares Fischbuch, Douglas Gregg 4, 5 31/12/2011 30 7.98 15,591 5,394

Angle Energy Inc. Common Shares Mazuryk, Matthew Thomas 5 31/12/2011 30 7.98 6,182 726

Angle Energy Inc. Common Shares Mazuryk, Matthew Thomas 5 31/12/2011 30 7.98 6,740 2,974

Angle Energy Inc. Common Shares More, Elizabeth Barr 5 31/12/2011 30 7.98 12,996 3,700 Angle Energy Inc. Common Shares Post, Heather Colleen 5 31/12/2011 30 7.98 8,311 2,977 Angle Energy Inc. Common Shares Richardson, Glen Russell 5 31/12/2011 30 7.98 5,458 1,850 Angle Energy Inc. Common Shares Richardson, Glen Russell 5 31/12/2011 97 7.31 1,778 -3,680 Angle Energy Inc. Common Shares Richardson, Glen Russell 5 31/12/2011 97 7.31 9,368 3,680 Angle Energy Inc. Common Shares Richardson, Glen Russell 5 31/12/2011 30 7.98 11,218 1,850 Angle Energy Inc. Common Shares Symon, Stuart 5 31/12/2011 30 7.98 2,177 676 Angle Energy Inc. Common Shares Symon, Stuart 5 31/12/2011 30 7.98 12,333 3,830 Appleton Exploration Inc. Common Shares Sveinson, Frederick J. 4, 5 5/1/2012 10 0.3942 1,544,000 165,000 Appleton Exploration Inc. Common Shares Sveinson, Frederick J. 4, 5 6/1/2012 10 0.04 1,694,000 150,000 Aqua-Pure Ventures Inc. Options Hallman, Alan 4 29/12/2011 50 0.26 280,000 45,000 Arbor Memorial Services Inc. Common Shares Class B Predko, Steven David 5 13/9/2010 00 - Non-Voting Arbor Memorial Services Inc. Common Shares Class B Predko, Steven David 5 30/12/2011 30 22.99 327 327 - Non-Voting Arbor Memorial Services Inc. Common Shares Class B Rogerson, Gary Daniel 5 4/1/2012 30 22.99 1,010 265 - Non-Voting ARC Resources Ltd. Common Shares Dafoe, P. Van R. 5 31/12/2011 30 23.42 34,775 776 ARC Resources Ltd. Deferred Share Units Deboni, Walter 4 31/12/2011 56 24.7 11,050 2,733 (DSU) (Cash based only)

ARC Resources Ltd. Common Shares Dielwart, John Patrick 5 31/12/2011 30 22.68 60,220 1,048

January 13, 2012 (2012) 35 OSCB 454 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed ARC Resources Ltd. Common Shares Dielwart, John Patrick 5 31/12/2011 30 23.1 15,306 579 ARC Resources Ltd. Common Shares Dielwart, John Patrick 5 31/12/2011 30 23.37 1,620 69 ARC Resources Ltd. Common Shares Dielwart, John Patrick 5 31/12/2011 30 23.03 141,205 5,379 ARC Resources Ltd. Deferred Share Units Dyment, Fred J. 4 31/12/2011 56 24.7 5,191 1,284 (DSU) (Cash based only)

ARC Resources Ltd. Common Shares Gervais, George Edward 5 31/12/2011 30 23.59 7,329 182 ARC Resources Ltd. Common Shares Gill, Terrence Nigel 5 31/12/2011 30 23.31 22,369 994 ARC Resources Ltd. Deferred Share Units Hearn, Timothy James 4 31/12/2011 56 24.7 1,528 689 (DSU) (Cash based only)

ARC Resources Ltd. Deferred Share Units Houck, James Curtis 4 31/12/2011 56 24.7 5,089 1,259 (DSU) (Cash based only)

ARC Resources Ltd. Deferred Share Units Kanovsky, Michael Manuel 4 31/12/2011 56 24.7 4,305 1,065 (DSU) (Cash based only)

ARC Resources Ltd. Deferred Share Units Kvisle, Harold N. 4 31/12/2011 56 24.7 6,447 1,595 (DSU) (Cash based only)

ARC Resources Ltd. Common Shares Lentz, Wayne 5 31/12/2011 30 22.66 12,734 331 ARC Resources Ltd. Common Shares Lentz, Wayne 5 31/12/2011 30 22.66 63,487 1,653 ARC Resources Ltd. Common Shares Lentz, Wayne 5 31/12/2011 30 22.66 3,238 82 ARC Resources Ltd. Common Shares Lentz, Wayne 5 31/12/2011 30 22.66 3,113 77 ARC Resources Ltd. Common Shares O'Neill, Kathleen M. 4 31/12/2011 30 23.34 13,718 619 ARC Resources Ltd. Deferred Share Units O'Neill, Kathleen M. 4 31/12/2011 56 24.7 4,835 1,196 (DSU) (Cash based only)

ARC Resources Ltd. Deferred Share Units Pinder, Herbert 4 31/12/2011 56 24.7 8,748 2,164 (DSU) (Cash based only)

ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 5 31/12/2011 30 23.1 3,313 126 ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 5 19/10/2011 30 20.86 177,586 847 ARC Resources Ltd. Common Shares Stadnyk, Myron Maurice 5 17/11/2011 30 23.87 178,330 744 ARC Resources Ltd. Deferred Share Units Van Wielingen, Mac 4 31/12/2011 56 24.7 16,343 4,043 (DSU) (Cash based only) Howard

Arctic Hunter Energy Inc. Common Shares Coupland, Timothy Andrew 4, 5 2/1/2012 10 0.08 700,000 50,000

Arcus Development Group Common Shares Talbot, Ian John 4 4/1/2012 10 0.12 1,495,882 46,000 Inc. Argonaut Exploration Inc. Options Jensen, David 5 1/1/2012 00 400,000 Armada Data Corporation Common Shares Timoteo, Paul J. 4, 5 28/12/2011 10 0.165 279,057 5,000 Armada Data Corporation Common Shares Timoteo, Paul J. 4, 5 28/12/2011 10 0.16 283,557 4,500 Armadillo Resources Ltd. Options Wetherup, Stephen 4 3/1/2012 00 375,000 Arsenal Energy Inc. Common Shares Forth, Ronald Francis 5 2/1/2012 10 0.69 1,352,724 9,000 Carter Artek Exploration Ltd. Common Shares Andrews, Peter 5 31/12/2011 30 2 148,699 11,098 Artek Exploration Ltd. Common Shares Frolek, Gregory Todd 5 31/12/2011 30 2 115,646 11,098 Artek Exploration Ltd. Common Shares Metcalfe, Darryl Francis 5 31/12/2011 30 2 4,215,011 13,874 Hugh Artek Exploration Ltd. Common Shares Sacheli, Anthony 5 31/12/2011 30 2 303,957 11,098 Artek Exploration Ltd. Common Shares Swertz, Jennifer Marie 5 31/12/2011 30 1.98 644,583 8,412 Ashburton Ventures Inc. Common Shares England, Michael Bruno 4 5/1/2012 10 0.05 3,282,300 100,000 John Franz Asher Resources Options Buzbuzian, Richard 3, 4, 5 14/12/2011 50 0.28 300,000 100,000 Corporation Asher Resources Options MONACO, JASON 4 14/12/2011 50 0.28 140,000 20,000 Corporation Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 2/12/2011 38 32.888 8,904,939 16,500 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 5/12/2011 38 33.209 9,029,839 124,900 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 6/12/2011 38 33.238 9,040,339 10,500 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 7/12/2011 38 33.165 9,055,339 15,000 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 8/12/2011 38 33.243 9,075,139 19,800 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 9/12/2011 38 33.2 9,075,339 200 A Astral Media Inc. Non-Voting Shares Class Astral Media Inc. 1 12/12/2011 38 33.085 9,080,339 5,000 A

January 13, 2012 (2012) 35 OSCB 455 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Astral Media Inc. Unités d'actions Beutel, Austin Cecil 4 3/1/2012 56 35.49 8,574 1,127 différées/Deferred Share Units Astral Media Inc. Unités d'actions Bronfman, Paul Arthur 4 3/1/2012 56 35.49 10,318 916 différées/Deferred Share Units Astral Media Inc. Unités d'actions Cockwell, Jack Lynn 4 3/1/2012 56 35.49 6,871 916 différées/Deferred Share Units Astral Media Inc. Unités d'actions Cohon, George Alan 4 3/1/2012 56 35.49 12,401 1,057 différées/Deferred Share Units Astral Media Inc. Unités d'actions Godfrey, Paul Victor 4 3/1/2012 56 35.49 10,858 915 différées/Deferred Share Units Astral Media Inc. Unités d'actions Greenberg, Stephen 4 3/1/2012 56 35.49 9,295 915 différées/Deferred Share Units Astral Media Inc. Unités d'actions Horn, Sidney M. 4, 6 3/1/2012 56 35.49 11,036 915 différées/Deferred Share Units Astral Media Inc. Unités d'actions Jérôme-Forget, Monique 4 3/1/2012 56 35.49 2,402 916 différées/Deferred Share Units Astral Media Inc. Unités d'actions Mulroney, Mila 4 3/1/2012 56 35.49 10,318 916 différées/Deferred Share Units Astral Media Inc. Unités d'actions Price, Timothy Robert 4 3/1/2012 56 35.49 11,588 1,268 différées/Deferred Share Units Astral Media Inc. Unités d'actions Yaffe, Phyllis 4 3/1/2012 56 35.49 3,893 915 différées/Deferred Share Units Atlantic Industrial Minerals Common Shares Lalonde, Jean-François 4, 5 2/5/2011 00 Incorporated Atlantic Industrial Minerals Common Shares Lalonde, Jean-François 4, 5 20/12/2011 16 133,333 133,333 Incorporated Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 1/12/2011 38 15,764 -4,882 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 1/12/2011 38 11.84 16,264 500 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 1/12/2011 38 11.83 17,264 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 1/12/2011 38 11.8 19,264 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 1/12/2011 38 11.74 19,364 100 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 2/12/2011 38 11.8 24,446 5,082 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 2/12/2011 38 11.69 24,746 300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 11.75 25,746 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 12 26,746 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 11.9 27,746 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 11.8 31,728 3,982 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 11.76 32,428 700 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 5/12/2011 38 11.77 32,628 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 6/12/2011 38 11.68 33,628 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 6/12/2011 38 11.6 34,228 600 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 6/12/2011 38 11.51 34,728 500 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 6/12/2011 38 11.7 39,710 4,982 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 6/12/2011 38 11.59 40,510 800 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 7/12/2011 38 11.5 44,510 4,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 7/12/2011 38 11.49 47,392 2,882 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 7/12/2011 38 11.4 48,392 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 8/12/2011 38 11.37 49,692 1,300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 8/12/2011 38 11.41 49,992 300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 9/12/2011 38 11.5 50,992 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 9/12/2011 38 11.37 56,874 5,882 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 9/12/2011 38 11.4 57,574 700 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 12/12/2011 38 11.35 58,574 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 12/12/2011 38 11.31 59,974 1,400 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 12/12/2011 38 11.32 62,274 2,300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 13/12/2011 38 11.36 63,774 1,500 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 13/12/2011 38 11.41 70,156 6,382 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 13/12/2011 38 11.25 75,156 5,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 14/12/2011 38 11.4 76,238 1,082 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 14/12/2011 38 11.3 78,038 1,800 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 14/12/2011 38 20,464 -57,574 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 15/12/2011 38 11 25,346 4,882 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 15/12/2011 38 10.91 27,346 2,000

January 13, 2012 (2012) 35 OSCB 456 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 15/12/2011 38 10.8 28,346 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 16/12/2011 38 11.1 32,346 4,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 16/12/2011 38 11.05 33,346 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 16/12/2011 38 11 35,228 1,882 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 16/12/2011 38 10.95 36,228 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.8 39,228 3,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.77 40,228 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.71 41,228 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.7 42,228 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.69 42,328 100 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 10.75 44,028 1,700 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/12/2011 38 23,564 -20,464 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 20/12/2011 38 11 25,564 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 20/12/2011 38 11.2 27,564 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 20/12/2011 38 11.25 27,764 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 20/12/2011 38 11.3 31,364 3,600 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 21/12/2011 38 11.3 33,364 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 21/12/2011 38 11.2 35,364 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 21/12/2011 38 11.15 36,364 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/12/2011 38 11.23 37,364 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/12/2011 38 11.5 39,446 2,082 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/12/2011 38 11.42 41,246 1,800 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/12/2011 38 11.33 41,746 500 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/12/2011 38 18,182 -23,564 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 23/12/2011 38 11.3 19,082 900 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 23/12/2011 38 11.31 22,064 2,982 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 23/12/2011 38 11.25 23,064 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 23/12/2011 38 11.21 24,064 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 28/12/2011 38 11.73 25,064 1,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 28/12/2011 38 11.64 26,264 1,200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 28/12/2011 38 11.67 26,464 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 29/12/2011 38 11.47 28,464 2,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 29/12/2011 38 11.44 28,564 100 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 29/12/2011 38 10,382 -18,182 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 30/12/2011 38 11.53 10,682 300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 30/12/2011 38 11.76 11,682 1,000 ATS Automation Tooling Common Shares Martino, Michael E. 4 30/12/2011 10 6.3772 16,265,375 107,700 Systems Inc. Augusta Industries Inc. Common Shares LONE, ALLEN 3, 4, 6, 5 28/12/2011 10 0.04 91,930,168 1,000 (formerly Fiber Optic Systems Technology, Inc.) Augustine Ventures Inc. Common Shares Isaacs, Wayne 5 30/12/2011 11 0.2 2,890,819 100,000 Augustine Ventures Inc. Common Shares Isaacs, Wayne 5 3/1/2012 51 0.1 3,140,819 250,000 Augustine Ventures Inc. Options Isaacs, Wayne 5 3/1/2012 51 250,000 -250,000 Augustine Ventures Inc. Warrants Isaacs, Wayne 5 30/12/2011 11 544,290 100,000 Aura Minerals Inc. Options Mars, Patrick James 4, 5 6/1/2012 50 1.47 835,000 100,000 Aura Minerals Inc. Options Murray, William 4 6/1/2012 50 1.47 965,000 100,000 Aureus Mining Inc. Options CABRITA da SILVA, LUIS 4 6/1/2012 50 1.05 1,407,500 50,000 G. Aureus Mining Inc. Options Martin, Jean-Guy 4 6/1/2012 50 1.05 250,000 50,000 Aureus Mining Inc. Options Netherway, David 4 6/1/2012 50 1.05 1,555,123 200,000 Aureus Mining Inc. Options Reading, David 4 6/1/2012 50 1.05 1,750,000 400,000 Aureus Mining Inc. Options Reynolds, Adrian James 4 6/1/2012 50 1.05 250,000 50,000 Aureus Mining Inc. Options Thomson, Paul 5 6/1/2012 50 1.05 375,000 75,000 Aureus Mining Inc. Options White, Martin 5 6/1/2012 50 1.05 380,000 150,000 Aurizon Mines Ltd. Common Shares Bourcier, Christian 5 5/1/2012 51 2.95 4,500 2,500 Aurizon Mines Ltd. Common Shares Bourcier, Christian 5 5/1/2012 10 5.42 2,000 -2,500 Aurizon Mines Ltd. Options Incentive Bourcier, Christian 5 5/1/2012 51 2.95 276,250 -2,500 Automodular Corporation Common Shares Dell, Christopher 5 4/1/2012 97 1.85 81,145 21,145 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Dell, Christopher 5 4/1/2012 97 1.85 66,236 21,236 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Doyle, Travis 5 4/1/2012 97 1.85 56,385 31,571 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Doyle, Travis 5 4/1/2012 97 1.85 96,456 10,810 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Nutt, Christopher Stephen 5 4/1/2012 97 1.85 42,626 30,219 (formerly Algonquin Mercantile)

January 13, 2012 (2012) 35 OSCB 457 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Automodular Corporation Common Shares Nutt, Christopher Stephen 5 4/1/2012 97 1.85 281,475 12,162 (formerly Algonquin Mercantile) Avante Logixx Inc. Common Shares Verner, Leland 4, 5 4/1/2012 90 0.045 245,000 120,000 Avante Logixx Inc. Common Shares Verner, Leland 4, 5 4/1/2012 90 0.045 2,147,000 -120,000 Avanti Mining Inc. Common Shares Ali, Amjad Jaan 5 5/1/2012 10 0.108 10,939,833 160,000 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.5887 6,108,500 -38,500 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.635 6,108,100 -400 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.5916 6,107,500 -600 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.656 6,106,500 -1,000 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.61 6,106,300 -200 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.6581 6,105,200 -1,100 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.5309 6,023,400 -81,800 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.5 6,020,800 -2,600 AvenEx Energy Corp. Common Shares Clarke Inc. 3 4/1/2012 10 5.6296 5,904,000 -116,800 AvenEx Energy Corp. Common Shares Clarke Inc. 3 5/1/2012 10 5.67 5,854,000 -50,000 AvenEx Energy Corp. Common Shares Clarke Inc. 3 5/1/2012 10 5.67 5,845,600 -8,400 AvenEx Energy Corp. Common Shares Clarke Inc. 3 5/1/2012 10 5.67 5,845,400 -200 AvenEx Energy Corp. Common Shares Clarke Inc. 3 5/1/2012 10 5.67 5,835,800 -9,600 AvenEx Energy Corp. Common Shares Clarke Inc. 3 5/1/2012 10 5.65 5,785,800 -50,000 AvenEx Energy Corp. Common Shares O'Grady, Michelle 5 5/1/2012 51 2.88 94,942 33,000 AvenEx Energy Corp. Common Shares O'Grady, Michelle 5 5/1/2012 10 5.64 93,042 -1,900 AvenEx Energy Corp. Common Shares O'Grady, Michelle 5 5/1/2012 10 5.63 86,442 -6,600 AvenEx Energy Corp. Common Shares O'Grady, Michelle 5 5/1/2012 10 5.62 61,942 -24,500 AvenEx Energy Corp. Options O'Grady, Michelle 5 5/1/2012 51 2.88 67,800 -33,000 Azure Dynamics Corporation Rights Deferred Share Brigstocke, Nicholas 4 31/12/2011 56 391,763 115,385 Units Azure Dynamics Corporation Rights Deferred Share Colburn, John Brian 4 31/12/2011 56 491,684 230,769 Units Azure Dynamics Corporation Rights Deferred Share Deacon, Donald Campbell 4 31/12/2011 56 3,013,116 288,462 Units Azure Dynamics Corporation Rights Deferred Share Formisano, John Edward 4 31/12/2011 56 195,167 97,788 Units Azure Dynamics Corporation Rights Deferred Share Gouin, James Christopher 4 31/12/2011 56 446,500 125,000 Units Azure Dynamics Corporation Rights Deferred Share Padilla, James Jerome 4 31/12/2011 56 1,978,246 293,365 Units Azure Dynamics Corporation Rights Deferred Share Sharp, Dennis Ambrose 4 31/12/2011 56 521,634 115,385 Units B2Gold Corp. Common Shares Bongani, Mtshisi 4 30/12/2011 10 3.1057 37,600 -105,000 Baja Mining Corp. Common Shares ALBINSON, TAWN 5, 2 7/11/2007 10 2.22 -14,100 DEWEY Baja Mining Corp. Common Shares ALBINSON, TAWN 5, 2 7/11/2007 10 2.22 210,700 -14,300 DEWEY Baja Mining Corp. Common Shares ALBINSON, TAWN 5, 2 17/2/2011 51 0.4 250,000 125,000 DEWEY Baja Mining Corp. Common Shares ALBINSON, TAWN 5, 2 19/4/2011 10 1.274 240,000 -125,000 DEWEY Baja Mining Corp. Options ALBINSON, TAWN 5, 2 17/2/2011 51 0.4 125,000 DEWEY Baja Mining Corp. Options ALBINSON, TAWN 5, 2 17/2/2011 51 0.4 1,225,000 -125,000 DEWEY Baja Mining Corp. Common Shares Prosalendis, Gerald Denis 4 3/1/2012 10 0.85 63,000 13,000 Baja Mining Corp. Common Shares Prosalendis, Gerald Denis 4 3/1/2012 10 0.86 79,500 16,500 Baja Mining Corp. Common Shares Prosalendis, Gerald Denis 4 3/1/2012 10 0.87 95,000 15,500 Baja Mining Corp. Common Shares Prosalendis, Gerald Denis 4 3/1/2012 10 0.88 150,000 55,000 Bank of Montreal Deferred Share Units Ares, Jean-Michel 5 31/12/2011 56 5,707 901 Bank of Montreal Common Shares Chevrier, Robert 4 4/1/2012 51 57.04 7,723 Bank of Montreal Common Shares Chevrier, Robert 4 4/1/2012 51 57.04 7,723 Bank of Montreal Common Shares Chevrier, Robert 4 4/1/2012 51 36.01 17,500 4,723 Bank of Montreal Common Shares Chevrier, Robert 4 4/1/2012 51 43.25 20,500 3,000 Bank of Montreal Options Chevrier, Robert 4 4/1/2012 51 57.04 -7,723 Bank of Montreal Options Chevrier, Robert 4 4/1/2012 51 57.04 -7,723 Bank of Montreal Options Chevrier, Robert 4 4/1/2012 51 36.01 3,000 -4,723 Bank of Montreal Options Chevrier, Robert 4 4/1/2012 51 43.25 0 -3,000 Bank of Montreal Deferred Share Units Costello, Ellen Marie 5 31/12/2011 56 63,409 8,967 Bank of Montreal Deferred Share Units Downe, William 5 31/12/2011 56 185,123 25,201 Bank of Montreal Deferred Share Units Fish, Simon Adrian 5 31/12/2011 56 11,786 2,855 Bank of Montreal Common Shares GALLOWAY, DAVID 4 3/1/2012 51 36.01 7,500 7,500 ALEXANDER Bank of Montreal Common Shares GALLOWAY, DAVID 4 3/1/2012 10 56.14 0 -7,500 ALEXANDER Bank of Montreal Options GALLOWAY, DAVID 4 3/1/2012 51 36.01 3,000 -7,500 ALEXANDER

January 13, 2012 (2012) 35 OSCB 458 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bank of Montreal Deferred Share Units Milroy, Thomas 5 31/12/2011 56 194,314 10,584 Bank of Montreal Common Shares Orsino, Philip 4 30/12/2011 51 36.01 34,200 7,500 Bank of Montreal Options Orsino, Philip 4 30/12/2011 51 36.01 3,000 -7,500 Bank of Montreal Common Shares Prichard, John Robert 4 3/1/2012 51 36.01 11,500 7,500 Stobo Bank of Montreal Options Prichard, John Robert 4 3/1/2012 51 36.01 3,000 -7,500 Stobo Bank of Montreal Deferred Share Units Rudderham, Richard D. 5 31/12/2011 56 20,243 1,830 Bank of Montreal Common Shares Saucier, Guylaine 4 5/1/2012 51 36.01 6,500 6,500 Bank of Montreal Options Saucier, Guylaine 4 5/1/2012 51 56.87 -6,500 Bank of Montreal Options Saucier, Guylaine 4 5/1/2012 51 56.87 -6,500 Bank of Montreal Options Saucier, Guylaine 4 5/1/2012 51 36.01 3,000 -6,500 Bank of Montreal Deferred Share Units Techar, Frank J. 5 31/12/2011 56 68,765 3,797 Barkerville Gold Mines Ltd. Common Shares Callaghan, James Frances 4, 5 23/12/2011 11 0.85 1,857,393 404,100 Gerard Barkerville Gold Mines Ltd. Common Shares Callaghan, James Frances 4, 5 23/12/2011 11 0.85 1,039,633 404,100 Gerard Barkerville Gold Mines Ltd. Common Shares Callaghan, James Frances 4, 5 5/1/2012 10 0.85 842,781 -1,000,000 Gerard Barkerville Gold Mines Ltd. Warrants Callaghan, James Frances 4, 5 2/6/2003 00 Gerard Barkerville Gold Mines Ltd. Warrants Callaghan, James Frances 4, 5 23/12/2011 11 1.1 202,050 202,050 Gerard Barkerville Gold Mines Ltd. Warrants Callaghan, James Frances 4, 5 2/6/2003 00 Gerard Barkerville Gold Mines Ltd. Warrants Callaghan, James Frances 4, 5 23/12/2011 11 1.1 202,050 202,050 Gerard Barrick Gold Corporation Rights Restricted Share Atkinson, Kevin Matthew 7 31/12/2011 30 47.7 11,997 93 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Beck, Howard Leighton 4 31/12/2011 56 45.24 32,434 1,105 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Beck, Howard Leighton 4 31/12/2011 30 44.67 32,540 106 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Birchall, Charles William 4, 5 31/12/2011 30 44.67 4,004 13 Units (cash settled) David Barrick Gold Corporation Rights Restricted Share Buchanan, Paul Andrew 7 31/12/2011 30 47.7 2,639 28 Units (cash settled) Barrick Gold Corporation Rights Deferred Share CARTY, DONALD 4 31/12/2011 56 45.24 24,287 1,105 Units (cash settled) Barrick Gold Corporation Rights Deferred Share CARTY, DONALD 4 31/12/2011 30 44.67 24,365 78 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Cisneros, Gustavo Alfredo 4 31/12/2011 56 45.24 32,080 1,105 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Cisneros, Gustavo Alfredo 4 31/12/2011 30 44.67 32,184 104 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Crossgrove, Peter 4 31/12/2011 56 45.24 21,332 1,105 Units (cash settled) Alexander Barrick Gold Corporation Rights Deferred Share Crossgrove, Peter 4 31/12/2011 30 44.67 21,400 68 Units (cash settled) Alexander Barrick Gold Corporation Rights Performance Dushnisky, Kelvin Paul 5 31/12/2011 30 47.7 37,896 405 Restricted Share Units Michael (cash settled) Barrick Gold Corporation Rights Performance Dushnisky, Kelvin Paul 5 31/12/2011 58 - Expiration 20,716 -17,180 Restricted Share Units Michael of rights (cash settled)

Barrick Gold Corporation Rights Restricted Share Dushnisky, Kelvin Paul 5 31/12/2011 30 47.7 45,176 569 Units (cash settled) Michael Barrick Gold Corporation Rights Restricted Share Feehan, Michael Thomas 5 1/1/2012 00 9,693 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Franklin, Robert 4 31/12/2011 56 45.24 13,242 608 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Franklin, Robert 4 31/12/2011 30 44.67 13,285 43 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Galbraith, Stephen Robin 7 31/12/2011 30 47.7 7,190 68 Units (cash settled) Barrick Gold Corporation Rights Performance Gonzales, Igor 5 31/12/2011 30 47.7 8,628 92 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Gonzales, Igor 5 31/12/2011 58 - Expiration 4,785 -3,843 Restricted Share Units of rights (cash settled)

January 13, 2012 (2012) 35 OSCB 459 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Barrick Gold Corporation Rights Restricted Share Gonzales, Igor 5 31/12/2011 30 47.7 4,784 80 Units (cash settled) Barrick Gold Corporation Rights Performance Halverson, Gary Bernard 5 31/12/2011 30 47.7 6,258 67 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Restricted Share Halverson, Gary Bernard 5 31/12/2011 30 47.7 18,770 235 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Harvey, Joseph Brett 4 31/12/2011 56 45.24 13,503 608 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Harvey, Joseph Brett 4 31/12/2011 30 44.67 13,546 43 Units (cash settled) Barrick Gold Corporation Rights Performance Kinver, Peter James Vivian 5 31/12/2011 30 47.7 54,701 584 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Kinver, Peter James Vivian 5 31/12/2011 58 - Expiration 31,037 -23,664 Restricted Share Units of rights (cash settled) Barrick Gold Corporation Rights Restricted Share Kinver, Peter James Vivian 5 31/12/2011 30 47.7 31,037 452 Units (cash settled) Barrick Gold Corporation Rights Performance Krcmarov, Robert Ljubomir 5 31/12/2011 30 47.7 7,426 80 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Restricted Share Krcmarov, Robert Ljubomir 5 31/12/2011 30 47.7 7,426 105 Units (cash settled) Barrick Gold Corporation Rights Performance Lang, Gregory Anthony 5 31/12/2011 30 47.7 8,289 89 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Lang, Gregory Anthony 5 31/12/2011 58 - Expiration 4,474 -3,815 Restricted Share Units of rights (cash settled) Barrick Gold Corporation Rights Restricted Share Lang, Gregory Anthony 5 31/12/2011 30 47.7 4,474 78 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Mavor, James Whyte 5 31/12/2011 30 47.7 8,979 81 Units (cash settled) Barrick Gold Corporation Rights Restricted Share McCreary, Richard Grant 5 31/12/2011 30 47.7 25,015 208 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Measom, Blake Lawrence 7 31/12/2011 30 47.7 11,133 95 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Moyo, Dambisa 4 31/12/2011 56 45.24 1,643 608 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Moyo, Dambisa 4 31/12/2011 30 44.67 1,646 3 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Mullany, Ivan John 5 31/12/2011 30 47.7 11,816 56 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Munk, Anthony 4 31/12/2011 56 45.24 21,332 1,105 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Munk, Anthony 4 31/12/2011 30 44.67 21,400 68 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Munk, Peter 4, 5 31/12/2011 30 47.7 390 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Munk, Peter 4, 5 31/12/2011 30 47.7 390 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Munk, Peter 4, 5 31/12/2011 30 47.7 36,590 390 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Pon, Calvin Francis 5 31/12/2011 30 47.7 16,617 103 Units (cash settled) Barrick Gold Corporation Rights Performance Regent, Aaron William 4, 5 31/12/2011 30 47.7 598 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Regent, Aaron William 4, 5 31/12/2011 30 47.7 598 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Regent, Aaron William 4, 5 31/12/2011 30 47.7 56,131 598 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Restricted Share Regent, Aaron William 4, 5 31/12/2011 30 47.7 1,142 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Regent, Aaron William 4, 5 31/12/2011 30 47.7 1,142 Units (cash settled) Barrick Gold Corporation Rights Restricted Share Regent, Aaron William 4, 5 31/12/2011 30 47.7 56,131 1,142 Units (cash settled) Barrick Gold Corporation Rights Performance Ritz, Donald David 5 31/12/2011 30 47.7 6,747 72 Restricted Share Units (cash settled)

January 13, 2012 (2012) 35 OSCB 460 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Barrick Gold Corporation Rights Restricted Share Ritz, Donald David 5 31/12/2011 30 47.7 6,747 93 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Rothschild, Nathaniel Phillip 4 31/12/2011 56 45.24 6,450 1,105 Units (cash settled) Victor James Barrick Gold Corporation Rights Deferred Share Rothschild, Nathaniel Phillip 4 31/12/2011 30 44.67 6,468 18 Units (cash settled) Victor James Barrick Gold Corporation Rights Deferred Share Shapiro, Steven J. 4 31/12/2011 56 45.24 15,557 608 Units (cash settled) Barrick Gold Corporation Rights Deferred Share Shapiro, Steven J. 4 31/12/2011 30 44.67 15,607 50 Units (cash settled) Barrick Gold Corporation Rights Performance Sokalsky, Jamie Calvin 5 31/12/2011 30 47.7 53,483 571 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Performance Sokalsky, Jamie Calvin 5 31/12/2011 58 - Expiration 29,819 -23,664 Restricted Share Units of rights (cash settled) Barrick Gold Corporation Rights Restricted Share Sokalsky, Jamie Calvin 5 31/12/2011 30 47.7 29,819 438 Units (cash settled) Barrick Gold Corporation Rights Performance Veenman, Sybil Elsa 5 31/12/2011 30 47.7 3,842 41 Restricted Share Units (cash settled) Barrick Gold Corporation Rights Restricted Share Veenman, Sybil Elsa 5 31/12/2011 30 47.7 13,881 181 Units (cash settled) Baytex Energy Corp. Common Shares Ramsay, Richard 5 4/1/2012 57 30.08 22,912 12,500 Baytex Energy Corp. Common Shares Ramsay, Richard 5 4/1/2012 10 58.3 15,521 -7,391 Baytex Energy Corp. Incentive Rights Ramsay, Richard 5 4/1/2012 57 30.08 50,000 -12,500 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 57 19.58 54,481 25,000 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 10 57.25 44,481 -10,000 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 10 57.8 29,481 -15,000 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 57 17.97 54,481 25,000 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 10 58 29,781 -24,700 Baytex Energy Corp. Common Shares Smith, Mark Fraser 5 3/1/2012 10 58.02 29,481 -300 Baytex Energy Corp. Incentive Rights Smith, Mark Fraser 5 3/1/2012 57 19.58 75,000 -25,000 Baytex Energy Corp. Incentive Rights Smith, Mark Fraser 5 3/1/2012 57 17.97 50,000 -25,000 BCE Inc. Share Units Allen, Barry Keith 4 31/12/2011 56 42.47 6,283 515 BCE Inc. Share Units Bérard, André 4 31/12/2011 56 42.47 45,959 1,030 BCE Inc. Share Units Brenneman, Ron A. 4 31/12/2011 56 42.47 37,015 662 BCE Inc. Share Units Brochu, Sophie 4 31/12/2011 56 42.47 7,964 1,030 BCE Inc. Share Units Brown, Robert Ellis 4 31/12/2011 56 42.47 5,724 589 BCE Inc. Share Units Fell, Anthony S. 4 31/12/2011 56 42.47 45,959 1,030 BCE Inc. Share Units Lumley, Edward C. 4 31/12/2011 56 42.47 31,718 1,177 BCE Inc. Share Units O'Neill, Thomas Charles 4 31/12/2011 56 42.47 24,847 1,030 BCE Inc. Share Units Prentice, Peter Eric James 4 31/12/2011 56 42.47 1,736 942

BCE Inc. Share Units Simmonds, Robert 4 31/12/2011 56 42.47 2,144 1,030 BCE Inc. Share Units Taylor, Carole S. 4 31/12/2011 56 42.47 3,301 515 BCE Inc. Share Units Weiss, Paul Raymond 4 31/12/2011 56 42.47 16,559 662 Beacon Acquisition Partners Common Shares Mather, Robert P. 4, 5 6/1/2012 51 0.2 480,000 150,000 Inc. Beacon Acquisition Partners Options Mather, Robert P. 4, 5 5/1/2012 51 0.2 30,000 -150,000 Inc. Becker Gold Mines Ltd. Common Shares Husband, Ronald 4 27/12/2011 22 0.15 187,500 133,333 Becker Gold Mines Ltd. Common Shares Kenwood, Stephen 4 27/12/2011 22 0.15 754,600 704,600 Bell Aliant Inc. Equity Swap (Common Bell Aliant Regional 2 30/12/2011 70 28.1 773,770 12,861 Shares) Communications, Limited Partnership Bell Aliant Inc. Equity Swap #2 (common Bell Aliant Regional 2 30/12/2011 70 28.1 254,226 4,226 shares) Communications, Limited Partnership Bell Aliant Inc. Equity Swap #3 (common Bell Aliant Regional 2 30/12/2011 70 28.1 228,803 3,803 shares) Communications, Limited Partnership Bell Aliant Inc. Rights Deferred Share Bell, Mary-Ann 5 30/12/2011 30 28.102 62,410 1,038 Units (Employee) Bell Aliant Inc. Rights Deferred Share Bell, Mary-Ann 5 1/1/2012 56 27.57 72,022 9,612 Units (Employee) Bell Aliant Inc. Rights Deferred Share Crooks, Frederick 5 30/12/2011 30 28.102 79,395 1,320 Units (Employee) Bell Aliant Inc. Rights Deferred Share Crooks, Frederick 5 1/1/2012 56 27.57 92,852 13,457 Units (Employee) Bell Aliant Inc. Rights Deferred Share Hartlen, Charles 5 30/12/2011 30 28.102 64,206 1,067 Units (Employee) Bell Aliant Inc. Rights Deferred Share Hartlen, Charles 5 1/1/2012 56 27.57 75,124 10,918 Units (Employee)

January 13, 2012 (2012) 35 OSCB 461 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bell Aliant Inc. Rights Deferred Share LeBlanc, Glen 5 30/12/2011 30 28.102 124,967 2,077 Units (Employee) Bell Aliant Inc. Rights Deferred Share LeBlanc, Glen 5 1/1/2012 56 27.57 144,055 19,088 Units (Employee) Bell Aliant Inc. Rights Deferred Share MacGregor, Roderick 5 30/12/2011 30 28.102 38,317 637 Units (Employee) Bell Aliant Inc. Rights Deferred Share MacGregor, Roderick 5 1/1/2012 56 27.57 45,310 6,993 Units (Employee) Bell Aliant Inc. Rights Deferred Share McKeen, Daniel 5 30/12/2011 30 28.102 28,038 466 Units (Employee) Bell Aliant Inc. Rights Deferred Share McKeen, Daniel 5 1/1/2012 56 27.57 39,862 11,824 Units (Employee) Bell Aliant Inc. Rights Deferred Share Sheriff, Karen 5 30/12/2011 30 28.102 203,451 3,382 Units (Employee) Bell Aliant Inc. Rights Deferred Share Sheriff, Karen 5 1/1/2012 56 27.57 254,231 50,780 Units (Employee) Bellatrix Exploration Ltd. Deferred Share Units Johnson, Robert Anthony 4 30/12/2011 56 4.8 27,892 2,292 Bison Gold Resources Inc. Common Shares Chabursky, Borys 4 29/12/2011 10 0.16 3,598,611 312,500 Bison Gold Resources Inc. Warrants Chabursky, Borys 4 29/12/2011 16 0.25 1,795,139 156,250 Bison Gold Resources Inc. Common Shares Mousavi, Amir 5 4/3/2011 00 Bison Gold Resources Inc. Common Shares Mousavi, Amir 5 29/12/2011 11 0.16 31,250 31,250 Black Iron Inc. Options Simpson, Matthew James 5 3/1/2012 50 0.54 1,100,000 350,000 Black Smoker Ventures Inc. Common Shares Seabolt, Carson 4 27/5/2011 00

Black Smoker Ventures Inc. Common Shares Seabolt, Carson 4 14/12/2011 90 300,000 300,000

BlackPearl Resources Inc. Common Shares Hill, Keith Charles 4, 5 3/1/2012 51 0.77 195,200 100,000 BlackPearl Resources Inc. Common Shares Hill, Keith Charles 4, 5 3/1/2012 10 4.475 95,200 -100,000 BlackPearl Resources Inc. Common Shares Hill, Keith Charles 4, 5 6/1/2012 51 0.77 195,200 100,000 BlackPearl Resources Inc. Common Shares Hill, Keith Charles 4, 5 6/1/2012 10 4.701 95,200 -100,000 BlackPearl Resources Inc. Options Hill, Keith Charles 4, 5 3/1/2012 51 0.77 1,020,000 -100,000 BlackPearl Resources Inc. Options Hill, Keith Charles 4, 5 6/1/2012 51 0.77 920,000 -100,000 Blind Creek Resources Ltd. Common Shares Callaghan, James Frances 4 22/12/2011 10 0.099 6,330,000 330,000 Gerard Blutip Power Technologies Convertible Debentures Coghill Capital 3 29/12/2011 11 0.1 $3,400,000 $800,000 Ltd. (formerly Hy-Drive Sr Sec Conv Note w. Management, LLC Technologies Ltd.) convert restrictions

Blutip Power Technologies Warrants Subject to Coghill Capital 3 29/12/2011 11 0.1 36,500,000 8,000,000 Ltd. (formerly Hy-Drive ownership restrictions Management, LLC Technologies Ltd.)

BNK Petroleum Inc. Common Shares Nicholson, Ford 4 30/12/2011 10 1.55 7,476,197 50,000 Boardwalk Real Estate Deferred Units (Convert to Brimmell, Jonathan David 5 30/12/2011 30 50.88 10,813 955 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Burns, Patrick Dean 5 30/12/2011 30 50.88 18,988 1,212 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Chidley, William Glenn 5 30/12/2011 30 50.88 28,454 1,624 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Denis, Jean 5 30/12/2011 30 50.88 16,865 986 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to DEWALD, James Richard 4 30/12/2011 30 50.88 11,977 236 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Dingle, Ian Peter 5 30/12/2011 30 50.88 5,713 678 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to GEREMIA, ROBERTO 5 30/12/2011 30 50.88 34,266 2,118 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Goodman, Gary Michael 4 30/12/2011 30 50.88 7,671 432 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Guyette, Michael 5 30/12/2011 30 50.88 6,455 410 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Havener, Jr., Arthur Lee 4 30/12/2011 30 50.88 11,341 432 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Mahajan, Kelly Kulwant 5 30/12/2011 30 50.88 3,753 635 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Mawani, Al 4 30/12/2011 30 50.88 12,918 315 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Mix, Helen May 5 30/12/2011 30 50.88 11,237 903 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Russell, Lisa Maureen 5 30/12/2011 30 50.88 13,360 960 Investment Trust TU and/or cash) Boardwalk Real Estate Deferred Units (Convert to Wong, William 5 30/12/2011 30 50.88 20,066 1,337 Investment Trust TU and/or cash)

January 13, 2012 (2012) 35 OSCB 462 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Boardwalk Real Estate Deferred Units (Convert to Zigomanis, William 4 30/12/2011 30 50.88 5,470 825 Investment Trust TU and/or cash) Bolero Resources Corp. Common Shares Duncan, Robert Bruce 4, 5 22/12/2011 10 0.1 2,505,933 7,000 Bolero Resources Corp. Common Shares Duncan, Robert Bruce 4, 5 30/12/2011 10 0.1 2,518,933 13,000 Bolero Resources Corp. Common Shares Duncan, Robert Bruce 4, 5 5/1/2012 10 0.1 2,546,933 28,000 Bonavista Energy Common Shares Hamilton, Glenn A. 5 3/1/2012 57 26.07 65,895 536 Corporation Bonavista Energy Options Hamilton, Glenn A. 5 3/1/2012 50 26.07 88,096 13,096 Corporation Bonavista Energy Options Hamilton, Glenn A. 5 3/1/2012 50 26.07 101,192 13,096 Corporation Bonavista Energy Options Hamilton, Glenn A. 5 3/1/2012 50 26.07 114,288 13,096 Corporation Bonavista Energy Restricted Share Awards Hamilton, Glenn A. 5 3/1/2012 57 26.07 4,170 -834 Corporation (RSA) Bonavista Energy Restricted Share Awards Hamilton, Glenn A. 5 3/1/2012 56 26.07 5,933 1,763 Corporation (RSA) Bonavista Energy Restricted Share Awards Hamilton, Glenn A. 5 3/1/2012 56 26.07 7,696 1,763 Corporation (RSA) Bonavista Energy Restricted Share Awards Hamilton, Glenn A. 5 3/1/2012 56 26.07 9,459 1,763 Corporation (RSA) Bonavista Energy Common Shares Hanson, Scott Harlan 5 30/12/2011 57 25.82 8,293 331 Corporation Bonavista Energy Common Shares Hanson, Scott Harlan 5 3/1/2012 57 26.07 8,807 514 Corporation Bonavista Energy Options Hanson, Scott Harlan 5 3/1/2012 50 26.07 61,200 7,200 Corporation Bonavista Energy Options Hanson, Scott Harlan 5 3/1/2012 50 26.07 68,400 7,200 Corporation Bonavista Energy Options Hanson, Scott Harlan 5 3/1/2012 50 26.07 75,600 7,200 Corporation Bonavista Energy Restricted Share Awards Hanson, Scott Harlan 5 3/1/2012 57 26.07 4,000 -800 Corporation (RSA) Bonavista Energy Restricted Share Awards Hanson, Scott Harlan 5 3/1/2012 56 26.07 4,950 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Hanson, Scott Harlan 5 3/1/2012 56 26.07 5,900 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Hanson, Scott Harlan 5 3/1/2012 56 26.07 6,850 950 Corporation (RSA) Bonavista Energy Restricted Share Units Hanson, Scott Harlan 5 30/12/2011 57 25.82 0 -450 Corporation (RSU) Bonavista Energy Common Shares Jensen, Bruce Wayne 5 30/12/2011 57 25.82 25,579 390 Corporation Bonavista Energy Common Shares Jensen, Bruce Wayne 5 3/1/2012 57 26.07 25,888 309 Corporation Bonavista Energy Common Shares Jensen, Bruce Wayne 5 3/1/2012 57 26.07 26,370 482 Corporation Bonavista Energy Options Jensen, Bruce Wayne 5 3/1/2012 50 26.07 58,200 7,200 Corporation Bonavista Energy Options Jensen, Bruce Wayne 5 3/1/2012 50 26.07 65,400 7,200 Corporation Bonavista Energy Options Jensen, Bruce Wayne 5 3/1/2012 50 26.07 72,600 7,200 Corporation Bonavista Energy Restricted Share Awards Jensen, Bruce Wayne 5 3/1/2012 57 26.07 3,750 -750 Corporation (RSA) Bonavista Energy Restricted Share Awards Jensen, Bruce Wayne 5 3/1/2012 56 26.07 4,700 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Jensen, Bruce Wayne 5 3/1/2012 56 26.07 5,650 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Jensen, Bruce Wayne 5 3/1/2012 56 26.07 6,600 950 Corporation (RSA) Bonavista Energy Restricted Share Units Jensen, Bruce Wayne 5 30/12/2011 57 25.82 1,800 -530 Corporation (RSU) Bonavista Energy Restricted Share Units Jensen, Bruce Wayne 5 3/1/2012 57 26.07 1,350 -450 Corporation (RSU) Bonavista Energy Common Shares Kanovsky, Michael Manuel 4 3/1/2012 57 9,409 413 Corporation Bonavista Energy Restricted Share Units Kanovsky, Michael Manuel 4 3/1/2012 58 - Expiration 1,800 -600 Corporation (RSU) of rights

January 13, 2012 (2012) 35 OSCB 463 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bonavista Energy Common Shares Knutson, Harry Louis 4 3/1/2012 57 802 413 Corporation Bonavista Energy Restricted Share Units Knutson, Harry Louis 4 3/1/2012 11 -600 Corporation (RSU) Bonavista Energy Restricted Share Units Knutson, Harry Louis 4 3/1/2012 58 - Expiration 1,800 -600 Corporation (RSU) of rights

Bonavista Energy Common Shares Kobelka, Dean Mark 5 3/1/2012 57 26.07 39,630 514 Corporation Bonavista Energy Options Kobelka, Dean Mark 5 3/1/2012 50 26.07 61,200 7,200 Corporation Bonavista Energy Options Kobelka, Dean Mark 5 3/1/2012 50 26.07 68,400 7,200 Corporation Bonavista Energy Options Kobelka, Dean Mark 5 3/1/2012 50 26.07 75,600 7,200 Corporation Bonavista Energy Restricted Share Awards Kobelka, Dean Mark 5 3/1/2012 57 26.07 4,000 -800 Corporation (RSA) Bonavista Energy Restricted Share Awards Kobelka, Dean Mark 5 3/1/2012 56 26.07 4,950 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Kobelka, Dean Mark 5 3/1/2012 56 26.07 5,900 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Kobelka, Dean Mark 5 3/1/2012 56 26.07 6,850 950 Corporation (RSA) Bonavista Energy Options MacPhail, Keith A.J. 4, 5 3/1/2012 50 26.07 58,337 8,333 Corporation Bonavista Energy Options MacPhail, Keith A.J. 4, 5 3/1/2012 50 26.07 66,670 8,333 Corporation Bonavista Energy Options MacPhail, Keith A.J. 4, 5 3/1/2012 50 26.07 75,004 8,334 Corporation Bonavista Energy Common Shares McKenzie, Margaret Anne 4 3/1/2012 57 9,190 413 Corporation Bonavista Energy Restricted Share Units McKenzie, Margaret Anne 4 3/1/2012 57 1,800 -600 Corporation (RSU) Bonavista Energy Common Shares Merkel, Wayne Edward 5 30/12/2011 57 25.82 41,132 390 Corporation Bonavista Energy Common Shares Merkel, Wayne Edward 5 3/1/2012 57 26.07 41,441 309 Corporation Bonavista Energy Common Shares Merkel, Wayne Edward 5 3/1/2012 57 26.07 41,923 482 Corporation Bonavista Energy Options Merkel, Wayne Edward 5 3/1/2012 50 26.07 58,200 7,200 Corporation Bonavista Energy Options Merkel, Wayne Edward 5 3/1/2012 50 26.07 65,400 7,200 Corporation Bonavista Energy Options Merkel, Wayne Edward 5 3/1/2012 50 26.07 72,600 7,200 Corporation Bonavista Energy Restricted Share Awards Merkel, Wayne Edward 5 3/1/2012 57 26.07 3,750 -750 Corporation (RSA) Bonavista Energy Restricted Share Awards Merkel, Wayne Edward 5 3/1/2012 56 26.07 4,700 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Merkel, Wayne Edward 5 3/1/2012 56 26.07 5,650 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Merkel, Wayne Edward 5 3/1/2012 56 26.07 6,600 950 Corporation (RSA) Bonavista Energy Restricted Share Units Merkel, Wayne Edward 5 30/12/2011 57 25.82 1,800 -530 Corporation (RSU) Bonavista Energy Restricted Share Units Merkel, Wayne Edward 5 3/1/2012 57 26.07 1,350 -450 Corporation (RSU) Bonavista Energy Common Share Rights Mullane, Tom 5 4/1/2012 51 10.75 114,000 -5,000 Corporation (TURIPS) Bonavista Energy Common Shares Mullane, Tom 5 3/1/2012 57 26.07 72,791 514 Corporation Bonavista Energy Common Shares Mullane, Tom 5 4/1/2012 51 10.75 77,791 5,000 Corporation Bonavista Energy Common Shares Mullane, Tom 5 4/1/2012 10 26.57 77,291 -500 Corporation Bonavista Energy Common Shares Mullane, Tom 5 4/1/2012 10 26.56 76,591 -700 Corporation Bonavista Energy Common Shares Mullane, Tom 5 4/1/2012 10 26.55 72,791 -3,800 Corporation

January 13, 2012 (2012) 35 OSCB 464 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bonavista Energy Options Mullane, Tom 5 3/1/2012 50 26.07 60,700 6,700 Corporation Bonavista Energy Options Mullane, Tom 5 3/1/2012 50 26.07 67,400 6,700 Corporation Bonavista Energy Options Mullane, Tom 5 3/1/2012 50 26.07 74,100 6,700 Corporation Bonavista Energy Restricted Share Awards Mullane, Tom 5 3/1/2012 57 26.07 4,000 -800 Corporation (RSA) Bonavista Energy Restricted Share Awards Mullane, Tom 5 3/1/2012 56 26.07 4,900 900 Corporation (RSA) Bonavista Energy Restricted Share Awards Mullane, Tom 5 3/1/2012 56 26.07 5,800 900 Corporation (RSA) Bonavista Energy Restricted Share Awards Mullane, Tom 5 3/1/2012 56 26.07 6,700 900 Corporation (RSA) Bonavista Energy Options Poelzer, Ronald J.M. 4, 5 3/1/2012 50 26.07 58,337 8,333 Corporation Bonavista Energy Options Poelzer, Ronald J.M. 4, 5 3/1/2012 50 26.07 66,670 8,333 Corporation Bonavista Energy Options Poelzer, Ronald J.M. 4, 5 3/1/2012 50 26.07 75,004 8,334 Corporation Bonavista Energy Common Shares Robinson, Lynda Julie 5 3/1/2012 57 26.07 17,299 429 Corporation Bonavista Energy Options Robinson, Lynda Julie 5 3/1/2012 50 26.07 52,800 6,300 Corporation Bonavista Energy Options Robinson, Lynda Julie 5 3/1/2012 50 26.07 59,100 6,300 Corporation Bonavista Energy Options Robinson, Lynda Julie 5 3/1/2012 50 26.07 65,400 6,300 Corporation Bonavista Energy Restricted Share Awards Robinson, Lynda Julie 5 3/1/2012 57 26.07 3,335 -667 Corporation (RSA) Bonavista Energy Restricted Share Awards Robinson, Lynda Julie 5 3/1/2012 56 26.07 4,205 870 Corporation (RSA) Bonavista Energy Restricted Share Awards Robinson, Lynda Julie 5 3/1/2012 56 26.07 5,075 870 Corporation (RSA) Bonavista Energy Restricted Share Awards Robinson, Lynda Julie 5 3/1/2012 56 26.07 5,945 870 Corporation (RSA) Bonavista Energy Common Shares Skehar, Jason Edward 5 3/1/2012 57 26.07 67,466 751 Corporation Bonavista Energy Options Skehar, Jason Edward 5 3/1/2012 50 26.07 113,504 18,500 Corporation Bonavista Energy Options Skehar, Jason Edward 5 3/1/2012 50 26.07 132,004 18,500 Corporation Bonavista Energy Options Skehar, Jason Edward 5 3/1/2012 50 26.07 150,504 18,500 Corporation Bonavista Energy Restricted Share Awards Skehar, Jason Edward 5 3/1/2012 57 26.07 5,835 -1,167 Corporation (RSA) Bonavista Energy Restricted Share Awards Skehar, Jason Edward 5 3/1/2012 56 26.07 8,335 2,500 Corporation (RSA) Bonavista Energy Restricted Share Awards Skehar, Jason Edward 5 3/1/2012 56 26.07 10,835 2,500 Corporation (RSA) Bonavista Energy Restricted Share Awards Skehar, Jason Edward 5 3/1/2012 56 26.07 13,335 2,500 Corporation (RSA) Bonavista Energy Common Shares Spence, Harold R. 5 3/1/2012 57 26.07 196,180 514 Corporation Bonavista Energy Options Spence, Harold R. 5 3/1/2012 50 26.07 61,200 7,200 Corporation Bonavista Energy Options Spence, Harold R. 5 3/1/2012 50 26.07 68,400 7,200 Corporation Bonavista Energy Options Spence, Harold R. 5 3/1/2012 50 26.07 75,600 7,200 Corporation Bonavista Energy Restricted Share Awards Spence, Harold R. 5 3/1/2012 57 26.07 4,000 -800 Corporation (RSA) Bonavista Energy Restricted Share Awards Spence, Harold R. 5 3/1/2012 56 26.07 4,950 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Spence, Harold R. 5 3/1/2012 56 26.07 5,900 950 Corporation (RSA) Bonavista Energy Restricted Share Awards Spence, Harold R. 5 3/1/2012 56 26.07 6,850 950 Corporation (RSA) Bonavista Energy Common Shares Thiessen, Johannes H. 5 30/12/2011 10 26.25 37,872 -1,600 Corporation Bonavista Energy Common Shares Thiessen, Johannes H. 5 3/1/2012 57 26.07 38,386 514 Corporation

January 13, 2012 (2012) 35 OSCB 465 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bonavista Energy Common Shares Thiessen, Johannes H. 5 3/1/2012 10 26.406 29,986 -8,400 Corporation Bonavista Energy Options Thiessen, Johannes H. 5 3/1/2012 50 26.07 60,700 6,700 Corporation Bonavista Energy Options Thiessen, Johannes H. 5 3/1/2012 50 26.07 67,400 6,700 Corporation Bonavista Energy Options Thiessen, Johannes H. 5 3/1/2012 50 26.07 74,100 6,700 Corporation Bonavista Energy Restricted Share Awards Thiessen, Johannes H. 5 3/1/2012 57 26.07 4,000 -800 Corporation (RSA) Bonavista Energy Restricted Share Awards Thiessen, Johannes H. 5 3/1/2012 56 26.07 4,900 900 Corporation (RSA) Bonavista Energy Restricted Share Awards Thiessen, Johannes H. 5 3/1/2012 56 26.07 5,800 900 Corporation (RSA) Bonavista Energy Restricted Share Awards Thiessen, Johannes H. 5 3/1/2012 56 26.07 6,700 900 Corporation (RSA) Bonavista Energy Common Shares Yeates, Walter Charles 4 3/1/2012 57 26.07 11,413 413 Corporation Bonavista Energy Restricted Share Units Yeates, Walter Charles 4 3/1/2012 57 26.07 1,800 -600 Corporation (RSU) Bonavista Energy Common Shares Zawalsky, Grant A. 5 3/1/2012 57 20,836 413 Corporation Bonavista Energy Restricted Share Units Zawalsky, Grant A. 5 3/1/2012 57 1,800 -600 Corporation (RSU) Bonnett's Energy Corp. Common Shares Torgerson, Kelvin D. 3, 4 4/1/2012 10 3 151,700 100,000 Brixton Metals Corporation Common Shares Kayll, Glen 4 6/1/2012 10 0.237 1,830,998 100,000

Brookfield Asset Common Shares Class A Blattman, Barry S. 7 3/1/2012 51 16.92 20,000 20,000 Management Inc. Limited Voting Brookfield Asset Common Shares Class A Blattman, Barry S. 7 3/1/2012 10 28.299 0 -20,000 Management Inc. Limited Voting Brookfield Asset Options Blattman, Barry S. 7 3/1/2012 51 16.92 1,592,500 -20,000 Management Inc. Brookfield Asset Deferred Share Units Coutu, Marcel R. 4 30/11/2011 30 28.49 15,433 71 Management Inc. Brookfield Asset Deferred Share Units Coutu, Marcel R. 4 30/12/2011 56 28.04 16,213 780 Management Inc. Brookfield Asset Deferred Share Units Eyton, J. Trevor 4 30/11/2011 30 28.49 10,773 50 Management Inc. Brookfield Asset Deferred Share Units Eyton, J. Trevor 4 30/12/2011 56 28.04 11,442 669 Management Inc. Brookfield Asset Deferred Share Units Gray, James K. 4 30/11/2011 30 28.49 38,344 178 Management Inc. Brookfield Asset Deferred Share Units Gray, James K. 4 30/12/2011 56 28.04 39,013 669 Management Inc. Brookfield Asset Deferred Share Units Kempston Darkes, V. 4 30/11/2011 30 28.49 19,278 89 Management Inc. Maureen Brookfield Asset Deferred Share Units Kempston Darkes, V. 4 30/12/2011 56 28.04 19,613 335 Management Inc. Maureen Brookfield Asset Deferred Share Units Kerr, David Wylie 4 30/11/2011 30 28.49 9,306 43 Management Inc. Brookfield Asset Deferred Share Units Kerr, David Wylie 4 30/12/2011 56 28.04 9,640 334 Management Inc. Brookfield Asset Deferred Share Units Liebman, Lance Malcolm 4 30/11/2011 30 28.49 16,645 77 Management Inc. Brookfield Asset Deferred Share Units Liebman, Lance Malcolm 4 30/12/2011 56 28.04 17,381 736 Management Inc. Brookfield Asset Deferred Share Units Lind, Philip Bridgman 4 30/11/2011 30 28.49 56,270 261 Management Inc. Brookfield Asset Deferred Share Units Lind, Philip Bridgman 4 30/12/2011 56 28.04 57,607 1,337 Management Inc. Brookfield Asset Deferred Share Units McKenna, Frank 4 30/11/2011 30 28.49 30,648 142 Management Inc. Brookfield Asset Deferred Share Units McKenna, Frank 4 30/12/2011 56 28.04 33,769 3,121 Management Inc. Brookfield Asset Deferred Share Units MINTZ, JACK MAURICE 4 30/11/2011 30 28.49 35,761 166 Management Inc. Brookfield Asset Deferred Share Units MINTZ, JACK MAURICE 4 30/12/2011 56 28.04 37,098 1,337 Management Inc. Brookfield Asset Deferred Share Units Nasr, Youssef 8 30/11/2011 30 28.49 2,225 10 Management Inc. Brookfield Asset Deferred Share Units Nasr, Youssef 8 30/12/2011 56 28.04 2,894 669 Management Inc.

January 13, 2012 (2012) 35 OSCB 466 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Brookfield Asset Deferred Share Units Pattison, James A. 4 30/11/2011 30 28.49 27,049 125 Management Inc. Brookfield Asset Deferred Share Units Pattison, James A. 4 30/12/2011 56 28.04 28,387 1,338 Management Inc. Brookfield Asset Common Shares Class A Taylor, George Simpson 4 3/1/2012 51 8.5096 121,418 16,875 Management Inc. Limited Voting Brookfield Asset Deferred Share Units Taylor, George Simpson 4 30/11/2011 30 28.49 48,425 224 Management Inc. Brookfield Asset Deferred Share Units Taylor, George Simpson 4 30/12/2011 56 28.04 49,094 669 Management Inc. Brookfield Asset Options Taylor, George Simpson 4 3/1/2012 51 8.5096 0 -16,875 Management Inc. Brookfield Renewable Limited Partnership Units Van Egmond, John 4 29/12/2011 00 500 Energy Partners L.P. Brookfield Renewable Power Common Shares Brookfield Renewable 3 28/11/2011 00 Preferred Equity Inc. Energy Partners L.P. Brookfield Renewable Power Common Shares Brookfield Renewable 3 1/1/2012 97 1 1 Preferred Equity Inc. Energy Partners L.P. Brookfield Renewable Power Common Shares Brookfield Renewable 3 1/1/2012 97 0 -1 Preferred Equity Inc. Energy Partners L.P. Bucking Horse Energy Inc. Common Shares Bucking Horse Energy Inc. 1 28/12/2011 10 3.2 44,900 5,300

Bucking Horse Energy Inc. Common Shares Bucking Horse Energy Inc. 1 28/12/2011 10 3.2 45,100 200

Cadillac Ventures Inc. Common Shares Brewster, Norman 5 4/1/2012 10 0.2 1,679,000 15,000 Cadillac Ventures Inc. Options Felenc, Jacques Andre 5 3/1/2012 00 450,000 Fernand CAE Inc. Deferred Share Units Barents, Brian 4 31/12/2011 56 9.69 52,919 2,530 CAE Inc. Deferred Share Units Craig, John A. 4 31/12/2011 56 9.69 54,431 1,894 CAE Inc. Deferred Share Units Emerson, Harry Garfield 4 31/12/2011 56 9.69 73,065 1,328 CAE Inc. Deferred Share Units Fortier, Michael M 4 31/12/2011 56 9.69 11,686 2,618 CAE Inc. Deferred Share Units Gagne, Paul Ernest 4 31/12/2011 56 9.69 54,308 3,435 CAE Inc. Deferred Share Units Hankinson, James Floyd 4 31/12/2011 56 9.69 86,538 2,476 CAE Inc. Deferred Share Units Jayne II, E. Randolph 4 31/12/2011 56 9.69 72,570 1,326 CAE Inc. Deferred Share Units Lacroix, Robert 4 31/12/2011 56 9.69 48,727 2,513 CAE Inc. Deferred Share Units Manley, John Paul 4 31/12/2011 56 9.69 29,764 2,692 CAE Inc. Deferred Share Units Schoomaker, Peter J. 4 31/12/2011 56 9.69 27,294 2,425 CAE Inc. Deferred Share Units Stevenson, Katharine 4 31/12/2011 56 9.69 38,233 2,470 Berghuis CAE Inc. Deferred Share Units STEVENSON, Lawrence N. 4 31/12/2011 56 9.69 60,080 2,303

CAE Inc. Deferred Share Units Wilson, Lynton Ronald 5 31/12/2011 56 9.69 23,392 96 Calfrac Well Services Ltd. Options 2004 Stock Basaraba, Bruce 5 1/1/2012 50 28.03 24,000 12,000 Option Plan Calfrac Well Services Ltd. Common Shares Battenfelder, Donald 5 3/1/2012 51 8.35 1,027 1,000 Calfrac Well Services Ltd. Common Shares Battenfelder, Donald 5 3/1/2012 10 28.63 27 -1,000 Calfrac Well Services Ltd. Common Shares Battenfelder, Donald 5 4/1/2012 51 20.74 1,902 1,875 Calfrac Well Services Ltd. Common Shares Battenfelder, Donald 5 4/1/2012 10 28.68 27 -1,875 Calfrac Well Services Ltd. Options 2004 Stock Battenfelder, Donald 5 1/1/2012 50 28.03 58,250 10,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Battenfelder, Donald 5 3/1/2012 51 8.35 1,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Battenfelder, Donald 5 3/1/2012 51 8.35 57,250 -1,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Battenfelder, Donald 5 4/1/2012 51 20.74 55,375 -1,875 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Bertolin, Armando Jesus 5 1/1/2012 50 28.03 65,000 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Bertolin, Oscar Alberto 5 1/1/2012 50 28.03 65,000 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Bobier, Dwight Merton 5 1/1/2012 50 28.03 98,750 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Burleson, Larry Lee 5 1/1/2012 50 28.03 51,500 12,000 Option Plan Calfrac Well Services Ltd. Common Shares Calfrac Well Services Ltd. 1 16/12/2011 38 25.12 38,200 38,200 Calfrac Well Services Ltd. Common Shares Calfrac Well Services Ltd. 1 19/12/2011 38 24.97 196,800 158,600 Calfrac Well Services Ltd. Common Shares Calfrac Well Services Ltd. 1 28/12/2011 38 158,600 -38,200 Calfrac Well Services Ltd. Common Shares Calfrac Well Services Ltd. 1 28/12/2011 38 0 -158,600 Calfrac Well Services Ltd. Options 2004 Stock Cillis, Laura Ann 5 1/1/2012 50 28.03 150,000 20,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Crapo, Richard Leron 5 1/1/2012 50 28.03 30,000 12,000 Option Plan

January 13, 2012 (2012) 35 OSCB 467 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Calfrac Well Services Ltd. Options 2004 Stock Gall, Christopher Kenneth 5 1/1/2012 50 28.03 38,250 15,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Grisdale, John Lindsay 5 1/1/2012 50 28.03 135,500 20,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Marseglia, Umberto 5 1/1/2012 50 28.03 32,000 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Medvedic, Tom 5 1/1/2012 50 28.03 105,000 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Mignault, Matthew 5 1/1/2012 50 28.03 47,000 5,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Montgomery, Robert 5 1/1/2012 50 28.03 52,500 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Olinek, Michael Dean 5 1/1/2012 50 28.03 55,250 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Paslawski, Basil Mark 5 1/1/2012 50 28.03 116,500 20,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Payne, Frederick Bruce 5 1/1/2012 50 28.03 106,250 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Rokosh, Gary John 5 1/1/2012 50 28.03 74,250 15,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Schneider, Patrick 5 1/1/2012 50 28.03 44,000 12,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Sutherland, Robert 5 1/1/2012 50 28.03 132,250 20,000 Option Plan Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 51 24.57 3,900 1,500 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 10 28.65 2,400 -1,500 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 51 21.1 4,900 2,500 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 10 28.65 2,400 -2,500 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 51 8.35 3,600 1,200 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 10 28.65 2,400 -1,200 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 51 20.74 3,900 1,500 Calfrac Well Services Ltd. Common Shares Tuttle, Andrew Scott 5 4/1/2012 10 28.65 2,400 -1,500 Calfrac Well Services Ltd. Options 2004 Stock Tuttle, Andrew Scott 5 4/1/2012 51 24.57 74,750 -1,500 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Tuttle, Andrew Scott 5 4/1/2012 51 21.1 72,250 -2,500 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Tuttle, Andrew Scott 5 4/1/2012 51 8.35 71,050 -1,200 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Tuttle, Andrew Scott 5 4/1/2012 51 20.74 69,550 -1,500 Option Plan Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 28/12/2011 38 17.35 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 28/12/2011 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 29/12/2011 38 17.35 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 29/12/2011 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 3/1/2012 38 17.51 1,000 1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 3/1/2012 38 0 -1,000 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 4/1/2012 38 17.65 500 500 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 4/1/2012 38 0 -500 Calian Technologies Ltd. Deferred Share Units Cellucci, Argeo Paul 4 31/12/2011 56 17.26 568 290 (Cash Value of Common Shares) Calian Technologies Ltd. Deferred Share Units Hewson, Conrad William 4 31/12/2011 56 17.26 1,135 579 (Cash Value of Common Shares) Calian Technologies Ltd. Deferred Share Units loeb, kenneth jeffrey 4 31/12/2011 56 17.26 1,413 579 (Cash Value of Common Shares) Calian Technologies Ltd. Deferred Share Units O'Brien, Larry 4, 5 31/12/2011 56 17.26 568 290 (Cash Value of Common Shares) Calian Technologies Ltd. Deferred Share Units Tkachuk, David George 4 31/12/2011 56 17.26 1,135 579 (Cash Value of Common Shares) Calian Technologies Ltd. Deferred Share Units Vickers, Richard Allan 4 31/12/2011 56 17.26 568 290 (Cash Value of Common Shares) Call Genie Inc. Common Shares blodgett, alex wentworth 5 30/12/2011 36 0.1 268,278 101,644 Call Genie Inc. Common Shares Chan, Chet 5 30/12/2011 36 0.1 201,131 101,644 Call Genie Inc. Convertible Debentures Chan, Chet 5 30/12/2011 36 1 $0 -$10,000 Call Genie Inc. Common Shares Durance, Michael Earl 4 30/12/2011 36 0.1 4,904,660 1,526,303 Call Genie Inc. Convertible Debentures Durance, Michael Earl 4 30/12/2011 36 0.1 $0 -$150,000 Call Genie Inc. Common Shares Fader, Nicholas Paul 4 30/12/2011 36 0.1 276,110 254,110 Call Genie Inc. Convertible Debentures Fader, Nicholas Paul 4 30/12/2011 36 0.1 $0 -$25,000 Call Genie Inc. Common Shares Oor, Erin Duncan 5 29/12/2011 10 0.1 43,407 -15,000

January 13, 2012 (2012) 35 OSCB 468 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Call Genie Inc. Common Shares Oor, Erin Duncan 5 30/12/2011 10 0.1 33,407 -10,000 Call Genie Inc. Common Shares Oor, Erin Duncan 5 30/12/2011 36 0.1 135,051 101,644 Call Genie Inc. Convertible Debentures Oor, Erin Duncan 5 30/12/2011 36 0.1 $101,644 Call Genie Inc. Convertible Debentures Oor, Erin Duncan 5 30/12/2011 36 0.1 $101,644 Call Genie Inc. Convertible Debentures Oor, Erin Duncan 5 30/12/2011 36 0.1 $101,644 Call Genie Inc. Convertible Debentures Oor, Erin Duncan 5 30/12/2011 36 0.1 $0 -$10,000 Call Genie Inc. Common Shares Shelton, Christopher 5 30/12/2011 36 0.1 552,854 101,644 Call Genie Inc. Convertible Debentures Shelton, Christopher 5 30/12/2011 36 $0 -$10 Calmena Energy Services Deferred Share Units Rain, David James 4 6/1/2012 56 0.2378 33,096 12,643 Inc. (formerly BlackWatch Energy Services Corp.) Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 1/12/2011 38 1.5 96,116 14,900

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 1/12/2011 38 1.54 96,216 100

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 1/12/2011 38 1.58 106,116 9,900

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 1/12/2011 38 1.495 106,216 100

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 1/12/2011 38 1.55 110,716 4,500

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 2/12/2011 38 1.58 119,416 8,700

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 2/12/2011 38 1.61 122,316 2,900

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 5/12/2011 38 1.68 137,116 14,800

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 5/12/2011 38 1.62 144,116 7,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 6/12/2011 38 1.75 157,116 13,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 6/12/2011 38 1.72 167,116 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 6/12/2011 38 1.74 172,116 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 6/12/2011 38 1.82 172,216 100

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 7/12/2011 38 1.9 177,216 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 7/12/2011 38 1.86 182,216 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 7/12/2011 38 1.87 187,216 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 7/12/2011 38 1.84 198,816 11,600

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 8/12/2011 38 1.85 208,816 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 8/12/2011 38 1.83 218,816 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 8/12/2011 38 1.84 228,816 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 8/12/2011 38 1.82 231,274 2,458

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 9/12/2011 38 1.65 232,774 1,500

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 9/12/2011 38 1.66 236,274 3,500

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 12/12/2011 38 1.7 246,274 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 12/12/2011 38 1.63 246,574 300

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 12/12/2011 38 1.66 256,574 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 13/12/2011 38 1.64 261,574 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 13/12/2011 38 1.63 270,974 9,400

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 14/12/2011 38 1.5 275,974 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 14/12/2011 38 1.46 280,974 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 14/12/2011 38 1.41 288,232 7,258

January 13, 2012 (2012) 35 OSCB 469 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 14/12/2011 38 1.45 298,232 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 14/12/2011 38 1.44 303,232 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 15/12/2011 38 1.45 308,232 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 15/12/2011 38 1.42 313,032 4,800

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 15/12/2011 38 1.44 323,032 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 16/12/2011 38 1.43 326,732 3,700

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 16/12/2011 38 1.5 331,732 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 16/12/2011 38 1.51 337,032 5,300

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 16/12/2011 38 1.48 342,032 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 16/12/2011 38 1.52 352,032 10,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 19/12/2011 38 1.52 352,132 100

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 19/12/2011 38 1.61 360,332 8,200

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 19/12/2011 38 1.58 360,832 500

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 19/12/2011 38 1.63 365,832 5,000

Calvalley Petroleum Inc. Common Shares Class A Calvalley Petroleum Inc. 1 3/1/2012 38 0 -365,832

Calvista Gold Corporation Common Shares Shiffman, Ruben 4 30/12/2011 10 0.48 2,851,262 -26,000 Calvista Gold Corporation Common Shares Shiffman, Ruben 4 30/12/2011 10 0.492 2,854,262 3,000 Calyx Bio-Ventures Inc. Common Shares MacGregor, Stuart 4 30/12/2011 11 0.15 1,200,000 1,000,000 Canaccord Financial Inc. Rights Deferred Share Bralver, Charles Norman 4 31/12/2011 56 7.4572 3,207 1,677 Units (DSUs) Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 30/12/2011 10 7.7106 20,100 Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 30/12/2011 10 7.7106 261,200 19,400 Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 31/12/2011 38 -261,900 Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 31/12/2011 38 0 -261,200 Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 3/1/2012 10 7.8 700 700 Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 3/1/2012 38 0 -700 Canaccord Financial Inc. Rights Deferred Share Carello, Massimo 4 31/12/2011 56 7.4572 1,730 839 Units (DSUs) Canaccord Financial Inc. Rights Deferred Share Eeuwes, William J. 4 31/12/2011 56 7.4572 3,457 1,677 Units (DSUs) Canaccord Financial Inc. Rights Deferred Share Harris, Michael Deane 4 31/12/2011 56 7.4572 7,602 3,688 Units (DSUs) Canaccord Financial Inc. Rights Deferred Share Lyons, Terrence 4 31/12/2011 56 7.4572 4,273 1,970 Units (DSUs) Canaccord Financial Inc. Rights Deferred Share Walker, Michael Angus 4 31/12/2011 56 7.4572 3,457 1,677 Units (DSUs) Canada Lithium Corp. Common Shares Cudney, Robert Douglas 4 29/12/2011 10 0.485 9,788,500 27,000 Canada Lithium Corp. Common Shares Mohan, Patrick 4 5/1/2012 10 0.45 541,500 50,000 Canadian Imperial Bank of Common Shares Nesbitt, Richard William 7, 5 6/1/2012 51 49.75 25,700 11,682 Commerce Canadian Imperial Bank of Common Shares Nesbitt, Richard William 7, 5 6/1/2012 10 74.96 14,018 -11,682 Commerce Canadian Imperial Bank of Options Nesbitt, Richard William 7, 5 6/1/2012 51 49.75 254,453 -11,682 Commerce Canadian National Railway Common Shares Canadian National Railway 1 7/12/2011 38 75.997 470,000 470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 12/12/2011 38 0 -470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 14/12/2011 38 76 29,200 29,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 14/12/2011 38 73.599 499,200 470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 15/12/2011 38 75.181 624,200 125,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 16/12/2011 38 75.982 657,500 33,300 Company Company Canadian National Railway Common Shares Canadian National Railway 1 19/12/2011 38 628,300 -29,200 Company Company

January 13, 2012 (2012) 35 OSCB 470 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian National Railway Common Shares Canadian National Railway 1 19/12/2011 38 158,300 -470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 19/12/2011 38 76.186 282,200 123,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 20/12/2011 38 157,200 -125,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 20/12/2011 38 76.895 255,600 98,400 Company Company Canadian National Railway Common Shares Canadian National Railway 1 21/12/2011 38 222,300 -33,300 Company Company Canadian National Railway Common Shares Canadian National Railway 1 21/12/2011 38 73.506 692,300 470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 21/12/2011 38 76.93 773,400 81,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 22/12/2011 38 649,500 -123,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 22/12/2011 38 77.865 726,200 76,700 Company Company Canadian National Railway Common Shares Canadian National Railway 1 23/12/2011 38 627,800 -98,400 Company Company Canadian National Railway Common Shares Canadian National Railway 1 23/12/2011 38 77.436 640,200 12,400 Company Company Canadian National Railway Common Shares Canadian National Railway 1 26/12/2011 38 170,200 -470,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 26/12/2011 38 89,100 -81,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 27/12/2011 38 12,400 -76,700 Company Company Canadian National Railway Common Shares Canadian National Railway 1 28/12/2011 38 0 -12,400 Company Company Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 51 30.59 102,982 6,200 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.13 102,582 -400 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.12 1,200 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.12 101,382 -1,200 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.11 98,882 -2,500 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.1 97,082 -1,800 Limited Canadian Natural Resources Common Shares Case, Mary-Jo 5 6/1/2012 10 39.09 96,782 -300 Limited Canadian Natural Resources Options Case, Mary-Jo 5 6/1/2012 51 30.59 182,000 -6,200 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 5/1/2012 10 39.432 693,385 25,000 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 5/1/2012 10 39.432 668,385 -25,000 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 6/1/2012 10 38.907 693,385 25,000 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 6/1/2012 10 38.907 668,385 -25,000 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 6/1/2012 10 39.001 688,385 20,000 Limited Canadian Natural Resources Common Shares Cusson, Réal, Michel 5 6/1/2012 10 39.001 668,385 -20,000 Limited Canadian Natural Resources Options Cusson, Réal, Michel 5 5/1/2012 51 685,000 -25,000 Limited Canadian Natural Resources Options Cusson, Réal, Michel 5 6/1/2012 51 660,000 -25,000 Limited Canadian Natural Resources Options Cusson, Réal, Michel 5 6/1/2012 51 640,000 -20,000 Limited Canadian Natural Resources Common Shares Davis, Randall Scott 5 1/1/2012 30 38.52 2,023 Limited Canadian Natural Resources Common Shares Davis, Randall Scott 5 1/1/2012 10 38.52 10,475 2,023 Limited Canadian Natural Resources Common Shares Davis, Randall Scott 5 3/1/2012 51 30.59 10,231 6,200 Limited Canadian Natural Resources Common Shares Davis, Randall Scott 5 3/1/2012 10 39.2 4,031 -6,200 Limited

January 13, 2012 (2012) 35 OSCB 471 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Natural Resources Options Davis, Randall Scott 5 3/1/2012 51 30.59 187,000 -6,200 Limited Canadian Natural Resources Common Shares Edwards, Norman Murray 4, 5 20/1/2011 30 41.833 21,103,347 161 Limited Canadian Natural Resources Common Shares Edwards, Norman Murray 4, 5 11/4/2011 30 47.237 21,174,309 225 Limited Canadian Natural Resources Common Shares Edwards, Norman Murray 4, 5 7/7/2011 30 41.596 21,174,565 256 Limited Canadian Natural Resources Common Shares Edwards, Norman Murray 4, 5 14/10/2011 30 31.253 21,174,906 341 Limited Canadian Natural Resources DSU Faithfull, Timothy W. 4 4/1/2012 46 39.7 5,000 1,000 Limited Canadian Natural Resources DSU Filmon, Gary 4 4/1/2012 46 39.7 11,010 1,000 Limited Canadian Natural Resources Common Shares Fong, Christopher Lee 4 4/1/2012 46 39.7 5,000 1,000 Limited Canadian Natural Resources Common Shares Giffin, Gordon D. 4 4/1/2012 46 39.7 36,856 1,000 Limited Canadian Natural Resources Common Shares Gobert, Wilfred Arthur 4 4/1/2012 46 39.7 5,000 1,000 Limited Canadian Natural Resources Common Shares Jocksch, Terry James 5 3/1/2012 51 30.59 159,596 31,000 Limited Canadian Natural Resources Common Shares Jocksch, Terry James 5 3/1/2012 10 39.18 128,596 -31,000 Limited Canadian Natural Resources Options Jocksch, Terry James 5 3/1/2012 51 30.59 428,000 -31,000 Limited Canadian Natural Resources Common Shares knight, allen matthew 5 3/1/2012 51 30.59 582,584 20,000 Limited Canadian Natural Resources Common Shares knight, allen matthew 5 3/1/2012 10 39.3 562,584 -20,000 Limited Canadian Natural Resources Common Shares knight, allen matthew 5 6/1/2012 51 30.59 582,584 20,000 Limited Canadian Natural Resources Common Shares knight, allen matthew 5 6/1/2012 10 38.76 562,584 -20,000 Limited Canadian Natural Resources Options knight, allen matthew 5 3/1/2012 51 30.59 730,000 -20,000 Limited Canadian Natural Resources Options knight, allen matthew 5 6/1/2012 51 30.59 710,000 -20,000 Limited Canadian Natural Resources Options Langille, John Graham 4, 5 4/1/2012 59 39.82 572,000 -30,000 Limited Canadian Natural Resources Options Langille, John Graham 4, 5 6/1/2012 59 30.59 532,000 -40,000 Limited Canadian Natural Resources Common Shares MacPhail, Keith A.J. 4 4/1/2012 46 39.7 509,588 1,000 Limited Canadian Natural Resources Common Shares Markin, Allan 4 5/1/2012 51 30.59 1,984,960 350,000 Limited Canadian Natural Resources Common Shares Markin, Allan 4 5/1/2012 10 39.25 1,634,960 -350,000 Limited Canadian Natural Resources Options Markin, Allan 4 5/1/2012 51 30.59 1,920,000 -350,000 Limited Canadian Natural Resources Common Shares McKay, Timothy Shawn 5 4/1/2012 51 30.59 1,079,404 40,000 Limited Canadian Natural Resources Common Shares McKay, Timothy Shawn 5 4/1/2012 10 39.725 1,039,404 -40,000 Limited Canadian Natural Resources Options McKay, Timothy Shawn 5 4/1/2012 40 30.59 -40,000 Limited Canadian Natural Resources Options McKay, Timothy Shawn 5 4/1/2012 51 30.59 880,000 -40,000 Limited Canadian Natural Resources DSU McKenna, Frank 4 4/1/2012 46 39.7 11,010 1,000 Limited Canadian Natural Resources Common Shares Palmer, James Simpson 4 4/1/2012 46 39.7 49,870 1,000 Limited Canadian Natural Resources Options Peterson, William Robert 5 3/1/2012 59 30.59 273,000 -10,000 Limited Canadian Natural Resources Options Peterson, William Robert 5 6/1/2012 59 30.59 263,000 -10,000 Limited Canadian Natural Resources Rights DSU Smith, Eldon 4 4/1/2012 46 39.7 5,000 1,000 Limited Canadian Natural Resources Common Shares Stauth, Scott Gerald 5 3/1/2012 51 30.59 38,154 6,200 Limited Canadian Natural Resources Common Shares Stauth, Scott Gerald 5 3/1/2012 10 38.96 31,954 -6,200 Limited

January 13, 2012 (2012) 35 OSCB 472 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Natural Resources Options Stauth, Scott Gerald 5 3/1/2012 51 30.59 252,000 -6,200 Limited Canadian Natural Resources Common Shares Tuer, David 4 4/1/2012 46 39.7 56,508 1,000 Limited Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 4/1/2012 10 0.65 3,271,342 -15,000 Remediation Enterprises Ltd.

Canadian Pacific Railway Options Tuttle, William M. 7 30/12/2011 51 32.5 13,200 -100 Limited Canadian Pacific Railway Options Tuttle, William M. 7 30/12/2011 51 32.5 13,100 -100 Limited Canadian Pacific Railway Options Tuttle, William M. 7 30/12/2011 51 32.5 12,800 -300 Limited Canadian Pacific Railway Options Tuttle, William M. 7 30/12/2011 51 32.5 12,700 -100 Limited Canadian Pacific Railway Options Tuttle, William M. 7 30/12/2011 51 32.5 12,500 -200 Limited Canadian Premium Select Trust Units Canadian Premium Select 1 30/12/2011 10 1,100 1,100 Income Fund Income Fund Canadian Premium Select Trust Units Canadian Premium Select 1 30/12/2011 38 0 -1,100 Income Fund Income Fund Canadian Premium Select Trust Units Canadian Premium Select 1 3/1/2012 10 1,000 1,000 Income Fund Income Fund Canadian Premium Select Trust Units Canadian Premium Select 1 3/1/2012 38 0 -1,000 Income Fund Income Fund Canadian Quantum Energy Common Shares Brett, Douglas James 3, 4, 5 23/12/2011 10 0.18 6,873,004 1,500 Corporation Canadian REIT Income Units Gordon, Barry Huntly 4, 5 29/8/2011 00 Fund Canadian REIT Income Units Gordon, Barry Huntly 4, 5 28/12/2011 10 9.6 1,500 1,500 Fund Canadian REIT Income Units Gordon, Barry Huntly 4, 5 30/12/2011 10 9.69 2,000 500 Fund Canadian Tire Corporation, Deferred Share Units Aitchison, Iain Cameron 4 30/12/2011 30 65.043 334 Limited Canadian Tire Corporation, Deferred Share Units Aitchison, Iain Cameron 4 30/12/2011 30 65.043 334 Limited Canadian Tire Corporation, Deferred Share Units Aitchison, Iain Cameron 4 31/12/2011 30 65.043 3,647 334 Limited Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 677,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 677,258 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 676,958 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 676,658 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 676,358 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.33 675,558 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 675,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 675,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 675,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 675,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,658 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 674,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 673,958 -200 Limited A

January 13, 2012 (2012) 35 OSCB 473 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 673,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 673,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 673,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 673,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 672,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 672,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 672,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 672,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 672,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.87 672,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.87 672,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.87 672,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.87 672,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.88 672,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.87 671,858 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.86 671,558 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 671,158 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 671,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 670,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 669,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 669,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.75 669,658 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 669,458 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.94 669,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.95 669,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 669,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 669,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,658 -100 Limited A

January 13, 2012 (2012) 35 OSCB 474 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 668,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 667,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.94 667,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.94 666,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 66 666,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.93 666,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.94 666,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.92 665,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 665,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 30/12/2011 10 65.9 665,558 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 664,158 -1,400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 664,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 663,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 663,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 662,958 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,458 -100 Limited A

January 13, 2012 (2012) 35 OSCB 475 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 662,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 661,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 661,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 661,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 661,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 661,258 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 661,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 660,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 660,558 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66.07 660,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 660,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 660,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 66 660,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 660,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 659,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.9 659,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.62 659,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 3/1/2012 10 65.62 659,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 5/1/2012 10 65 644,558 -15,000 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 5/1/2012 10 65 644,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 5/1/2012 10 65 644,158 -300 Limited A Canadian Tire Corporation, Deferred Share Units Furlong, John Aloysius 4 30/12/2011 30 65.043 278 Limited Francis Canadian Tire Corporation, Deferred Share Units Furlong, John Aloysius 4 30/12/2011 30 65.043 278 Limited Francis Canadian Tire Corporation, Deferred Share Units Furlong, John Aloysius 4 31/12/2011 30 65.043 713 278 Limited Francis Canadian Tire Corporation, Deferred Share Units L'Heureux, Claude R. 4 31/12/2011 30 65.043 1,487 584 Limited Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 677,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 677,258 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 676,958 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 676,658 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 676,358 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.33 675,558 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 675,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 675,358 -100 Limited A

January 13, 2012 (2012) 35 OSCB 476 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 675,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 675,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,658 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 674,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 673,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 673,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 673,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 673,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 673,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 672,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 672,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 672,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 672,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 672,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.87 672,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.87 672,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.87 672,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.87 672,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.88 672,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.87 671,858 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.86 671,558 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 671,158 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 671,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 670,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 669,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 669,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.75 669,658 -200 Limited A

January 13, 2012 (2012) 35 OSCB 477 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 669,458 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 669,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 669,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 669,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 669,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 668,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 667,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.94 667,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.95 667,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.94 667,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.94 666,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 666,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 666,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 666,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 666,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 666,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.93 666,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.94 666,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.92 666,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 665,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 65.9 665,658 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 30/12/2011 10 66 665,558 -100 Limited A

January 13, 2012 (2012) 35 OSCB 478 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 664,158 -1,400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 664,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 663,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 663,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 662,958 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 662,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 661,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 661,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 661,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 661,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 661,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 661,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 660,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 660,558 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66.07 660,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 660,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 660,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 66 660,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 660,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 659,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.9 659,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.62 659,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 3/1/2012 10 65.62 659,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 5/1/2012 10 65 659,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 5/1/2012 11 65 644,458 -15,000 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 5/1/2012 11 65 644,158 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 677,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 677,258 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 676,958 -300 Limited A

January 13, 2012 (2012) 35 OSCB 479 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 676,658 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 676,358 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.33 675,558 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 675,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 675,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 675,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 675,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,658 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 674,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 673,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 673,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 673,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 673,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 673,158 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 672,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 672,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 672,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 672,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 11 65.9 672,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.87 672,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.87 672,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.87 672,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.87 672,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.88 672,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.87 671,858 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.88 671,558 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 671,158 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 671,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,458 -100 Limited A

January 13, 2012 (2012) 35 OSCB 480 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 670,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 669,858 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.75 669,658 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 669,458 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 669,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 669,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 669,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 669,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 668,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 667,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.94 667,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.95 667,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.94 667,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.94 666,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,758 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 66 666,358 -100 Limited A

January 13, 2012 (2012) 35 OSCB 481 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.93 666,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.94 666,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.92 665,958 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 665,858 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 30/12/2011 10 65.9 665,558 -300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 664,158 -1,400 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 664,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 663,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 663,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 662,958 -800 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 662,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 661,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 661,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 661,558 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 661,358 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 661,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 661,058 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 660,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 11 65.9 660,558 -400 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66.07 660,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 660,358 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 660,258 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 66 660,158 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 660,058 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 659,958 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.9 659,758 -200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.62 659,658 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 3/1/2012 10 65.62 659,558 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 5/1/2012 10 65 644,558 -15,000 Limited A

January 13, 2012 (2012) 35 OSCB 482 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 5/1/2012 10 65 644,458 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 7, 5 5/1/2012 10 65 644,158 -300 Limited A Canadian Tire Corporation, Deferred Share Units Potter, Frank 4, 7 31/12/2011 30 65.043 9,033 230 Limited Canadian Tire Corporation, Non-Voting Shares Class Potter, Frank 4, 7 31/12/2011 35 60.537 1,879 31 Limited A Canadian Tire Corporation, Deferred Share Units Price, Timothy Robert 4 31/12/2011 30 65.043 9,343 461 Limited Canadian Tire Corporation, Deferred Share Units Riley, James Albert 4 31/12/2011 30 65.043 16,715 743 Limited Canadian Tire Corporation, Deferred Share Units Rossy, Alan 4 31/12/2011 30 65.043 716 282 Limited Canadian Tire Corporation, Non-Voting Shares Class Sabia, Maureen Joanne 4, 7 30/12/2011 30 65.499 6,226 93 Limited A Canadian Tire Corporation, Deferred Share Units Saunders, Peter Bryce 4 31/12/2011 30 65.043 3,659 357 Limited Canadian Tire Corporation, Deferred Share Units Savage, Graham William 4, 7 31/12/2011 30 65.043 6,166 230 Limited Canadian Tire Corporation, Deferred Share Units Vallance, George 4 31/12/2011 30 65.043 1,606 653 Limited Alexander Canadian Western Bank Options Christensen, Lars Kurt 5 10/6/2011 50 28,098 3,614 Canadian Western Bank Options Christensen, Lars Kurt 5 14/12/2011 50 29,472 5,374 Canadian Western Bank Rights Restricted Share Christensen, Lars Kurt 5 10/6/2011 56 5,551 789 Units Canadian Western Bank Rights Restricted Share Christensen, Lars Kurt 5 10/6/2011 56 6,341 790 Units Canadian Western Bank Rights Restricted Share Christensen, Lars Kurt 5 10/6/2011 56 7,131 790 Units Canadian Western Bank Rights Restricted Share Christensen, Lars Kurt 5 31/7/2011 59 6,143 -988 Units Canadian Western Bank Rights Restricted Share Christensen, Lars Kurt 5 31/7/2011 59 5,215 -928 Units Canadian Western Bank Options Davies, Diane Marie 5 10/6/2011 50 30.757 15,135 3,273 Canadian Western Bank Options Davies, Diane Marie 5 14/12/2011 50 25.464 20,050 4,915 Canadian Western Bank Rights Restricted Share Davies, Diane Marie 5 11/6/2011 59 16.893 1,817 -529 Units Canadian Western Bank Rights Restricted Share Davies, Diane Marie 5 11/6/2011 59 23.428 1,388 -429 Units Canadian Western Bank Common Shares Eastwood, Michael Glen 5 4/1/2012 51 11.758 2,487 2,487 Canadian Western Bank Options Eastwood, Michael Glen 5 4/1/2012 51 11.758 10,668 -4,500 Canadian Western Bank Options Golick, Ricki 5 3/1/2012 50 55,660 11,022 Canadian Western Bank Options Jones, Darrell Robert 5 5/1/2012 51 21.445 28,869 -6,000 Canadian Western Bank Options Jones, Darrell Robert 5 5/1/2012 51 11.758 22,869 -6,000 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 3/1/2012 90 26.18 8,053 -190 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 3/1/2012 90 26.17 7,863 -190 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 4/1/2012 35 25.49 7,911 48 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 13/12/2005 00 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 3/1/2012 90 26.18 190 190 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 13/12/2005 00 Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 3/1/2012 90 26.17 190 190 Canadian Western Bank Rights Restricted Share Pollock, Laurence Malcolm 4, 5 11/12/2010 59 8,828 -4,413 Units Canadian Western Bank Rights Restricted Share Pollock, Laurence Malcolm 4, 5 15/12/2010 56 12,294 3,466 Units Canadian Western Bank Rights Restricted Share Pollock, Laurence Malcolm 4, 5 15/12/2010 56 15,761 3,467 Units Canadian Western Bank Rights Restricted Share Pollock, Laurence Malcolm 4, 5 15/12/2010 56 19,228 3,467 Units Canadian Western Bank Rights Restricted Share Pollock, Laurence Malcolm 4, 5 15/12/2011 56 3,466 Units Canadian Western Bank Options Wright, John Charles 5 10/6/2011 50 39,076 7,226 Canadian Western Bank Options Wright, John Charles 5 10/12/2011 50 49,824 10,748 Canadian Western Bank Rights Restricted Share Wright, John Charles 5 10/6/2011 56 1,052 Units Canadian Western Bank Rights Restricted Share Wright, John Charles 5 10/6/2011 56 7,656 1,052 Units Canadian Western Bank Rights Restricted Share Wright, John Charles 5 10/6/2011 56 8,709 1,053 Units Canadian Western Bank Rights Restricted Share Wright, John Charles 5 10/6/2011 56 9,762 1,053 Units

January 13, 2012 (2012) 35 OSCB 483 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed CANADIAN ZINC Common Shares Kearney, John Francis 4 6/1/2012 15 0.67 1,080,409 350,000 CORPORATION CANADIAN ZINC Warrants Kearney, John Francis 4 6/1/2012 15 175,000 175,000 CORPORATION Canexus Corporation Deferred Share Units Fergusson, Hugh A. 4 30/12/2011 56 6.602 10,369 369 Canexus Corporation Common Shares Work, Lyall Campbell 4 3/1/2012 90 6.47 -722 Canexus Corporation Common Shares Work, Lyall Campbell 4 3/1/2012 90 6.47 11,788 -772 Canexus Corporation Common Shares Work, Lyall Campbell 4 3/1/2012 90 6.47 4,022 772 Canexus Corporation Deferred Share Units Work, Lyall Campbell 4 30/12/2011 56 6.602 10,738 738 CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 20/12/2011 10 0.3 563,600 1,000 CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 28/12/2011 10 0.3 569,100 5,500 CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 29/12/2011 10 0.3 584,100 15,000 CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 30/12/2011 10 0.3 587,600 3,500 Canlan Ice Sports Corp. Common Shares Gellard, Michael F. 5 23/12/2011 10 2 18,900 500 Canyon Services Group Inc. Common Shares McMillan, Douglas 5 1/12/2010 00

Canyon Services Group Inc. Common Shares McMillan, Douglas 5 4/1/2012 51 10.61 25,000 25,000

Canyon Services Group Inc. Common Shares McMillan, Douglas 5 4/1/2012 10 12.85 8,000 -17,000

Canyon Services Group Inc. Common Shares McMillan, Douglas 5 4/1/2012 10 12.8 0 -8,000

Canyon Services Group Inc. Options McMillan, Douglas 5 4/1/2012 51 10.61 52,100 -25,000

Capstone Infrastructure Performance Share Units Bernstein, Michael 5 31/12/2011 30 0.055 26,898 1,474 Corporation Capstone Infrastructure Performance Share Units Bernstein, Michael 5 3/1/2012 56 3.7828 79,769 52,871 Corporation Capstone Infrastructure Restricted Share Units Bernstein, Michael 5 31/12/2011 30 0.055 26,898 1,474 Corporation Capstone Infrastructure Restricted Share Units Bernstein, Michael 5 3/1/2012 56 3.7828 79,769 52,871 Corporation Capstone Infrastructure Performance Share Units Bittan, Jack 5 31/12/2011 30 0.055 12,239 671 Corporation Capstone Infrastructure Performance Share Units Bittan, Jack 5 3/1/2012 56 3.7828 36,758 24,519 Corporation Capstone Infrastructure Restricted Share Units Bittan, Jack 5 31/12/2011 30 0.055 12,239 671 Corporation Capstone Infrastructure Restricted Share Units Bittan, Jack 5 31/12/2011 30 0.055 12,910 671 Corporation Capstone Infrastructure Restricted Share Units Bittan, Jack 5 3/1/2012 56 3.7828 37,429 24,519 Corporation Capstone Infrastructure Performance Share Units Borg-Olivier, Sarah 5 31/12/2011 30 0.055 2,488 136 Corporation Elizabeth Capstone Infrastructure Performance Share Units Borg-Olivier, Sarah 5 3/1/2012 56 3.7828 7,379 4,891 Corporation Elizabeth Capstone Infrastructure Restricted Share Units Borg-Olivier, Sarah 5 31/12/2011 30 0.055 2,488 136 Corporation Elizabeth Capstone Infrastructure Restricted Share Units Borg-Olivier, Sarah 5 3/1/2012 56 3.7828 7,379 4,891 Corporation Elizabeth Capstone Infrastructure Common Shares Brown, Derek 4, 5 30/12/2011 10 3.79 73,493 3,667 Corporation Capstone Infrastructure Deferred Share Units Brown, Derek 4, 5 17/10/2011 30 6.4623 2,050 17 Corporation Capstone Infrastructure Deferred Share Units Brown, Derek 4, 5 15/11/2011 30 6.1675 2,068 18 Corporation Capstone Infrastructure Deferred Share Units Brown, Derek 4, 5 15/12/2011 30 3.4738 2,101 33 Corporation Capstone Infrastructure Deferred Share Units Brown, Derek 4, 5 3/1/2012 30 3.7828 3,093 992 Corporation Capstone Infrastructure Performance Share Units Ehlers, Jens Udo 5 31/12/2011 30 0.055 2,690 147 Corporation Capstone Infrastructure Performance Share Units Ehlers, Jens Udo 5 3/1/2012 56 3.7828 8,374 5,684 Corporation Capstone Infrastructure Restricted Share Units Ehlers, Jens Udo 5 31/12/2011 30 0.055 2,690 147 Corporation Capstone Infrastructure Restricted Share Units Ehlers, Jens Udo 5 3/1/2012 56 3.7828 8,374 5,684 Corporation Capstone Infrastructure Deferred Share Units Lavelle, Patrick Joseph 4 17/10/2011 30 6.4623 2,050 17 Corporation Capstone Infrastructure Deferred Share Units Lavelle, Patrick Joseph 4 15/11/2011 30 6.1675 2,068 18 Corporation

January 13, 2012 (2012) 35 OSCB 484 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Capstone Infrastructure Deferred Share Units Lavelle, Patrick Joseph 4 15/12/2011 30 3.4738 2,101 33 Corporation Capstone Infrastructure Deferred Share Units Lavelle, Patrick Joseph 4 3/1/2012 30 3.7828 3,093 992 Corporation Capstone Infrastructure Performance Share Units Miller, Stuart 5 31/12/2011 30 0.055 4,708 258 Corporation Capstone Infrastructure Performance Share Units Miller, Stuart 5 3/1/2012 56 3.7828 14,060 9,352 Corporation Capstone Infrastructure Restricted Share Units Miller, Stuart 5 31/12/2011 30 0.055 4,708 258 Corporation Capstone Infrastructure Restricted Share Units Miller, Stuart 5 3/1/2012 56 3.7828 14,060 9,352 Corporation Capstone Infrastructure Performance Share Units Roberti, Roberto Agusto 7 31/12/2011 30 0.055 5,531 303 Corporation Capstone Infrastructure Performance Share Units Roberti, Roberto Agusto 7 3/1/2012 56 3.7828 16,634 11,103 Corporation Capstone Infrastructure Restricted Share Units Roberti, Roberto Agusto 7 31/12/2011 30 0.055 5,531 303 Corporation Capstone Infrastructure Restricted Share Units Roberti, Roberto Agusto 7 3/1/2012 56 3.7828 16,634 11,103 Corporation Capstone Infrastructure Deferred Share Units Roy, François R. 4 17/10/2011 30 6.4623 2,050 17 Corporation Capstone Infrastructure Deferred Share Units Roy, François R. 4 15/11/2011 30 6.1675 2,068 18 Corporation Capstone Infrastructure Deferred Share Units Roy, François R. 4 15/12/2011 30 3.4738 2,101 33 Corporation Capstone Infrastructure Deferred Share Units Roy, François R. 4 3/1/2012 30 3.7828 3,093 992 Corporation Capstone Infrastructure Deferred Share Units Sardo, Vincent James 4 17/10/2011 30 6.4623 2,050 17 Corporation Capstone Infrastructure Deferred Share Units Sardo, Vincent James 4 15/11/2011 30 6.1675 2,068 18 Corporation Capstone Infrastructure Deferred Share Units Sardo, Vincent James 4 15/12/2011 30 3.4738 2,101 33 Corporation Capstone Infrastructure Deferred Share Units Sardo, Vincent James 4 3/1/2012 30 3.7828 3,093 992 Corporation Capstone Infrastructure Performance Share Units Smerdon, Michael David 5 31/12/2011 30 0.055 16,391 898 Corporation Capstone Infrastructure Performance Share Units Smerdon, Michael David 5 3/1/2012 56 3.7828 48,610 32,219 Corporation Capstone Infrastructure Restricted Share Units Smerdon, Michael David 5 31/12/2011 30 0.055 16,391 898 Corporation Capstone Infrastructure Restricted Share Units Smerdon, Michael David 5 3/1/2012 56 3.7828 48,610 32,219 Corporation Capstone Mining Corp. Common Shares Zimmer, Richard Norman 4 3/1/2012 51 0.6742 227,069 200,000 Capstone Mining Corp. Common Shares Zimmer, Richard Norman 4 3/1/2012 10 0.6742 27,069 -200,000 Capstone Mining Corp. Options Zimmer, Richard Norman 4 3/1/2012 51 0.6742 2,442,980 -200,000 Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 28/12/2011 10 0.375 1,216,000 27,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 28/12/2011 10 0.4 1,217,000 1,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 29/12/2011 10 0.38 1,233,000 16,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 29/12/2011 10 0.382 1,241,000 8,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 29/12/2011 10 0.385 1,245,500 4,500 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 30/12/2011 10 0.38 1,247,500 2,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 30/12/2011 10 0.385 1,251,500 4,000 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 30/12/2011 10 0.39 1,256,500 5,000 Inc. CARFINCO FINANCIAL Common Shares Anderson, Jacqueline 5 1/1/2012 00 263 GROUP INC. Denise CARFINCO FINANCIAL Common Shares Anderson, Jacqueline 5 1/1/2012 00 16,038 GROUP INC. Denise CARFINCO FINANCIAL Common Shares Channell, Brent Alexander 4 1/1/2012 00 70,683 GROUP INC. CARFINCO FINANCIAL Common Shares Channell, Brent Alexander 4 1/1/2012 00 41,263 GROUP INC. CARFINCO FINANCIAL Common Shares Dykau, Stephen Dennis 5 1/1/2012 00 750 GROUP INC.

January 13, 2012 (2012) 35 OSCB 485 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed CARFINCO FINANCIAL Common Shares Dykau, Stephen Dennis 5 1/1/2012 00 256 GROUP INC. CARFINCO FINANCIAL Common Shares FROST, TRICIA 5 1/1/2012 00 518 GROUP INC. CARFINCO FINANCIAL Common Shares FROST, TRICIA 5 1/1/2012 00 10,459 GROUP INC. CARFINCO FINANCIAL Common Shares Graf, Tracy Alfred 4, 5 1/1/2012 00 645,493 GROUP INC. CARFINCO FINANCIAL Common Shares Graf, Tracy Alfred 4, 5 1/1/2012 00 86,232 GROUP INC. CARFINCO FINANCIAL Common Shares Graf, Tracy Alfred 4, 5 1/1/2012 00 833,436 GROUP INC. CARFINCO FINANCIAL Common Shares Graf, Tracy Alfred 4, 5 1/1/2012 00 86,209 GROUP INC. CARFINCO FINANCIAL Common Shares Graf, Troy Steven Fritz 5 1/1/2012 00 554,506 GROUP INC. CARFINCO FINANCIAL Common Shares Hewson, Richard Gordon 5 1/1/2012 00 737,254 GROUP INC. CARFINCO FINANCIAL Common Shares Kagan, Maurice 4 1/1/2012 00 100,243 GROUP INC. CARFINCO FINANCIAL Common Shares Kagan, Maurice 4 1/1/2012 00 9,500 GROUP INC. CARFINCO FINANCIAL Common Shares MacLellan, Joseph Daryl 4 1/1/2012 00 315,553 GROUP INC. CARFINCO FINANCIAL Common Shares Prussky, David Martin 4 1/1/2012 00 1,331,609 GROUP INC. CARFINCO FINANCIAL Common Shares Prussky, David Martin 4 1/1/2012 00 5,641 GROUP INC. CARFINCO FINANCIAL Common Shares Rosenkrantz, David Aubrey 4 1/1/2012 00 1,568,561 GROUP INC. Carlisle Goldfields Limited Warrants Sheldon, Donald A. 4 31/12/2011 55 0.45 0 -40,000 Carmanah Technologies Common Shares Berrang, Peter Gottfried 4 3/1/2012 46 0.46 67,750 2,500 Corporation Carmanah Technologies Common Shares Cruickshank, Robert 4 3/1/2012 46 0.46 85,500 2,500 Corporation Carmanah Technologies Rights Restricted Stock Cruickshank, Robert 4 3/1/2012 57 0.46 5,000 -2,500 Corporation Units Carmanah Technologies Common Shares Sartorius, Roland Carlos 5 3/1/2012 46 219,811 21,000 Corporation Carmanah Technologies Common Shares Wiens, Robert D. 4 3/1/2012 57 79,160 2,500 Corporation Carmanah Technologies Rights Restricted Stock Wiens, Robert D. 4 3/1/2012 57 5,000 -2,500 Corporation Units Carpathian Gold Inc. Options Hick, John Walter Wallen 4 18/12/2011 52 1,150,000 -200,000 Cascades Inc. Unités d'actions différées Bannerman, Paul 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Common Shares Cascades inc. 1 1/12/2011 38 4.33 8,600 8,600 Cascades Inc. Common Shares Cascades inc. 1 2/12/2011 38 4.31 22,300 13,700 Cascades Inc. Common Shares Cascades inc. 1 5/12/2011 38 4.23 44,100 21,800 Cascades Inc. Common Shares Cascades inc. 1 6/12/2011 38 4.12 56,900 12,800 Cascades Inc. Common Shares Cascades inc. 1 7/12/2011 38 4.11 72,500 15,600 Cascades Inc. Common Shares Cascades inc. 1 8/12/2011 38 4.06 85,900 13,400 Cascades Inc. Common Shares Cascades inc. 1 9/12/2011 38 4.06 101,600 15,700 Cascades Inc. Common Shares Cascades inc. 1 12/12/2011 38 3.97 115,400 13,800 Cascades Inc. Common Shares Cascades inc. 1 13/12/2011 38 3.98 125,100 9,700 Cascades Inc. Common Shares Cascades inc. 1 14/12/2011 38 3.88 136,200 11,100 Cascades Inc. Common Shares Cascades inc. 1 15/12/2011 38 3.88 146,700 10,500 Cascades Inc. Common Shares Cascades inc. 1 16/12/2011 38 3.9 163,700 17,000 Cascades Inc. Common Shares Cascades inc. 1 19/12/2011 38 3.88 171,900 8,200 Cascades Inc. Common Shares Cascades inc. 1 20/12/2011 38 4 183,700 11,800 Cascades Inc. Common Shares Cascades inc. 1 21/12/2011 38 4.16 192,600 8,900 Cascades Inc. Common Shares Cascades inc. 1 22/12/2011 38 4.31 198,400 5,800 Cascades Inc. Common Shares Cascades inc. 1 23/12/2011 38 4.35 205,400 7,000 Cascades Inc. Common Shares Cascades inc. 1 28/12/2011 38 4.37 207,700 2,300 Cascades Inc. Common Shares Cascades inc. 1 29/12/2011 38 4.44 213,300 5,600 Cascades Inc. Common Shares Cascades inc. 1 30/12/2011 38 4.44 215,500 2,200 Cascades Inc. Common Shares Cascades inc. 1 30/12/2011 38 0 -215,500 Cascades Inc. Unités d'actions différées Chevrier, Robert 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Options options d'achat Dépin, Marc-André 7 2/1/2012 52 7.64 626,152 -12,081 d'actions ordinaires

January 13, 2012 (2012) 35 OSCB 486 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cascades Inc. Unités d'actions différées Doak, James Basil Charles 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Unités d'actions différées Garneau, Louis 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Options options d'achat Hall, Robert F. 5 2/1/2012 52 7.64 410,272 -22,120 d'actions ordinaires Cascades Inc. Unités d'actions différées Kobrynsky, Georges 4 31/12/2011 56 4,682 1,354 / Deffered Share Units

Cascades Inc. Options options d'achat Lemaire, Alain 4, 5 2/1/2012 52 7.64 1,334,046 -23,822 d'actions ordinaires Cascades Inc. Unités d'actions différées Lemaire, Sylvie 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Unités d'actions différées McAusland, David L. 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Unités d'actions différées Pelletier, Martin P. 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

Cascades Inc. Options options d'achat Plourde, Mario 7 2/1/2012 52 7.64 619,647 -23,822 d'actions ordinaires Cascades Inc. Unités d'actions différées Verreault, Laurent 4 31/12/2011 56 26,056 1,354 / Deffered Share Units

CB Gold Inc. Options Barnes, Peter Derek 4 28/12/2011 50 1.25 1,025,000 250,000 CB Gold Inc. Options Baynham, Giles Edward 4 28/12/2011 50 1.25 750,000 250,000 CB Gold Inc. Options Capponi, Fabio 4 28/12/2011 50 1.25 750,000 250,000 CB Gold Inc. Options Martinez, Hernan 4 28/12/2011 50 1.25 925,000 250,000 CB Gold Inc. Options Pelaez, Juan 5 28/12/2011 50 1.25 825,000 150,000 CB Gold Inc. Options RUBIN, SUSAN LEE 5 28/12/2011 50 1.25 525,000 150,000 CB Gold Inc. Options Vasquez, Ana Milena 5 28/12/2011 50 1.25 750,000 250,000 CCL Industries Inc. Rights Deferred Share Bayly, George Vail 4 31/12/2011 56 30.81 5,076 29 Units CCL Industries Inc. Rights Deferred Share Block, Paul J. 4 31/12/2011 56 30.81 8,950 381 Units CCL Industries Inc. Rights Deferred Share GRANT, JON 4 31/12/2011 56 30.81 3,371 19 Units CCL Industries Inc. Rights Deferred Share Guillet, Edward 4 31/12/2011 56 30.81 8,405 47 Units CCL Industries Inc. Rights Deferred Share Horn, Alan Douglas 4 31/12/2011 56 30.81 12,963 333 Units CCL Industries Inc. Rights Deferred Share Lang, Stuart W. 4 31/12/2011 56 30.81 3,371 19 Units CCL Industries Inc. Rights Deferred Share Muzyka, Douglas W. 4 31/12/2011 56 30.81 13,005 73 Units CCL Industries Inc. Rights Deferred Share Peddie, Tom 4 31/12/2011 56 30.81 23,315 392 Units Celestica Inc. Deferred Share Units Crandall, Robert 4 3/1/2011 56 9.7 10,052 Celestica Inc. Deferred Share Units Crandall, Robert 4 3/1/2011 56 9.7 293,481 10,051 Celestica Inc. Deferred Share Units Crandall, Robert 4 3/1/2012 56 7.33 340,689 13,302 Celestica Inc. Deferred Share Units DiMaggio, Dan 4 3/1/2012 56 7.33 61,497 7,674 Celestica Inc. Deferred Share Units Etherington, William 4 30/6/2007 56 6.25 5,038 Celestica Inc. Deferred Share Units Etherington, William 4 30/6/2007 56 6.25 55,725 5,037 Celestica Inc. Deferred Share Units Etherington, William 4 31/3/2008 56 6.72 8,185 Celestica Inc. Deferred Share Units Etherington, William 4 31/3/2008 56 6.72 75,269 8,184 Celestica Inc. Deferred Share Units Etherington, William 4 30/9/2010 56 8.43 6,673 Celestica Inc. Deferred Share Units Etherington, William 4 30/9/2010 56 8.43 154,615 6,672 Celestica Inc. Deferred Share Units Etherington, William 4 3/1/2012 56 7.33 189,124 8,015 Celestica Inc. Deferred Share Units Koellner, Laurette 4 30/6/2010 56 8.06 5,351 Celestica Inc. Deferred Share Units Koellner, Laurette 4 30/6/2010 56 8.06 55,463 5,350 Celestica Inc. Deferred Share Units Koellner, Laurette 4 3/1/2012 56 7.33 85,481 5,883 Celestica Inc. Deferred Share Units Ryan, Eamon 4 3/1/2012 56 7.33 119,332 7,333 Celestica Inc. Deferred Share Units Wilson, Michael M. 4 3/1/2012 56 7.33 32,502 7,674 Celtic Exploration Ltd. Common Shares Dales, Robert John 4 4/1/2012 10 23 990,998 -4,000 Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 15/12/2011 30 21.91 12,481 64 Celtic Exploration Ltd. Common Shares Franks, Alan G. 5 30/12/2011 30 22.9 12,542 61 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 15/12/2011 30 21.91 14,715 79 Celtic Exploration Ltd. Common Shares Wilson, David John 3, 4, 5 30/12/2011 30 22.9 14,791 76 Cenovus Energy Inc. Options Brannan, John 5 4/1/2012 59 26.64 611,800 -88,375 Cenovus Energy Inc. Performance Share Units Chhina, Harbir Singh 5 31/12/2011 56 35.18 77,772 1,749

January 13, 2012 (2012) 35 OSCB 487 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cenovus Energy Inc. Deferred Share Units Cunningham, Ralph 4 31/12/2011 56 35.18 116,753 2,625 Sanford Cenovus Energy Inc. Deferred Share Units Cunningham, Ralph 4 1/1/2012 56 33.83 124,253 7,500 Sanford Cenovus Energy Inc. Deferred Share Units Daniel, Patrick Darold 4 31/12/2011 56 33.83 111,577 288 Cenovus Energy Inc. Deferred Share Units Daniel, Patrick Darold 4 31/12/2011 56 35.18 114,133 2,556 Cenovus Energy Inc. Deferred Share Units Daniel, Patrick Darold 4 1/1/2012 56 33.83 121,633 7,500 Cenovus Energy Inc. Deferred Share Units Delaney, Ian William 4 31/12/2011 56 33.83 142,408 676 Cenovus Energy Inc. Deferred Share Units Delaney, Ian William 4 31/12/2011 56 35.18 145,656 3,248 Cenovus Energy Inc. Deferred Share Units Delaney, Ian William 4 1/1/2012 56 33.83 153,156 7,500 Cenovus Energy Inc. Deferred Share Units Ferguson, Brian Charles 4, 5 31/12/2011 56 35.18 107,952 2,428 Cenovus Energy Inc. Options Ferguson, Brian Charles 4, 5 4/1/2012 59 26.64 772,750 -26,250 Cenovus Energy Inc. Performance Share Units Ferguson, Brian Charles 4, 5 31/12/2011 56 35.18 135,161 3,039

Cenovus Energy Inc. Deferred Share Units Grandin, Michael Anthony 4 31/12/2011 56 35.18 111,026 2,496 Cenovus Energy Inc. Deferred Share Units Grandin, Michael Anthony 4 1/1/2012 56 33.83 118,526 7,500 Cenovus Energy Inc. Deferred Share Units McIntosh, Sheila 5 31/12/2011 56 35.18 85,325 1,918 Cenovus Energy Inc. Options McIntosh, Sheila 5 4/1/2012 59 26.64 279,875 -1,563 Cenovus Energy Inc. Performance Share Units McIntosh, Sheila 5 31/12/2011 56 35.18 40,325 907

Cenovus Energy Inc. Deferred Share Units Nielsen, Valerie Anne 4 31/12/2011 56 33.83 141,688 532 Abernethy Cenovus Energy Inc. Deferred Share Units Nielsen, Valerie Anne 4 31/12/2011 56 35.18 144,923 3,235 Abernethy Cenovus Energy Inc. Deferred Share Units Nielsen, Valerie Anne 4 1/1/2012 56 33.83 152,423 7,500 Abernethy Cenovus Energy Inc. Deferred Share Units Rampacek, Charles Max 4 31/12/2011 56 35.18 15,561 350 Cenovus Energy Inc. Deferred Share Units Rampacek, Charles Max 4 1/1/2012 56 33.83 23,061 7,500 Cenovus Energy Inc. Deferred Share Units Taylor, Colin 4 31/12/2011 56 35.18 15,561 350 Cenovus Energy Inc. Deferred Share Units Taylor, Colin 4 1/1/2012 56 33.83 23,061 7,500 Cenovus Energy Inc. Deferred Share Units Thomson, Wayne 4 31/12/2011 56 35.18 49,991 1,124 Cenovus Energy Inc. Deferred Share Units Thomson, Wayne 4 1/1/2012 56 33.83 57,491 7,500 Centamin Egypt Limited Ordinary Shares Arnesen, Mark 4 30/12/2011 22 0 -15,000 Centamin Egypt Limited Ordinary Shares Bankes, Mark Anthony 4 30/12/2011 22 0 -30,000 Centamin Egypt Limited Ordinary Shares Brown, Heidi Anne 5 30/12/2011 22 0 -475,000 Centamin Egypt Limited Ordinary Shares El-Raghy, Josef 4 30/12/2011 22 0 -51,549,372 Centamin Egypt Limited Ordinary Shares El-Raghy, Josef 4 30/12/2011 22 0 -950,000 Centamin Egypt Limited Ordinary Shares El-Raghy, Josef 4 30/12/2011 22 0 -17,595,714 Centamin Egypt Limited Ordinary Shares El-Raghy, Josef 4 30/12/2011 22 0 -350,000 Centamin Egypt Limited Ordinary Shares El-Raghy, Josef 4 30/12/2011 22 0 -1,000,000 Centamin Egypt Limited Ordinary Shares Haslam, Gordon Edward 4 30/12/2011 22 0 -50,000 Centamin Egypt Limited Ordinary Shares Louw, Johannes Petrus 5 30/12/2011 22 0 -637,500 Centamin Egypt Limited Ordinary Shares Schultz, Trevor 4 30/12/2011 22 0 -1,000,000 Centamin plc Ordinary Shares Arnesen, Mark 4 30/12/2011 00 15,000 Centamin plc Ordinary Shares Bankes, Mark Anthony 4 30/12/2011 00 30,000 Centamin plc Ordinary Shares Bankes, Mark Anthony 4 30/12/2011 10 0.821 60,000 30,000 Centamin plc Ordinary Shares Brown, Heidi Anne 5 30/12/2011 00 475,000 Centamin plc Ordinary Shares El-Raghy, Josef 4 30/12/2011 00 51,549,372 Centamin plc Ordinary Shares El-Raghy, Josef 4 30/12/2011 00 950,000 Centamin plc Ordinary Shares El-Raghy, Josef 4 30/12/2011 00 17,595,714 Centamin plc Ordinary Shares El-Raghy, Josef 4 30/12/2011 00 350,000 Centamin plc Ordinary Shares El-Raghy, Josef 4 30/12/2011 00 1,000,000 Centamin plc Ordinary Shares Haslam, Gordon Edward 4 30/12/2011 00 50,000 Centamin plc Ordinary Shares Louw, Johannes Petrus 5 30/12/2011 00 637,500 Centamin plc Ordinary Shares Schultz, Trevor 4 30/12/2011 00 1,000,000 Centerra Gold Inc. Rights Restricted Share Aldashev, Niyazbek 4 31/12/2011 56 17.76 2,508 1,266 Units Centerra Gold Inc. Units Performance Share Atkinson, Ian 5 31/12/2011 59 20.37 47,576 -52,705 Units Centerra Gold Inc. Units Performance Share Atkinson, Ian 5 31/12/2011 59 20.37 38,296 -9,280 Units Centerra Gold Inc. Units Performance Share Atkinson, Ian 5 31/12/2011 59 20.37 32,110 -6,186 Units Centerra Gold Inc. Rights Restricted Share Austin, Ian George 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Units Performance Share Colquhoun, Ronald Hugh 5 31/12/2011 59 20.37 57,881 -59,768 Units Centerra Gold Inc. Units Performance Share Colquhoun, Ronald Hugh 5 31/12/2011 59 20.37 45,271 -12,610 Units Centerra Gold Inc. Units Performance Share Colquhoun, Ronald Hugh 5 31/12/2011 59 20.37 36,865 -8,406 Units Centerra Gold Inc. Units Performance Share Drielsma, Stephen Johan 7 31/12/2011 59 20.37 7,632 -11,453 Units Hankes

January 13, 2012 (2012) 35 OSCB 488 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Centerra Gold Inc. Units Performance Share Drielsma, Stephen Johan 7 31/12/2011 59 20.37 5,216 -2,416 Units Hankes Centerra Gold Inc. Units Performance Share Drielsma, Stephen Johan 7 31/12/2011 59 20.37 4,411 -805 Units Hankes Centerra Gold Inc. Rights Restricted Share Girard, Raphael Arthur 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Units Performance Share Herbert, Frank Hamilton 5 31/12/2011 59 20.37 45,539 -51,305 Units Centerra Gold Inc. Units Performance Share Herbert, Frank Hamilton 5 31/12/2011 59 20.37 36,156 -9,383 Units Centerra Gold Inc. Units Performance Share Herbert, Frank Hamilton 5 31/12/2011 59 20.37 29,901 -6,255 Units Centerra Gold Inc. Rights Restricted Share Ibraev, Karybek 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Rights Restricted Share James, Patrick Micheal 4 31/12/2011 56 17.76 10,153 1,931 Units Centerra Gold Inc. Units Performance Share Kazakoff, John 4 31/12/2011 59 20.37 7,710 -6,341 Units Centerra Gold Inc. Units Performance Share Kazakoff, John 4 31/12/2011 59 20.37 3,856 -3,854 Units Centerra Gold Inc. Units Performance Share Krahn, Doug 7 31/12/2011 59 20.37 0 -2,567 Units Centerra Gold Inc. Units Performance Share Kwong, Dennis 5 31/12/2011 59 20.37 27,845 -24,514 Units Centerra Gold Inc. Units Performance Share Kwong, Dennis 5 31/12/2011 59 20.37 22,486 -5,359 Units Centerra Gold Inc. Units Performance Share Kwong, Dennis 5 31/12/2011 59 20.37 18,913 -3,573 Units Centerra Gold Inc. Units Performance Share Lang, Stephen A. 5 31/12/2011 59 20.37 153,628 -145,918 Units Centerra Gold Inc. Units Performance Share Lang, Stephen A. 5 31/12/2011 59 20.37 119,255 -34,373 Units Centerra Gold Inc. Units Performance Share Lang, Stephen A. 5 31/12/2011 59 20.37 96,340 -22,915 Units Centerra Gold Inc. Rights Restricted Share Lill, John W. 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Rights Restricted Share Muraliev, Amangeldy 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Units Performance Share Parr, Jeffrey Scott 5 31/12/2011 59 20.37 61,310 -64,998 Units Centerra Gold Inc. Units Performance Share Parr, Jeffrey Scott 5 31/12/2011 59 20.37 47,597 -13,713 Units Centerra Gold Inc. Units Performance Share Parr, Jeffrey Scott 5 31/12/2011 59 20.37 38,455 -9,142 Units Centerra Gold Inc. Units Performance Share Pearson, John William 5 31/12/2011 59 20.37 14,625 -16,600 Units Centerra Gold Inc. Units Performance Share Pearson, John William 5 31/12/2011 59 20.37 11,054 -3,571 Units Centerra Gold Inc. Units Performance Share Pearson, John William 5 31/12/2011 59 20.37 9,354 -1,700 Units Centerra Gold Inc. Rights Restricted Share Pressler, Sheryl 4 31/12/2011 56 17.76 1,266 1,266 Units Centerra Gold Inc. Units Performance Share Reid, Gordon Dunlop 7 31/12/2011 59 20.37 29,437 -32,102 Units Centerra Gold Inc. Units Performance Share Reid, Gordon Dunlop 7 31/12/2011 59 20.37 22,861 -6,576 Units Centerra Gold Inc. Units Performance Share Reid, Gordon Dunlop 7 31/12/2011 59 20.37 18,477 -4,384 Units Centerra Gold Inc. Rights Restricted Share Rogers, Terry Vernon 6 31/12/2011 56 17.76 633 633 Units Centerra Gold Inc. Units Deferred Share Rogers, Terry Vernon 6 31/12/2011 56 17.76 28,393 633 Units Centerra Gold Inc. Units Performance Share Ross, John A 5 31/12/2011 59 20.37 29,877 -29,767 Units Centerra Gold Inc. Units Performance Share Ross, John A 5 31/12/2011 59 20.37 23,597 -6,280 Units Centerra Gold Inc. Units Performance Share Ross, John A 5 31/12/2011 59 20.37 19,410 -4,187 Units Centerra Gold Inc. Units Performance Share Suter, John William 7 31/12/2011 59 20.37 0 -2,483 Units Centerra Gold Inc. Rights Restricted Share Walter, Bruce V. 4 31/12/2011 56 17.76 4,279 1,055 Units

January 13, 2012 (2012) 35 OSCB 489 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Centerra Gold Inc. Rights Restricted Share Webb, Anthony John 4 31/12/2011 56 17.76 5,135 1,266 Units Centerra Gold Inc. Units Performance Share Wunder, Robert Dunham 5 8/9/2010 46 20,730 10,365 Units Centerra Gold Inc. Units Performance Share Wunder, Robert Dunham 5 31/12/2010 59 19.33 6,910 -3,455 Units Centerra Gold Inc. Units Performance Share Wunder, Robert Dunham 5 31/12/2011 59 20.37 9,401 -3,533 Units Centerra Gold Inc. Units Performance Share Wunder, Robert Dunham 5 31/12/2011 59 20.37 3,533 -5,868 Units CERF Incorporated Options Koop, John 4 4/12/2011 52 0 -25,000 CERF Incorporated Options Mandin, Marc Philippe 5 30/12/2011 52 2.8 40,000 20,000 Roland Cervus Equipment Common Shares Higgins, John C. 5 31/12/2011 30 15.495 2,217 1,030 Corporation CGX Energy Inc. Options Heffernan, Nadia 5 3/1/2012 00 CGX Energy Inc. Options Heffernan, Nadia 5 3/1/2012 50 1.05 300,000 300,000 CGX Energy Inc. Options Maraj, Tralisa 5 3/1/2012 50 1.05 500,000 200,000 CGX Energy Inc. Options May, Charlotte Mary-Anne 5 3/1/2012 00 350,000

CGX Energy Inc. Options May, Charlotte Mary-Anne 5 3/1/2012 50 1.05 600,000 250,000

CGX Energy Inc. Options Narine, Suresh 4 3/1/2012 00 CGX Energy Inc. Options Narine, Suresh 4 3/1/2012 50 1.05 300,000 300,000 Chartwell Seniors Housing Rights Restricted Trust Annable, Sheri Lynn 5 31/12/2011 30 7.5502 11,183 198 Real Estate Investment Trust Units

Chartwell Seniors Housing Deferred Units Bastarache, Lise 4 31/12/2011 30 7.8104 22,056 2,263 Real Estate Investment Trust

Chartwell Seniors Housing Rights Restricted Trust Binions, W. Brent 4, 5 31/12/2011 30 7.5502 65,505 1,161 Real Estate Investment Trust Units

Chartwell Seniors Housing Rights Restricted Trust Boulakia, Jonathan 5 31/12/2011 30 7.5502 10,562 187 Real Estate Investment Trust Units

Chartwell Seniors Housing Deferred Units Harris, Michael Deane 4 31/12/2011 30 7.8104 95,154 7,975 Real Estate Investment Trust

Chartwell Seniors Housing Deferred Units Kuzmicki, Andre 7 31/12/2011 30 7.8104 48,382 4,974 Real Estate Investment Trust

Chartwell Seniors Housing Rights Restricted Trust McKenzie, Philip Harold 5 31/12/2011 30 7.5502 7,125 126 Real Estate Investment Trust Units

Chartwell Seniors Housing Deferred Units moses, charles russell 4 31/12/2011 30 7.8104 28,189 4,444 Real Estate Investment Trust

Chartwell Seniors Housing Deferred Units Robinson, Sidney P H 4 31/12/2011 30 7.8104 74,059 5,944 Real Estate Investment Trust

Chartwell Seniors Housing Deferred Units Sallows, Sharon 4 31/12/2011 30 7.8104 21,265 3,778 Real Estate Investment Trust

Chartwell Seniors Housing Deferred Units Schwartz, Thomas 4 31/12/2011 30 7.8104 63,174 5,207 Real Estate Investment Trust

Chartwell Seniors Housing Rights Restricted Trust Sullivan, Karen Leslie 5 31/12/2011 30 7.5502 10,334 183 Real Estate Investment Trust Units

Chartwell Seniors Housing Rights Restricted Trust Volodarski, Vlad 5 31/12/2011 30 7.5502 15,526 275 Real Estate Investment Trust Units

Chelsea Acquisition Common Shares Chamandy, H. Gregory 3, 4, 5 16/12/2011 00 300,000 Corporation Chelsea Acquisition Common Shares Chamandy, H. Gregory 3, 4, 5 16/12/2011 00 7,100,000 Corporation Chelsea Acquisition Common Shares Stark, Darren 4, 5 16/12/2011 00 300,000 Corporation Chelsea Acquisition Common Shares Stuve, Douglas Murray 4 16/12/2011 00 300,000 Corporation

January 13, 2012 (2012) 35 OSCB 490 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed China Green Star Common Shares Marsiglio, Paul 4 29/12/2011 10 0.7 145,800 10,500 Agricultural Corporation (formerly Aquarius Capital Corp.) China Green Star Common Shares Marsiglio, Paul 4 30/12/2011 10 0.8342 156,300 10,500 Agricultural Corporation (formerly Aquarius Capital Corp.) China Green Star Common Shares Marsiglio, Paul 4 5/1/2012 10 0.75 161,300 5,000 Agricultural Corporation (formerly Aquarius Capital Corp.) Chinook Energy Inc. Options Barlow, Lloyd Geoffrey 5 15/11/2011 50 200,000 Chinook Energy Inc. Options Barlow, Lloyd Geoffrey 5 15/12/2011 50 700,000 200,000 Chinook Energy Inc. Options Halpen, Timothy Sean 5 15/12/2011 50 512,500 200,000 Chinook Energy Inc. Options Laing, Christopher Bruce 5 15/12/2011 50 346,000 90,000 Chinook Energy Inc. Options Lindskog, Thomas Nelson 5 15/12/2011 50 311,250 30,000

Chinook Energy Inc. Options Smitshoek, Roy 5 15/12/2011 50 487,500 200,000 Chinook Energy Inc. Options Stephenson, Travis 5 15/12/2011 50 290,000 90,000 Chinook Energy Inc. Options Vrataric, Walter 5 15/12/2011 50 512,500 200,000 Chinook Energy Inc. Options Zacharias, Darrel Grant 5 1/1/2012 00 307,500 Choice Gold Corp Common Shares Class A Kovacevic, John Gianni 4 3/1/2012 10 0.18 2,339,000 5,000

Chorus Aviation Inc. Class B Voting Shares Belkin Enterprises Ltd. 3 3/1/2012 00 7,347,600 Chorus Aviation Inc. Class B Voting Shares Belkin Enterprises Ltd. 3 3/1/2012 00 5,056,900 Chorus Aviation Inc. Class B Voting Shares Lindsay, Thomas Douglas 6 3/1/2012 00 2,000 Chorus Aviation Inc. Class B Voting Shares Pekarsky, Daniel Uri 6 3/1/2012 00 6,000 CI Financial Corp. Common Shares Chang, G. Raymond 7 4/1/2012 10 21.215 12,074,340 -5,000 CI Financial Corp. Common Shares CI Financial Corp. 1 14/12/2011 38 20.435 363,827 61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 14/12/2011 38 302,027 -61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 15/12/2011 38 20.409 362,927 60,900 CI Financial Corp. Common Shares CI Financial Corp. 1 15/12/2011 38 302,027 -60,900 CI Financial Corp. Common Shares CI Financial Corp. 1 16/12/2011 38 20.498 305,727 3,700 CI Financial Corp. Common Shares CI Financial Corp. 1 16/12/2011 38 302,027 -3,700 CI Financial Corp. Common Shares CI Financial Corp. 1 20/12/2011 38 20.799 363,827 61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 20/12/2011 38 302,027 -61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 21/12/2011 38 20.5 318,827 16,800 CI Financial Corp. Common Shares CI Financial Corp. 1 21/12/2011 38 302,027 -16,800 CI Financial Corp. Common Shares CI Financial Corp. 1 22/12/2011 38 20.5 363,827 61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 22/12/2011 38 302,027 -61,800 CI Financial Corp. Common Shares CI Financial Corp. 1 30/12/2011 38 0 -302,027 CI Financial Corp. Common Shares Green, Derek J. 7 3/1/2012 51 21.09 42,279 17,279 CI Financial Corp. Common Shares Green, Derek J. 7 3/1/2012 10 21.158 25,279 -17,000 CI Financial Corp. Options Green, Derek J. 7 3/1/2012 51 11.6 101,667 -50,000 CI Financial Corp. Common Shares Iannicca, Fabio 7 3/1/2012 51 21.09 28,550 4,622 CI Financial Corp. Common Shares Iannicca, Fabio 7 5/1/2012 10 21.23 23,928 -4,622 CI Financial Corp. Options Iannicca, Fabio 7 3/1/2012 51 12.57 41,114 -2,516 CI Financial Corp. Options Iannicca, Fabio 7 3/1/2012 51 11.6 30,000 -11,114 CI Financial Corp. Common Shares Jamieson, Douglas J.R. 5 5/1/2012 51 21.18 134,900 4,900 CI Financial Corp. Options Jamieson, Douglas J.R. 5 5/1/2012 51 11.6 60,000 -14,224 CI Financial Corp. Common Shares Kerr, Neal A. 7 3/1/2012 10 21 36,058 -10,500 CI Financial Corp. Common Shares Kerr, Neal A. 7 4/1/2012 51 21.2 46,782 10,724 CI Financial Corp. Options Kerr, Neal A. 7 4/1/2012 51 11.6 31,000 -30,834 CI Financial Corp. Common Shares Pauli, David C. 5 4/1/2012 51 21.2 630,100 4,900 CI Financial Corp. Options Pauli, David C. 5 4/1/2012 51 11.6 85,000 -14,224 CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 30/12/2011 10 0.23 3,394,024 12,000 (formerly Capital Alliance Group Inc.) CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 2/1/2012 10 0.242 3,404,024 10,000 (formerly Capital Alliance Group Inc.) Cineplex Inc. Deferred Share Units Briant, Heather 5 30/12/2011 30 4,455 18 Cineplex Inc. Performance Share Units Briant, Heather 5 30/12/2011 30 4,637 19

Cineplex Inc. Deferred Share Units Bruce, Robert W. 4 30/12/2011 30 2,762 11 Cineplex Inc. Deferred Share Units Dea, Joan 4 30/12/2011 30 2,762 11 Cineplex Inc. Performance Share Units Fitzgerald, Anne Tunstall 5 30/12/2011 30 4,637 19

Cineplex Inc. Deferred Share Units Greenberg, Ian 4 30/12/2011 30 2,762 11 Cineplex Inc. Deferred Share Units Jacob, Ellis 5 30/12/2011 30 21,797 90 Cineplex Inc. Performance Share Units Jacob, Ellis 5 30/12/2011 30 119,736 494

January 13, 2012 (2012) 35 OSCB 491 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cineplex Inc. Performance Share Units Kennedy, Michael 5 30/12/2011 30 8,652 36

Cineplex Inc. Performance Share Units Kent, Jeff 5 30/12/2011 30 7,969 33

Cineplex Inc. Performance Share Units Mandryk, Suzanna 5 30/12/2011 30 4,544 19

Cineplex Inc. Deferred Share Units Marwah, Sarabjit 4 30/12/2011 30 2,762 11 Cineplex Inc. Performance Share Units McGrath, Daniel F. 5 30/12/2011 30 19,162 79

Cineplex Inc. Deferred Share Units Munk, Anthony 4 30/12/2011 30 1,380 5 Cineplex Inc. Deferred Share Units Nelson, Gordon 5 30/12/2011 30 5,023 20 Cineplex Inc. Performance Share Units Nelson, Gordon 5 30/12/2011 30 12,557 52

Cineplex Inc. Performance Share Units Nonis, Paul 5 30/12/2011 30 4,534 19

Cineplex Inc. Performance Share Units Sautter, George 5 30/12/2011 30 4,327 17

Cineplex Inc. Deferred Share Units Sonshine, Edward 5 30/12/2011 30 3,352 13 Cineplex Inc. Performance Share Units Stanghieri, Fabrizio 5 30/12/2011 30 3,895 16

Cineplex Inc. Deferred Share Units Steacy, Robert Joseph 4 30/12/2011 30 1,777 7 Cineplex Inc. Deferred Share Units Yaffe, Phyllis 4 30/12/2011 30 2,170 8 Cinram International Income Convertible Debentures Polar Securities Inc. 3 31/12/2011 36 $0 -$46,015,828 Fund Second-lien exchangeable secured debt Cinram International Income Second-lien debt Polar Securities Inc. 3 4/11/2011 00 Fund Cinram International Income Second-lien debt Polar Securities Inc. 3 31/12/2011 97 $4,293,741 $4,293,741 Fund Cinram International Income Units Polar Securities Inc. 3 31/12/2011 36 174,549,490 173,726,921 Fund Claim Post Resources Inc. Common Shares Consolidated International 3 4/1/2012 10 0.04 441,332 -500,000 Investment Holdings Inc.

Claim Post Resources Inc. Options Consolidated International 3 31/12/2011 52 178,666 -216,666 Investment Holdings Inc.

Claim Post Resources Inc. Warrants Consolidated International 3 31/12/2011 55 166,666 -1,666,666 Investment Holdings Inc.

Clarke Inc. Common Shares Cull, Dean Maxwell 7 20/12/2011 30 4.1203 22,812 299 Clarke Inc. Common Shares Geosam Capital Inc. 3 29/12/2011 10 4 641,623 2,400 Claude Resources Inc. Deferred Share Units Hicks, Ronald J. 4 9/5/2006 00 Claude Resources Inc. Deferred Share Units Hicks, Ronald J. 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options Hicks, Ronald J. 4 2/1/2012 50 1.36 200,717 70,717 Claude Resources Inc. Deferred Share Units Kowalishin, John Robert 4 20/3/2007 00 Claude Resources Inc. Deferred Share Units Kowalishin, John Robert 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options Kowalishin, John Robert 4 2/1/2012 50 1.36 190,717 70,717 Claude Resources Inc. Deferred Share Units McKay, Raymond A. 4 8/5/2007 00 Claude Resources Inc. Deferred Share Units McKay, Raymond A. 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options McKay, Raymond A. 4 2/1/2012 50 1.36 170,717 70,717 Claude Resources Inc. Deferred Share Units Mirwald, Rita Mary 4 1/1/2011 00 Claude Resources Inc. Deferred Share Units Mirwald, Rita Mary 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options Mirwald, Rita Mary 4 2/1/2012 50 1.36 90,717 70,717 Claude Resources Inc. Deferred Share Units Nieman, Ted John 4 8/1/2007 00 Claude Resources Inc. Deferred Share Units Nieman, Ted John 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options Nieman, Ted John 4 2/1/2012 50 1.36 190,717 70,717 Claude Resources Inc. Deferred Share Units Sylvestre, Michel 4 20/6/2011 00 Claude Resources Inc. Deferred Share Units Sylvestre, Michel 4 2/1/2012 56 40,323 40,323 Claude Resources Inc. Options Options Sylvestre, Michel 4 2/1/2012 50 1.36 90,717 70,717 Clean Seed Capital Group Common Shares Tommasi, Mark 4 4/1/2012 10 0.288 2,108,500 1,500 Ltd. ClubLink Enterprises Limited Common Shares ClubLink Enterprises 1 3/1/2012 38 6.45 100 100 Limited ClubLink Enterprises Limited Common Shares ClubLink Enterprises 1 3/1/2012 38 6.45 0 -100 Limited CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 1/12/2011 38 10.95 1,200 1,200 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 1/12/2011 38 10.95 0 -1,200 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 2/12/2011 38 10.95 5,100 5,100 Trust

January 13, 2012 (2012) 35 OSCB 492 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 2/12/2011 38 10.95 0 -5,100 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 6/12/2011 38 10.85 4,000 4,000 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 6/12/2011 38 10.6 2,100 -1,900 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 6/12/2011 38 10.85 -1,900 -4,000 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 7/12/2011 38 10.75 -1,500 400 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 7/12/2011 38 10.75 -1,900 -400 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 8/12/2011 38 10.6 0 1,900 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 9/12/2011 38 10.55 2,300 2,300 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 9/12/2011 38 10.55 0 -2,300 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 12/12/2011 38 10.2 2,500 2,500 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 12/12/2011 38 10.2 0 -2,500 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 13/12/2011 38 10.29 2,100 2,100 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 13/12/2011 38 10.29 0 -2,100 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 14/12/2011 38 9.93 2,800 2,800 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 14/12/2011 38 9.93 0 -2,800 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 16/12/2011 38 9.7 4,000 4,000 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 16/12/2011 38 9.7 0 -4,000 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 19/12/2011 38 9.799 3,600 3,600 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 19/12/2011 38 9.799 0 -3,600 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 21/12/2011 38 10.215 6,400 6,400 Trust CMP Gold Trust Trust Units CMP Gold Trust, CMP Gold 1 21/12/2011 38 10.215 0 -6,400 Trust Co-operators General Preferred Shares Class A Daniel, Kevin 7 31/12/2011 30 100 845 1 Insurance Company Series B Co-operators General Preferred Shares Class A McCombie, Richard Allen 7 31/12/2011 30 100 1,822 4 Insurance Company Series B Coastal Contacts Inc. Common Shares Bochen, Steve 5 31/12/2011 30 2.56 756,070 5,840 Coastal Contacts Inc. Common Shares Howie, Gordon Kirkland 5 18/6/2011 00 Coastal Contacts Inc. Common Shares Howie, Gordon Kirkland 5 31/12/2011 30 2.81 3,037 3,037 Coastal Contacts Inc. Options Mason, Jeffrey Robert 4 4/1/2012 50 2.62 40,500 10,000 Coastal Contacts Inc. Common Shares VANDERKRUYK, TERRY 5 22/12/2011 50 2.62 25,000 Coastal Contacts Inc. Common Shares VANDERKRUYK, TERRY 5 22/12/2011 50 2.62 25,000 Coastal Contacts Inc. Common Shares VANDERKRUYK, TERRY 5 31/12/2011 30 2.56 217,872 5,880 Coastal Contacts Inc. Options VANDERKRUYK, TERRY 5 22/12/2011 50 2.62 575,000 25,000 Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 5/1/2012 10 16.622 11,290,000 -22,500 Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 5/1/2012 10 16.709 11,252,200 -37,800 Cogitore Resources Inc. Common Shares Riverin, Gérald 5 23/12/2011 16 0.17 522,057 88,250 Colossus Minerals Inc. Options Brooks, Jason Alexander 5 3/1/2012 50 5.81 175,000 75,000 Colossus Minerals Inc. Options FAGUNDES, Paulo De 5 3/1/2012 50 5.81 400,000 100,000 Tarso Serpa Colossus Minerals Inc. Options Long, Graham Gerald 5 3/1/2012 50 5.81 175,000 25,000 Colossus Minerals Inc. Options Mancuso, Claudio 5 3/1/2012 50 5.81 750,000 200,000 Colossus Minerals Inc. Options Sussman, Ari B 4, 5 3/1/2012 50 5.81 800,000 200,000 Colossus Minerals Inc. Options Wall, Vic 5 3/1/2012 50 5.81 175,000 75,000 Commercial Solutions Inc. Deferred Share Units Harrison, Kenneth 4 3/1/2012 56 20,295 3,470 Commercial Solutions Inc. Deferred Share Units MARTIN, ALAN 4 3/1/2012 56 20,295 3,470 Commercial Solutions Inc. Deferred Share Units Smith, Richard Henry 4 3/1/2012 56 11,030 347 COMPASS Income Fund Trust Units COMPASS Income Fund 1 30/12/2011 38 12.3 30,446,829 600 COMPASS Income Fund Trust Units COMPASS Income Fund 1 3/1/2012 38 12.49 30,449,429 2,600 ComWest Enterprise Corp. Common Shares Class B McLean, Joel 4 30/11/2010 00 Voting Shares ComWest Enterprise Corp. Common Shares Class B McLean, Joel 4 29/12/2011 10 1.5 10,000 10,000 Voting Shares

January 13, 2012 (2012) 35 OSCB 493 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Connacher Oil and Gas Common Shares Hughes, Brenda Gene 5 4/1/2012 00 20,000 Limited Connacher Oil and Gas Options Hughes, Brenda Gene 5 1/5/2010 00 Limited Connacher Oil and Gas Options Hughes, Brenda Gene 5 4/1/2012 00 Limited Connacher Oil and Gas Options Hughes, Brenda Gene 5 4/1/2012 00 Limited Connacher Oil and Gas Options Hughes, Brenda Gene 5 4/1/2012 00 40,500 Limited Connacher Oil and Gas Options Ukrainetz, Grant 5 3/1/2012 52 622,001 -48,000 Limited Constellation Software Inc. Common Shares Pethakas, Steve 5 31/12/2011 30 68.932 492 272 Constellation Software Inc. Common Shares Pethakas, Steve 5 31/12/2011 30 68.932 478 170 Contrans Group Inc. Subordinate Voting Amos, Gordon Ross 4 19/12/2011 10 7.5 8,847 4,000 Shares Class A Copper Reef Mining Common Shares Masson, Stephen Leo 3 3/1/2012 10 0.1 608,000 -1,000 Corporation Copper Reef Mining Common Shares Masson, Stephen Leo 3 3/1/2012 10 0.075 613,000 5,000 Corporation Copper Reef Mining Common Shares Masson, Stephen Leo 3 5/1/2012 10 0.07 543,000 -70,000 Corporation Copper Reef Mining Common Shares Masson, Stephen Leo 3 6/1/2012 10 0.085 548,000 5,000 Corporation Corby Distilleries Limited Common Shares Alexander, Andrew 5 4/11/2011 30 16.506 13,332 195 Corby Distilleries Limited Common Shares Alexander, Andrew 5 28/11/2011 30 17.926 13,511 179 Corby Distilleries Limited Common Shares Alexander, Andrew 5 16/12/2011 35 15.601 13,639 128 Corby Distilleries Limited Common Shares Alexander, Andrew 5 23/12/2011 30 15.771 13,843 204 Corby Distilleries Limited Common Shares Holub, Paul 5 4/11/2011 30 16.506 9,080 160 Corby Distilleries Limited Common Shares Holub, Paul 5 28/11/2011 30 17.926 9,227 147 Corby Distilleries Limited Common Shares Holub, Paul 5 16/12/2011 35 15.601 9,314 87 Corby Distilleries Limited Common Shares Holub, Paul 5 23/12/2011 30 15.771 9,481 167 Corby Distilleries Limited Common Shares Llewellyn, Robert 4 16/12/2011 35 15.601 3,572 28 Corby Distilleries Limited Common Shares Lussier, Donald Vincent 4 4/11/2011 30 16.506 1,163 33 Corby Distilleries Limited Common Shares Lussier, Donald Vincent 4 28/11/2011 30 17.926 1,194 31 Corby Distilleries Limited Common Shares Lussier, Donald Vincent 4 16/12/2011 35 15.601 1,205 11 Corby Distilleries Limited Common Shares Lussier, Donald Vincent 4 23/12/2011 30 15.771 1,240 35 Corby Distilleries Limited Common Shares McCarthy, George 4 16/12/2011 35 15.601 12,332 100 Corby Distilleries Limited Common Shares Nielsen, Patricia 4 16/12/2011 35 15.601 13,495 94 Corby Distilleries Limited Common Shares O'Driscoll, Roland Patrick 4, 5 4/11/2011 30 16.506 2,868 114 Corby Distilleries Limited Common Shares O'Driscoll, Roland Patrick 4, 5 28/11/2011 30 17.926 2,973 105 Corby Distilleries Limited Common Shares O'Driscoll, Roland Patrick 4, 5 16/12/2011 35 15.601 3,001 28 Corby Distilleries Limited Common Shares O'Driscoll, Roland Patrick 4, 5 23/12/2011 30 15.771 3,121 120 Corby Distilleries Limited Common Shares Pourchet, Thierry Roger 4 4/11/2011 30 16.506 2,094 76 Jacques Marie Corby Distilleries Limited Common Shares Pourchet, Thierry Roger 4 28/11/2011 30 17.926 2,129 35 Jacques Marie Corby Distilleries Limited Common Shares Pourchet, Thierry Roger 4 16/12/2011 35 15.601 2,149 20 Jacques Marie Corby Distilleries Limited Common Shares Valencia, Marc Andrew 5 4/11/2011 30 16.506 9,359 163 Corby Distilleries Limited Common Shares Valencia, Marc Andrew 5 28/11/2011 30 17.926 9,509 150 Corby Distilleries Limited Common Shares Valencia, Marc Andrew 5 16/12/2011 35 15.601 9,599 90 Corby Distilleries Limited Common Shares Valencia, Marc Andrew 5 23/12/2011 30 15.771 9,770 171 Corvus Gold Inc. Common Shares Wu, Peggy 5 28/12/2011 10 0.59 16,000 16,000 Crescent Point Energy Corp. Common Shares Balutis, David 7 1/1/2012 57 506,846 61,415

Crescent Point Energy Corp. Common Shares Balutis, David 7 1/1/2012 97 482,280 -24,566

Crescent Point Energy Corp. Restricted Share Units Balutis, David 7 1/1/2012 57 142,127 -61,415

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 1/1/2012 57 544,857 3,506

Crescent Point Energy Corp. Common Shares Bannister, Peter 4 1/1/2012 97 543,455 -1,402

Crescent Point Energy Corp. Restricted Share Units Bannister, Peter 4 1/1/2012 57 9,326 -3,506

Crescent Point Energy Corp. Common Shares Borggard, Bradley Harlan 5 1/1/2012 57 34,026 22,777

Crescent Point Energy Corp. Common Shares Borggard, Bradley Harlan 5 1/1/2012 97 24,915 -9,111

Crescent Point Energy Corp. Restricted Share Units Borggard, Bradley Harlan 5 1/1/2012 57 32,223 -22,777

Crescent Point Energy Corp. Common Shares Christie, Derek Wayne 5 1/1/2012 57 163,945 34,097

January 13, 2012 (2012) 35 OSCB 494 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Crescent Point Energy Corp. Common Shares Christie, Derek Wayne 5 1/1/2012 97 150,306 -13,639

Crescent Point Energy Corp. Restricted Share Units Christie, Derek Wayne 5 1/1/2012 57 81,059 -34,097

Crescent Point Energy Corp. Common Shares Colborne, Paul 4 1/1/2012 57 44,832 3,608

Crescent Point Energy Corp. Common Shares Colborne, Paul 4 1/1/2012 97 43,389 -1,443

Crescent Point Energy Corp. Restricted Share Units Colborne, Paul 4 1/1/2012 57 8,586 -3,608

Crescent Point Energy Corp. Common Shares Cugnet, Kenney Frank 4 1/1/2012 57 431,253 3,506

Crescent Point Energy Corp. Restricted Share Units Cugnet, Kenney Frank 4 1/1/2012 57 8,749 -3,506

Crescent Point Energy Corp. Common Shares Gillard, D. Hugh 4 1/1/2012 57 38,069 3,506

Crescent Point Energy Corp. Common Shares Gillard, D. Hugh 4 1/1/2012 97 36,667 -1,402

Crescent Point Energy Corp. Restricted Share Units Gillard, D. Hugh 4 1/1/2012 57 9,416 -3,506

Crescent Point Energy Corp. Common Shares Gritzfeldt, Ryan Chad 5 1/1/2012 57 102,321 37,344 Raymond Crescent Point Energy Corp. Common Shares Gritzfeldt, Ryan Chad 5 1/1/2012 97 87,383 -14,938 Raymond Crescent Point Energy Corp. Restricted Share Units Gritzfeldt, Ryan Chad 5 1/1/2012 57 85,156 -37,344 Raymond Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 1/1/2012 57 160,135 53,501

Crescent Point Energy Corp. Common Shares LAMONT, KENNETH 5 1/1/2012 97 138,735 -21,400

Crescent Point Energy Corp. Restricted Share Units LAMONT, KENNETH 5 1/1/2012 57 93,999 -53,501

Crescent Point Energy Corp. Common Shares MacDonald, Tamara 7 1/1/2012 57 -56,435

Crescent Point Energy Corp. Common Shares MacDonald, Tamara 7 1/1/2012 57 238,932 56,435

Crescent Point Energy Corp. Common Shares MacDonald, Tamara 7 1/1/2012 97 216,358 -22,574

Crescent Point Energy Corp. Restricted Share Units MacDonald, Tamara 7 1/1/2012 57 142,107 -56,435

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 31/12/2011 30 41.05 2,037 94

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 1/1/2012 57 5,231 3,194

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 1/1/2012 97 3,953 -1,278

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 4/1/2012 10 46.08 2,426 -1,527

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 4/1/2012 10 46.09 1,926 -500

Crescent Point Energy Corp. Common Shares ROMANZIN, GERALD A. 4 31/12/2011 30 41.03 9,693 624

Crescent Point Energy Corp. Restricted Share Units ROMANZIN, GERALD A. 4 1/1/2012 57 9,055 -3,194

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 1/1/2012 57 799,500 132,865

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 1/1/2012 97 746,354 -53,146

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 1/1/2012 10 46.06 746,254 -100

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 3/1/2012 10 45.58 731,254 -15,000

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 4/1/2012 10 46 728,054 -3,200

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 4/1/2012 10 46.05 726,854 -1,200

Crescent Point Energy Corp. Common Shares Saxberg, Scott 4 4/1/2012 10 46.07 726,354 -500

Crescent Point Energy Corp. Restricted Share Units Saxberg, Scott 4 1/1/2012 57 265,468 -132,865

Crescent Point Energy Corp. Common Shares Smith, Clifford Neil 7 1/1/2012 57 252,164 66,420

January 13, 2012 (2012) 35 OSCB 495 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Crescent Point Energy Corp. Common Shares Smith, Clifford Neil 7 1/1/2012 97 226,260 -25,904

Crescent Point Energy Corp. Restricted Share Units Smith, Clifford Neil 7 1/1/2012 57 147,122 -66,420

Crescent Point Energy Corp. Common Shares Stangl, Trent Terry 5 1/1/2012 57 98,779 33,673

Crescent Point Energy Corp. Common Shares Stangl, Trent Terry 5 1/1/2012 97 85,517 -13,262

Crescent Point Energy Corp. Restricted Share Units Stangl, Trent Terry 5 1/1/2012 57 78,827 -33,673

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 1/1/2012 57 256,209 72,517

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 1/1/2012 97 228,653 -27,556

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 3/1/2012 10 45.31 228,453 -200

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 3/1/2012 10 45.3 203,653 -24,800

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 4/1/2012 47 45.71 201,653 -2,000

Crescent Point Energy Corp. Common Shares TISDALE, GREGORY 5 4/1/2012 47 46.13 200,153 -1,500

Crescent Point Energy Corp. Restricted Share Units TISDALE, GREGORY 5 1/1/2012 57 172,483 -72,517

Crescent Point Energy Corp. Common Shares Toews, Steven George 5 1/1/2012 57 119,696 32,092

Crescent Point Energy Corp. Common Shares Toews, Steven George 5 1/1/2012 97 106,859 -12,837

Crescent Point Energy Corp. Restricted Share Units Toews, Steven George 5 1/1/2012 57 64,783 -32,092

Crescent Point Energy Corp. Common Shares Turnbull, Gregory George 4 1/1/2012 57 42,170 3,506

Crescent Point Energy Corp. Common Shares Turnbull, Gregory George 4 1/1/2012 97 40,768 -1,402

Crescent Point Energy Corp. Restricted Share Units Turnbull, Gregory George 4 1/1/2012 57 8,749 -3,506

Crew Energy Inc. Common Shares Brussa, John Albert 4 2/1/2012 51 7.23 427,158 40,000 Crew Energy Inc. Options Brussa, John Albert 4 2/1/2012 51 132,000 -40,000 Crew Energy Inc. Common Shares Nerland, Dennis Leroy 4 2/1/2012 51 7.23 46,115 30,000 Crew Energy Inc. Options Nerland, Dennis Leroy 4 2/1/2012 51 75,000 -30,000 Crew Energy Inc. Options Shwed, Dale Orest 5 2/1/2012 51 7.23 576,000 -200,000 Crew Energy Inc. Options Shwed, Dale Orest 5 2/1/2012 10 776,000 200,000 Crew Energy Inc. Common Shares Truscott, Kenneth 5 2/1/2012 10 75000 75,000 Crew Energy Inc. Common Shares Truscott, Kenneth 5 2/1/2012 10 79,500 75,000 Crew Energy Inc. Options Truscott, Kenneth 5 2/1/2012 51 7.23 396,000 -75,000 Critical Outcome Common Shares Kelly, Eugene Francis 5 4/1/2012 90 0.185 782,237 -108,000 Technologies Inc. Critical Outcome Common Shares Kelly, Eugene Francis 5 4/1/2012 90 0.185 108,000 Technologies Inc. Critical Outcome Common Shares Kelly, Eugene Francis 5 4/1/2012 90 0.185 108,000 Technologies Inc. Critical Outcome Common Shares Kelly, Eugene Francis 5 4/1/2012 90 0.185 148,375 108,000 Technologies Inc. Crocodile Gold Corp. Common Shares Bharti, Stan 4 4/1/2012 30 0.52 10,687,421 12,500 Crocodile Gold Corp. Common Shares Davies, Brianna Kirsten 5 4/1/2012 30 24,999 3,333 Crocodile Gold Corp. Common Shares Faught, George D. 4 4/1/2012 30 0.52 91,862 4,166 Crocodile Gold Corp. Common Shares Hoffman, Michael 4, 5 6/1/2012 30 0.52 1,212,499 8,333 Crocodile Gold Corp. Common Shares Humphrey, Raymond Bruce 4 4/1/2012 30 0.52 1,137,498 4,166

Crocodile Gold Corp. Common Shares Tagliamonte, Peter Wilson 4 4/1/2012 30 0.52 22,498 4,166

Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 4/1/2012 38 11.97 80,100 800 A Shares Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 6/1/2012 38 11.945 82,100 2,000 A Shares Cymbria Corporation Non-Voting Shares Class Tang, Norman Chen-Yu 5 3/1/2012 10 11.93 7,875 900 A Shares Cynapsus Therapeutics Inc. Common Shares Hill, Margaret 4, 5 29/12/2011 10 0.02 275,000 145,000

Cynapsus Therapeutics Inc. Common Shares Hill, Margaret 4, 5 4/1/2012 10 0.02 370,000 95,000

Data Group Inc. Common Shares Barron, Frederick William 7 1/1/2012 00 Data Group Inc. Common Shares Barron, Frederick William 7 1/1/2012 36 6,146 6,146

January 13, 2012 (2012) 35 OSCB 496 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Data Group Inc. Common Shares Barron, Frederick William 7 1/1/2012 00 Data Group Inc. Common Shares Barron, Frederick William 7 1/1/2012 36 6,932 6,932 Data Group Inc. Common Shares Busch, Frederick Leigh 5 1/1/2012 00 Data Group Inc. Common Shares Busch, Frederick Leigh 5 1/1/2012 36 1,312 1,312 Data Group Inc. Common Shares Busch, Frederick Leigh 5 1/1/2012 00 Data Group Inc. Common Shares Busch, Frederick Leigh 5 1/1/2012 36 8,909 8,909 Data Group Inc. Common Shares Deramo, Elaine Marie 7 1/1/2012 00 Data Group Inc. Common Shares Deramo, Elaine Marie 7 1/1/2012 36 9,685 9,685 Data Group Inc. Common Shares Fotheringham, Ronald 7 1/1/2012 00 Andrew Data Group Inc. Common Shares Fotheringham, Ronald 7 1/1/2012 36 9,500 9,500 Andrew Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 00 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 36 784 784 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 00 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 36 26,135 26,135 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 00 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 36 1,425 1,425 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 00 Data Group Inc. Common Shares Galarneau, Steven Albert 7 1/1/2012 36 784 784 Data Group Inc. Common Shares Greenhough, John 7 1/1/2012 00 Data Group Inc. Common Shares Greenhough, John 7 1/1/2012 36 15,000 15,000 Data Group Inc. Common Shares O'Shea, Paul Edward 6, 5 1/1/2012 00 Data Group Inc. Common Shares O'Shea, Paul Edward 6, 5 1/1/2012 36 36,568 36,568 Data Group Inc. Common Shares Ridout, Derek Michael 7 1/1/2012 00 Data Group Inc. Common Shares Ridout, Derek Michael 7 1/1/2012 36 20,000 20,000 Data Group Inc. Common Shares Schwind, Diane Lorraine 5 1/1/2012 00 Data Group Inc. Common Shares Schwind, Diane Lorraine 5 1/1/2012 36 21,316 21,316 Data Group Inc. Common Shares Spencer, Thomas 7 1/1/2012 00 Richmond Data Group Inc. Common Shares Spencer, Thomas 7 1/1/2012 36 35,000 35,000 Richmond Data Group Inc. Common Shares Suksi, Michael Ronald 5 1/1/2012 00 Data Group Inc. Common Shares Suksi, Michael Ronald 5 1/1/2012 36 32,541 32,541 Data Group Inc. Common Shares Van Patter, Ross Hugh 7 1/1/2012 00 Data Group Inc. Common Shares Van Patter, Ross Hugh 7 1/1/2012 36 15,325 15,325 Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -78,890 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -300,000 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -31,600 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -29,730 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -43,460 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -43,810 DAVID Daylight Energy Ltd. Common Shares CHORNEY, DENNIS 4 23/12/2011 22 0 -413,249 DAVID Daylight Energy Ltd. Common Shares Eshleman, Brent Andrew 5 23/12/2011 22 0 -4,400 Daylight Energy Ltd. Common Shares Eshleman, Brent Andrew 5 23/12/2011 22 0 -4,000 Daylight Energy Ltd. Common Shares Eshleman, Brent Andrew 5 23/12/2011 22 0 -33,686 Daylight Energy Ltd. Common Shares Eshleman, Brent Andrew 5 23/12/2011 22 0 -137,953 Daylight Energy Ltd. Performance Share Eshleman, Brent Andrew 5 23/12/2011 22 0 -138,999 Awards Daylight Energy Ltd. Restricted Share Awards Eshleman, Brent Andrew 5 23/12/2011 22 0 -29,668

Daylight Energy Ltd. Common Shares Ford, Randy 5 23/12/2011 22 0 -172,649 Daylight Energy Ltd. Performance Share Ford, Randy 5 23/12/2011 22 0 -121,999 Awards Daylight Energy Ltd. Restricted Share Awards Ford, Randy 5 23/12/2011 22 0 -26,002

Daylight Energy Ltd. Common Shares Hanbury, Edwin Stewart 5 23/12/2011 22 0 -2,989 Daylight Energy Ltd. Common Shares Hanbury, Edwin Stewart 5 23/12/2011 22 0 -431,688 Daylight Energy Ltd. Performance Share Hanbury, Edwin Stewart 5 23/12/2011 22 0 -161,999 Awards Daylight Energy Ltd. Restricted Share Awards Hanbury, Edwin Stewart 5 23/12/2011 22 0 -34,668

Daylight Energy Ltd. Common Shares Horner, Stephen Roy 5 23/12/2011 22 0 -194,440 Daylight Energy Ltd. Performance Share Horner, Stephen Roy 5 23/12/2011 22 0 -115,999 Awards Daylight Energy Ltd. Restricted Share Awards Horner, Stephen Roy 5 23/12/2011 22 0 -25,334

January 13, 2012 (2012) 35 OSCB 497 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Daylight Energy Ltd. Common Shares KAZEIL, PAMELA PEARL 5 23/12/2011 22 0 -90,441

Daylight Energy Ltd. Performance Share KAZEIL, PAMELA PEARL 5 23/12/2011 22 0 -141,000 Awards Daylight Energy Ltd. Restricted Share Awards KAZEIL, PAMELA PEARL 5 23/12/2011 22 0 -29,667

Daylight Energy Ltd. Common Shares Knull, Stacy Allan 5 23/12/2011 22 0 -1,630 Daylight Energy Ltd. Common Shares Knull, Stacy Allan 5 23/12/2011 22 0 -45,833 Daylight Energy Ltd. Performance Share Knull, Stacy Allan 5 23/12/2011 22 0 -134,000 Awards Daylight Energy Ltd. Restricted Share Awards Knull, Stacy Allan 5 23/12/2011 22 0 -34,000

Daylight Energy Ltd. Common Shares Lambert, Anthony 4, 5 23/12/2011 22 0 -1,104,720 Daylight Energy Ltd. Performance Share Lambert, Anthony 4, 5 23/12/2011 22 0 -451,000 Awards Daylight Energy Ltd. Restricted Share Awards Lambert, Anthony 4, 5 23/12/2011 22 0 -91,334

Daylight Energy Ltd. Common Shares Nielsen, Steven Ronald 5 23/12/2011 22 0 -61,382 Daylight Energy Ltd. Common Shares Nielsen, Steven Ronald 5 23/12/2011 22 0 -1,000 Daylight Energy Ltd. Common Shares Nielsen, Steven Ronald 5 23/12/2011 22 0 -478,917 Daylight Energy Ltd. Performance Share Nielsen, Steven Ronald 5 23/12/2011 22 0 -274,002 Awards Daylight Energy Ltd. Restricted Share Awards Nielsen, Steven Ronald 5 23/12/2011 22 0 -56,666

Daylight Energy Ltd. Common Shares Orman, Richard 4 23/12/2011 22 0 -33,000 Daylight Energy Ltd. Common Shares PROCTOR, CAMERON 5 23/12/2011 22 0 -863 MACLEAN Daylight Energy Ltd. Common Shares PROCTOR, CAMERON 5 23/12/2011 22 0 -799 MACLEAN Daylight Energy Ltd. Common Shares PROCTOR, CAMERON 5 23/12/2011 22 0 -2,100 MACLEAN Daylight Energy Ltd. Common Shares PROCTOR, CAMERON 5 23/12/2011 22 0 -20,828 MACLEAN Daylight Energy Ltd. Performance Share PROCTOR, CAMERON 5 23/12/2011 22 0 -148,500 Awards MACLEAN Daylight Energy Ltd. Restricted Share Awards PROCTOR, CAMERON 5 23/12/2011 22 0 -40,667 MACLEAN Daylight Energy Ltd. Common Shares Simpson, Gerald 5 23/12/2011 22 0 -10,516 Daylight Energy Ltd. Common Shares Simpson, Gerald 5 23/12/2011 22 0 -360,608 Daylight Energy Ltd. Performance Share Simpson, Gerald 5 23/12/2011 22 0 -117,999 Awards Daylight Energy Ltd. Restricted Share Awards Simpson, Gerald 5 23/12/2011 22 0 -25,334

Daylight Energy Ltd. Common Shares Tonken, Aaron Jeffery 4 23/12/2011 22 0 -54,695 Daylight Energy Ltd. Common Shares Tuer, David 4 23/12/2011 22 0 -581 Daylight Energy Ltd. Common Shares Tuer, David 4 23/12/2011 22 0 -266,308 Daylight Energy Ltd. Common Shares Wilson, Graham McGregor 4 23/12/2011 22 0 -67,238

Daylight Energy Ltd. Common Shares Woods, Frederick 4 23/12/2011 22 0 -101,645 Daylight Energy Ltd. Common Shares Woods, Frederick 4 23/12/2011 22 0 -15,550 DDJ High Yield Fund Units DDJ High Yield Fund 1 12/12/2011 38 9.17 1,000 1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 12/12/2011 38 0 -1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 23/12/2011 38 9.41 1,000 1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 23/12/2011 38 0 -1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 28/12/2011 38 9.4 1,000 1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 28/12/2011 38 0 -1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 29/12/2011 38 9.3 1,000 1,000 DDJ High Yield Fund Units DDJ High Yield Fund 1 29/12/2011 38 0 -1,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 29/12/2011 10 0.18 3,000 3,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 30/12/2011 10 0.18 10,000 7,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 30/12/2011 10 0.17 20,000 10,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 30/12/2011 10 0.16 30,000 10,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 30/12/2011 10 0.15 61,000 31,000 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 4/1/2012 10 0.15 66,500 5,500 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 5/1/2012 10 0.15 93,000 26,500 Debut Diamonds Inc Common Shares Ressources KWG inc. 3 5/1/2012 10 0.12 94,000 1,000 Dejour Energy Inc. Common Shares Mut, Stephen Randolph 4 3/1/2012 10 0.5242 1,451,001 -160,000 Dejour Energy Inc. Common Shares Mut, Stephen Randolph 4 4/1/2012 54 0.35 1,701,001 250,000 Dejour Energy Inc. Warrants Mut, Stephen Randolph 4 4/1/2012 54 0.35 375,000 -250,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 3/1/2012 51 3.5 186,991 18,100 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 3/1/2012 10 26.37 181,991 -5,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 3/1/2012 10 26.5 176,991 -5,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 3/1/2012 10 26.26 171,991 -5,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 3/1/2012 10 26.74 171,891 -100

January 13, 2012 (2012) 35 OSCB 498 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 4/1/2012 10 26.95 168,891 -3,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 5/1/2012 51 3.5 174,891 6,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 5/1/2012 10 26.59 172,891 -2,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 5/1/2012 10 26.75 170,891 -2,000 Detour Gold Corporation Common Shares Hibbard, Ingrid Jo-Ann 4 5/1/2012 10 26.95 168,891 -2,000 Detour Gold Corporation Options Hibbard, Ingrid Jo-Ann 4 3/1/2012 51 282,595 -18,100 Detour Gold Corporation Options Hibbard, Ingrid Jo-Ann 4 5/1/2012 51 276,595 -6,000 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 51 3.5 610,500 20,000 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.75 595,000 -15,500 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.76 592,800 -2,200 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.77 592,700 -100 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.79 592,500 -200 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.8 591,600 -900 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 11 26.81 591,500 -100 Detour Gold Corporation Common Shares Panneton, Gerald 4, 5 4/1/2012 10 26.85 590,500 -1,000 Detour Gold Corporation Options Panneton, Gerald 4, 5 4/1/2012 51 685,000 -20,000 DHX Media Ltd. Common Shares Boeckh Investments Inc. 3 30/12/2011 00 100,000 DHX Media Ltd. Common Shares Boeckh Investments Inc. 3 30/12/2011 00 40,000 DHX Media Ltd. Common Shares Boeckh Investments Inc. 3 30/12/2011 00 25,000 DHX Media Ltd. Common Shares Boeckh Investments Inc. 3 30/12/2011 00 35,000 DHX Media Ltd. Common Shares Boeckh Investments Inc. 3 30/12/2011 00 5,175,000 Diagnos Inc. Common Shares Fontaine, Michel 5 4/1/2012 90 0.315 242,898 -15,800 Diagnos Inc. Common Shares Fontaine, Michel 5 4/1/2012 90 0.315 33,041 15,800 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 28/12/2011 38 0.06 73,000 73,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 28/12/2011 38 0.06 0 -73,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 1,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 1,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 -1,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 -1,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 86,000 86,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 3/1/2012 38 0.06 0 -86,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 4/1/2012 38 0.07 12,000 12,000 DIAZ RESOURCES LTD. Common Shares Diaz Resources Ltd. 1 4/1/2012 38 0.07 0 -12,000 DISTINCTION GROUP INC. Options Bigras, Claude 3, 4, 5 1/1/2012 51 2.1 -80,000

DISTINCTION GROUP INC. Options Bigras, Claude 3, 4, 5 1/1/2012 59 2.1 0 -80,000

DISTINCTION GROUP INC. Options Blanchet, Claude 4 1/1/2012 51 2.1 -100,000

DISTINCTION GROUP INC. Options Blanchet, Claude 4 1/1/2012 59 2.1 0 -100,000

DISTINCTION GROUP INC. Options Couturier, Jean-Louis 3, 4 1/1/2012 51 2.1 -60,000

DISTINCTION GROUP INC. Options Couturier, Jean-Louis 3, 4 1/1/2012 59 2.1 0 -60,000

DISTINCTION GROUP INC. Options Lambert, Jean Guy 4 1/1/2012 51 2.1 -100,000

DISTINCTION GROUP INC. Options Lambert, Jean Guy 4 1/1/2012 59 2.1 0 -100,000

DISTINCTION GROUP INC. Options Paré, Réal 3, 4, 7 1/1/2012 51 2.1 -60,000

DISTINCTION GROUP INC. Options Paré, Réal 3, 4, 7 1/1/2012 59 2.1 0 -60,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 51 2.1 -100,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 59 2.1 250,000 -100,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 51 2.53 -100,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 59 2.53 150,000 -100,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 51 2.85 -150,000

DISTINCTION GROUP INC. Options Trottier, Jocelyn 5 1/1/2012 59 2.85 0 -150,000

Diversinet Corp. Common Shares Milavsky, Gregory Allan 4 30/12/2011 46 368,145 18,750 Diversinet Corp. Common Shares Wahbe, Albert Emile 4 30/12/2011 46 0.1387 9,075,000 75,000 Diversinet Corp. Common Shares Wigdale, James B., Jr. 3 30/12/2011 46 0.1388 1,339,072 18,750 Divestco Inc. Common Shares Class A Tobman, William 4 3/1/2012 10 0.12 1,730,272 28,000

Dollarama Inc. Options Swidler, John Joseph 4 5/1/2012 50 6,000 2,000 Dorel Industries Inc. Rights Deferred Share Baird, Robert 5 30/12/2011 56 4,395 27 Units

January 13, 2012 (2012) 35 OSCB 499 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Dorel Industries Inc. Rights Executive Deferred Baird, Robert 5 30/12/2011 56 4,349 305 Share Units Dorel Industries Inc. Rights Executive Deferred Basile, Hani 5 30/12/2011 56 6,135 39 Share Units Dorel Industries Inc. Rights Deferred Share Benedetti, Alain 4 30/12/2011 56 17,078 957 Units Dorel Industries Inc. Rights Executive Deferred Braunstein, Norman 4 30/12/2011 56 7,170 45 Share Units Dorel Industries Inc. Rights Deferred Share Cohen, Dian 4 30/12/2011 56 11,178 437 Units Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 2/12/2011 38 23.1 7,100 7,100 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 2/12/2011 38 0 -7,100 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 6/12/2011 38 23.7 10,000 10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 6/12/2011 38 0 -10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 6/12/2011 38 23.35 21,800 21,800 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 6/12/2011 38 0 -21,800 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 7/12/2011 38 23.65 10,000 10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 7/12/2011 38 0 -10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 13/12/2011 38 24.65 1,600 1,600 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 13/12/2011 38 0 -1,600 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 15/12/2011 38 24.09 100 100 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 15/12/2011 38 0 -100 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 16/12/2011 38 24.4 6,200 6,200 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 16/12/2011 38 0 -6,200 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 19/12/2011 38 24.01 400 400 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 19/12/2011 38 0 -400 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 20/12/2011 38 24.29 5,500 5,500 Shares Class B Dorel Industries Inc. Subordinate Voting Dorel Industries Inc. 1 20/12/2011 38 0 -5,500 Shares Class B Dorel Industries Inc. Rights Deferred Share Duchesne, Rupert 4 30/12/2011 56 5,560 680 Units Dorel Industries Inc. Rights Deferred Share Gordon, Harold P. 4 30/12/2011 56 19,875 1,033 Units Dorel Industries Inc. Rights Deferred Share Markee, Richard Lemoine 4 30/12/2011 56 6,659 687 Units Dorel Industries Inc. Rights Executive Deferred Rana, Franco 5 30/12/2011 56 5,515 34 Share Units Dorel Industries Inc. Rights Executive Deferred Schwartz, Jeffrey 3, 4, 5 30/12/2011 56 5,515 34 Share Units Dorel Industries Inc. Rights Executive Deferred Segel, Jeffrey 3, 4, 5 30/12/2011 56 5,515 34 Share Units Dorel Industries Inc. Rights Deferred Share Tousson, Maurice 4 30/12/2011 56 22,755 1,277 Units Dorel Industries Inc. Rights Executive Deferred Warren, Barry 4 30/12/2011 56 1,312 9 Share Units DragonWave Inc. Common Shares Allen, Peter 4, 5 3/1/2012 30 3.6476 454,478 989 DragonWave Inc. Common Shares Farrar, David Russell 7, 5 3/1/2012 30 3.6476 229,833 659 DragonWave Inc. Common Shares Frederick, Russell, James 5 3/1/2012 30 3.6476 78,224 330 DragonWave Inc. Common Shares LAWLOR, JOHN RICHARD 5 3/1/2012 30 3.6476 5,712 369

DualEx Energy International Options Morozoff, Lorne Andrew 5 3/1/2012 52 0.68 950,000 -75,000 Inc. DualEx Energy International Options Rain, David James 4 3/1/2012 50 0.12 450,000 150,000 Inc. Duluth Metals Limited Common Shares Duluth Metals limited 1 30/12/2011 38 2.0672 222,300 22,000 Duluth Metals Limited Common Shares Duluth Metals limited 1 30/12/2011 38 22,000 -200,300

January 13, 2012 (2012) 35 OSCB 500 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Duluth Metals Limited Common Shares Duluth Metals limited 1 5/1/2012 38 0 -22,000 Dunav Resources Ltd. Common Shares Dundee Corporation 3 4/1/2012 10 0.3 5,583,525 836,500 Dunav Resources Ltd. Common Shares Libra Advisors, LLC 3 30/12/2011 10 0.3 6,132,500 100,000 Dunav Resources Ltd. Common Shares Libra Advisors, LLC 3 30/12/2011 10 0.33 6,232,500 100,000 Dunav Resources Ltd. Common Shares Libra Advisors, LLC 3 4/1/2012 10 0.3 6,632,500 400,000 Dundee Energy Limited Rights Deferred Share Buntain, Derek Hedley 4 30/12/2011 50 0.64 87,845 8,162 (formerly Eurogas Unit Longworth Corporation) Dundee Energy Limited Rights Deferred Share Goodman, Jonathan Carter 4 30/9/2011 56 0.64 91,436 11,735 (formerly Eurogas Unit Corporation) Dundee Energy Limited Rights Deferred Share Goodman, Jonathan Carter 4 30/12/2011 56 0.64 103,096 11,660 (formerly Eurogas Unit Corporation) Dundee Energy Limited Rights Deferred Share Goodman, Ned 4, 6, 5 30/12/2011 56 0.64 221,691 45,864 (formerly Eurogas Unit Corporation) Dundee Energy Limited Rights Deferred Share Smith, Michael Richard 4 30/12/2011 56 0.64 31,198 4,858 (formerly Eurogas Unit Corporation) Dundee Precious Metals Inc. Rights Deferred Share Buntain, Derek Hedley 4 30/12/2011 50 8.22 14,886 274 Units Longworth Dundee Precious Metals Inc. Rights Deferred Share Gillin, Robert Peter Charles 4 31/12/2011 56 8.22 14,564 1,369 Units Dundee Precious Metals Inc. Rights Deferred Share Goodman, Ned 4, 6 31/12/2011 56 8.22 26,434 1,369 Units Dundee Precious Metals Inc. Rights Deferred Share John, William Murray 4 31/12/2011 56 8.22 24,157 1,369 Units Dundee Precious Metals Inc. Rights Deferred Share Kinsman, Jeremy 4 31/12/2011 56 8.22 12,616 684 Units Dundee Precious Metals Inc. Rights Deferred Share Nixon, Peter 4 31/12/2011 56 8.22 14,886 274 Units Dundee Precious Metals Inc. Rights Deferred Share Singer, Ronald 4 31/12/2011 56 8.22 19,216 684 Units Dundee Precious Metals Inc. Rights Deferred Share Wilson, William George 4 31/12/2011 56 8.22 26,434 1,369 Units Eastmain Resources Inc. Common Shares KOYLE, WILLIAM L. 4 2/1/2012 51 0.78 350,702 50,000 Eastmain Resources Inc. Options KOYLE, WILLIAM L. 4 2/1/2012 51 0.78 200,000 -50,000 easyhome Ltd. Deferred Share Unit Plan Appel, David Harry 4 30/9/2011 30 7.13 1,753 easyhome Ltd. Deferred Share Unit Plan Appel, David Harry 4 30/9/2011 30 7.13 13,855 2,384 easyhome Ltd. Deferred Share Unit Plan Appel, David Harry 4 31/12/2011 30 5.56 19,127 5,126 easyhome Ltd. Deferred Share Unit Plan Appel, David Harry 4 5/1/2012 30 5.42 19,347 220 easyhome Ltd. Deferred Share Unit Plan Johnson, Donald Kenneth 3, 4 31/12/2011 30 5.56 51,596 6,655 easyhome Ltd. Deferred Share Unit Plan Johnson, Donald Kenneth 3, 4 5/1/2012 30 5.42 52,306 710 easyhome Ltd. Deferred Share Unit Plan Lewis, David Andrew 4 31/12/2011 30 5.56 37,247 5,665 easyhome Ltd. Deferred Share Unit Plan Lewis, David Andrew 4 5/1/2012 30 5.42 37,743 496

Edleun Group, Inc. Common Shares Vision Capital Corporation 3 3/1/2012 10 0.92 8,328,400 -30,000

Edleun Group, Inc. Common Shares Vision Capital Corporation 3 3/1/2012 10 0.92 3,426,255 30,000

Element Financial Common Shares Bergeron, Tony 5 15/11/2011 00 Corporation Element Financial Common Shares Bergeron, Tony 5 15/12/2011 00 Corporation Element Financial Common Shares Bergeron, Tony 5 15/12/2011 00 23,810 Corporation Element Financial Options Bergeron, Tony 5 15/11/2011 00 Corporation Element Financial Options Bergeron, Tony 5 15/12/2011 00 150,000 Corporation Elgin Mining Inc. (formerly Common Shares Downey, Patrick 4 4/1/2012 10 1.04 315,500 10,000 Phoenix Coal Inc.) Eloro Resources Ltd. Common Shares LARSEN, THOMAS 3, 4, 5 22/12/2011 10 0.1 44,000 Eloro Resources Ltd. Common Shares LARSEN, THOMAS 3, 4, 5 22/12/2011 10 0.1 268,250 34,000 Eloro Resources Ltd. Common Shares LARSEN, THOMAS 3, 4, 5 28/12/2011 10 0.1 297,750 29,500

January 13, 2012 (2012) 35 OSCB 501 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Eloro Resources Ltd. Common Shares LARSEN, THOMAS 3, 4, 5 29/12/2011 10 0.1 298,000 250 Eloro Resources Ltd. Common Shares LARSEN, THOMAS 3, 4, 5 29/12/2011 10 0.09 314,000 16,000 Eloro Resources Ltd. Common Shares Ressources KWG inc. 3 21/12/2011 00 3,080,580 Eloro Resources Ltd. Warrants Ressources KWG inc. 3 21/12/2011 00 Eloro Resources Ltd. Warrants Ressources KWG inc. 3 21/12/2011 00 4,620,870 EMED Mining Public Limited Options Bhappu, Ross Randolph 4 23/3/2009 50 0.0413 750,000 500,000

EMED Mining Public Limited Options Bhappu, Ross Randolph 4 25/1/2010 56 0.134 1,117,000 367,000

EMED Mining Public Limited Options Bhappu, Ross Randolph 4 10/12/2010 50 0.12 1,517,000 400,000

EMED Mining Public Limited Options Bhappu, Ross Randolph 4 30/12/2011 50 0.1 1,917,000 400,000

EMED Mining Public Limited Options Leach, John Edward 4 27/7/2011 52 7,000,000 -200,000

Emera Incorporated DSU Armour, Wesley Gordon 4 31/12/2011 56 20,434 621 Emera Incorporated DSU Armour, Wesley Gordon 4 31/12/2011 30 20,640 206 Emera Incorporated DSU Bragg, James Lee 4 31/12/2011 56 2,687 297 Emera Incorporated DSU Bragg, James Lee 4 31/12/2011 30 2,712 25 Emera Incorporated DSU Briggs, Robert Stearns 4 31/12/2011 56 1,848 201 Emera Incorporated DSU Briggs, Robert Stearns 4 31/12/2011 30 1,866 18 Emera Incorporated DSU Buchanan, Thomas William 4 31/12/2011 56 10,278 810

Emera Incorporated DSU Buchanan, Thomas William 4 31/12/2011 30 10,377 99

Emera Incorporated DSU Chrominska, Sylvia Dolores 4 31/12/2011 56 3,238 535

Emera Incorporated DSU Chrominska, Sylvia Dolores 4 31/12/2011 30 3,266 28

Emera Incorporated DSU Cook-Bennett, Gail 4 31/12/2011 56 21,204 626 Emera Incorporated DSU Cook-Bennett, Gail 4 31/12/2011 30 21,418 214 Emera Incorporated DSU Edgeworth, Allan Leslie 4 30/9/2011 56 574 Emera Incorporated DSU Edgeworth, Allan Leslie 4 30/9/2011 56 20,456 359 Emera Incorporated DSU Edgeworth, Allan Leslie 4 31/12/2011 56 21,010 554 Emera Incorporated DSU Edgeworth, Allan Leslie 4 31/12/2011 30 21,222 212 Emera Incorporated DSU Eisenhauer, James Daniel 7 31/12/2011 50 1,246 Emera Incorporated DSU Eisenhauer, James Daniel 7 31/12/2011 56 9,853 1,246 Emera Incorporated DSU Eisenhauer, James Daniel 7 31/12/2011 30 9,942 89 Emera Incorporated DSU McLennan, John T. 7 30/9/2011 56 1,769 Emera Incorporated DSU McLennan, John T. 7 30/9/2011 56 37,071 1,749 Emera Incorporated DSU McLennan, John T. 7 31/12/2011 56 38,840 1,769 Emera Incorporated DSU McLennan, John T. 7 31/12/2011 30 39,225 385 Emera Incorporated DSU Pether, Donald Allison 4 31/12/2011 56 9,227 726 Emera Incorporated DSU Pether, Donald Allison 4 31/12/2011 30 9,315 88 Emera Incorporated DSU Rosen, Andrea Sarah 4 31/12/2011 56 17,792 743 Emera Incorporated DSU Rosen, Andrea Sarah 4 31/12/2011 30 17,969 177 Emera Incorporated DSU Rounding, Marie Catherine 7 31/12/2011 56 7,971 362

Emera Incorporated DSU Rounding, Marie Catherine 7 31/12/2011 30 8,050 79

Emera Incorporated DSU Sergel, Richard 4 31/12/2011 56 1,082 201 Emera Incorporated DSU Sergel, Richard 4 31/12/2011 30 1,092 10 Emera Incorporated DSU SHEPPARD, Mary 4 31/12/2011 56 10,454 810 Jacqueline Emera Incorporated DSU SHEPPARD, Mary 4 31/12/2011 30 10,555 101 Jacqueline Emera Incorporated DSU SHEPPARD, Mary 4 31/12/2011 56 10,636 81 Jacqueline Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 4/1/2012 51 10.413 732,988 95,700 Enbridge Inc. Common Shares Daniel, Patrick Darold 4, 5 4/1/2012 10 37.789 637,288 -95,700 Enbridge Inc. Options $10.4125 Daniel, Patrick Darold 4, 5 4/1/2012 51 185,100 -95,700 ($20.825) ($41.65) - February 6, 2013 Expiry Enbridge Inc. Rights - 2009 Restricted Kishinchandani, Narinder 6 1/6/2011 30 1,308 10 Stock Units (RSUs) 35 Kewalram mos maturity period Enbridge Inc. Rights - 2009 Restricted Kishinchandani, Narinder 6 2/9/2011 30 1,318 10 Stock Units (RSUs) 35 Kewalram mos maturity period Enbridge Inc. Rights - 2009 Restricted Kishinchandani, Narinder 6 1/12/2011 30 -9 Stock Units (RSUs) 35 Kewalram mos maturity period

January 13, 2012 (2012) 35 OSCB 502 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Enbridge Inc. Rights - 2009 Restricted Kishinchandani, Narinder 6 1/12/2011 30 1,327 9 Stock Units (RSUs) 35 Kewalram mos maturity period Enbridge Inc. Rights - 2009 Restricted Kishinchandani, Narinder 6 31/12/2011 59 35.41 0 -1,327 Stock Units (RSUs) 35 Kewalram mos maturity period Enbridge Inc. Common Shares Neyland, Stephen James 7 28/12/2011 30 33.24 6,566 265 Enbridge Inc. Rights - 2009 Restricted Neyland, Stephen James 7 22/12/2011 30 2,654 38 Stock Units (RSUs) 35 mos maturity period Enbridge Inc. Rights - 2009 Restricted Neyland, Stephen James 7 30/12/2011 59 0 -2,654 Stock Units (RSUs) 35 mos maturity period Enbridge Inc. Common Shares Robottom, David Thomas 5 30/9/2011 30 31.26 4,830 37

Enbridge Inc. Common Shares Robottom, David Thomas 5 4/1/2012 51 18.285 66,014 30,000

Enbridge Inc. Common Shares Robottom, David Thomas 5 4/1/2012 38 37.75 51,482 -14,532

Enbridge Inc. Common Shares Robottom, David Thomas 5 4/1/2012 10 37.75 36,014 -15,468

Enbridge Inc. Options $18.285 ($36.57) Robottom, David Thomas 5 4/1/2012 51 102,000 -30,000 - August 15, 2015 Expiry

Enbridge Inc. Common Shares Wuori, Stephen John 5 3/1/2012 30 34.33 250,353 3,851 Enbridge Inc. Common Shares Wuori, Stephen John 5 3/1/2012 51 10.413 350,353 100,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 3/1/2012 10 37.477 250,353 -100,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/12/2011 30 33.27 2,104 30 Enbridge Inc. Options $10.4125 Wuori, Stephen John 5 3/1/2012 51 60,000 -100,000 ($20.825) ($41.65) - February 6, 2013 Expiry EnerCare Inc. (formerly The Deferred Share Units de Wilde, Lisa 4 31/12/2011 56 8,781 972 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Pantelidis, James 4 31/12/2011 30 7.82 17,713 713 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Deferred Share Units Pantelidis, James 4 31/12/2011 56 26,891 4,819 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Deferred Share Units Pearce, Roy 4 31/12/2011 56 10,498 1,225 Consumers' Waterheater Income Fund) Enerflex Ltd. Rights Deferred Share Bruce, Kenneth Robert 4 31/12/2011 56 13.14 5,588 1,922 Units (cash settled) Enerflex Ltd. Rights Deferred Share Dunn, William Byron 4 31/12/2011 56 13.14 2,803 932 Units (cash settled) Enerflex Ltd. Rights Deferred Share Savidant, Stephen James 4 31/12/2011 56 13.14 7,518 2,131 Units (cash settled) Enerflex Ltd. Rights Deferred Share Weill, Michael 4 31/12/2011 56 13.14 2,794 961 Units (cash settled) Energy Income Fund Trust Units Energy Income Fund 1 2/12/2011 38 5.03 3,700 3,700 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 2/12/2011 38 5.03 0 -3,700 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 5/12/2011 38 5.07 9,000 9,000 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 5/12/2011 38 5.07 0 -9,000 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 6/12/2011 38 5.09 71,000 71,000 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 6/12/2011 38 5.09 0 -71,000 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 12/12/2011 38 5.09 10,100 10,100 (formerly Sustainable Production Energy Trust)

January 13, 2012 (2012) 35 OSCB 503 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Energy Income Fund Trust Units Energy Income Fund 1 12/12/2011 38 5.09 0 -10,100 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 13/12/2011 38 5.07 25,500 25,500 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 13/12/2011 38 5.07 0 -25,500 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 14/12/2011 38 5.07 4,400 4,400 (formerly Sustainable Production Energy Trust) Energy Income Fund Trust Units Energy Income Fund 1 14/12/2011 38 5.07 0 -4,400 (formerly Sustainable Production Energy Trust) ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 30/12/2011 38 12.3 600 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 30/12/2011 38 12.3 600 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 3/1/2012 38 9.66 226,200 2,000 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 3/1/2012 38 12.49 2,600 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 3/1/2012 38 12.49 2,600 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Lauzon, Robert 7 30/12/2011 10 9.5 800 200 Dividend Fund ENERGY INDEXPLUS Trust Units Lauzon, Robert 7 30/12/2011 10 9.4 8,600 100 Dividend Fund Enerplus Corporation Rights (Rights Incentive Caza, Jo-Anne M. 5 31/12/2011 58 - Expiration 81,843 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive Caza, Jo-Anne M. 5 31/12/2011 58 - Expiration 76,893 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive Caza, Jo-Anne M. 5 31/12/2011 58 - Expiration 72,680 -4,213 Plan) of rights Enerplus Corporation Rights (Rights Incentive Daniels, Raymond John 5 31/12/2011 58 - Expiration 83,873 -524 Plan) of rights Enerplus Corporation Rights (Rights Incentive DUNDAS, Ian Charles 5 31/12/2011 58 - Expiration 235,384 -9,900 Plan) of rights Enerplus Corporation Rights (Rights Incentive DUNDAS, Ian Charles 5 31/12/2011 58 - Expiration 225,484 -9,900 Plan) of rights Enerplus Corporation Rights (Rights Incentive DUNDAS, Ian Charles 5 31/12/2011 58 - Expiration 212,729 -12,755 Plan) of rights Enerplus Corporation Rights (Rights Incentive Gray, Rodney 5 31/12/2011 58 - Expiration 100,618 -3,060 Plan) of rights Enerplus Corporation Rights (Rights Incentive Gray, Rodney 5 31/12/2011 58 - Expiration 95,668 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive Gray, Rodney 5 31/12/2011 58 - Expiration 90,718 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive Gray, Rodney 5 31/12/2011 58 - Expiration 84,997 -5,721 Plan) of rights Enerplus Corporation Rights (Rights Incentive Jenson Labrie, Jodine 5 31/12/2011 58 - Expiration 38,598 -1,020 Plan) Julene of rights Enerplus Corporation Rights (Rights Incentive Jenson Labrie, Jodine 5 31/12/2011 58 - Expiration 36,618 -1,980 Plan) Julene of rights Enerplus Corporation Rights (Rights Incentive Jenson Labrie, Jodine 5 31/12/2011 58 - Expiration 34,638 -1,980 Plan) Julene of rights Enerplus Corporation Rights (Rights Incentive Jenson Labrie, Jodine 5 31/12/2011 58 - Expiration 32,598 -2,040 Plan) Julene of rights Enerplus Corporation Rights (Rights Incentive Kehrig, Robert Anthony 5 31/12/2011 58 - Expiration 85,130 -1,980 Plan) of rights Enerplus Corporation Rights (Rights Incentive Kehrig, Robert Anthony 5 31/12/2011 58 - Expiration 83,770 -1,360 Plan) of rights Enerplus Corporation Rights (Rights Incentive Kehrig, Robert Anthony 5 31/12/2011 58 - Expiration 80,470 -3,300 Plan) of rights

January 13, 2012 (2012) 35 OSCB 504 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Enerplus Corporation Rights (Rights Incentive Kehrig, Robert Anthony 5 31/12/2011 58 - Expiration 77,070 -3,400 Plan) of rights Enerplus Corporation Rights (Rights Incentive KERR, GORDON J. 4, 5 31/12/2011 58 - Expiration 406,096 -13,200 Plan) of rights Enerplus Corporation Rights (Rights Incentive KERR, GORDON J. 4, 5 31/12/2011 58 - Expiration 386,296 -19,800 Plan) of rights Enerplus Corporation Rights (Rights Incentive KERR, GORDON J. 4, 5 31/12/2011 58 - Expiration 365,998 -20,298 Plan) of rights Enerplus Corporation Rights (Rights Incentive Le Dain, Eric G.C. 5 31/12/2011 58 - Expiration 137,876 -9,900 Plan) of rights Enerplus Corporation Rights (Rights Incentive Le Dain, Eric G.C. 5 31/12/2011 58 - Expiration 132,294 -5,582 Plan) of rights Enerplus Corporation Rights (Rights Incentive MCCOY, David 5 31/12/2011 58 - Expiration 128,928 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive MCCOY, David 5 31/12/2011 58 - Expiration 123,978 -4,950 Plan) of rights Enerplus Corporation Rights (Rights Incentive MCCOY, David 5 31/12/2011 58 - Expiration 118,141 -5,837 Plan) of rights Enerplus Corporation Rights (Rights Incentive Perry, Brien 5 31/12/2011 58 - Expiration 14,277 -617 Plan) of rights Enerplus Corporation Rights (Rights Incentive WATERS, Robert J. 5 31/12/2011 58 - Expiration 230,474 -9,900 Plan) of rights Enerplus Corporation Rights (Rights Incentive WATERS, Robert J. 5 31/12/2011 58 - Expiration 220,574 -9,900 Plan) of rights Enerplus Corporation Rights (Rights Incentive WATERS, Robert J. 5 31/12/2011 58 - Expiration 207,819 -12,755 Plan) of rights EnerVest Diversified Income Warrants Chernoff, M. Bruce 3 4/1/2012 97 13.99 28,758 1 Trust Ensign Energy Services Inc. Options Dagenais, Glenn Orval 5 1/1/2012 52 22.7 675,000 -120,000 James Ensign Energy Services Inc. Common Shares Edwards, Norman Murray 3, 4, 5 6/1/2011 30 15.16 19,775,883 144

Ensign Energy Services Inc. Common Shares Edwards, Norman Murray 3, 4, 5 6/4/2011 30 18.373 19,775,918 35

Ensign Energy Services Inc. Common Shares Edwards, Norman Murray 3, 4, 5 12/7/2011 30 19.25 19,784,255 74

Ensign Energy Services Inc. Common Shares Edwards, Norman Murray 3, 4, 5 6/10/2011 30 14.001 19,784,357 102

Ensign Energy Services Inc. Options Edwards, Norman Murray 3, 4, 5 31/12/2011 52 22.7 1,100,000 -200,000

Ensign Energy Services Inc. Rights Deferred Share Edwards, Norman Murray 3, 4, 5 6/7/2011 56 18.98 2,005 5 Units (Common Shares) Ensign Energy Services Inc. Rights Deferred Share Edwards, Norman Murray 3, 4, 5 31/12/2011 56 13.17 3,020 15 Units (Common Shares) Ensign Energy Services Inc. Rights Deferred Share Edwards, Norman Murray 3, 4, 5 31/12/2011 56 15.95 4,020 1,000 Units (Common Shares) Ensign Energy Services Inc. Rights Deferred Share Edwards, Norman Murray 3, 4, 5 5/1/2012 56 16.39 4,039 19 Units (Common Shares) Ensign Energy Services Inc. Options Geddes, Robert Harold 5 1/1/2012 52 22.7 1,300,000 -200,000

Ensign Energy Services Inc. Options Howe, James Brian 4 1/1/2012 52 22.7 0 -50,000

Ensign Energy Services Inc. Options Kangas, Leonard 4 1/1/2012 52 22.7 0 -50,000

Ensign Energy Services Inc. Rights Deferred Share Kangas, Leonard 4 5/1/2012 30 16.39 4,039 19 Units (Common Shares) Ensign Energy Services Inc. Options Kautz, Edward 5 1/1/2012 52 22.7 675,000 -150,000

Ensign Energy Services Inc. Options Schledwitz, Thomas 5 1/1/2012 52 22.7 425,000 -60,000

Ensign Energy Services Inc. Options Schroeder, John G. 4 1/1/2012 52 22.7 0 -50,000

Ensign Energy Services Inc. Rights Deferred Share Schroeder, John G. 4 5/1/2012 30 16.39 4,039 19 Units (Common Shares) Ensign Energy Services Inc. Options Skirka, Kenneth John 4 1/1/2012 52 22.7 0 -50,000

January 13, 2012 (2012) 35 OSCB 505 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Ensign Energy Services Inc. Options Surkan, Gail Donelda 4 1/1/2012 52 22.7 0 -50,000

Ensign Energy Services Inc. Rights Deferred Share Surkan, Gail Donelda 4 5/1/2012 30 16.39 4,039 19 Units (Common Shares) Enterprise Oilfield Group, Options JAROSZUK, LEONARD 4, 5 7/1/2012 52 0.2 1,830,000 -575,000 Inc. Enterprise Oilfield Group, Options JAROSZUK, LEONARD 4, 5 7/1/2012 50 0.2 2,405,000 575,000 Inc. Entree Gold Inc. Options Bailey, Mark 4 6/1/2012 50 955,000 100,000 Entree Gold Inc. Options Bottomer, Lindsay Richard 4 6/1/2012 50 1.25 835,000 125,000

Entree Gold Inc. Options Cann, Robert Michael 5 6/1/2012 50 1.25 725,000 125,000 Entree Gold Inc. Options Crowe, Gregory George 4, 5 6/1/2012 50 1.25 1,060,000 150,000 Entree Gold Inc. Options Forster, Mona Marie 5 6/1/2012 50 1.25 695,000 125,000 Entree Gold Inc. Options Harris, James Lindsay 4, 5 6/1/2012 50 895,000 100,000 Entree Gold Inc. Options McLeod, Susan Elizabeth 5 6/1/2012 50 1.25 425,000 125,000 Entree Gold Inc. Options Meredith, Peter 4 6/1/2012 50 1.25 755,000 100,000 Entree Gold Inc. Common Shares Rio Tinto plc 3 4/1/2012 15 1.25 16,566,796 170,455 Environmental Waste Common Shares Simms, Stephen Paul 4, 5 3/1/2012 90 0.25 1,863,000 -82,000 International Inc. Environmental Waste Common Shares Simms, Stephen Paul 4, 5 3/1/2012 90 0.25 503,900 82,000 International Inc. Equal Energy Ltd. Options Carpenter, Peter Richmond 4 4/1/2012 52 3,333 -3,333

Equal Energy Ltd. Restricted Shares Carpenter, Peter Richmond 4 1/6/2010 00

Equal Energy Ltd. Restricted Shares Carpenter, Peter Richmond 4 1/6/2010 00 1,666

Equal Energy Ltd. Common Shares Chimahusky, John S. 5 4/1/2012 30 30,191 852 Equal Energy Ltd. Options Chimahusky, John S. 5 4/1/2012 52 80,478 -40,000 Equal Energy Ltd. Options Fullerton, Terry Lynn 5 9/3/2011 00 Equal Energy Ltd. Options Fullerton, Terry Lynn 5 9/3/2011 00 98,333 Equal Energy Ltd. Options Giovanetto, Roger H 4 4/1/2012 52 3,333 -3,333 Equal Energy Ltd. Common Shares Klapko, Donald Charles 4, 5 4/1/2012 30 212,356 4,040 Equal Energy Ltd. Options Reader, John Frederick 5 4/1/2012 52 137,426 -25,000 Equitable Group Inc. Common Shares Fryer, Scott Allan 5 4/1/2012 51 11.55 2,297 600 Equitable Group Inc. Options Options granted Fryer, Scott Allan 5 4/1/2012 51 11.55 17,200 -600

Equitable Group Inc. Common Shares Sperling, Jody Lynn 5 3/1/2012 10 25.2 1,400 -400 Equitable Group Inc. Common Shares Sperling, Jody Lynn 5 3/1/2012 10 25.08 0 -1,400 Equitable Group Inc. Common Shares Wilson, Timothy James 5 3/1/2012 00 Equitable Group Inc. Options Options granted Wilson, Timothy James 5 3/1/2012 00

Equity Financial Holdings Common Shares Kyprianou, Nicolaos K. 7 16/12/2011 30 9.5 231,696 2,105 Inc. (formerly, Grey Horse Corporation) Erdene Resource Common Shares Cowan, John Christopher 4 29/11/2011 10 0.4 599,500 12,500 Development Corporation Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 29/12/2011 10 0.04 956,000 6,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 4/1/2012 10 0.04 967,000 11,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 4/1/2012 10 0.045 968,000 1,000 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 4/1/2012 10 0.88 201,900 1,500 Ethos Capital Corp. Common Shares Freeman, Gary Richard 4, 5 4/1/2012 10 0.89 1,275,707 10,000 European Goldfields Limited Common Shares Silberstein, Joel Messod 5 3/1/2012 00 32,061

European Goldfields Limited Options Silberstein, Joel Messod 5 3/1/2012 00 33,334

European Goldfields Limited Rights Restricted Share Silberstein, Joel Messod 5 3/1/2012 00 114,324 Units Everett Resources Ltd. Common Shares brown, barry everett 4 28/12/2011 10 0.015 695,501 -3,000 Everett Resources Ltd. Common Shares brown, barry everett 4 28/12/2011 10 0.01 488,501 -207,000 Exco Technologies Limited Common Shares Exco Technologies Limited 1 5/12/2011 38 3.4008 1,300 1,300

Exco Technologies Limited Common Shares Exco Technologies Limited 1 5/12/2011 38 0 -1,300

Exco Technologies Limited Common Shares Exco Technologies Limited 1 6/12/2011 38 3.42 400 400

Exco Technologies Limited Common Shares Exco Technologies Limited 1 6/12/2011 38 0 -400

Exco Technologies Limited Common Shares Exco Technologies Limited 1 7/12/2011 38 3.3332 5,600 5,600

Exco Technologies Limited Common Shares Exco Technologies Limited 1 7/12/2011 38 0 -5,600

January 13, 2012 (2012) 35 OSCB 506 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Exco Technologies Limited Common Shares Exco Technologies Limited 1 8/12/2011 38 3.32 4,600 4,600

Exco Technologies Limited Common Shares Exco Technologies Limited 1 8/12/2011 38 0 -4,600

Exco Technologies Limited Common Shares Exco Technologies Limited 1 12/12/2011 38 3.3631 5,100 5,100

Exco Technologies Limited Common Shares Exco Technologies Limited 1 12/12/2011 38 0 -5,100

Exco Technologies Limited Common Shares Exco Technologies Limited 1 13/12/2011 38 3.32 6,400 6,400

Exco Technologies Limited Common Shares Exco Technologies Limited 1 13/12/2011 38 0 -6,400

Exco Technologies Limited Common Shares Exco Technologies Limited 1 14/12/2011 38 3.332 4,000 4,000

Exco Technologies Limited Common Shares Exco Technologies Limited 1 14/12/2011 38 0 -4,000

Exco Technologies Limited Common Shares Exco Technologies Limited 1 15/12/2011 38 3.2896 1,300 1,300

Exco Technologies Limited Common Shares Exco Technologies Limited 1 15/12/2011 38 0 -1,300

Exco Technologies Limited Common Shares Exco Technologies Limited 1 16/12/2011 38 3.2858 1,200 1,200

Exco Technologies Limited Common Shares Exco Technologies Limited 1 16/12/2011 38 0 -1,200

Exco Technologies Limited Common Shares Exco Technologies Limited 1 19/12/2011 38 3.2852 2,700 2,700

Exco Technologies Limited Common Shares Exco Technologies Limited 1 19/12/2011 38 0 -2,700

Exco Technologies Limited Common Shares Exco Technologies Limited 1 20/12/2011 38 3.32 4,700 4,700

Exco Technologies Limited Common Shares Exco Technologies Limited 1 20/12/2011 38 0 -4,700

Exco Technologies Limited Common Shares Exco Technologies Limited 1 21/12/2011 38 3.3 5,900 5,900

Exco Technologies Limited Common Shares Exco Technologies Limited 1 21/12/2011 38 0 -5,900

Exco Technologies Limited Common Shares Exco Technologies Limited 1 22/12/2011 38 3.31 600 600

Exco Technologies Limited Common Shares Exco Technologies Limited 1 22/12/2011 38 0 -600

Exco Technologies Limited Common Shares Exco Technologies Limited 1 28/12/2011 38 3.32 1,500 1,500

Exco Technologies Limited Common Shares Exco Technologies Limited 1 28/12/2011 38 0 -1,500

Exco Technologies Limited Common Shares Exco Technologies Limited 1 29/12/2011 38 3.296 2,500 2,500

Exco Technologies Limited Common Shares Exco Technologies Limited 1 29/12/2011 38 0 -2,500

EXFO Inc. (formerly know as Options Bradley, Jon 5 3/1/2012 38 0 -1,000 EXFO Electro-Optical Engineering Inc.) Extenway Solutions Inc. Common Shares laurent, francine 4 3/1/2012 10 0.0947 100,000 25,500 FairWest Energy Common Shares LEDER, JOHN 3 30/12/2011 11 0.07 70,973,653 30,000,000 Corporation Finning International Inc. Performance Share Units Bone, Andrew William 5 31/12/2011 58 - Expiration 15,900 -8,757 of rights Finning International Inc. Units Deferred Share Bone, Andrew William 5 31/12/2011 99 4,261 1 Units Finning International Inc. Performance Share Units Breukels, Cornelis Mauritius 5 31/12/2011 58 - Expiration 3,670 -514 H.J. of rights Finning International Inc. Performance Share Units Dickinson, Neil Robert 5 31/12/2011 58 - Expiration 16,950 -8,757 of rights Finning International Inc. Performance Share Units Fraser, Andrew Stewart 5 31/12/2011 58 - Expiration 18,510 -10,070 of rights Finning International Inc. Performance Share Units Harrod, Darcy Joel 5 31/12/2011 58 - Expiration 7,420 -3,254 of rights Finning International Inc. Units Deferred Share Harrod, Darcy Joel 5 31/12/2011 99 4,261 1 Units Finning International Inc. Performance Share Units Marks, Anna Pia 5 31/12/2011 58 - Expiration 7,760 -5,038 of rights

January 13, 2012 (2012) 35 OSCB 507 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Finning International Inc. Performance Share Units Merinsky, Thomas Michael 5 31/12/2011 58 - Expiration 4,550 -2,057 of rights Finning International Inc. Units Deferred Share Merinsky, Thomas Michael 5 31/12/2011 99 4,261 1 Units Finning International Inc. Performance Share Units Parker, David Edward 5 31/12/2011 58 - Expiration 18,510 -10,070 of rights Finning International Inc. Performance Share Units Primrose, David Francis 5 31/12/2011 58 - Expiration 15,900 -8,757 Neil of rights Finning International Inc. Units Deferred Share Primrose, David Francis 5 31/12/2011 99 4,261 1 Units Neil Finning International Inc. Performance Share Units Sexsmith, Jean Gail 5 31/12/2011 58 - Expiration 2,850 -1,337 of rights Finning International Inc. Performance Share Units Smith, David 5 31/12/2011 58 - Expiration 18,510 -10,070 of rights Finning International Inc. Performance Share Units Thomas, Christopher 5 31/12/2011 58 - Expiration 5,170 -2,057 of rights Finning International Inc. Units Deferred Share Thomas, Christopher 5 31/12/2011 99 48,972 1 Units Finning International Inc. Performance Share Units Villegas, Juan Carlos 5 30/12/2011 57 21.18 31,450 -6,630

Finning International Inc. Performance Share Units Villegas, Juan Carlos 5 31/12/2011 58 - Expiration 21,380 -10,070 of rights Finning International Inc. Performance Share Units Waites, Michael T. 4, 5 31/12/2011 58 - Expiration 78,130 -31,636 of rights Fireswirl Technologies Inc. Common Shares Hsieh, Steven 4 3/1/2012 54 0.19 130,500 50,000 Fireswirl Technologies Inc. Warrants Hsieh, Steven 4 3/1/2012 54 0.19 0 -50,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 6/1/2012 10 18.45 131,200 -10,800 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 6/1/2012 10 18.46 130,000 -1,200 First Majestic Silver Corp. Options Palacios, Martin Ernesto 5 1/1/2012 00 200,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.722 163,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.74 161,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.722 159,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.75 157,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.76 155,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.45 153,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.452 151,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.484 149,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.5 147,000 -2,000 First Majestic Silver Corp. Common Shares SHAW, DAVID ANDREW 4 6/1/2012 10 18.574 145,000 -2,000 Flint Energy Services Ltd. Options Cocquyt, Guy Allan 5 3/11/2011 52 2,400 -10,000 Focus Metals Inc. Options Burtt, Chester Aaron 4 5/1/2012 00 425,000 Focused Capital II Corp. Options (Incentive Stock Leckie, Robert Pépin 4 6/12/2011 00 175,000 Options) Foremost Income Fund Options Barker, Warren 5 31/12/2011 52 0 -60,000 Foremost Income Fund Trust Units Binsfeld, Bruce 5 31/3/2008 10 4.293 279 Foremost Income Fund Trust Units Binsfeld, Bruce 5 31/3/2008 10 4.293 279 Foremost Income Fund Trust Units Binsfeld, Bruce 5 30/6/2008 10 5.89 208 Foremost Income Fund Trust Units Binsfeld, Bruce 5 31/3/2009 10 4.293 12,279 279 Foremost Income Fund Trust Units Binsfeld, Bruce 5 30/6/2009 10 5.89 12,487 208 Foremost Income Fund Trust Units Binsfeld, Bruce 5 30/9/2009 10 7.09 12,663 176 Foremost Income Fund Trust Units Binsfeld, Bruce 5 31/12/2009 10 6.2 12,867 204 Foremost Income Fund Trust Units Binsfeld, Bruce 5 31/3/2010 10 6.74 13,057 190 Foremost Income Fund Trust Units Binsfeld, Bruce 5 30/6/2010 10 6.09 13,271 214 Foremost Income Fund Trust Units Binsfeld, Bruce 5 30/9/2010 10 6.791 13,466 195 Foremost Income Fund Trust Units Binsfeld, Bruce 5 25/10/2010 10 6.61 13,166 -300 Foremost Income Fund Trust Units Binsfeld, Bruce 5 25/10/2010 10 6.522 0 -13,166 Foremost Income Fund Trust Units Breen, Patrick 5 21/12/2011 38 0.01 57,316 -7,084 Foremost Income Fund Trust Units Maclennan, Bruce 4 1/11/2008 10 22,004 302 Foremost Income Fund Trust Units Maclennan, Bruce 4 21/12/2011 38 0.01 -469 Foremost Income Fund Trust Units Maclennan, Bruce 4 21/12/2011 38 0.01 -469 Foremost Income Fund Trust Units Maclennan, Bruce 4 21/12/2011 38 0.01 36,233 -771 Foremost Income Fund Trust Units Rae, Douglas James 7, 5 21/12/2011 38 0.01 578 -72 Foremost Income Fund Options Spenrath, James Patrick 5 31/12/2011 52 0 -60,000 Fortis Inc. Deferred Share Unit Case, Peter E 4 1/1/2012 30 10,262 1,823 Fortis Inc. Deferred Share Unit Crothers, Frank 4 1/1/2012 30 11,441 1,823 Fortis Inc. Deferred Share Unit Goodreau, Ida Jacqueline 4 1/1/2012 30 11,484 3,189 Fortis Inc. Deferred Share Unit Haughey, Douglas J. 4 1/1/2012 30 5,689 1,823 Fortis Inc. Deferred Share Unit McCallum, John S. 4 1/1/2012 30 36,784 3,646 Fortis Inc. Deferred Share Unit McWatters, Ralph Henry 4 1/1/2012 30 16,607 1,823 Harry

January 13, 2012 (2012) 35 OSCB 508 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Fortis Inc. Deferred Share Unit Munkley, Ronald David 4 1/1/2012 30 5,689 1,823 Fortis Inc. Deferred Share Unit Norris, David 4 1/1/2012 30 28,633 1,823 Fortis Inc. Deferred Share Unit Pavey, Michael Arnold 4 1/1/2012 30 18,803 1,823 Fortis Inc. Deferred Share Unit Rideout, Roy P. 4 1/1/2012 30 23,649 1,823 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 2/3/2007 22 -1,601,800 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 2/3/2007 22 -1,601,800 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 23/3/2007 10 3.069 2,172,064 30,900 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 28/3/2007 10 3.07 30,800 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 13/4/2007 10 3.03 15,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 13/4/2007 10 3.029 2,289,964 14,900 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/4/2007 10 3 2,374,264 21,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 11/5/2007 10 3.03 21,600 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 11/5/2007 10 3.03 21,600 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 29/7/2007 10 2.66 2,481,564 9,200 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 17/8/2007 10 2.19 64,200 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 17/8/2007 10 2.19 64,200 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/9/2007 10 1.81 2,598,164 25,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 20/10/2007 10 1.746 2,706,164 108,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 27/10/2007 10 1.625 2,769,264 63,100 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 31/10/2007 10 1.59 243,100 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 31/10/2007 10 1.59 243,100 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/11/2007 10 1.31 95,800 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/11/2007 10 1.31 95,800 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 5/2/2008 10 1.32 13,100 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 5/2/2008 10 1.32 13,100 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 11/3/2008 10 1.5 234,064 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 11/3/2008 10 1.5 234,064 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 31/3/2008 10 1.72 45,230 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 31/3/2008 10 1.72 45,230 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 18/4/2008 10 1.76 26,200 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 18/4/2008 10 1.76 26,200 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 6/6/2008 10 1.76 8,900 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 6/6/2008 10 1.76 8,900 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 19/6/2008 15 1.49 1,000,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 19/6/2008 15 1.49 1,000,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 27/3/2009 10 0.215 803,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 27/3/2009 10 0.215 803,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 7/10/2009 10 0.445 -282,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 7/10/2009 10 0.445 -282,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/10/2009 10 0.25 287,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 30/10/2009 10 0.25 287,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 8/1/2010 10 0.32 13,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 8/1/2010 10 0.32 13,500 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 29/1/2010 10 0.29 166,000 Fortress Energy Inc. Common Shares Mitchell, Bruce 3 29/1/2010 10 0.29 166,000 Fortune Minerals Limited Options Kemp, Julian 5 4/1/2012 50 51,546 Fortune Minerals Limited Options Kemp, Julian 5 4/1/2012 50 51,546 Franco-Nevada Corporation Common Shares Decher, Petra 5 23/12/2011 57 1,440 440

Franco-Nevada Corporation Rights Restricted Share Decher, Petra 5 23/12/2011 57 1,937 -440 Units (Time-based) Freehold Royalties Ltd. Long Term Incentive Plan Bieber, Garry Wilfred 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan Bieber, Garry Wilfred 5 1/1/2011 00 91,110 Awards Freehold Royalties Ltd. Long Term Incentive Plan Bieber, Garry Wilfred 5 1/1/2012 56 161,640 30,600 Awards Freehold Royalties Ltd. Long Term Incentive Plan Bieber, Garry Wilfred 5 1/1/2012 57 114,390 -47,250 Awards Freehold Royalties Ltd. Deferred Share Units blades, douglas nolan 4 31/12/2011 30 23,650 544 Freehold Royalties Ltd. Deferred Share Units blades, douglas nolan 4 1/1/2012 56 27,772 4,122 Freehold Royalties Ltd. Deferred Share Units CAMPBELL, HARRY 4 31/12/2011 30 18,119 416 SINCLAIR Freehold Royalties Ltd. Deferred Share Units CAMPBELL, HARRY 4 1/1/2012 56 20,695 2,576 SINCLAIR Freehold Royalties Ltd. Deferred Share Units CEDRASCHI, TULLIO 4 31/12/2011 30 9,640 222 Freehold Royalties Ltd. Deferred Share Units CEDRASCHI, TULLIO 4 1/1/2012 56 12,216 2,576 Freehold Royalties Ltd. Long Term Incentive Plan GEORGE, J FRANK 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan GEORGE, J FRANK 5 1/1/2011 00 92,860 Awards Freehold Royalties Ltd. Long Term Incentive Plan GEORGE, J FRANK 5 1/1/2012 56 163,390 30,600 Awards

January 13, 2012 (2012) 35 OSCB 509 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Freehold Royalties Ltd. Long Term Incentive Plan GEORGE, J FRANK 5 1/1/2012 57 114,390 -49,000 Awards Freehold Royalties Ltd. Long Term Incentive Plan GUNDERSON, DARREN 5 1/1/2011 00 Awards GLENN Freehold Royalties Ltd. Long Term Incentive Plan GUNDERSON, DARREN 5 1/1/2011 00 64,100 Awards GLENN Freehold Royalties Ltd. Long Term Incentive Plan GUNDERSON, DARREN 5 1/1/2012 56 124,300 27,200 Awards GLENN Freehold Royalties Ltd. Long Term Incentive Plan GUNDERSON, DARREN 5 1/1/2012 57 94,200 -30,100 Awards GLENN Freehold Royalties Ltd. Deferred Share Units HARRISON, PETER T 4 31/12/2011 30 13,800 317 Freehold Royalties Ltd. Long Term Incentive Plan INGRAM, WILLIAM O 4, 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan INGRAM, WILLIAM O 4, 5 1/1/2011 00 131,404 Awards Freehold Royalties Ltd. Long Term Incentive Plan INGRAM, WILLIAM O 4, 5 1/1/2012 56 228,304 40,800 Awards Freehold Royalties Ltd. Long Term Incentive Plan INGRAM, WILLIAM O 4, 5 1/1/2012 30 -70,000 Awards Freehold Royalties Ltd. Long Term Incentive Plan INGRAM, WILLIAM O 4, 5 1/1/2012 57 158,304 -70,000 Awards Freehold Royalties Ltd. Deferred Share Units MAHER, P MICHAEL 4 31/12/2011 30 18,119 416 Freehold Royalties Ltd. Deferred Share Units MAHER, P MICHAEL 4 1/1/2012 56 20,695 2,576 Freehold Royalties Ltd. Long Term Incentive Plan Mogan, Michael Joseph 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan Mogan, Michael Joseph 5 1/1/2011 00 27,600 Awards Freehold Royalties Ltd. Long Term Incentive Plan Mogan, Michael Joseph 5 1/1/2012 56 50,010 10,200 Awards Freehold Royalties Ltd. Long Term Incentive Plan Mogan, Michael Joseph 5 1/1/2012 57 36,010 -14,000 Awards Freehold Royalties Ltd. Deferred Share Units SANDMEYER, DAVID 4 31/12/2011 30 5,507 127 JAMES Freehold Royalties Ltd. Deferred Share Units SANDMEYER, DAVID 4 1/1/2012 56 8,083 2,576 JAMES Freehold Royalties Ltd. Long Term Incentive Plan Stone, Michael John 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan Stone, Michael John 5 1/1/2011 00 54,300 Awards Freehold Royalties Ltd. Long Term Incentive Plan Stone, Michael John 5 1/1/2012 56 124,830 30,600 Awards Freehold Royalties Ltd. Long Term Incentive Plan Stone, Michael John 5 1/1/2012 57 104,530 -20,300 Awards Freehold Royalties Ltd. Long Term Incentive Plan TAYLOR, KAREN C 5 1/1/2011 00 Awards Freehold Royalties Ltd. Long Term Incentive Plan TAYLOR, KAREN C 5 1/1/2011 00 32,120 Awards Freehold Royalties Ltd. Long Term Incentive Plan TAYLOR, KAREN C 5 1/1/2012 56 55,520 10,200 Awards Freehold Royalties Ltd. Long Term Incentive Plan TAYLOR, KAREN C 5 1/1/2012 57 38,020 -17,500 Awards Freehold Royalties Ltd. Deferred Share Units Tourigny, Rodger 4 31/12/2011 30 4,717 109 Freehold Royalties Ltd. Deferred Share Units Tourigny, Rodger 4 1/1/2012 56 7,293 2,576 Fronsac Real Estate Options BEAUDRY, JACQUES 3, 4 31/12/2011 30 0.25 15,000 -64,800 Investment Trust Fronsac Real Estate Participation Units BEAUDRY, JACQUES 3, 4 31/12/2011 51 0.25 1,504,800 64,800 Investment Trust Fronsac Real Estate Options CHICOINE, RICHARD 3, 4 31/12/2011 30 0.25 15,000 -64,800 Investment Trust Fronsac Real Estate Participation Units CHICOINE, RICHARD 3, 4 31/12/2011 51 0.25 464,800 64,800 Investment Trust Fronsac Real Estate Options CHOLETTE, MICHEL 4, 5 31/12/2011 30 0.25 30,000 -64,800 Investment Trust Fronsac Real Estate Participation Units CHOLETTE, MICHEL 4, 5 31/12/2011 51 0.25 198,134 64,800 Investment Trust Fronsac Real Estate Options GRIMARD, MARTIN 4, 5 31/12/2011 30 0.25 30,000 -64,800 Investment Trust Fronsac Real Estate Participation Units GRIMARD, MARTIN 4, 5 31/12/2011 51 0.25 304,800 64,800 Investment Trust Fronsac Real Estate Participation Units LASSONDE, MICHEL 3, 4, 5 29/12/2011 10 0.26 136,500 500 Investment Trust Frontenac Mortgage Common Shares Cruickshank, Kevin 5 5/10/2011 15 30 35 Investment Corporation

January 13, 2012 (2012) 35 OSCB 510 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Frontenac Mortgage Common Shares Cruickshank, Kevin 5 3/11/2011 15 30 5,090 35 Investment Corporation Frontenac Mortgage Common Shares Cruickshank, Kevin 5 5/1/2012 15 30 5,156 33 Investment Corporation Frontline Gold Corporation Common Shares Henry, Walter 4, 5 3/1/2012 10 0.065 3,329,628 5,000

Frontline Gold Corporation Common Shares Henry, Walter 4, 5 4/1/2012 10 0.06 3,332,628 3,000

Galane Gold Ltd. Common Shares Libra Advisors, LLC 3 29/12/2011 10 1.014 3,740,000 -10,000 Gamehost Inc. Common Shares Gamehost Inc. 1 30/12/2011 38 1,900 -304,300 GC-Global Capital Corp. Subordinate Voting GC-Global Capital Corp. 1 22/12/2011 38 0.227 2,384,700 44,900 Shares GeneNews Limited Options Dreismann, Heiner 4, 5 18/9/2011 52 1.16 1,269,500 -150,000 GeneNews Limited Options Dreismann, Heiner 4, 5 31/12/2011 50 0.18 1,389,500 60,000 GeneNews Limited Options Howard-Tripp, James 4 18/9/2011 52 1.55 399,000 -75,000 GeneNews Limited Options Liew, Gailina Jia-Hsin 4, 5 18/9/2011 52 1.55 2,012,080 -100,000 GeneNews Limited Options Riggs, Rory 3, 4 18/9/2011 52 1.55 531,500 -125,000 General Donlee Canada Inc. Common Shares General Donlee Canada 1 1/1/2011 00 Inc. General Donlee Canada Inc. Common Shares General Donlee Canada 1 21/12/2011 10 2.99 2,900 2,900 Inc. General Donlee Canada Inc. Common Shares General Donlee Canada 1 23/12/2011 10 3 7,000 4,100 Inc. General Donlee Canada Inc. Common Shares General Donlee Canada 1 30/12/2011 10 0 -7,000 Inc. General Donlee Canada Inc. Convertible Debentures General Donlee Canada 1 29/11/2011 10 0.81 $12,000 $3,000 Inc. General Donlee Canada Inc. Convertible Debentures General Donlee Canada 1 30/11/2011 10 0.81 $6,000 $3,000 Inc. General Donlee Canada Inc. Convertible Debentures General Donlee Canada 1 1/12/2011 10 0.8205 $8,000 $2,000 Inc. General Donlee Canada Inc. Convertible Debentures General Donlee Canada 1 2/12/2011 10 0.82 $11,000 $3,000 Inc. General Donlee Canada Inc. Convertible Debentures General Donlee Canada 1 30/12/2011 10 $0 -$11,000 Inc. Genesis Worldwide Inc. Options Lindgren, William Lain 5 28/9/2011 00 Genesis Worldwide Inc. Options Lindgren, William Lain 5 31/12/2011 50 0.1 750,000 750,000 Geomega Resources Inc. Common Shares Spino, Mario 4 31/12/2011 54 0.55 575,200 285,000 Geomega Resources Inc. Warrants Spino, Mario 4 31/12/2011 54 0 -285,000 GeoNovus Minerals Corp. Common Shares England, Michael Bruno 4 5/1/2012 10 0.1 650,320 50,000 John Franz GeoNovus Minerals Corp. Common Shares Gray, Paul Dunstan 4 21/12/2011 00 33,333 GeoNovus Minerals Corp. Common Shares Nikitovic, Olga 5 21/12/2011 00 GeoNovus Minerals Corp. Common Shares Nikitovic, Olga 5 21/12/2011 00 GeoNovus Minerals Corp. Common Shares Nikitovic, Olga 5 21/12/2011 00 5,000 GeoNovus Minerals Corp. Common Shares Nikitovic, Olga 5 28/12/2011 11 0.15 55,000 50,000 GeoNovus Minerals Corp. Warrants Nikitovic, Olga 5 21/12/2011 00 GeoNovus Minerals Corp. Warrants Nikitovic, Olga 5 28/12/2011 53 25,000 25,000 George Weston Limited Rights -Deferred Share Bachand, Stephen Eugene 7 2/1/2012 30 6,997 38 Units George Weston Limited Rights -Deferred Share Baillie, A. Charles 4 2/1/2012 56 20,493 688 Units George Weston Limited Rights -Deferred Share Baillie, A. Charles 4 2/1/2012 30 20,601 108 Units George Weston Limited Rights -Deferred Share Bryant, Warren 4 2/1/2012 56 3,660 605 Units George Weston Limited Rights -Deferred Share Bryant, Warren 4 2/1/2012 30 3,677 17 Units George Weston Limited Rights -Deferred Share Currie, Gordon Andrew 5 31/12/2011 30 2,616 52 Units McDonald George Weston Limited Rights -Deferred Share Dart, Robert John 6 2/1/2012 30 11,493 62 Units George Weston Limited Rights -Deferred Share Eby, Peter 4 2/1/2012 56 24,328 783 Units George Weston Limited Rights -Deferred Share Eby, Peter 4 2/1/2012 30 24,456 128 Units George Weston Limited Rights -Deferred Share Entwistle, Darren 4 2/1/2012 56 1,334 518 Units George Weston Limited Rights -Deferred Share Entwistle, Darren 4 2/1/2012 30 1,339 5 Units George Weston Limited Rights -Deferred Share Fraser, Anne Louise 4 2/1/2012 56 6,326 189 Units

January 13, 2012 (2012) 35 OSCB 511 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed George Weston Limited Rights -Deferred Share Fraser, Anne Louise 4 2/1/2012 30 6,359 33 Units George Weston Limited Rights -Deferred Share Graham, Anthony R. 4 2/1/2012 56 18,999 552 Units George Weston Limited Rights -Deferred Share Graham, Anthony R. 4 2/1/2012 30 19,099 100 Units George Weston Limited Rights -Deferred Share Lacey, John Stewart 7 2/1/2012 56 4,948 439 Units George Weston Limited Rights -Deferred Share Lacey, John Stewart 7 2/1/2012 30 4,972 24 Units George Weston Limited Rights -Deferred Share Leighton, Allan L. 4 2/1/2012 56 672 672 Units George Weston Limited Rights -Deferred Share Marcoux, Isabelle 4 2/1/2012 56 10,131 484 Units George Weston Limited Rights -Deferred Share Marcoux, Isabelle 4 2/1/2012 30 10,183 52 Units George Weston Limited Rights -Deferred Share Prichard, John Robert 4 2/1/2012 56 18,479 529 Units Stobo George Weston Limited Rights -Deferred Share Prichard, John Robert 4 2/1/2012 30 18,577 98 Units Stobo George Weston Limited Rights -Deferred Share Rahilly, Thomas Francis 4 2/1/2012 56 13,724 639 Units George Weston Limited Rights -Deferred Share Rahilly, Thomas Francis 4 2/1/2012 30 13,795 71 Units George Weston Limited Rights -Deferred Share Stymiest, Barbara Gayle 4 2/1/2012 56 1,521 594 Units George Weston Limited Rights -Deferred Share Stymiest, Barbara Gayle 4 2/1/2012 30 1,526 5 Units Getty Copper Inc. Common Shares Anderson, Corby 4 5/1/2012 10 0.045 537,000 40,000 Gibson Energy Inc. Options Bantle, Rodney James 5 23/12/2011 51 -20,000 Gibson Energy Inc. Options Bantle, Rodney James 5 23/12/2011 51 -20,000 Gibson Energy Inc. Options Duffee, Sean William 7 31/12/2011 51 85,493 -25,000 Gibson Energy Inc. Options Wise, Richard Morgan 5 4/1/2012 51 178,469 -15,000 Gildan Activewear Inc. Deferred Share Units Anderson, William D. 4 2/1/2012 56 862 (DSUs) Gildan Activewear Inc. Deferred Share Units Anderson, William D. 4 2/1/2012 56 9,373 862 (DSUs) Gildan Activewear Inc. Deferred Share Units Baylis, Robert M. 4 2/1/2012 56 1,326 (DSUs) Gildan Activewear Inc. Deferred Share Units Baylis, Robert M. 4 2/1/2012 56 10,555 1,326 (DSUs) Gildan Activewear Inc. Deferred Share Units Goodman, Russell Andrew 4 2/1/2012 56 929 (DSUs) Gildan Activewear Inc. Deferred Share Units Goodman, Russell Andrew 4 2/1/2012 56 2,995 929 (DSUs) Gildan Activewear Inc. Deferred Share Units Heller, George Jason 4 2/1/2012 56 9,983 1,857 (DSUs) Gildan Activewear Inc. Deferred Share Units O'Brien, Sheila 4 2/1/2012 56 1,578 (DSUs) Gildan Activewear Inc. Deferred Share Units O'Brien, Sheila 4 2/1/2012 56 18,097 1,578 (DSUs) Gildan Activewear Inc. Deferred Share Units Robitaille, Pierre 4 2/1/2012 56 796 (DSUs) Gildan Activewear Inc. Deferred Share Units Robitaille, Pierre 4 2/1/2012 56 9,267 796 (DSUs) Gildan Activewear Inc. Deferred Share Units Scarborough, James 4 2/1/2012 56 9,681 1,856 (DSUs) Gildan Activewear Inc. Deferred Share Units Strubel, Richard P. 4 2/1/2012 56 796 (DSUs) Gildan Activewear Inc. Deferred Share Units Strubel, Richard P. 4 2/1/2012 56 9,047 796 (DSUs) Gildan Activewear Inc. Deferred Share Units VALDES-FAULI, Gonzalo 4 2/1/2012 56 796 (DSUs) Gildan Activewear Inc. Deferred Share Units VALDES-FAULI, Gonzalo 4 2/1/2012 56 10,209 796 (DSUs) Giyani Gold Corp. Common Shares Parnham, Duane 4, 5 4/1/2012 10 1.1455 4,409,023 39,600 GLENTEL Inc. Common Shares Glentel Inc. 1 3/1/2012 38 0 -11,600 Global Alumina Corporation Options Bin Kalban, Abdulla Jassem 4 14/12/2011 50 70,000 40,000 Mohamed Jassem

Global Alumina Corporation Options Cella, Michael 4, 5 11/12/2011 52 1,400,000 -150,000

January 13, 2012 (2012) 35 OSCB 512 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Global Alumina Corporation Options Cella, Michael 4, 5 14/12/2011 50 1,650,000 250,000

Global Alumina Corporation Options Cousineau, Bernard 4 11/12/2011 52 295,000 -75,000

Global Alumina Corporation Options Cousineau, Bernard 4 14/12/2011 50 335,000 40,000

Global Alumina Corporation Options Gayer, Alan 4 11/12/2011 52 190,000 -25,000

Global Alumina Corporation Options Gayer, Alan 4 14/12/2011 50 230,000 40,000

Global Alumina Corporation Options Getz, Robert Hinman 4 14/12/2011 50 70,000 40,000

Global Alumina Corporation Options Karjian, Karim 4 11/12/2011 52 1,675,000 -225,000

Global Alumina Corporation Options Karjian, Karim 4 14/12/2011 50 1,975,000 300,000

Global Alumina Corporation Options McCabe, Anthony F. 7 11/12/2011 52 105,000 -150,000

Global Alumina Corporation Options McCabe, Anthony F. 7 14/12/2011 50 205,000 100,000

Global Alumina Corporation Options Morrey, Graham 5 11/12/2011 52 1,375,000 -150,000

Global Alumina Corporation Options Morrey, Graham 5 14/12/2011 50 1,625,000 250,000

Global Alumina Corporation Options Suratgar, David 4 11/12/2011 52 190,000 -25,000

Global Alumina Corporation Options Suratgar, David 4 14/12/2011 50 230,000 40,000

Global Alumina Corporation Options Walker, Elizabeth 5 11/12/2011 52 -100,000

Global Alumina Corporation Options Walker, Elizabeth 5 11/12/2011 52 310,000 -50,000

Global Alumina Corporation Options Walker, Elizabeth 5 14/12/2011 50 410,000 100,000

Global Alumina Corporation Options Wrobel, Bruce 3, 4, 5 11/12/2011 52 1,675,000 -225,000

Global Alumina Corporation Options Wrobel, Bruce 3, 4, 5 14/12/2011 50 1,975,000 300,000

Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 4/1/2012 10 1.36 691,512 -3,000 Inc. GMP Capital Inc. Common Shares James Richardson & Sons, 3 30/12/2011 10 7.0673 12,810,582 17,700 Limited GMP Capital Inc. Common Shares James Richardson & Sons, 3 3/1/2012 10 7.19 12,821,882 11,300 Limited GMP Capital Inc. Common Shares James Richardson & Sons, 3 4/1/2012 10 7.499 13,032,982 211,100 Limited Gold Canyon Resources Inc. Common Shares Inwentash, Sheldon 6 30/12/2011 10 2.2411 53,800

Gold Canyon Resources Inc. Common Shares Inwentash, Sheldon 6 30/12/2011 10 2.2411 53,800

Gold Standard Ventures Common Shares Awde, Jonathan Charles 4, 6, 5 29/12/2011 10 0.742 841,000 5,000 Corp. Timothy Gold Standard Ventures Common Shares Awde, Jonathan Charles 4, 6, 5 30/12/2011 10 0.75 844,000 3,000 Corp. Timothy Gold Standard Ventures Common Shares Awde, Jonathan Charles 4, 6, 5 30/12/2011 10 0.75 847,000 3,000 Corp. Timothy Gold Standard Ventures Common Shares Silas, Richard 4, 5 30/11/2011 10 0.8 949,800 -70,000 Corp. Goldcorp Inc. Common Shares Allan, John Grant 5 31/12/2011 30 47.81 2,551 560 Goldcorp Inc. Common Shares Aloi, Dina 5 31/12/2011 30 47.8 1,174 439 Goldcorp Inc. Common Shares ATKINSON, GERARD 5 31/12/2011 30 47.78 3,588 541 WILLIAM Goldcorp Inc. Common Shares Belanger, Maryse 5 31/12/2011 30 47.83 436 Goldcorp Inc. Common Shares Belanger, Maryse 5 31/12/2011 30 47.83 524 73 Goldcorp Inc. Common Shares BERGERON, BRENT 5 2/12/2010 00 Goldcorp Inc. Common Shares BERGERON, BRENT 5 31/12/2011 30 48.45 437 437 Goldcorp Inc. Common Shares Burns, George Raymond 5 31/12/2011 30 45.45 23,957 372 Goldcorp Inc. Common Shares Chan, Kathy 5 31/12/2011 30 47.8 580 372 Goldcorp Inc. Common Shares Crema, Frank 5 31/12/2011 30 47.86 2,527 424 Goldcorp Inc. Common Shares DEISLEY, DAVID LEE 5 31/12/2011 30 49.57 27,297 631 Goldcorp Inc. Common Shares FARROW, PAUL 5 31/12/2011 30 47.76 513 513 Goldcorp Inc. Common Shares Hall, Lindsay Albert 5 31/12/2011 30 47.8 93,187 1,633 Goldcorp Inc. Common Shares Hazelton, Rohan 5 31/12/2011 30 47.79 2,751 583

January 13, 2012 (2012) 35 OSCB 513 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Goldcorp Inc. Common Shares Jauristo, Timo 5 31/12/2011 30 47.8 11,201 979 Goldcorp Inc. Common Shares Jeannes, Charles A. 5 31/12/2011 30 47.87 182,517 2,690 Goldcorp Inc. Common Shares Louie, Wendy 8 31/12/2011 30 47.82 7,105 341 Goldcorp Inc. Common Shares OLSON, STANLEY MARK 5 31/12/2011 30 47.79 272 159

Goldcorp Inc. Common Shares Parsons, David 5 31/12/2011 30 47.79 1,829 391 Goldcorp Inc. Common Shares Reid, Steven Paul 5 31/12/2011 30 47.88 72,807 1,736 Goldcorp Inc. Common Shares Rustad, Colette 5 31/12/2011 30 47.8 2,076 576 Goldcorp Inc. Common Shares Ruus, Mark Adrian 5 31/12/2011 30 47.83 42,603 580 Goldcorp Inc. Common Shares Tudela, Anna Maria 5 31/12/2011 30 47.92 6,912 412 Goldcorp Inc. Common Shares Wilhoit, Jeffrey 5 31/12/2011 30 47.79 2,107 452 Golden Peaks Resources Options DeMare, Nick 4 4/1/2012 52 0 -175,000 Ltd. Golden Peaks Resources Options Emerson, Scott Graham 4, 5 4/1/2012 52 0 -450,000 Ltd. Golden Peaks Resources Options Leathley, Gillyeard(Gil) 4 4/1/2012 52 0 -100,000 Ltd. James Golden Peaks Resources Options Lim, Harvey 5 4/1/2012 52 0 -50,000 Ltd. Golden Queen Mining Co. Common Shares Klingmann, Hans Lutz 4, 5 3/1/2012 10 2.96 365,000 -1,000 Ltd. Golden Share Mining Common Shares Dundee Corporation 3 4/1/2012 10 0.0719 5,207,000 -324,000 Corporation GOLDEYE EXPLORATIONS Options Consolidated International 3 31/12/2011 52 1,352,500 -470,588 LIMITED Investment Holdings Inc.

GOLDEYE EXPLORATIONS Warrants Consolidated International 3 31/12/2011 55 2,250,000 -2,352,940 LIMITED Investment Holdings Inc.

Goldspike Exploration Inc. Common Shares Christie, Donald Henry 4, 5 30/11/2011 10 0.24 1,200,000 100,000 GoldTrain Resources Inc. Common Shares Consolidated International 3 1/11/2010 00 Investment Holdings Inc.

GoldTrain Resources Inc. Common Shares Consolidated International 3 30/12/2011 11 0.09 3,147,578 3,147,578 Investment Holdings Inc.

GoldTrain Resources Inc. Common Shares Consolidated International 3 1/11/2010 00 Investment Holdings Inc.

GoldTrain Resources Inc. Common Shares Consolidated International 3 30/12/2011 11 0.09 1,296,866 1,296,866 Investment Holdings Inc.

GoldTrain Resources Inc. Options Consolidated International 3 31/12/2011 52 0 -250,000 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 1/11/2010 00 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 30/12/2011 11 0.15 355,555 355,555 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 1/11/2010 00 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 30/12/2011 11 0.15 1,573,789 1,573,789 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 31/12/2011 55 0 -2,500,000 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 1/11/2010 00 Investment Holdings Inc.

GoldTrain Resources Inc. Warrants Consolidated International 3 30/12/2011 11 0.15 648,433 648,433 Investment Holdings Inc.

GoldTrain Resources Inc. Common Shares Ressources KWG inc. 3 30/12/2011 10 0.055 7,236,000 5,000 GoldTrain Resources Inc. Common Shares Ressources KWG inc. 3 30/12/2011 10 0.045 7,284,000 48,000 Great-West Lifeco Inc. Common Shares Allison, Brian Robert 7 1/1/2012 97 42,092 3,276 Great-West Lifeco Inc. Executive Performance Allison, Brian Robert 7 1/1/2003 00 Share Units Great-West Lifeco Inc. Executive Performance Allison, Brian Robert 7 1/1/2012 97 2,379 2,379 Share Units

January 13, 2012 (2012) 35 OSCB 514 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Great-West Lifeco Inc. Options Common Share - Allison, Brian Robert 7 1/1/2012 97 69,200 1,700 Stock Options Green Swan Capital Corp. Common Shares Lavigne, James Gerard 4, 5 30/12/2011 00 Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3 30/12/2011 10 0.115 9,008,493 20,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3 3/1/2012 10 0.1 9,018,493 10,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3 4/1/2012 10 0.14 9,021,493 3,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3 4/1/2012 10 0.145 9,023,493 2,000 Inc. Groupe Aeroplan Inc. Deferred Share Units Adams, David L. 5 30/12/2011 35 11.94 6,541 81 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Brown, Robert Ellis 4 30/12/2011 35 11.94 19,964 248 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Brown, Robert Ellis 4 1/1/2012 56 11.93 21,964 2,000 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Doroniuk, Roman 4 30/12/2011 35 11.94 6,593 82 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Doroniuk, Roman 4 1/1/2012 56 11.93 6,968 375 (Aimia) Groupe Aeroplan Inc. Common Shares Duchesne, Rupert 4, 5 30/12/2011 57 166,997 95,547 (Aimia) Groupe Aeroplan Inc. Common Shares Duchesne, Rupert 4, 5 30/12/2011 30 11.81 -53,197 (Aimia) Groupe Aeroplan Inc. Common Shares Duchesne, Rupert 4, 5 30/12/2011 10 11.81 113,800 -53,197 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Duchesne, Rupert 4, 5 30/12/2011 35 11.94 72,091 894 (Aimia) Groupe Aeroplan Inc. Rights Duchesne, Rupert 4, 5 30/12/2011 35 12.43 95,547 (Aimia) Groupe Aeroplan Inc. Rights Duchesne, Rupert 4, 5 30/12/2011 35 12.43 267,606 4,292 (Aimia) Groupe Aeroplan Inc. Rights Duchesne, Rupert 4, 5 30/12/2011 57 -95,547 (Aimia) Groupe Aeroplan Inc. Rights Duchesne, Rupert 4, 5 30/12/2011 57 -4,292 (Aimia) Groupe Aeroplan Inc. Rights Duchesne, Rupert 4, 5 30/12/2011 57 172,059 -95,547 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Ferstman, Joanne Shari 4 30/12/2011 35 11.94 15,380 191 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Ferstman, Joanne Shari 4 1/1/2012 56 11.93 17,138 1,758 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Fortier, Michael M 4 30/12/2011 35 11.94 4,766 59 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Fortier, Michael M 4 1/1/2012 56 11.93 5,141 375 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Forzani, John 5 30/12/2011 35 11.94 12,789 159 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Forzani, John 5 1/1/2012 56 11.93 13,688 899 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Graham, Elizabeth 5 30/12/2011 35 11.94 31,442 390 (Aimia) Groupe Aeroplan Inc. Common Shares Groupe Aeroplan Inc. 1 21/12/2011 38 1.0729 239,524 (Aimia) Groupe Aeroplan Inc. Common Shares Groupe Aeroplan Inc. 1 21/12/2011 38 1.0729 239,524 (Aimia) Groupe Aeroplan Inc. Common Shares Groupe Aeroplan Inc. 1 21/12/2011 38 -239,524 (Aimia) Groupe Aeroplan Inc. Common Shares Groupe Aeroplan Inc. 1 21/12/2011 38 -239,524 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Hounsell, Mark 5 30/12/2011 35 11.94 2,929 36 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Laidley, David Howard 4 30/12/2011 35 11.94 28,608 355 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Laidley, David Howard 4 1/1/2012 56 11.93 30,209 1,601 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Port, Douglas D. 4 30/12/2011 35 11.94 9,808 122 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Port, Douglas D. 4 1/1/2012 56 11.93 10,183 375 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Port, Douglas D. 4 5/1/2012 56 11.93 375 (Aimia)

January 13, 2012 (2012) 35 OSCB 515 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Groupe Aeroplan Inc. Deferred Share Units Port, Douglas D. 4 5/1/2012 56 11.93 375 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Rossy, Alan 4 30/12/2011 35 11.94 4,858 60 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Rossy, Alan 4 1/1/2012 56 11.93 5,233 375 (Aimia) Groupe Aeroplan Inc. Deferred Share Units SONBERG, Melissa 5 30/12/2011 35 11.94 8,601 107 (Aimia) Groupe Aeroplan Inc. Deferred Share Units Timpano, Vincent Robert 5 30/12/2011 35 11.94 4,049 50 (Aimia) GSI Group Inc. Common Shares Bershad, Stephen W. 3, 4 1/1/2012 56 4,170,665 12,219 GSI Group Inc. Common Shares Davis, Eugene I. 4 1/1/2012 56 25,479 6,599 GSI Group Inc. Common Shares Fortino, Dennis J. 4 1/1/2012 56 23,593 6,110 GSI Group Inc. Common Shares Lamel, Ira J. 4 1/1/2012 56 26,423 6,843 GSI Group Inc. Common Shares Pond, Byron 4 1/1/2012 56 83,815 6,110 Guyana Goldfields Inc. Common Shares Murphy, Paul 5 3/1/2012 10 7.85 0 -10,000 H&R Real Estate Investment Class B Limited Hofstedter, Thomas J. 4, 5 30/5/2003 00 Trust Partnership LP Units of H&R Portfolio LP H&R Real Estate Investment Class B Limited Hofstedter, Thomas J. 4, 5 2/1/2012 11 23.26 739,302 739,302 Trust Partnership LP Units of H&R Portfolio LP Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 28/12/2011 38 2.5028 2,500 2,500 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 28/12/2011 38 2.5028 0 -2,500 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 29/12/2011 38 2.6 3,000 3,000 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 29/12/2011 38 2.6 0 -3,000 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 30/12/2011 38 2.7148 9,600 9,600 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 30/12/2011 38 2.7148 0 -9,600 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 3/1/2012 38 2.7382 4,400 4,400 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 3/1/2012 38 2.7382 0 -4,400 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 4/1/2012 38 2.9073 11,800 11,800 Hanfeng Evergreen Inc. Common Shares Hanfeng Evergreen Inc 1 4/1/2012 38 2.9073 0 -11,800 Hanfeng Evergreen Inc. Common Shares Yu, Xinduo 3, 4, 6, 5 5/1/2012 10 2.83 1,060,800 -10,000 HANWEI ENERGY Common Shares Clay, Malcolm Frank 4 29/12/2011 10 0.1 206,500 6,500 SERVICES CORP. HANWEI ENERGY Common Shares Clay, Malcolm Frank 4 30/12/2011 10 0.1 211,500 5,000 SERVICES CORP. HANWEI ENERGY Common Shares Clay, Malcolm Frank 4 4/1/2012 10 0.1 227,500 16,000 SERVICES CORP. HANWEI ENERGY Common Shares Clay, Malcolm Frank 4 6/1/2012 10 0.105 247,500 20,000 SERVICES CORP. Hardwoods Distribution Inc. Common Shares Besen, Daniel A. 7, 5 31/12/2011 57 1.7967 11,132

Hardwoods Distribution Inc. Common Shares Besen, Daniel A. 7, 5 31/12/2011 57 35,913 11,132

Hardwoods Distribution Inc. Restricted Shares Besen, Daniel A. 7, 5 31/12/2011 57 -11,132

Hardwoods Distribution Inc. Restricted Shares Besen, Daniel A. 7, 5 31/12/2011 57 17,833 -11,132

Hardwoods Distribution Inc. Common Shares Blanco, Lance Richard 7, 5 31/12/2011 57 1.8767 17,850

Hardwoods Distribution Inc. Common Shares Blanco, Lance Richard 7, 5 31/12/2011 57 71,401 17,850

Hardwoods Distribution Inc. Performance Shares Blanco, Lance Richard 7, 5 1/7/2011 00

Hardwoods Distribution Inc. Performance Shares Blanco, Lance Richard 7, 5 1/7/2011 00 46,927

Hardwoods Distribution Inc. Restricted Shares Blanco, Lance Richard 7, 5 31/12/2011 57 -17,850

Hardwoods Distribution Inc. Restricted Shares Blanco, Lance Richard 7, 5 31/12/2011 57 29,078 -17,850

Hardwoods Distribution Inc. Common Shares Brown, Robert James 7, 5 31/12/2011 57 1.7967 11,132

Hardwoods Distribution Inc. Common Shares Brown, Robert James 7, 5 31/12/2011 57 44,526 11,132

Hardwoods Distribution Inc. Performance Shares Brown, Robert James 7, 5 1/7/2011 00

Hardwoods Distribution Inc. Performance Shares Brown, Robert James 7, 5 1/7/2011 00 28,965

Hardwoods Distribution Inc. Restricted Shares Brown, Robert James 7, 5 31/12/2011 57 -11,132

Hardwoods Distribution Inc. Restricted Shares Brown, Robert James 7, 5 31/12/2011 57 17,833 -11,132

January 13, 2012 (2012) 35 OSCB 516 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Hardwoods Distribution Inc. Common Shares Warner, Garry W. 5 31/12/2011 57 1.7967 11,132

Hardwoods Distribution Inc. Common Shares Warner, Garry W. 5 31/12/2011 57 65,006 11,132

Hardwoods Distribution Inc. Performance Shares Warner, Garry W. 5 1/7/2011 00

Hardwoods Distribution Inc. Performance Shares Warner, Garry W. 5 1/7/2011 00 28,965

Hardwoods Distribution Inc. Restricted Shares Warner, Garry W. 5 31/12/2011 57 -11,132

Hardwoods Distribution Inc. Restricted Shares Warner, Garry W. 5 31/12/2011 57 17,833 -11,132

Hartco Inc. Options Gauvreau, Carl 5 6/1/2012 52 0 -121,406 Hartco Inc. Common Shares Hartco Inc. 1 1/12/2011 38 2.66 3,600 600 Hartco Inc. Common Shares Hartco Inc. 1 7/12/2011 38 2.74 4,000 400 Hartco Inc. Common Shares Hartco Inc. 1 7/12/2011 38 400 -3,600 Hartco Inc. Common Shares Hartco Inc. 1 14/12/2011 38 2.69 600 200 Hartco Inc. Common Shares Hartco Inc. 1 14/12/2011 38 200 -400 Hartco Inc. Common Shares Hartco Inc. 1 16/12/2011 38 2.68 1,200 1,000 Hartco Inc. Common Shares Hartco Inc. 1 21/12/2011 38 2.62 1,600 400 Hartco Inc. Common Shares Hartco Inc. 1 21/12/2011 38 1,400 -200 Hartco Inc. Common Shares Hartco Inc. 1 21/12/2011 38 400 -1,000 Hartco Inc. Common Shares Hartco Inc. 1 28/12/2011 38 2.65 900 500 Hartco Inc. Common Shares Hartco Inc. 1 29/12/2011 38 2.64 1,700 800 Hartco Inc. Common Shares Hartco Inc. 1 30/12/2011 38 1,300 -400 Hathor Exploration Limited Common Shares QIT-Fer et Titane inc. 3 3/1/2012 22 4.7 119,322,094 716,925 Hi Ho Silver Resources Inc. Common Shares McKnight, Dennis Harry 4 6/1/2012 10 0.055 1,178,551 22,000

High Liner Foods Common Shares Thornridge Holdings 3 31/12/2011 90 5,425,000 3,080,000 Incorporated Limited High Liner Foods Common Shares Thornridge Holdings 3 31/12/2011 90 0 -3,080,000 Incorporated Limited Himalayan Capital Corp. Common Shares Quest Capital Managment 3 20/1/2010 00 1,000,000 Corp. (formerly Ionic Capital Corp.)

Himalayan Capital Corp. Common Shares Quest Capital Managment 3 8/4/2010 00 Corp. (formerly Ionic Capital Corp.)

Holloway Lodging Real Trust Units Armoyan, George 4 1/1/2012 10 0.08 2,261,667 500,000 Estate Investment Trust Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.55 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.55 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 30 49.6 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.6 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 30 49.6 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.6 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.8 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.8 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.85 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/12/2011 38 49.85 0 -2,000 Homeland Uranium Inc. Common Shares Coates, Stephen Edward 4, 5 30/12/2011 11 0.005 5,376,800 127,500 HOMEQ Corporation Common Shares McMorran, Sydney 7 30/12/2011 16 6.25 52,083 21,815 HOMEQ Corporation Deferred Share Units McMorran, Sydney 7 23/12/2011 56 40,715 HOMEQ Corporation Deferred Share Units McMorran, Sydney 7 23/12/2011 56 40,708 1,646 HOMEQ Corporation Deferred Share Units McMorran, Sydney 7 30/12/2011 57 0 -40,708 Horizon North Logistics Inc. Common Shares Grant, Steven Carl 4 3/1/2012 51 1.36 65,000 20,000

Horizon North Logistics Inc. Common Shares Grant, Steven Carl 4 3/1/2012 10 4.58 45,000 -20,000

Horizon North Logistics Inc. Options Grant, Steven Carl 4 3/1/2012 51 1.36 10,000 -20,000

Hudson River Minerals Ltd. Common Shares BALCH, STEPHEN JAMES 8, 4, 5 30/12/2011 10 0.07 2,915,357 342,857

Hudson River Minerals Ltd. Warrants BALCH, STEPHEN JAMES 8, 4, 5 10/5/2010 00

Hudson River Minerals Ltd. Warrants BALCH, STEPHEN JAMES 8, 4, 5 30/12/2011 53 171,429 171,429

Hudson River Minerals Ltd. Warrants Prill, Brian, Lance 4, 5 10/5/2010 00

Hudson River Minerals Ltd. Common Shares Salmon, Morley William 4 30/12/2011 16 0.07 1,000,000 850,000

January 13, 2012 (2012) 35 OSCB 517 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Hudson River Minerals Ltd. Warrants Salmon, Morley William 4 10/5/2010 00

Hudson River Minerals Ltd. Warrants Salmon, Morley William 4 30/11/2011 16 425,000 425,000

Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 36 1,666 1,666 Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 36 1,666 1,666 Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Doyle, Donald Gregory 4 31/12/2011 36 555 555 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 31/12/2011 36 56,179 56,179 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 2/1/2012 46 8 56,304 125 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 6/1/2012 46 8.35 56,424 120 Huntingdon Capital Corp. Options Doyle, Donald Gregory 4 31/12/2011 00 Huntingdon Capital Corp. Options Doyle, Donald Gregory 4 31/12/2011 36 33,333 33,333 Huntingdon Capital Corp. Options Doyle, Donald Gregory 4 31/12/2011 36 44,333 11,000 Huntingdon Capital Corp. Common Shares Evans, Steve 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Evans, Steve 4 31/12/2011 36 6,166 6,166 Huntingdon Capital Corp. Deferred Share Units Evans, Steve 4 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units Evans, Steve 4 31/12/2011 36 16,366 16,366 Huntingdon Capital Corp. Options Evans, Steve 4 31/12/2011 00 Huntingdon Capital Corp. Options Evans, Steve 4 31/12/2011 36 11,000 11,000 Huntingdon Capital Corp. 7.5% Secured George, Zachary R. 4, 5 31/12/2011 00 Debentures Huntingdon Capital Corp. 7.5% Secured George, Zachary R. 4, 5 31/12/2011 36 $500,000 $500,000 Debentures Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 36 1,371,068 1,371,068 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 36 168,600 168,600 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 36 331,760 331,760 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Common Shares George, Zachary R. 4, 5 31/12/2011 36 85,134 85,134 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 31/12/2011 36 37,168 37,168 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 2/1/2012 46 8 37,293 125 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 6/1/2012 46 8.35 37,413 120 Huntingdon Capital Corp. Options George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Options George, Zachary R. 4, 5 31/12/2011 36 11,111 11,111 Huntingdon Capital Corp. Warrants George, Zachary R. 4, 5 31/12/2011 00 Huntingdon Capital Corp. Warrants George, Zachary R. 4, 5 31/12/2011 36 14,000 14,000 Huntingdon Capital Corp. 7.5% Secured Goodman, Gary Michael 4 31/12/2011 00 Debentures Huntingdon Capital Corp. 7.5% Secured Goodman, Gary Michael 4 31/12/2011 36 $150,000 $150,000 Debentures Huntingdon Capital Corp. 7.5% Secured Goodman, Gary Michael 4 31/12/2011 00 Debentures Huntingdon Capital Corp. 7.5% Secured Goodman, Gary Michael 4 31/12/2011 36 $14,000 $14,000 Debentures Huntingdon Capital Corp. Common Shares Goodman, Gary Michael 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Goodman, Gary Michael 4 31/12/2011 36 13,611 13,611 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 31/12/2011 36 65,362 65,362 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 2/1/2012 46 8 65,487 125 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 6/1/2012 46 8.35 65,607 120 Huntingdon Capital Corp. Options Goodman, Gary Michael 4 31/12/2011 00 Huntingdon Capital Corp. Options Goodman, Gary Michael 4 31/12/2011 36 11,111 11,111 Huntingdon Capital Corp. Options Goodman, Gary Michael 4 31/12/2011 36 22,111 11,000 Huntingdon Capital Corp. Warrants Goodman, Gary Michael 4 31/12/2011 00 Huntingdon Capital Corp. Warrants Goodman, Gary Michael 4 31/12/2011 36 4,200 4,200 Huntingdon Capital Corp. Warrants Goodman, Gary Michael 4 31/12/2011 00 Huntingdon Capital Corp. Warrants Goodman, Gary Michael 4 31/12/2011 36 392 392 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 31/12/2011 00 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 31/12/2011 36 9,346 9,346 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 3/1/2012 38 8 13,319 3,973 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 4/1/2012 38 8.3225 17,292 3,973 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 5/1/2012 38 8.36 21,265 3,973 Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 6/1/2012 38 8.35 25,238 3,973 Huntingdon Capital Corp. Common Shares Hutcheson, Robert Scott 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Hutcheson, Robert Scott 4 31/12/2011 36 5,644 5,644 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 31/12/2011 36 50,857 50,857

January 13, 2012 (2012) 35 OSCB 518 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 2/1/2012 46 8 50,982 125 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 6/1/2012 46 8.35 51,102 120 Huntingdon Capital Corp. Options Hutcheson, Robert Scott 4 31/12/2011 00 Huntingdon Capital Corp. Options Hutcheson, Robert Scott 4 31/12/2011 36 16,666 16,666 Huntingdon Capital Corp. Options Hutcheson, Robert Scott 4 31/12/2011 36 27,666 11,000 Huntingdon Capital Corp. 7.5% Secured Lorber, David 4 31/12/2011 00 Debentures Huntingdon Capital Corp. 7.5% Secured Lorber, David 4 31/12/2011 36 $500,000 $500,000 Debentures Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 36 1,371,068 1,371,068 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 36 168,600 168,600 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 36 331,760 331,760 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Lorber, David 4 31/12/2011 36 10,000 10,000 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 31/12/2011 36 15,467 15,467 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 2/1/2012 46 8 15,592 125 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 6/1/2012 46 8.35 15,712 120 Huntingdon Capital Corp. Options Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Options Lorber, David 4 31/12/2011 36 11,000 11,000 Huntingdon Capital Corp. Warrants Lorber, David 4 31/12/2011 00 Huntingdon Capital Corp. Warrants Lorber, David 4 31/12/2011 36 14,000 14,000 Huntingdon Capital Corp. Common Shares Manak, Sandeep 5 31/12/2011 00 Huntingdon Capital Corp. Common Shares Manak, Sandeep 5 31/12/2011 36 8,936 8,936 Huntingdon Capital Corp. Common Shares Triple E Ventures 4 31/12/2011 00 Huntingdon Capital Corp. Common Shares Triple E Ventures 4 31/12/2011 36 6,166 6,166 Huntingdon Real Estate Deferred Units Doyle, Donald Gregory 4 31/12/2011 46 8 56,179 1,253 Investment Trust Huntingdon Real Estate Deferred Units Doyle, Donald Gregory 4 31/12/2011 36 0 -56,179 Investment Trust Huntingdon Real Estate Options Doyle, Donald Gregory 4 31/12/2011 36 0 -44,333 Investment Trust Huntingdon Real Estate Units Doyle, Donald Gregory 4 31/12/2011 36 0 -1,666 Investment Trust Huntingdon Real Estate Units Doyle, Donald Gregory 4 31/12/2011 36 0 -1,666 Investment Trust Huntingdon Real Estate Units Doyle, Donald Gregory 4 31/12/2011 36 0 -555 Investment Trust Huntingdon Real Estate Deferred Units Evans, Steve 4 13/12/2011 46 8 15,272 125 Investment Trust Huntingdon Real Estate Deferred Units Evans, Steve 4 31/12/2011 46 8 16,366 1,094 Investment Trust Huntingdon Real Estate Deferred Units Evans, Steve 4 31/12/2011 36 0 -16,366 Investment Trust Huntingdon Real Estate Options Evans, Steve 4 31/12/2011 36 0 -11,000 Investment Trust Huntingdon Real Estate Units Evans, Steve 4 31/12/2011 36 0 -6,166 Investment Trust Huntingdon Real Estate Debentures Secured George, Zachary R. 4 31/12/2011 36 $0 -$500,000 Investment Trust Debenture Huntingdon Real Estate Deferred Units George, Zachary R. 4 31/12/2011 46 8 37,168 938 Investment Trust Huntingdon Real Estate Deferred Units George, Zachary R. 4 31/12/2011 36 0 -37,168 Investment Trust Huntingdon Real Estate Options George, Zachary R. 4 31/12/2011 36 0 -11,111 Investment Trust Huntingdon Real Estate Units George, Zachary R. 4 31/12/2011 36 0 -1,371,068 Investment Trust Huntingdon Real Estate Units George, Zachary R. 4 31/12/2011 36 0 -168,600 Investment Trust Huntingdon Real Estate Units George, Zachary R. 4 31/12/2011 36 0 -331,760 Investment Trust Huntingdon Real Estate Units George, Zachary R. 4 31/12/2011 36 0 -85,134 Investment Trust Huntingdon Real Estate Warrants George, Zachary R. 4 31/12/2011 36 0 -14,000 Investment Trust Huntingdon Real Estate Convertible Debentures Goodman, Gary Michael 4 5/12/2011 38 $0 -$174,000 Investment Trust Series C Huntingdon Real Estate Convertible Debentures Goodman, Gary Michael 4 5/12/2011 38 $0 -$150,800 Investment Trust Series C

January 13, 2012 (2012) 35 OSCB 519 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Huntingdon Real Estate Debentures Secured Goodman, Gary Michael 4 31/12/2011 36 $0 -$150,000 Investment Trust Huntingdon Real Estate Debentures Secured Goodman, Gary Michael 4 31/12/2011 36 $0 -$14,000 Investment Trust Huntingdon Real Estate Deferred Units Goodman, Gary Michael 4 31/12/2011 46 8 65,362 1,876 Investment Trust Huntingdon Real Estate Deferred Units Goodman, Gary Michael 4 31/12/2011 36 0 -65,362 Investment Trust Huntingdon Real Estate Options Goodman, Gary Michael 4 31/12/2011 36 0 -22,111 Investment Trust Huntingdon Real Estate Units Goodman, Gary Michael 4 31/12/2011 36 0 -13,611 Investment Trust Huntingdon Real Estate Warrants Goodman, Gary Michael 4 31/12/2011 36 0 -4,200 Investment Trust Huntingdon Real Estate Warrants Goodman, Gary Michael 4 31/12/2011 36 0 -392 Investment Trust Huntingdon Real Estate Units Huntingdon Real Estate 1 28/12/2011 38 8.01 64,176 3,973 Investment Trust Investment Trust Huntingdon Real Estate Units Huntingdon Real Estate 1 29/12/2011 38 7.9579 65,576 1,400 Investment Trust Investment Trust Huntingdon Real Estate Units Huntingdon Real Estate 1 30/12/2011 38 8 69,549 3,973 Investment Trust Investment Trust Huntingdon Real Estate Units Huntingdon Real Estate 1 30/12/2011 38 9,346 -60,203 Investment Trust Investment Trust Huntingdon Real Estate Units Huntingdon Real Estate 1 31/12/2011 36 0 -9,346 Investment Trust Investment Trust Huntingdon Real Estate Deferred Units Hutcheson, Robert Scott 4 31/12/2011 46 8 50,857 1,250 Investment Trust Huntingdon Real Estate Deferred Units Hutcheson, Robert Scott 4 31/12/2011 36 0 -50,857 Investment Trust Huntingdon Real Estate Options Hutcheson, Robert Scott 4 31/12/2011 36 0 -27,666 Investment Trust Huntingdon Real Estate Units Hutcheson, Robert Scott 4 31/12/2011 36 0 -5,644 Investment Trust Huntingdon Real Estate Debentures Secured Lorber, David 4 31/12/2011 36 $0 -$500,000 Investment Trust Huntingdon Real Estate Deferred Units Lorber, David 4 31/12/2011 46 8 15,467 1,250 Investment Trust Huntingdon Real Estate Deferred Units Lorber, David 4 31/12/2011 36 0 -15,467 Investment Trust Huntingdon Real Estate Options Lorber, David 4 31/12/2011 36 0 -11,000 Investment Trust Huntingdon Real Estate Units Lorber, David 4 31/12/2011 36 0 -1,371,068 Investment Trust Huntingdon Real Estate Units Lorber, David 4 31/12/2011 36 0 -168,600 Investment Trust Huntingdon Real Estate Units Lorber, David 4 31/12/2011 36 0 -331,760 Investment Trust Huntingdon Real Estate Units Lorber, David 4 31/12/2011 36 0 -10,000 Investment Trust Huntingdon Real Estate Warrants Lorber, David 4 31/12/2011 36 0 -14,000 Investment Trust Huntingdon Real Estate Units Manak, Sandeep 5 31/12/2011 36 0 -8,936 Investment Trust Huntingdon Real Estate Units Triple E Ventures 4 21/6/2010 10 5.9 3,466 1,300 Investment Trust Huntingdon Real Estate Units Triple E Ventures 4 21/6/2010 10 5.88 3,866 400 Investment Trust Huntingdon Real Estate Units Triple E Ventures 4 21/6/2010 10 5.89 4,666 800 Investment Trust Huntingdon Real Estate Units Triple E Ventures 4 31/12/2011 36 0 -6,166 Investment Trust HUSKY ENERGY INC. Common Shares Ghosh, Asim 4, 5 3/1/2012 35 24.411 41,938 509 HUSKY ENERGY INC. Common Shares Hutchison Whampoa 3 3/1/2012 35 24.289 326,258,264 3,980,588 Luxembourg Holdings S.à r.l. HUSKY ENERGY INC. Common Shares Li, Ka-shing 3, 6 3/1/2012 35 24.289 341,614,286 4,167,943 HUSKY ENERGY INC. Common Shares Sixt, Frank John 4 3/1/2012 35 24.289 37,725 460 Hyperion Exploration Corp. Common Shares MAXWELL, RODERICK 4 19/12/2011 10 0.8 348,999 50,000 DONALD Hyperion Exploration Corp. Common Shares MAXWELL, RODERICK 4 29/12/2011 10 0.85 357,999 9,000 DONALD

January 13, 2012 (2012) 35 OSCB 520 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.9 1,300 Income Fund IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.9 1,300 Income Fund IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.88 400 Income Fund IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.88 400 Income Fund IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.89 800 Income Fund IAT Air Cargo Facilities Trust Units Triple E Ventures 4, 7 21/6/2010 10 5.89 800 Income Fund iLOOKABOUT Corp. Options Breen, Ronald C. 4 30/12/2011 50 298,125 76,250 iLOOKABOUT Corp. Options DAVIES, Geoff 4 29/12/2011 50 98,125 iLOOKABOUT Corp. Options DAVIES, Geoff 4 29/12/2011 50 98,125 iLOOKABOUT Corp. Options DAVIES, Geoff 4 30/12/2011 50 347,500 98,125 iLOOKABOUT Corp. Options Kennedy, John Stephen 4 30/12/2011 50 90,000 50,000 iLOOKABOUT Corp. Options McArdle, Mark 4 30/12/2011 50 197,500 51,875 IMAX Corporation Options 1:1 Gelfond, Richard L. 4, 5 31/12/2011 50 18.38 2,113,185 400,000 Imperial Metals Corporation Common Shares Keevil, Gordon 5 28/12/2011 10 12.65 19,734 -600

Imperial Metals Corporation Common Shares Keevil, Gordon 5 28/12/2011 10 12.61 17,334 -2,400

Imperial Metals Corporation Common Shares Keevil, Gordon 5 3/1/2012 10 16.65 -1,500

Imperial Metals Corporation Common Shares Keevil, Gordon 5 3/1/2012 10 12.65 15,834 -1,500

Imperial Metals Corporation Common Shares Keevil, Gordon 5 3/1/2012 10 16.6 -15,000

Imperial Metals Corporation Common Shares Keevil, Gordon 5 3/1/2012 10 12.6 834 -15,000

Imperial Metals Corporation Common Shares Keevil, Gordon 5 3/1/2012 10 12.66 696 -138

Imperial Oil Limited Rights Deferred Share Hoeg, Krystyna Theresa 4 31/12/2011 56 11,450 754 Units Imperial Oil Limited Rights Deferred Share MINTZ, JACK MAURICE 4 31/12/2011 56 9,446 386 Units Imperial Oil Limited Rights Deferred Share Sutherland, David Stewart 4 31/12/2011 56 5,233 738 Units Imperial Oil Limited Rights Deferred Share Whittaker, Sheelagh 4 31/12/2011 56 37,574 92 Units Imperial Oil Limited Rights Deferred Share Young, Victor Leyland 4 31/12/2011 56 8,592 202 Units Imvescor Restaurant Group Common Shares Fairfax Financial Holdings 3 29/12/2011 00 5,699,309 Inc. Limited Imvescor Restaurant Group Debentures Fairfax Financial Holdings 3 29/12/2011 00 $10,000,000 Inc. Limited Imvescor Restaurant Group Warrants Fairfax Financial Holdings 3 29/12/2011 00 16,334,000 Inc. Limited Imvescor Restaurant Group Debentures Gauvin, Francois 4 11/4/2011 10 17451 $20,000 Inc. Imvescor Restaurant Group Debentures Gauvin, Francois 4 11/4/2011 10 0.8726 $20,000 $20,000 Inc. Imvescor Restaurant Group Debentures Gauvin, Francois 4 29/12/2011 38 0.8526 -$20,000 Inc. Imvescor Restaurant Group Debentures Gauvin, Francois 4 29/12/2011 38 0.8726 -$20,000 Inc. Imvescor Restaurant Group Debentures Gauvin, Francois 4 29/12/2011 38 1 $0 -$20,000 Inc. Imvescor Restaurant Group Common Shares Royal Capital Management 3 29/12/2011 00 Inc. Corp. Imvescor Restaurant Group Common Shares Royal Capital Management 3 29/12/2011 00 Inc. Corp. Imvescor Restaurant Group Common Shares Royal Capital Management 3 29/12/2011 00 265,000 Inc. Corp. Imvescor Restaurant Group Common Shares Royal Capital Management 3 29/12/2011 57 0.44 4,309,113 4,044,113 Inc. Corp. INDEXPLUS Dividend Fund Trust Units Brasseur, Murray 3 30/12/2011 10 9.52 25,800 300

Industrial Alliance Insurance unités d'actions différées Belec, Anne 4 31/12/2011 56 32.48 4,655 546 and Financial Services inc. (uda)-differed shared units (dsa)

January 13, 2012 (2012) 35 OSCB 521 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Industrial Alliance Insurance unités d'actions différées Gadbois, L.G. Serge 4 31/12/2011 56 32.48 4,597 256 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées Lamoureux, Claude 4 31/12/2011 56 32.48 2,986 516 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées LeBoutillier, John 4 31/12/2011 56 32.48 17,897 814 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées McGuire, Francis Phillip 4 31/12/2011 56 32.48 21,385 724 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées Pantelidis, James 4 31/12/2011 56 32.48 16,540 843 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées Peterson, David Robert 4 31/12/2011 56 32.48 19,611 700 and Financial Services inc. (uda)-differed shared units (dsa) Industrial Alliance Insurance unités d'actions différées Ritchie, Mary 4 31/12/2011 56 32.48 3,355 344 and Financial Services inc. (uda)-differed shared units (dsa) INSCAPE Corporation Options Bhayana, Madan 3, 4, 5 7/12/1997 00 INSCAPE Corporation Options Bhayana, Madan 3, 4, 5 2/1/2012 50 2.25 7,500 7,500 INSCAPE Corporation Options Horvath, Dezso Joseph 4 5/1/2012 50 2.25 52,500 7,500 Inspiration Mining Options HEARD, GEORGE W 4 23/9/2011 00 Corporation Inspiration Mining Options HEARD, GEORGE W 4 23/9/2011 50 0.15 500,000 500,000 Corporation Inter Pipeline Fund Deferred Unit Right Arsenych, Stephen James 5 31/12/2011 57 18.756 77,279 -24,412 Inter Pipeline Fund Deferred Unit Right Arsenych, Stephen James 5 1/1/2012 56 95,940 18,661 Inter Pipeline Fund Deferred Unit Right Bayle, Christian 5 31/12/2011 57 18.756 109,739 -24,274 Inter Pipeline Fund Deferred Unit Right Bayle, Christian 5 1/1/2012 56 157,724 47,985 Inter Pipeline Fund Deferred Unit Right Brigstocke, Nicholas 4 31/12/2011 57 18.756 4,617 -7,283 Inter Pipeline Fund Deferred Unit Right Brigstocke, Nicholas 4 1/1/2012 56 8,616 3,999 Inter Pipeline Fund Deferred Unit Right Brown, Lorne Easton 4 31/12/2011 57 18.756 9,617 -7,283 Inter Pipeline Fund Deferred Unit Right Brown, Lorne Easton 4 1/1/2012 56 13,616 3,999 Inter Pipeline Fund Deferred Unit Right Dusevic Oliva, Anita 5 31/12/2011 57 18.756 18,524 -4,855 Elizabeth Inter Pipeline Fund Deferred Unit Right Dusevic Oliva, Anita 5 1/1/2012 56 27,855 9,331 Elizabeth Inter Pipeline Fund Deferred Unit Right Errico, Jeffery Ernest 4 31/12/2011 57 18.756 15,737 -7,283 Inter Pipeline Fund Deferred Unit Right Errico, Jeffery Ernest 4 1/1/2012 56 19,736 3,999 Inter Pipeline Fund Deferred Unit Right Fesyk, David William 4, 5 31/12/2011 57 18.756 287,751 -96,622 Inter Pipeline Fund Deferred Unit Right Fesyk, David William 4, 5 1/1/2012 56 405,047 117,296 Inter Pipeline Fund Deferred Unit Right Keinick, Duane 4 31/12/2011 57 18.756 9,617 -7,283 Inter Pipeline Fund Deferred Unit Right Keinick, Duane 4 1/1/2012 56 13,616 3,999 Inter Pipeline Fund Deferred Unit Right Madro, James Joseph 5 31/12/2011 57 18.756 45,340 -9,710 Inter Pipeline Fund Deferred Unit Right Madro, James Joseph 5 1/1/2012 56 65,334 19,994 Inter Pipeline Fund Deferred Unit Right Marchant, Jeffrey David 5 31/12/2011 57 18.756 45,340 -9,710 Inter Pipeline Fund Deferred Unit Right Marchant, Jeffrey David 5 1/1/2012 56 65,334 19,994 Inter Pipeline Fund Deferred Unit Right Roberge, Jeremy Allan 5 31/12/2011 57 18.756 50,371 -9,710 Inter Pipeline Fund Deferred Unit Right Roberge, Jeremy Allan 5 1/1/2012 56 66,366 15,995 Inter Pipeline Fund Deferred Unit Right Robertson, William David 4 31/12/2011 57 18.756 9,617 -7,283 Inter Pipeline Fund Deferred Unit Right Robertson, William David 4 1/1/2012 56 13,616 3,999 Inter Pipeline Fund Deferred Unit Right Sangster, Brant G. 4 31/12/2011 57 18.756 9,617 -6,188 Inter Pipeline Fund Deferred Unit Right Sangster, Brant G. 4 1/1/2012 56 13,616 3,999 Inter Pipeline Fund Deferred Unit Right Shaw, Richard A. 4 31/12/2011 57 18.756 9,617 -6,188 Inter Pipeline Fund Deferred Unit Right Shaw, Richard A. 4 1/1/2012 56 13,616 3,999 Inter Pipeline Fund Deferred Unit Right van Yzerloo, William Arnold 5 31/12/2011 57 18.756 133,246 -38,839

Inter Pipeline Fund Deferred Unit Right van Yzerloo, William Arnold 5 1/1/2012 56 193,227 59,981

International Forest Products Rights DSUs Bell, Larry I. 4 31/12/2011 56 32,269 2,379 Limited International Forest Products Rights DSUs Kalke, Harold 4 31/12/2011 56 46,399 2,379 Limited International Forest Products Rights DSUs Lynch, Peter Matthew 4 31/12/2011 56 40,399 2,379 Limited International Forest Products Rights DSUs MacDougall, Gordon H 4 31/12/2011 56 40,399 2,379 Limited International Minerals Common Shares International Minerals 1 31/12/2011 38 6 1,043,800 304,000 Corporation Corporation InterRent Real Estate Deferred Units Amirault, Paul 4 31/12/2011 56 56,565 7,929 Investment Trust

January 13, 2012 (2012) 35 OSCB 522 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed InterRent Real Estate Deferred Units Leslie, Ronald A. 4 31/12/2011 56 21,075 7,866 Investment Trust InterRent Real Estate Deferred Units Levinson, Jacie Sydney 4 31/12/2011 56 95,159 11,591 Investment Trust InterRent Real Estate Deferred Units Stone, Victor Reginald 4 31/12/2011 56 83,442 7,547 Investment Trust Invicta Energy Corp. Common Shares Nerland, Dennis Leroy 4, 5 28/12/2011 16 0.13 1,269,230 769,230 IROC Energy Services Corp. Rights Restricted Share Alford, Thomas Malcolm 3, 4, 5 3/1/2012 56 185,281 59,231 Units IROC Energy Services Corp. Options Austin, William Michael 4 3/1/2012 50 175,000 25,000

IROC Energy Services Corp. Options Copeland, Donald Darrell 4 3/1/2012 50 2.6 125,000 25,000

IROC Energy Services Corp. Options Fedora, Bradley P. D. 4 3/1/2012 50 2.6 125,000 25,000

IROC Energy Services Corp. Rights Restricted Share Michaluk, Ryan Allen 5 3/1/2012 56 93,794 30,769 Units IROC Energy Services Corp. Options Neeland, Brian Dennis 4 7/4/2011 52 100,000 -75,000

IROC Energy Services Corp. Options Neeland, Brian Dennis 4 3/1/2012 50 125,000 25,000

IROC Energy Services Corp. Options O'Connor, Stuart 4 3/1/2012 50 100,000 25,000

IROC Energy Services Corp. Rights Restricted Share Sebastian, Timothy John 5 3/1/2012 56 93,794 30,769 Units IROC Energy Services Corp. Common Shares Troob Capital Management 3 3/1/2012 10 2.59 3,798,326 -10,500 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 5/1/2012 10 2.6027 1,511,768 740 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 3/1/2012 10 2.5812 3,597,042 5,000 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 5/1/2012 10 2.6027 3,600,702 3,660 LLC Iron Creek Capital Corp. Common Shares Beale, Timothy J. 5 3/1/2012 16 0.305 475,500 80,000 ISEE3D Inc. Common Shares Pollak, Nathan 4 30/12/2011 10 0.08 754,000 10,000 ISEE3D Inc. Common Shares Stevenson, Don 4 29/12/2011 10 0.08 395,000 5,000 ISEE3D Inc. Common Shares Stevenson, Don 4 30/12/2011 10 0.086 408,000 13,000 Ivanhoe Australia Limited Rights Performance Gill, Brendan John 5 22/12/2011 56 1,000,000 Ivanhoe Australia Limited Rights Performance Gill, Brendan John 5 22/12/2011 56 1,000,000 1,000,000 Jadela Oil Corp. Warrants Price, George Steve 4, 5 20/7/2011 37 -157,500 Jadela Oil Corp. Warrants Price, George Steve 4, 5 20/7/2011 37 17,500 -157,500 James Bay Resources Common Shares Shefsky, Stephen 3, 4, 5 4/1/2012 90 1,104,200 -30,000 Limited James Bay Resources Common Shares Shefsky, Stephen 3, 4, 5 4/1/2012 90 63,600 10,000 Limited James Bay Resources Common Shares Shefsky, Stephen 3, 4, 5 4/1/2012 90 63,600 10,000 Limited James Bay Resources Common Shares Shefsky, Stephen 3, 4, 5 4/1/2012 90 63,600 10,000 Limited Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 30/12/2011 10 0.135 29,281,362 1,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 30/12/2011 10 0.14 29,444,362 163,000 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 30/12/2011 10 0.145 29,464,862 20,500 Jayden Resources Inc. Common Shares Mak, Kwok Yum 3 30/12/2011 10 0.1483 29,494,862 30,000 Jetcom Inc. Common Shares Coluccio, Robert 4, 5 3/1/2012 97 0.05 2,000,000 2,000,000 Jetcom Inc. Common Shares Dragone, Anthony George 4, 5 3/1/2012 97 0.05 5,800,000 2,000,000

Jovian Capital Corporation Common Shares Employee Share Purchase 1 29/7/2010 30 8.65 35,736 -158 Plan Jovian Capital Corporation Common Shares Employee Share Purchase 1 30/12/2011 30 11.9 19,422 -908 Plan Jovian Capital Corporation Common Shares McFarlane, Donald 8, 4, 7 4/1/2012 10 11.75 69,500 20,000

Just Energy Group Inc. Rights Directors Brussa, John Albert 4 3/1/2012 56 11,710 1,000 Compensation Plan Just Energy Group Inc. Rights Directors GIBSON, BRUCE 4 3/1/2012 56 7,846 2,070 Compensation Plan Just Energy Group Inc. Rights Directors Giffin, Gordon D. 4 3/1/2012 56 38,183 1,096 Compensation Plan Just Energy Group Inc. Common Shares Just Energy Group Inc 1 1/12/2011 00 Just Energy Group Inc. Common Shares Just Energy Group Inc 1 31/12/2011 38 11.171 63,000 63,000 Just Energy Group Inc. Common Shares Just Energy Group Inc 1 31/12/2011 38 0 -63,000 Just Energy Group Inc. Rights Directors KIRBY, MICHAEL 4 3/1/2012 56 10,824 642 Compensation Plan

January 13, 2012 (2012) 35 OSCB 523 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Just Energy Group Inc. Rights Directors McMurtry, Roy 4 3/1/2012 56 6,555 520 Compensation Plan Just Energy Group Inc. Rights Directors Segal, Hugh David 5 3/1/2012 56 10,824 652 Compensation Plan Just Energy Group Inc. Rights Directors SMITH, BRIAN 4 3/1/2012 56 44,167 2,596 Compensation Plan Katanga Mining Limited Notes Unsecured Glencore International AG 3 30/12/2011 38 $0 -$6,350,000 Subordinated 2013 - 14% Kettle River Resources Ltd. Common Shares Levano, Stephen 4 29/12/2011 11 0.0336 2,559,600 220,000

Killam Properties Inc. Rights RSU Banks, Timothy 4 31/12/2011 56 11.491 2,843 1,349 Killam Properties Inc. Rights RSU Banks, Timothy 4 31/12/2011 56 2,863 20 Killam Properties Inc. Common Shares Buckle-McIntosh, Ruth 5 31/12/2011 30 3,919 899 Mary Killam Properties Inc. Rights RSU Buckle-McIntosh, Ruth 5 8/6/2007 00 Mary Killam Properties Inc. Rights RSU Buckle-McIntosh, Ruth 5 31/12/2011 56 11.491 1,127 1,127 Mary Killam Properties Inc. Common Shares Crowell, Pamela Florence 5 31/12/2011 30 3,887 900 Killam Properties Inc. Rights RSU Crowell, Pamela Florence 5 8/6/2007 00 Killam Properties Inc. Rights RSU Crowell, Pamela Florence 5 31/12/2011 56 11.491 1,005 1,005 Killam Properties Inc. Common Shares Foster, Keith Edward 5 31/12/2011 30 3,753 923 Killam Properties Inc. Rights RSU Foster, Keith Edward 5 8/6/2007 00 Killam Properties Inc. Rights RSU Foster, Keith Edward 5 31/12/2011 56 11.491 940 940 Killam Properties Inc. Common Shares Fraser, Philip 4, 5 31/12/2011 30 3,988 903 Killam Properties Inc. Rights RSU Fraser, Philip 4, 5 31/12/2011 56 15,534 353 Killam Properties Inc. Common Shares Jackson, Jeremy Winston 5 31/12/2011 30 748 748 Killam Properties Inc. Rights RSU Jackson, Jeremy Winston 5 8/6/2007 00 Killam Properties Inc. Rights RSU Jackson, Jeremy Winston 5 31/12/2011 56 11.491 1,055 1,055 Killam Properties Inc. Rights RSU Lloyd, Arthur G. 4 31/12/2011 56 11.491 2,293 1,088 Killam Properties Inc. Rights RSU Lloyd, Arthur G. 4 31/12/2011 56 2,309 16 Killam Properties Inc. Common Shares McLean, Mike 5 3/1/2012 10 11.57 2,600 -5,900 Killam Properties Inc. Common Shares McLean, Mike 5 4/1/2012 51 5.32 5,517 2,917 Killam Properties Inc. Common Shares McLean, Mike 5 4/1/2012 51 7.94 5,809 292 Killam Properties Inc. Common Shares McLean, Mike 5 4/1/2012 51 8.16 8,500 2,691 Killam Properties Inc. Common Shares McLean, Mike 5 31/12/2011 30 3,446 905 Killam Properties Inc. Options McLean, Mike 5 4/1/2012 51 5.32 17,708 -2,917 Killam Properties Inc. Options McLean, Mike 5 4/1/2012 51 7.94 17,416 -292 Killam Properties Inc. Options McLean, Mike 5 4/1/2012 51 8.16 14,725 -2,691 Killam Properties Inc. Rights RSU McLean, Mike 5 31/12/2008 00 Killam Properties Inc. Rights RSU McLean, Mike 5 31/12/2011 56 11.491 979 979 Killam Properties Inc. Common Shares Noseworthy, Dale 5 31/12/2011 30 3,627 894 Killam Properties Inc. Rights RSU Noseworthy, Dale 5 1/9/2010 00 Killam Properties Inc. Rights RSU Noseworthy, Dale 5 31/12/2011 56 11.491 883 883 Killam Properties Inc. Rights RSU Reti, George 4 31/12/2011 56 11.491 5,410 2,567 Killam Properties Inc. Rights RSU Reti, George 4 31/12/2011 56 5,449 39 Killam Properties Inc. Common Shares Richardson, Robert 4, 5 31/12/2011 30 3,738 909 Killam Properties Inc. Rights RSU Richardson, Robert 4, 5 31/12/2011 56 12,427 282 Killam Properties Inc. Rights RSU WALT, MANFRED 4 31/12/2011 56 11.491 2,567 1,218 Killam Properties Inc. Rights RSU WALT, MANFRED 4 31/12/2011 56 2,586 19 Killam Properties Inc. Rights RSU Watson, Wayne 4 31/12/2011 56 11.491 917 435 Killam Properties Inc. Rights RSU Watson, Wayne 4 31/12/2011 56 924 7 Kingsway Financial Services Common Shares Swets, Jr., Larry Gene 5 4/1/2012 16 1,000,000 250,000 Inc. Kingsway Linked Return of LROC Preferred Units Pearce, Stephen Douglas 5 4/1/2012 10 11.75 1,400 100 Capital Trust Kinross Gold Corporation Common Shares Baker, Rick Allen 5 31/12/2011 30 12.31 26,697 751 Kinross Gold Corporation Common Shares Barry, Paul Herbert 5 31/12/2011 30 12.84 5,752 1,752 Kinross Gold Corporation Rights Deferred Share Brough, John A. 4 31/12/2011 46 11.63 18,199 1,075 Units Kinross Gold Corporation Common Shares Burt, Tye Winston 4, 5 31/12/2011 30 12.84 550,514 3,972 Kinross Gold Corporation Rights Deferred Share Carrington, John Kemp 4 31/12/2011 46 11.63 30,890 3,095 Units Kinross Gold Corporation Common Shares Colnett, Lisa 5 31/12/2011 30 12.84 14,550 281 Kinross Gold Corporation Common Shares Crossland, James 5 31/12/2011 30 12.84 45,102 702 Kinross Gold Corporation Common Shares Gold, Geoffrey Peters 5 31/12/2011 30 12.84 96,709 1,168 Kinross Gold Corporation Common Shares Henderson, Robert Duncan 5 31/12/2011 30 12.84 20,995 210

Kinross Gold Corporation Rights Deferred Share Huxley, John M.H. 4 31/12/2011 46 11.63 46,124 2,956 Units Kinross Gold Corporation Rights Deferred Share Irving, Kenneth Colin 4 31/12/2011 46 11.63 3,865 2,580 Units Kinross Gold Corporation Common Shares Isto, Mark Edward 5 31/12/2011 30 12.84 23,362 842

January 13, 2012 (2012) 35 OSCB 524 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Kinross Gold Corporation Rights Deferred Share Keyes, John A. 4 31/12/2011 46 11.63 36,089 1,370 Units Kinross Gold Corporation Common Shares Lam, Juliana Lan 5 31/12/2011 30 12.84 18,989 876 Kinross Gold Corporation Common Shares Masterman, Glen 5 31/12/2011 30 12.84 16,965 701 Kinross Gold Corporation Common Shares McLeod-Seltzer, Catherine 4 30/12/2011 10 11.56 12,296 5,000

Kinross Gold Corporation Rights Deferred Share McLeod-Seltzer, Catherine 4 31/12/2011 46 11.63 27,073 2,580 Units Kinross Gold Corporation Rights Deferred Share Michals, George F. 4 31/12/2011 46 11.63 22,945 1,075 Units Kinross Gold Corporation Common Shares Naidoo, Erwyn Mark 5 31/12/2011 30 12.84 18,001 730 Kinross Gold Corporation Rights Deferred Share Oliver, John Edwin 4, 5 31/12/2011 46 11.63 74,777 2,391 Units Kinross Gold Corporation Rights Deferred Share Reid, Terence C. W. 4 31/12/2011 46 11.63 55,041 5,267 Units Kinross Gold Corporation Common Shares Roberts, Lauren Martin 5 31/12/2011 30 12.31 19,980 391 Kinross Gold Corporation Common Shares Rollinson, Jonathon Paul 5 31/12/2011 30 12.84 62,031 1,607 Kinross Gold Corporation Common Shares Thomas, Kenneth Glyndwr 5 31/12/2011 30 12.84 9,306 350 KWG Resources Inc. Common Shares Galipeau, René Réal 4 30/12/2011 11 0.1 428,423 200,000 KWG Resources Inc. Warrants Galipeau, René Réal 4 30/3/2010 00 KWG Resources Inc. Warrants Galipeau, René Réal 4 30/12/2011 11 0.1 100,000 100,000 KWG Resources Inc. Common Shares Lavigne, Maurice Jean 5 30/12/2011 11 0.1 3,700,000 300,000 KWG Resources Inc. Warrants Lavigne, Maurice Jean 5 30/12/2011 11 0.12 850,000 150,000 Labrador Iron Mines Common Shares Passport Capital, LLC 3 29/12/2011 10 5,413,545 -322,000 Holdings Limited Labrador Iron Mines Common Shares Passport Capital, LLC 3 30/12/2011 10 4,839,645 -573,900 Holdings Limited Labrador Iron Mines Common Shares Passport Capital, LLC 3 29/12/2011 10 1,311,200 -99,100 Holdings Limited Labrador Iron Mines Common Shares Passport Capital, LLC 3 30/12/2011 10 1,134,500 -176,700 Holdings Limited Lake Shore Gold Corp. Common Shares Hallam, Frank 4 6/11/2009 00 Lake Shore Gold Corp. Common Shares Hallam, Frank 4 6/11/2009 00 6,570 Lake Shore Gold Corp. Common Shares Hallam, Frank 4 29/12/2011 10 1.22 526,797 -15,000 Lake Shore Gold Corp. Common Shares Hallam, Frank 4 5/1/2012 10 1.33 527,927 1,130 Lanesborough Real Estate Convertible Debentures Lanesborough Real Estate 1 4/1/2012 38 $0 -$20,000 Investment Trust Series G Investment Trust Laramide Resources Ltd. Common Shares Ferron, Greg 5 30/12/2011 16 0.8 62,400 10,000 Laramide Resources Ltd. Warrants Ferron, Greg 5 17/1/2011 00 Laramide Resources Ltd. Warrants Ferron, Greg 5 30/12/2011 16 1 5,000 5,000 Laramide Resources Ltd. Common Shares Gibson, Dennis George 5 27/3/2006 00 Laramide Resources Ltd. Common Shares Gibson, Dennis George 5 30/12/2011 16 0.8 18,750 18,750 Laramide Resources Ltd. Common Shares Gibson, Dennis George 5 30/12/2011 16 0.8 53,750 43,750 Laramide Resources Ltd. Warrants Gibson, Dennis George 5 27/3/2006 00 Laramide Resources Ltd. Warrants Gibson, Dennis George 5 30/12/2011 16 1 9,375 9,375 Laramide Resources Ltd. Warrants Gibson, Dennis George 5 27/3/2006 00 Laramide Resources Ltd. Warrants Gibson, Dennis George 5 30/12/2011 16 1 21,875 21,875 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 30/12/2011 16 0.8 300,000 Laramide Resources Ltd. Common Shares Henderson, Marc Charles 3, 4, 5 30/12/2011 16 0.8 5,351,712 127,500 Laramide Resources Ltd. Warrants Henderson, Marc Charles 3, 4, 5 30/12/2011 16 1 150,000 Laramide Resources Ltd. Warrants Henderson, Marc Charles 3, 4, 5 30/12/2011 16 1 101,750 63,750 Laramide Resources Ltd. Common Shares Mullens, Peter James 4 30/12/2011 16 0.8 347,100 300,000 Laramide Resources Ltd. Warrants Mullens, Peter James 4 30/12/2011 16 1 150,000 150,000 Laramide Resources Ltd. Common Shares Patterson, D. Scott 4 30/12/2011 16 0.8 662,400 250,000 Laramide Resources Ltd. Warrants Patterson, D. Scott 4 30/12/2011 16 1 125,000 125,000 Laramide Resources Ltd. Common Shares Wilkens, Paul 4 30/12/2011 16 0.8 61,000 30,000 Laramide Resources Ltd. Warrants Wilkens, Paul 4 7/3/2007 00 Laramide Resources Ltd. Warrants Wilkens, Paul 4 30/12/2011 16 1 15,000 15,000 Laurion Mineral Exploration Options Bourassa, Michael J. 4 31/12/2011 50 0.1 1,070,000 120,000 Inc. Laurion Mineral Exploration Options Burkes, David 4 31/12/2011 50 0.1 820,000 120,000 Inc. Laurion Mineral Exploration Options Byberg, Terrence Harry 4 31/12/2011 50 0.1 820,000 120,000 Inc. Laurion Mineral Exploration Options Lanthier, Gerard 4 31/12/2011 50 0.1 820,000 120,000 Inc. Laurion Mineral Exploration Options Le Sueur - Aquin, Cynthia 4, 5 31/12/2011 50 0.1 1,750,000 120,000 Inc. Elaine Laurion Mineral Exploration Options Westoll, Neil David Stanley 4 31/12/2011 50 0.1 820,000 120,000 Inc. Legend Gold Corp. Common Shares Hepburn, Lyle Roy 4 6/1/2012 10 0.2 2,029,300 1,000,000 Legend Gold Corp. Common Shares Waldie, John Scott 4 6/1/2011 16 0.2 50,000 50,000 Linamar Corporation Options Ahlborn, Brian Hutton 5 30/11/2005 00 Linamar Corporation Common Shares Maxwell, Scott William 5 5/1/2012 00

January 13, 2012 (2012) 35 OSCB 525 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Linamar Corporation Options Maxwell, Scott William 5 5/1/2012 00 2,000 Liquor Stores N.A. Ltd. Annual Deferred Shares Bereznicki, Henry Andrew 4 31/12/2010 00 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Bereznicki, Henry Andrew 4 5/1/2012 56 617 617 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Butler, Ronald John 4 5/1/2012 56 3,494 243 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Butler, Ronald John 4 5/1/2012 57 2,147 -1,347 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Butler, Ronald John 4 5/1/2012 56 3,147 1,000 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Collins, Gary 4 5/1/2012 56 3,494 243 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Collins, Gary 4 5/1/2012 57 2,147 -1,347 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Collins, Gary 4 5/1/2012 56 3,147 1,000 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Collins, Gary 4 28/12/2011 56 7,229 134 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Collins, Gary 4 28/12/2011 57 14.88 6,170 -1,059 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Collins, Gary 4 30/12/2011 56 14.88 6,707 537 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Dinning, James Francis 4 5/1/2012 56 3,494 243 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Dinning, James Francis 4 5/1/2012 57 2,147 -1,347 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Dinning, James Francis 4 5/1/2012 56 4,380 2,233 (Common Shares) Liquor Stores N.A. Ltd. Common Shares Dinning, James Francis 4 31/12/2011 30 14.03 8,310 310 Liquor Stores N.A. Ltd. Annual Deferred Shares Green, Robert Steven 4 5/1/2012 56 3,270 228 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Green, Robert Steven 4 5/1/2012 57 2,147 -1,123 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Green, Robert Steven 4 5/1/2012 56 3,147 1,000 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Green, Robert Steven 4 28/12/2011 56 3,623 66 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Green, Robert Steven 4 28/12/2011 57 14.88 3,094 -529 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Green, Robert Steven 4 30/12/2011 56 14.88 3,422 328 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Kipnes, Irv 3, 6, 7 31/12/2010 00 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Kipnes, Irv 3, 6, 7 5/1/2012 56 617 617 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Margolus, David Benjamin 4 5/1/2012 56 3,270 228 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Margolus, David Benjamin 4 5/1/2012 57 2,147 -1,123 (Common Shares) Liquor Stores N.A. Ltd. Annual Deferred Shares Margolus, David Benjamin 4 5/1/2012 56 3,147 1,000 (Common Shares) Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.15 252,499 -1,000

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.1 251,699 -800

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.08 251,199 -500

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.07 251,099 -100

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.06 250,999 -100

Liquor Stores N.A. Ltd. Common Shares Margolus, David Benjamin 4 30/12/2011 10 15.05 249,699 -1,300

Liquor Stores N.A. Ltd. Deferred Shares Margolus, David Benjamin 4 28/12/2011 56 1,059 20 (Common Shares) Liquor Stores N.A. Ltd. Deferred Shares Margolus, David Benjamin 4 28/12/2011 57 14.88 0 -1,059 (Common Shares) Loblaw Companies Limited Rights - Deferred Share Bachand, Stephen Eugene 4 2/1/2012 56 9,710 961 Units Loblaw Companies Limited Rights - Deferred Share Bachand, Stephen Eugene 4 2/1/2012 30 9,761 51 Units

January 13, 2012 (2012) 35 OSCB 526 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Loblaw Companies Limited Rights - Deferred Share Beeston, Paul 4 2/1/2012 56 23,209 1,103 Units Loblaw Companies Limited Rights - Deferred Share Beeston, Paul 4 2/1/2012 30 23,333 124 Units Loblaw Companies Limited Rights - Deferred Share Binning, Paviter Singh 6 2/1/2012 30 2,801 16 Units Loblaw Companies Limited Rights - Deferred Share Fell, Anthony S. 4 2/1/2012 56 30,811 1,556 Units Loblaw Companies Limited Rights - Deferred Share Fell, Anthony S. 4 2/1/2012 30 30,976 165 Units Loblaw Companies Limited Rights - Deferred Share Germain, Christiane 4 2/1/2012 56 1,642 648 Units Loblaw Companies Limited Rights - Deferred Share Germain, Christiane 4 2/1/2012 30 1,648 6 Units Loblaw Companies Limited Rights - Deferred Share Graham, Anthony R. 4 2/1/2012 56 26,123 1,042 Units Loblaw Companies Limited Rights - Deferred Share Graham, Anthony R. 4 2/1/2012 30 26,264 141 Units Loblaw Companies Limited Rights - Deferred Share Lacey, John Stewart 4 2/1/2012 56 14,469 775 Units Loblaw Companies Limited Rights - Deferred Share Lacey, John Stewart 4 2/1/2012 30 14,546 77 Units Loblaw Companies Limited Rights - Deferred Share Lockhart, Nancy 4 2/1/2012 56 23,419 1,169 Units Loblaw Companies Limited Rights - Deferred Share Lockhart, Nancy 4 2/1/2012 30 23,544 125 Units Loblaw Companies Limited Rights - Deferred Share Marshall, S. Jane 7 31/12/2011 30 7,085 138 Units Loblaw Companies Limited Rights - Deferred Share O'Neill, Thomas Charles 4 2/1/2012 56 14,435 709 Units Loblaw Companies Limited Rights - Deferred Share O'Neill, Thomas Charles 4 2/1/2012 30 14,512 77 Units Loblaw Companies Limited Rights - Deferred Share Wetmore, John Donald 4 2/1/2012 56 10,572 665 Units Loblaw Companies Limited Rights - Deferred Share Wetmore, John Donald 4 2/1/2012 30 10,628 56 Units Logan International Inc. Common Shares Mullen Group Ltd. 3 30/12/2011 10 4.5 4,674,625 107,400 (formerly Destiny Resource Services Corp.) Logistec Corporation Subordinate Voting LOGISTEC 1 30/12/2011 38 0 -100 Shares Class B CORPORATION Logistec Corporation Subordinate Voting LOGISTEC 1 5/1/2012 38 19.5 100 100 Shares Class B CORPORATION Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 22/12/2011 10 0.19 93,584 2,000 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 22/12/2011 10 0.2 95,584 2,000 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 22/12/2011 10 0.21 96,084 500 Lorus Therapeutics Inc. Common Shares Young, Aiping 4, 5 22/12/2011 10 0.22 96,584 500 Lundin Mining Corporation Options McRae, Paul 5 3/1/2012 00 Lundin Mining Corporation Options McRae, Paul 5 3/1/2012 00 Lundin Mining Corporation Options McRae, Paul 5 3/1/2012 50 300,000 300,000 MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Bentz, Brian C. 4 30/12/2011 46 4,900 212 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Chambers, Thomas S. 4 30/12/2011 46 11,117 422 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Chookaszian, Dennis 4 30/12/2011 46 10,319 220 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Jebson, Alan W. 4 30/12/2011 46 6,831 212 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Kenning, Brian Graham 4 30/12/2011 46 7,207 211 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Phillips, Robert L. 4 30/12/2011 46 15,307 476 Associates Ltd. MacDonald, Dettwiler and (DSUs, DRSUs, SARs) Salloum, Fares Fouad 4 30/12/2011 46 8,213 220 Associates Ltd. MacMillan Minerals Inc. Common Shares Skimming, Thomas 4, 5 4/1/2012 51 0.05 1,637,500 600,000 MacMillan Minerals Inc. Options Skimming, Thomas 4, 5 4/1/2012 51 0.05 0 -600,000 MacMillan Minerals Inc. Common Shares Valliant, Wayne William 4 4/1/2012 51 0.05 700,000 600,000 MacMillan Minerals Inc. Options Valliant, Wayne William 4 4/1/2012 51 0.05 0 -600,000 MacMillan Minerals Inc. Common Shares Van Staveren, Gregory 4 4/1/2012 51 0.05 1,327,000 600,000 Joseph MacMillan Minerals Inc. Options Van Staveren, Gregory 4 4/1/2012 51 0.05 0 -600,000 Joseph

January 13, 2012 (2012) 35 OSCB 527 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Magellan Aerospace Options Ball, Jo-Ann Constance 5 31/12/2011 52 15.4 7,000 -5,600 Corporation Magellan Aerospace Options Butyniec, James 5 31/12/2011 52 15.4 29,800 -24,000 Corporation Magellan Aerospace Options Dekker, John Bernhard 5 31/12/2011 52 15.4 13,000 -8,000 Corporation Magellan Aerospace Common Shares Edwards, Norman Murray 3, 4, 5 31/12/2011 36 42,453,479 38,000,000 Corporation Magellan Aerospace Convertible Debentures Edwards, Norman Murray 3, 4, 5 31/12/2011 36 $0 -$38,000,000 Corporation 2009 Magellan Aerospace Options Edwards, Norman Murray 3, 4, 5 31/12/2011 52 15.4 30,000 -24,000 Corporation Magellan Aerospace Options Hahnelt, Konrad 5 31/12/2011 52 15.4 5,000 -3,200 Corporation Magellan Aerospace Options Moeller, Larry G. 4 31/12/2011 52 15.4 0 -1,400 Corporation Magellan Aerospace Options Neill, Richard Andrew 5 31/12/2011 52 15.4 12,000 -24,000 Corporation Magellan Aerospace Options Underwood, Phillip 5 31/12/2011 52 15.4 6,000 -5,000 Corporation Campion Magellan Aerospace Options Winegarden, Larry Anson 5 31/12/2011 52 15.4 9,000 -8,000 Corporation Magellan Aerospace Options Zanatta, Daniel 5 31/12/2011 52 15.4 6,800 -5,600 Corporation Magma Metals Limited Options Scott, Andrew Graeme 5 5/1/2012 52 750,000 -250,000 Magna International Inc. Units Deferred Share Eyton, J. Trevor 4 30/12/2011 56 33.31 5,308 825 Units Magna International Inc. Common Shares Galifi, Vincent Joseph 5 1/1/2012 57 117,430 14,042 Magna International Inc. Options Galifi, Vincent Joseph 5 31/12/2011 52 48.74 600,000 -280,000 Magna International Inc. Rights Restricted Shares Galifi, Vincent Joseph 5 1/1/2012 57 67,252 -14,042

Magna International Inc. Units Deferred Share Harris, Michael Deane 4 30/12/2011 56 33.31 109,428 675 Units Magna International Inc. Units Deferred Share Judge, Barbara Thomas 4 30/12/2011 56 33.31 32,883 1,854 Units Magna International Inc. Units Deferred Share Lataif, Louis Edward 4 30/12/2011 56 33.31 14,843 676 Units Magna International Inc. Units Deferred Share Lauk, Kurt 4 30/12/2011 56 33.31 2,085 676 Units Magna International Inc. Common Shares Magna International Inc. 1 1/12/2011 38 35.628 438,500 40,600 Magna International Inc. Common Shares Magna International Inc. 1 1/12/2011 38 35.048 476,613 38,113 Magna International Inc. Common Shares Magna International Inc. 1 1/12/2011 38 391,713 -84,900 Magna International Inc. Common Shares Magna International Inc. 1 1/12/2011 38 331,713 -60,000 Magna International Inc. Common Shares Magna International Inc. 1 1/12/2011 38 271,713 -60,000 Magna International Inc. Common Shares Magna International Inc. 1 2/12/2011 38 36.238 311,713 40,000 Magna International Inc. Common Shares Magna International Inc. 1 2/12/2011 38 35.647 371,713 60,000 Magna International Inc. Common Shares Magna International Inc. 1 2/12/2011 38 311,713 -60,000 Magna International Inc. Common Shares Magna International Inc. 1 2/12/2011 38 251,713 -60,000 Magna International Inc. Common Shares Magna International Inc. 1 5/12/2011 38 37.499 291,713 40,000 Magna International Inc. Common Shares Magna International Inc. 1 5/12/2011 38 36.926 351,713 60,000 Magna International Inc. Common Shares Magna International Inc. 1 5/12/2011 38 327,913 -23,800 Magna International Inc. Common Shares Magna International Inc. 1 5/12/2011 38 278,713 -49,200 Magna International Inc. Common Shares Magna International Inc. 1 6/12/2011 38 36.684 348,713 70,000 Magna International Inc. Common Shares Magna International Inc. 1 6/12/2011 38 36.254 428,713 80,000 Magna International Inc. Common Shares Magna International Inc. 1 7/12/2011 38 36.209 503,713 75,000 Magna International Inc. Common Shares Magna International Inc. 1 7/12/2011 38 35.825 578,713 75,000 Magna International Inc. Common Shares Magna International Inc. 1 8/12/2011 38 36.242 658,713 80,000 Magna International Inc. Common Shares Magna International Inc. 1 8/12/2011 38 35.518 728,713 70,000 Magna International Inc. Common Shares Magna International Inc. 1 9/12/2011 38 36.673 753,213 24,500 Magna International Inc. Common Shares Magna International Inc. 1 9/12/2011 38 35.981 778,402 25,189 Magna International Inc. Common Shares Magna International Inc. 1 12/12/2011 38 35.924 907,202 128,800 Magna International Inc. Common Shares Magna International Inc. 1 12/12/2011 38 34.971 1,002,016 94,814 Magna International Inc. Common Shares Magna International Inc. 1 13/12/2011 38 35.12 1,119,716 117,700 Magna International Inc. Common Shares Magna International Inc. 1 13/12/2011 38 34.092 1,249,716 130,000 Magna International Inc. Common Shares Magna International Inc. 1 14/12/2011 38 34.059 1,369,716 120,000 Magna International Inc. Common Shares Magna International Inc. 1 14/12/2011 38 32.759 1,499,716 130,000 Magna International Inc. Common Shares Magna International Inc. 1 15/12/2011 38 34.229 1,599,716 100,000 Magna International Inc. Common Shares Magna International Inc. 1 15/12/2011 38 33.087 1,699,716 100,000 Magna International Inc. Common Shares Magna International Inc. 1 16/12/2011 38 33.915 1,874,716 175,000 Magna International Inc. Common Shares Magna International Inc. 1 16/12/2011 38 32.663 1,999,716 125,000 Magna International Inc. Common Shares Magna International Inc. 1 19/12/2011 38 33.078 2,019,716 20,000 Magna International Inc. Common Shares Magna International Inc. 1 19/12/2011 38 31.926 2,041,700 21,984 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 1,741,700 -300,000 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 1,610,100 -131,600

January 13, 2012 (2012) 35 OSCB 528 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 1,310,100 -300,000 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 1,010,100 -300,000 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 710,100 -300,000 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 600,000 -110,100 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 300,000 -300,000 Magna International Inc. Common Shares Magna International Inc. 1 23/12/2011 38 0 -300,000 Magna International Inc. Options Neeb, Marc Joseph 5 31/12/2011 52 48.74 50,000 -20,000 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 5/6/2003 00 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 1/1/2012 57 2,694 2,694 Magna International Inc. Options Palmer, Jeffrey Owen 5 31/12/2011 52 48.74 493,334 -100,000 Magna International Inc. Rights Restricted Shares Palmer, Jeffrey Owen 5 1/1/2012 57 67,306 -2,694

Magna International Inc. Options Resnick, Donald 4 31/12/2011 52 42.88 10,000 -10,000 Magna International Inc. Units Deferred Share Resnick, Donald 4 30/12/2011 56 33.31 18,340 675 Units Magna International Inc. Common Shares Skudutis, Tommy Joseph 7, 5 1/1/2012 57 5,388 5,388 Magna International Inc. Options Skudutis, Tommy Joseph 7, 5 31/12/2011 52 48.74 133,334 -250,000 Magna International Inc. Rights Restricted Shares Skudutis, Tommy Joseph 7, 5 1/1/2012 57 108,878 -5,388

Magna International Inc. Common Shares Walker, Donald James 4, 5 1/1/2012 57 124,758 29,208 Magna International Inc. Rights Restricted Shares Walker, Donald James 4, 5 1/1/2012 57 175,242 -29,208

Magna International Inc. Options Worrall, Lawrence 4 31/12/2011 52 41.76 10,000 -10,000 Magna International Inc. Units Deferred Share Worrall, Lawrence 4 30/12/2011 56 33.31 17,004 675 Units Magna International Inc. Units Deferred Share Young, William 4 30/12/2011 56 33.31 5,171 1,794 Units Magna Resources Ltd. Common Shares de jonge, rudy 4 30/12/2011 37 3,778,000 1,889,000 Magna Resources Ltd. Common Shares de jonge, rudy 4 30/12/2011 37 160,000 80,000 Magna Resources Ltd. Options de jonge, rudy 4 30/12/2011 37 0.25 0 -285,000 Magna Resources Ltd. Options de jonge, rudy 4 30/12/2011 37 0.125 570,000 570,000 Magna Resources Ltd. Warrants de jonge, rudy 4 30/12/2011 37 0.2 0 -160,000 Magna Resources Ltd. Warrants de jonge, rudy 4 30/12/2011 37 0.1 320,000 320,000 Magna Resources Ltd. Warrants de jonge, rudy 4 30/12/2011 37 0.2 0 -80,000 Magna Resources Ltd. Warrants de jonge, rudy 4 30/12/2011 37 0.1 160,000 160,000 Magna Resources Ltd. Common Shares O'Brian, Charles Michael 3, 4 3/1/2012 37 3,800,000 1,900,000 Magna Resources Ltd. Common Shares O'Brian, Charles Michael 3, 4 3/1/2012 37 100,000 50,000 Magna Resources Ltd. Common Shares O'Brian, Charles Michael 3, 4 3/1/2012 37 600,000 300,000 Magna Resources Ltd. Options O'Brian, Charles Michael 3, 4 3/1/2012 37 285,000 142,500 Magna Resources Ltd. Warrants O'Brian, Charles Michael 3, 4 3/1/2012 37 480,000 240,000 Magna Resources Ltd. Common Shares Peck, Alec 5 30/12/2011 37 600,000 300,000 Magna Resources Ltd. Options Peck, Alec 5 21/7/2008 00 100,000 Magna Resources Ltd. Common Shares Yea, Darryl 3, 4 3/1/2012 37 3,420,000 1,710,000 Magna Resources Ltd. Common Shares Yea, Darryl 3, 4 3/1/2012 37 292,500 146,250 Magna Resources Ltd. Common Shares Yea, Darryl 3, 4 3/1/2012 37 187,500 93,750 Magna Resources Ltd. Options Yea, Darryl 3, 4 3/1/2012 37 475,000 237,500 Magna Resources Ltd. Warrants Yea, Darryl 3, 4 3/1/2012 37 292,500 146,250 Magna Resources Ltd. Warrants Yea, Darryl 3, 4 3/1/2012 37 187,500 93,750 Magnum Energy Inc. Common Shares Lowe, Jeff 4 19/12/2011 11 0.2 2,211,579 250,000 Major Drilling Group Common Shares Balser, David 5 4/1/2012 10 16.37 -400 -700 International Inc. Major Drilling Group Common Shares Balser, David 5 4/1/2012 10 16.36 -1,000 -600 International Inc. Major Drilling Group Common Shares Balser, David 5 4/1/2012 10 16.35 -3,700 -2,700 International Inc. Major Drilling Group Common Shares Balser, David 5 5/1/2012 51 7.29 300 4,000 International Inc. Major Drilling Group Options Balser, David 5 5/1/2012 51 7.29 66,001 -4,000 International Inc. Major Drilling Group Options Dyment, Fred J. 4 1/1/2012 00 International Inc. Major Drilling Group Options Dyment, Fred J. 4 3/1/2012 50 60,000 60,000 International Inc. Manulife Financial Deferred Share Units Bammann, Linda Beth 4 31/12/2011 46 10.68 14,106 2,294 Corporation Manulife Financial Deferred Share Units Caron, Joseph Peter 4 31/12/2011 46 10.68 7,205 2,083 Corporation Manulife Financial Deferred Share Units Cassaday, John M. 4 31/12/2011 46 10.68 70,959 4,705 Corporation Manulife Financial Deferred Share Units Cook-Bennett, Gail 4 31/12/2011 46 10.68 22,352 4,096 Corporation Manulife Financial Deferred Share Units DeWolfe, Richard B. 4 31/12/2011 46 10.68 61,930 2,855 Corporation

January 13, 2012 (2012) 35 OSCB 529 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Manulife Financial Options Finch, Steve 7 2/1/2012 97 333,423 55,498 Corporation Manulife Financial Rights Deferred Share Finch, Steve 7 1/6/2003 00 Corporation Units (DSU) Manulife Financial Rights Deferred Share Finch, Steve 7 2/1/2012 97 4,888 4,888 Corporation Units (DSU) Manulife Financial Rights Performance Finch, Steve 7 1/6/2003 00 Corporation Share Units (PSU) Manulife Financial Rights Performance Finch, Steve 7 2/1/2012 97 13,253 13,253 Corporation Share Units (PSU) Manulife Financial Rights Restricted Share Finch, Steve 7 1/6/2003 00 Corporation Units (RSU) Manulife Financial Rights Restricted Share Finch, Steve 7 2/1/2012 97 13,253 13,253 Corporation Units (RSU) Manulife Financial Deferred Share Units Fraser, Sheila Sarah 4 2/11/2011 00 Corporation Margaret Manulife Financial Deferred Share Units Fraser, Sheila Sarah 4 31/12/2011 46 10.68 1,544 1,544 Corporation Margaret Manulife Financial Deferred Share Units Hand, Scott McKee 4 31/12/2011 46 10.68 20,124 2,106 Corporation Manulife Financial Deferred Share Units Harding, Robert J 4 31/12/2011 46 10.68 34,828 4,330 Corporation Manulife Financial Deferred Share Units Helms, Luther Sherman 4 31/12/2011 46 10.68 38,750 2,340 Corporation Manulife Financial Deferred Share Units Hsieh, Tsun-Yan 4 1/10/2011 00 Corporation Manulife Financial Deferred Share Units Hsieh, Tsun-Yan 4 31/12/2011 46 10.68 2,434 2,434 Corporation Manulife Financial Deferred Share Units Lindsay, Donald Richard 4 31/12/2011 46 10.68 8,578 2,102 Corporation Manulife Financial Deferred Share Units Palmer, John Ralph Vernon 4 31/12/2011 46 10.68 29,673 5,032 Corporation Manulife Financial Options Raymond, Craig R. 7 2/1/2012 97 29,111 14,358 Corporation Manulife Financial Rights Performance Raymond, Craig R. 7 29/9/2009 00 Corporation Share Units (PSU) Manulife Financial Rights Performance Raymond, Craig R. 7 2/1/2012 97 3,999 3,999 Corporation Share Units (PSU) Manulife Financial Rights Restricted Share Raymond, Craig R. 7 29/9/2009 00 Corporation Units (RSU) Manulife Financial Rights Restricted Share Raymond, Craig R. 7 2/1/2012 97 41,118 41,118 Corporation Units (RSU) Manulife Financial Deferred Share Units Rosen, Andrea Sarah 4 31/12/2011 46 10.68 5,663 3,862 Corporation Manulife Financial Deferred Share Units Sloan, Hugh W. 4 31/12/2011 46 10.68 45,737 2,516 Corporation Manulife Financial Options Von dem Hagen, Halina 7 2/1/2012 97 58,844 18,319 Corporation Manulife Financial Rights Performance Von dem Hagen, Halina 7 22/1/2007 00 Corporation Share Units (PSU) Manulife Financial Rights Performance Von dem Hagen, Halina 7 2/1/2012 97 4,739 4,739 Corporation Share Units (PSU) Manulife Financial Rights Restricted Share Von dem Hagen, Halina 7 22/1/2007 00 Corporation Units (RSU) Manulife Financial Rights Restricted Share Von dem Hagen, Halina 7 2/1/2012 97 14,220 14,220 Corporation Units (RSU) Marquee Energy Ltd. Common Shares Dundee Corporation 3 5/12/2011 00 1,003,944 Marquee Energy Ltd. Common Shares Dundee Corporation 3 5/12/2011 00 1,054,688 Marquee Energy Ltd. Common Shares Dundee Corporation 3 30/12/2011 11 1.7 1,172,335 117,647 Marquee Energy Ltd. Common Shares Dundee Corporation 3 5/12/2011 00 6,250,000 Marquee Energy Ltd. Common Shares Hammond, R. Bruce 8, 4 29/12/2011 11 1.7 300,000 Marquee Energy Ltd. Common Shares Hammond, R. Bruce 8, 4 29/12/2011 11 1.7 146,875 30,000 Matamec Explorations Inc. Common Shares St-Gelais, Laval 4 5/1/2012 10 0.365 2,500 2,500 Matrix Asset Management Common Shares Barrie, Brent William 8, 4, 7 31/12/2011 30 0.7 39,522 2,846 Inc. Matrix Asset Management Deferred Stock Units Barrie, Brent William 8, 4, 7 31/12/2011 30 4,202 -5,693 Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 30/12/2011 38 0 -5,000 Inc. Inc. Maudore Minerals Ltd Common Shares Harbour, Seager Rex 3 3/1/2012 10 5.38 1,763,500 5,000 Maudore Minerals Ltd Common Shares Harbour, Seager Rex 3 5/1/2012 10 5.1466 1,777,900 14,400 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 3/1/2012 10 0.395 1,972,452 3,500 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 3/1/2012 10 0.4 1,973,952 1,500

January 13, 2012 (2012) 35 OSCB 530 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed McVicar Industries Inc. Common Shares Chai, Gang 4, 5 3/1/2012 10 0.38 1,993,952 20,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 4/1/2012 10 0.43 2,011,452 17,500 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 4/1/2012 10 0.425 2,012,452 1,000 McVicar Industries Inc. Common Shares Chai, Gang 4, 5 4/1/2012 10 0.435 2,022,452 10,000 McVicar Industries Inc. Common Shares McVicar Industries Inc. 1 4/1/2012 10 0.38 6,500 6,500 Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 4,393 -1,830 Corporation Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 3,000 -600 Corporation Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.67 0 -39 Corporation Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 2,588 -1,600 Corporation Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 382 -1,300 Corporation Medical Facilities Common Shares Temkin, Seymour 4 30/12/2011 10 11.65 3,000 -670 Corporation Medwell Capital Corp. Options Incentive Stock Brown, Brenda Ellen 5 3/1/2012 50 0.13 275,000 200,000 Medwell Capital Corp. Options Incentive Stock Demas, Steve 5 3/1/2012 50 0.13 275,000 200,000 Medwell Capital Corp. Options Incentive Stock Giese, Kevin Arnold 4, 5 3/1/2012 50 0.13 1,847,500 1,000,000 Medwell Capital Corp. Options Incentive Stock Hesby, Anton Samuel 5 3/1/2012 50 0.13 1,483,750 750,000 Medwell Capital Corp. Options Incentive Stock Johnston, Brent Douglas 5 3/1/2012 50 0.13 407,500 225,000 Medwell Capital Corp. Options Incentive Stock Kennedy, Michael Patrick 5 3/1/2012 50 0.13 146,250 40,000 Medwell Capital Corp. Options Incentive Stock Politeski, Gordon John 5 3/1/2012 50 0.13 392,500 150,000 Medwell Capital Corp. Options Incentive Stock Wetherell Jr., John 4 3/1/2012 50 0.13 486,250 150,000 Raymond Medwell Capital Corp. Options Incentive Stock Woollard, Laine Munroe 4 3/1/2012 50 0.13 637,500 200,000 Medwell Capital Corp. Options Incentive Stock Woollard, Laine Munroe 4 3/1/2012 50 0.13 837,500 200,000 MEG Energy Corp. Common Shares Rogers, John Martin 5 5/1/2012 10 41.49 4,579 100 MEG Energy Corp. Common Shares Rogers, John Martin 5 5/1/2012 10 41.56 4,979 400 MEG Energy Corp. Common Shares Rogers, John Martin 5 5/1/2012 10 41.57 5,329 350 MEGA Brands Inc. DSU Di Iorio, Nicola 4 31/12/2011 56 17,565 1,011 MEGA Brands Inc. DSU Marsilii, Joe 4 31/12/2011 56 10,943 1,011 MEGA Brands Inc. DSU Mikula, Benn Ashelm 4 31/12/2011 56 12,228 972 MEGA Brands Inc. DSU Muir, Thomas Pinaud 4 31/12/2011 56 16,476 2,100 MEGA Brands Inc. DSU Rivett, Paul 4 31/12/2011 56 14,185 778 Mega Precious Metals Inc. Common Shares Inwentash, Sheldon 6 3/1/2012 10 0.4898 11,875,600 50,000 (formerly Mega Silver Inc.) Mega Precious Metals Inc. Common Shares Pinetree Capital Ltd. 3 3/1/2012 10 0.4898 8,685,064 50,000 (formerly Mega Silver Inc.) Mega Uranium Ltd. Options Downes, Michael John 5 2/1/2012 50 0.2 400,000 75,000 Mega Uranium Ltd. Options Downes, Michael John 5 2/1/2012 50 75,000 Mega Uranium Ltd. Options Downes, Michael John 5 2/1/2012 50 75,000 Mega Uranium Ltd. Options Feldman, Gerald Morris 5 2/1/2012 50 0.2 500,000 250,000 Mega Uranium Ltd. Options Grey, Anthony 4 2/1/2012 50 0.2 450,000 50,000 Mega Uranium Ltd. Options Homsany, Richard 5 2/1/2012 50 0.2 500,000 250,000 Mega Uranium Ltd. Options Inwentash, Sheldon 4 2/1/2012 50 5,750,000 1,000,000 Mega Uranium Ltd. Options Johannson, Arni Thomas 4 2/1/2012 50 0.2 345,000 50,000 Mega Uranium Ltd. Options Patricio, Richard J 5 2/1/2012 50 0.2 1,400,200 250,000 Mega Uranium Ltd. Options Reeson, Douglas 4 2/1/2012 50 0.2 350,000 50,000 Mega Uranium Ltd. Options Sweatman, Michael 4 2/1/2012 50 0.2 350,000 50,000 Mega Uranium Ltd. Options Taylor, Stewart 5 2/1/2012 50 0.2 1,300,000 250,000 Mega Uranium Ltd. Options Williams, Philip 5 2/1/2012 50 0.2 500,000 150,000 Merc International Minerals Common Shares Dundee Corporation 3 4/1/2012 10 0.3 13,479,000 -121,000 Inc. Merc International Minerals Common Shares Dundee Corporation 3 5/1/2012 10 0.3 13,111,000 -368,000 Inc. Mercator Minerals Ltd. Options Benner, Colin Keith 4 3/1/2012 50 451,913 100,000 Mercator Minerals Ltd. Options Bowles, John Henry 4 3/1/2012 50 1.51 200,000 100,000 Mercator Minerals Ltd. Options Keane, Joseph 4 3/1/2012 50 1.51 343,750 100,000 Mercator Minerals Ltd. Options Quin, Stephen Paul 4 3/1/2012 50 1.51 375,000 100,000 Mercator Minerals Ltd. Common Shares Quinn, Robert Joseph 4 29/12/2011 10 1.43 15,000 15,000 Mercator Minerals Ltd. Options Quinn, Robert Joseph 4 3/1/2012 50 1.51 450,000 100,000 Mercator Minerals Ltd. Options Thomas, Gavin 4 3/1/2012 50 1.51 500,000 100,000 Mercator Minerals Ltd. Options Vankoughnett, Ronald Earl 4 3/1/2012 50 1.51 500,000 100,000

Meritus Minerals Ltd. Common Shares Bates, Terence, Edgar 3, 4, 5 5/1/2012 10 0.03 5,987,000 10,000 Meritus Minerals Ltd. Common Shares Bates, Terence, Edgar 3, 4, 5 5/1/2012 10 0.035 6,037,000 50,000 Meritus Minerals Ltd. Common Shares Bates, Terence, Edgar 3, 4, 5 5/1/2012 10 0.03 54,000 Meritus Minerals Ltd. Common Shares Bates, Terence, Edgar 3, 4, 5 5/1/2012 10 0.035 11,141,285 54,000 Merus Labs International Inc. Common Shares sheldon, donald r. 4 30/12/2011 10 2 1,064,786 -50,000

Methanex Corporation Rights Deferred Share Balloch, Howard 4 31/12/2011 56 29,713 983 Units

January 13, 2012 (2012) 35 OSCB 531 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed MethylGene Inc. Options Humphrey, Rachel Wallach 4 4/1/2012 00

MethylGene Inc. Options Humphrey, Rachel Wallach 4 4/1/2012 50 0.31 2,066,415 2,066,415

Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.85 3,000 3,000 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.87 4,100 1,100 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.88 6,600 2,500 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.89 6,800 200 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.92 11,000 4,200 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.93 11,300 300 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 51.95 14,800 3,500 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 52 18,600 3,800 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 12/12/2011 38 52.04 23,300 4,700 Shares catégorie A Metro inc. Subordinate Voting Metro inc. 1 15/12/2011 38 0 -23,300 Shares catégorie A Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 5/1/2012 10 0.05 5,651,614 2,000 Mexivada Mining Corp. Common Shares Redfern, Richard Robert 3, 4, 5 6/1/2012 10 0.05 5,655,614 4,000 MGM Energy Corp. Restricted Share Units Chernoff, Michael N. (initial 4 12/1/2007 00 only) MGM Energy Corp. Restricted Share Units Chernoff, Michael N. (initial 4 30/12/2011 56 0.25 7,000 only) MGM Energy Corp. Restricted Share Units Chernoff, Michael N. (initial 4 30/12/2011 56 0.25 28,000 28,000 only) MGM Energy Corp. Restricted Share Units Gilbert, Daryl Harvey 4 12/1/2007 00 MGM Energy Corp. Restricted Share Units Gilbert, Daryl Harvey 4 30/12/2011 56 0.25 11,500 11,500 MGM Energy Corp. Restricted Share Units Hodgins, Robert Bruce 4 12/1/2007 00 MGM Energy Corp. Restricted Share Units Hodgins, Robert Bruce 4 30/12/2011 56 0.25 42,000 42,000 MGM Energy Corp. Options Miller, Richard Nelson 5 31/12/2011 52 2.84 3,095,000 -100,000 MGM Energy Corp. Restricted Share Units Peterson, Robert Byron 4 12/1/2007 00 MGM Energy Corp. Restricted Share Units Peterson, Robert Byron 4 30/12/2011 56 0.25 28,000 28,000 MGM Energy Corp. Restricted Share Units ROONEY, ROBERT ROSS 4 12/1/2007 00

MGM Energy Corp. Restricted Share Units ROONEY, ROBERT ROSS 4 30/12/2011 56 0.25 26,000 26,000

MI Developments Inc. Deferred Share Units Brody, Michael Lawrence 4 30/12/2011 56 32.34 4,065 483 MI Developments Inc. Deferred Share Units Dey, Peter James 4 30/12/2011 30 32.34 4,689 773 MI Developments Inc. Deferred Share Units Gilbertson, Barry Gordon 4 30/12/2011 56 32.34 4,065 483 MI Developments Inc. Deferred Share Units Miller, Gerald 4 30/12/2011 56 32.34 4,065 483 MI Developments Inc. Deferred Share Units Oran, Scott 4 30/12/2011 56 32.34 4,065 483 MI Developments Inc. Deferred Share Units Voorheis, George Wesley 4 30/12/2011 56 32.34 9,553 1,159 Thomas Middlefield Tactical Energy Units OilSands Canada 1 30/12/2011 38 5.5 3,200 3,200 Corporation Middlefield Tactical Energy Units OilSands Canada 1 30/12/2011 38 0 -3,200 Corporation Midland Exploration Inc. Common Shares MARTIN, INGRID 5 4/1/2012 51 0.5 100,000 60,000 Midland Exploration Inc. Options MARTIN, INGRID 5 4/1/2012 51 0.5 75,000 -60,000 Midway Energy Ltd. Common Shares New Ratushny, M. Scott 4, 5 30/12/2011 30 3.31 1,419,384 4,575 Midway Energy Ltd. Common Shares New Smith, Douglas Kevin 5 30/12/2011 30 3.31 509,150 4,423 Millrock Resources Inc. Common Shares Beischer, Gregory Allan 4 3/1/2012 10 0.3444 665,000 5,000 Minco Gold Corporation Common Shares Cai, Ken 4, 5 7/1/2011 51 1.64 825,400 175,000 Minco Gold Corporation Options Cai, Ken 4, 5 16/1/2009 50 0.48 1,450,000 350,000 Minco Gold Corporation Options Cai, Ken 4, 5 7/1/2011 51 1.64 1,275,000 -175,000 Minco Gold Corporation Options Cai, Ken 4, 5 14/1/2011 50 2.14 1,775,000 500,000 MINCO SILVER Options Cai, Ken 4, 5 16/1/2009 50 1.05 762,500 150,000 CORPORATION MINCO SILVER Options Cai, Ken 4, 5 14/1/2011 50 5.36 762,500 500,000 CORPORATION MINERVA MINERALS Common Shares Jenkins, David Ernest 4, 5 22/12/2011 10 0.03 1,405,500 100,000 LIMITED MINT Income Fund Trust Units MINT Income Fund 1 30/12/2011 38 10.18 42,114,863 11,652,990 Miocene Metals Limited Common Shares Jago, Bruce 5 30/12/2011 10 0.12 64,000 1,500 Miocene Metals Limited Common Shares Jago, Bruce 5 30/12/2011 10 0.13 65,000 1,000 MIRA RESOURCES CORP. Common Shares More, Johnathan 4, 5 28/12/2011 10 0.16 6,041,768 20,000

January 13, 2012 (2012) 35 OSCB 532 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed MIRA RESOURCES CORP. Common Shares More, Johnathan 4, 5 28/12/2011 10 0.155 6,071,768 30,000

MIRA RESOURCES CORP. Common Shares More, Johnathan 4, 5 3/1/2012 10 0.16 20,000

Mistango River Resources Common Shares Kasner, Robert J. 3, 4, 6, 5 4/1/2012 10 0.2 258,812 4,000 Inc. Mongolia Growth Group Ltd. Common Shares Bilezikjian, Paulo Jose 4 28/12/2011 10 3.96 770,000 -30,000

Mongolia Growth Group Ltd. Common Shares Bilezikjian, Paulo Jose 4 29/12/2011 10 3.91 758,000 -12,000

Mongolia Growth Group Ltd. Common Shares Bilezikjian, Paulo Jose 4 30/12/2011 10 3.91 -12,000

Mongolia Growth Group Ltd. Common Shares Bilezikjian, Paulo Jose 4 30/12/2011 10 3.9 752,500 -5,500

Monument Mining Limited Common Shares Wright, Frank Ralph 4 30/12/2011 00 Monument Mining Limited Common Shares Wright, Frank Ralph 4 30/12/2011 00 Monument Mining Limited Common Shares Wright, Frank Ralph 4 4/1/2012 10 0.395 10,000 10,000 Morguard Real Estate Units Cobb, Paul Frederick 4 3/11/2011 00 Investment Trust Morguard Real Estate Units Cobb, Paul Frederick 4 3/1/2012 10 16.185 2,500 2,500 Investment Trust Morguard Real Estate Units Walker, Timothy James 5 28/11/2011 10 15.97 300 Investment Trust Morguard Real Estate Units Walker, Timothy James 5 28/12/2011 10 15.97 17,300 300 Investment Trust Morguard Real Estate Units Walker, Timothy James 5 28/12/2011 10 15.97 17,400 100 Investment Trust Morguard Real Estate Units Walker, Timothy James 5 28/12/2011 10 15.97 17,500 100 Investment Trust Mustang Minerals Corp. Common Shares Dunbar, Robin Edward 4, 5 5/1/2012 16 0.12 987,500 200,000 Namibia Rare Earths Inc. Common Shares Burton, Donald MacLaren 5 5/1/2012 10 0.43 50,500 7,000 Nass Valley Gateway Ltd. Options Hosanee, Jayram 4 4/1/2012 50 0.05 447,500 215,000 Nass Valley Gateway Ltd. Options See, Josephine 5 4/1/2012 50 0.05 322,500 100,000 Nass Valley Gateway Ltd. Options Stevens, Melvin Carl 5 4/1/2012 50 684,000 220,000 National Bank of Canada Common Shares Vachon, Louis 4, 5 31/12/2011 30 72.928 53,912 708 Naturally Advanced Common Shares Barker, Kenneth 4, 5 30/12/2011 10 2.1 163,049 -4,000 Technologies Inc. Naturally Advanced Common Shares Finnis, Jason 4, 5 27/4/2011 10 3.05 1,638,534 -10,000 Technologies Inc. Naturally Advanced Common Shares Finnis, Jason 4, 5 27/12/2011 10 3.05 -10,000 Technologies Inc. Naturally Advanced Common Shares Finnis, Jason 4, 5 3/1/2012 10 2.24 1,551,606 -2,500 Technologies Inc. Naturally Advanced Common Shares Finnis, Jason 4, 5 3/1/2012 10 2.08 1,549,106 -2,500 Technologies Inc. Naturally Advanced Common Shares Harrison, Larisa 4, 5 3/1/2012 10 2.24 1,556,607 -2,500 Technologies Inc. Naturally Advanced Common Shares Harrison, Larisa 4, 5 3/1/2012 10 2.08 1,554,107 -2,500 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 28/12/2011 10 2.05 394,800 -5,000 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 28/12/2011 10 2.07 389,800 -5,000 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 28/12/2011 10 2.08 384,800 -5,000 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 28/12/2011 10 2.1 381,600 -3,200 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 29/12/2011 10 2.1 381,200 -400 Technologies Inc. Naturally Advanced Common Shares Horvat, Miljenko 4, 5 30/12/2011 10 2.1 379,800 -1,400 Technologies Inc. NCE Diversified Flow- Limited Partnership Units Driscoll, John Fenbar 4, 7, 5 4/1/2012 36 0 -30,000 Through (10) Limited Partnership Nebo Capital Corp. Common Shares Quest Capital Managment 3 12/8/2011 00 1,000,000 Corp. (formerly Ionic Capital Corp.)

Nebo Capital Corp. Common Shares Quest Capital Managment 3 28/12/2011 00 Corp. (formerly Ionic Capital Corp.)

Nebo Capital Corp. Common Shares Sinclair, Alistair Murray 4, 5 28/12/2011 00 50,000

January 13, 2012 (2012) 35 OSCB 533 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Nebu Resources Inc. Common Shares Durham, Robert Bruce 4 30/1/2008 00 Nebu Resources Inc. Common Shares Durham, Robert Bruce 4 20/12/2011 10 0.0602 25,000 25,000 Nebu Resources Inc. Common Shares Durham, Robert Bruce 4 20/12/2011 10 0.0675 109,000 84,000 Nebu Resources Inc. Common Shares Murray, Robert Brian 4, 5 3/1/2012 10 0.095 2,349,000 -20,000 Nemaska Lithium Inc. Common Shares Cantore, Victor 7 5/1/2012 45 0.36 2,013,000 100,000 (formely NEMASKA EXPLORATION INC.) Nemaska Lithium Inc. Warrants Consolidated International 3 31/12/2011 55 330,000 -227,150 (formely NEMASKA Investment Holdings Inc. EXPLORATION INC.) Nemaska Lithium Inc. Warrants Consolidated International 3 31/12/2011 55 1,900,000 -1,135,750 (formely NEMASKA Investment Holdings Inc. EXPLORATION INC.) NEMI Northern Energy & Common Shares Cooney, Michael 3, 4, 5 5/1/2012 22 1.06 6,425,914 -171,086 Mining Inc. NEMI Northern Energy & Common Shares Nemi Northern Energy & 1 3/1/2012 22 1.06 38,000,000 Mining Inc. Mining Inc. NEMI Northern Energy & Common Shares Nemi Northern Energy & 1 3/1/2012 22 1.06 38,000,000 Mining Inc. Mining Inc. NEMI Northern Energy & Common Shares Nemi Northern Energy & 1 3/1/2012 22 1.06 38,000,000 38,000,000 Mining Inc. Mining Inc. NEMI Northern Energy & Common Shares Nemi Northern Energy & 1 5/1/2012 38 0 -38,000,000 Mining Inc. Mining Inc. NEMI Northern Energy & Convertible Debentures Nemi Northern Energy & 1 13/4/2009 00 Mining Inc. Mining Inc. NEMI Northern Energy & Convertible Debentures Nemi Northern Energy & 1 3/1/2012 22 $10,119,000 Mining Inc. Mining Inc. NEMI Northern Energy & Convertible Debentures Nemi Northern Energy & 1 3/1/2012 22 $10,119,000 Mining Inc. Mining Inc. NEMI Northern Energy & Convertible Debentures Nemi Northern Energy & 1 3/1/2012 22 $10,119,000 $10,119,000 Mining Inc. Mining Inc. NEMI Northern Energy & Convertible Debentures Nemi Northern Energy & 1 5/1/2012 38 $0 -$10,119,000 Mining Inc. Mining Inc. NEMI Northern Energy & Common Shares SHAW, BARRY 4 5/1/2012 22 1.06 103,000 -10,000 Mining Inc. ALEXANDER JR NEMI Northern Energy & Common Shares SHAW, BARRY 4 5/1/2012 22 1.06 46,423 -172,577 Mining Inc. ALEXANDER JR NEMI Northern Energy & Common Shares SHAW, BARRY 4 5/1/2012 22 1.06 80,093 -17,407 Mining Inc. ALEXANDER JR NEMI Northern Energy & Common Shares SHAW, BARRY 4 5/1/2012 22 1.06 319 -49,681 Mining Inc. ALEXANDER JR NEMI Northern Energy & Common Shares Stein, Lyle 4 4/1/2012 22 1.06 357 -66,643 Mining Inc. NEMI Northern Energy & Common Shares Stein, Lyle 4 4/1/2012 22 1.06 249 -46,751 Mining Inc. NEMI Northern Energy & Common Shares Stein, Lyle 4 5/1/2012 10 1.04 0 -249 Mining Inc. NEMI Northern Energy & Common Shares Stein, Lyle 4 5/1/2012 22 1.06 333 -62,167 Mining Inc. NEMI Northern Energy & Common Shares Williams, Andrew Robert 5 4/1/2012 22 1.06 53 -9,947 Mining Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 1/12/2011 38 8 14,100 14,100 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 1/12/2011 38 8 0 -14,100 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 2/12/2011 38 7.9957 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 2/12/2011 38 7.9957 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 6/12/2011 38 7.9863 4,600 4,600 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 6/12/2011 38 7.9863 0 -4,600 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 7/12/2011 38 7.8086 45,700 45,700 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 7/12/2011 38 7.8086 0 -45,700 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 8/12/2011 38 7.7482 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 8/12/2011 38 7.7482 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 9/12/2011 38 7.7764 70,800 70,800 Inc. Inc.

January 13, 2012 (2012) 35 OSCB 534 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Neo Material Technologies Common Shares Neo Material Technologies 1 9/12/2011 38 7.7764 0 -70,800 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 12/12/2011 38 7.5751 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 12/12/2011 38 7.5751 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 13/12/2011 38 7.7503 58,200 58,200 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 13/12/2011 38 7.7503 0 -58,200 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 14/12/2011 38 7.2357 150,000 150,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 14/12/2011 38 7.2357 0 -150,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 15/12/2011 38 7.0645 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 15/12/2011 38 7.0645 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 16/12/2011 38 7.1327 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 16/12/2011 38 7.1327 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 19/12/2011 38 7.322 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 19/12/2011 38 7.322 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 20/12/2011 38 7.3757 50,000 50,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 20/12/2011 38 7.3757 0 -50,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 21/12/2011 38 7.5243 75,000 75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 21/12/2011 38 7.5243 0 -75,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 22/12/2011 38 7.6736 58,000 58,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 22/12/2011 38 7.6736 0 -58,000 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 23/12/2011 38 7.6635 69,800 69,800 Inc. Inc. Neo Material Technologies Common Shares Neo Material Technologies 1 23/12/2011 38 7.6635 0 -69,800 Inc. Inc. Nevsun Resources Ltd. Rights SARS Angus, Robert Stuart 4 31/12/2011 56 3.14 600,000 600,000 Nevsun Resources Ltd. Rights SARS Angus, Robert Stuart 4 31/12/2011 56 5.68 800,000 200,000 Nevsun Resources Ltd. Options Bourchier, Frazer William 5 1/1/2012 00 300,000 Nevsun Resources Ltd. Rights SARS Bourchier, Frazer William 5 1/1/2012 00 300,000 Nevsun Resources Ltd. Rights SARS Carse, Maureen D 5 31/12/2011 56 3.14 50,000 50,000 Nevsun Resources Ltd. Rights SARS Carse, Maureen D 5 31/12/2011 56 5.68 100,000 50,000 Nevsun Resources Ltd. Rights SARS DAVIS, Clifford Thomas 4, 5 31/12/2011 56 3.14 500,000 500,000 Nevsun Resources Ltd. Rights SARS DAVIS, Clifford Thomas 4, 5 31/12/2011 56 3.14 1,500,000 1,000,000 Nevsun Resources Ltd. Rights SARS DAVIS, Clifford Thomas 4, 5 31/12/2011 56 5.68 2,000,000 500,000 Nevsun Resources Ltd. Rights SARS German, Gary Edward 4 31/12/2011 56 3.14 750,000 450,000 Nevsun Resources Ltd. Rights SARS German, Gary Edward 4 31/12/2011 56 5.68 900,000 150,000 Nevsun Resources Ltd. Rights SARS Hardie, Peter Jeremie 5 31/12/2011 56 3.14 400,000 400,000 Nevsun Resources Ltd. Rights SARS Hardie, Peter Jeremie 5 31/12/2011 56 5.68 550,000 150,000 Nevsun Resources Ltd. Rights SARS MUNERA, Gerard 4 31/12/2011 56 3.14 830,000 450,000 Emmanuel Louis Nevsun Resources Ltd. Rights SARS MUNERA, Gerard 4 31/12/2011 56 5.68 980,000 150,000 Emmanuel Louis Nevsun Resources Ltd. Options Trebilcock, Scott 5 19/11/2010 50 5.71 400,000 100,000 Nevsun Resources Ltd. Rights SARS Trebilcock, Scott 5 15/9/2010 00 Nevsun Resources Ltd. Rights SARS Trebilcock, Scott 5 31/12/2011 56 4.16 300,000 300,000 Nevsun Resources Ltd. Rights SARS Trebilcock, Scott 5 31/12/2011 56 5.68 350,000 50,000 Nevsun Resources Ltd. Rights SARS Trebilcock, Scott 5 31/12/2011 56 5.71 450,000 100,000 New Dimension Resources Options Johnstone, Wayne David 5 5/1/2012 50 200,000 100,000 Ltd. New Flyer Industries Canada Performance Units Asham, Carl Glenn 5 19/8/2011 36 0 -143,166 ULC New Flyer Industries Canada Performance Units Harper, Janice 5 19/8/2011 36 0 -36,974 ULC New Flyer Industries Canada Performance Units Joseph, Wayne Ray 5 19/8/2011 36 0 -165,836 ULC

January 13, 2012 (2012) 35 OSCB 535 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed New Flyer Industries Canada Performance Units Lewis, Margaret Ann 5 19/8/2011 36 0 -42,169 ULC New Flyer Industries Canada Performance Units Pewarchuk, Colin Michael 5 19/8/2011 36 0 -136,690 ULC New Flyer Industries Canada Performance Units Smith, Paul Warren Dennis 5 19/8/2011 36 0 -154,589 ULC New Flyer Industries Canada Performance Units Soubry, Paul 5 19/8/2011 36 0 -329,436 ULC New Flyer Industries Canada Performance Units Stoddart, Christopher 5 19/8/2011 36 0 -107,321 ULC James New Flyer Industries Canada Performance Units White, David Michael 5 19/8/2011 36 0 -136,690 ULC New Flyer Industries Canada Performance Units Wood, Kevin Gerard 5 19/8/2011 36 0 -77,140 ULC New Flyer Industries Inc. Common Shares Asham, Carl Glenn 5 30/9/2011 37 211,000 -1,899,000 New Flyer Industries Inc. Performance Share Units Asham, Carl Glenn 5 1/1/2012 56 170,364 27,198

New Flyer Industries Inc. Restricted Share Units Asham, Carl Glenn 5 15/8/2005 00 New Flyer Industries Inc. Restricted Share Units Asham, Carl Glenn 5 1/1/2012 56 9,066 9,066 New Flyer Industries Inc. Common Shares Harper, Janice 5 30/9/2011 37 4,377 -39,393 New Flyer Industries Inc. Performance Share Units Harper, Janice 5 1/1/2012 56 50,944 13,970

New Flyer Industries Inc. Restricted Share Units Harper, Janice 5 5/10/2009 00 New Flyer Industries Inc. Restricted Share Units Harper, Janice 5 1/1/2012 56 4,657 4,657 New Flyer Industries Inc. Common Shares Joseph, Wayne Ray 5 30/9/2011 37 7,250 -65,250 New Flyer Industries Inc. Performance Share Units Joseph, Wayne Ray 5 1/1/2012 56 211,999 46,163

New Flyer Industries Inc. Restricted Share Units Joseph, Wayne Ray 5 21/7/2008 00 New Flyer Industries Inc. Restricted Share Units Joseph, Wayne Ray 5 1/1/2012 56 15,388 15,388 New Flyer Industries Inc. Performance Share Units Lewis, Margaret Ann 5 1/1/2012 56 56,747 14,578

New Flyer Industries Inc. Restricted Share Units Lewis, Margaret Ann 5 19/10/2009 00 New Flyer Industries Inc. Restricted Share Units Lewis, Margaret Ann 5 1/1/2012 56 4,859 New Flyer Industries Inc. Restricted Share Units Lewis, Margaret Ann 5 1/1/2012 56 4,859 New Flyer Industries Inc. Restricted Share Units Lewis, Margaret Ann 5 1/1/2012 56 4,859 4,859 New Flyer Industries Inc. Common Shares Pewarchuk, Colin Michael 5 30/9/2011 37 27,250 -245,250 New Flyer Industries Inc. Performance Share Units Pewarchuk, Colin Michael 5 1/1/2012 56 153,090 16,400

New Flyer Industries Inc. Restricted Share Units Pewarchuk, Colin Michael 5 27/2/2006 00 New Flyer Industries Inc. Restricted Share Units Pewarchuk, Colin Michael 5 1/1/2012 56 5,467 5,467 New Flyer Industries Inc. Performance Share Units Smart, Ian Scott 5 3/10/2011 00 6,497

New Flyer Industries Inc. Performance Share Units Smart, Ian Scott 5 1/1/2012 56 28,769 22,272

New Flyer Industries Inc. Restricted Share Units Smart, Ian Scott 5 3/10/2011 00 New Flyer Industries Inc. Restricted Share Units Smart, Ian Scott 5 1/1/2012 56 7,424 7,424 New Flyer Industries Inc. Common Shares Smith, Paul Warren Dennis 5 30/9/2011 37 275,913 -2,483,217

New Flyer Industries Inc. Performance Share Units Smith, Paul Warren Dennis 5 1/1/2012 56 178,885 24,296

New Flyer Industries Inc. Restricted Share Units Smith, Paul Warren Dennis 5 15/8/2005 00

New Flyer Industries Inc. Restricted Share Units Smith, Paul Warren Dennis 5 1/1/2012 56 8,099 8,099

New Flyer Industries Inc. Performance Share Units Soubry, Paul 5 1/1/2012 56 474,201 144,765

New Flyer Industries Inc. Restricted Share Units Soubry, Paul 5 19/1/2009 00 New Flyer Industries Inc. Restricted Share Units Soubry, Paul 5 1/1/2012 56 48,255 48,255 New Flyer Industries Inc. Common Shares Stoddart, Christopher 5 30/9/2011 37 10,400 -93,600 James New Flyer Industries Inc. Common Shares Stoddart, Christopher 5 30/9/2011 37 8,100 -72,900 James New Flyer Industries Inc. Common Shares Stoddart, Christopher 5 30/9/2011 37 2,200 -19,800 James New Flyer Industries Inc. Performance Share Units Stoddart, Christopher 5 1/1/2012 56 123,721 16,400 James New Flyer Industries Inc. Restricted Share Units Stoddart, Christopher 5 3/12/2007 00 James New Flyer Industries Inc. Restricted Share Units Stoddart, Christopher 5 1/1/2012 56 5,467 5,467 James New Flyer Industries Inc. Common Shares White, David Michael 5 30/9/2011 37 75,402 -678,618 New Flyer Industries Inc. Performance Share Units White, David Michael 5 1/1/2012 56 153,090 16,400

January 13, 2012 (2012) 35 OSCB 536 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed New Flyer Industries Inc. Restricted Share Units White, David Michael 5 15/8/2005 00 New Flyer Industries Inc. Restricted Share Units White, David Michael 5 1/1/2012 56 5,467 5,467 New Flyer Industries Inc. Performance Share Units Wood, Kevin Gerard 5 1/1/2012 56 93,540 16,400

New Flyer Industries Inc. Restricted Share Units Wood, Kevin Gerard 5 19/1/2009 00 New Flyer Industries Inc. Restricted Share Units Wood, Kevin Gerard 5 1/1/2012 56 5,467 5,467 New Gold Inc. Common Shares Estey, James 4 8/7/2008 00 New Gold Inc. Common Shares Estey, James 4 30/12/2011 10 10.11 3,000 3,000 New Gold Inc. Common Shares Estey, James 4 8/7/2008 00 New Gold Inc. Common Shares Estey, James 4 30/12/2011 10 10.11 3,000 3,000 New Gold Inc. Common Shares Estey, James 4 8/7/2008 00 New Gold Inc. Common Shares Estey, James 4 30/12/2011 10 10.11 3,000 3,000 Newalta Corporation Options Borys, Michael 5 3/1/2012 50 12.62 300,000 60,000 Newalta Corporation Options Cadotte, Alan Paul 4, 5 3/1/2012 50 12.62 685,000 130,000 Newalta Corporation Options Donaleshen, Terry Peter 5 3/1/2012 50 12.62 277,000 52,000 Newalta Corporation Options Dugandzic, Peter Anthony 5 3/1/2012 50 12.62 320,000 60,000 Newalta Corporation Options MacDonald, Bob 4 3/1/2012 50 12.62 59,375 12,500 Newalta Corporation Options Milligan, R. Vance 4 3/1/2012 50 12.62 55,250 12,500 Newalta Corporation Options Pecharsky, Douglas Allen 5 3/1/2012 50 12.62 225,000 52,000 Newalta Corporation Options Pinder, Richard Hughes 4 3/1/2012 50 12.62 62,000 12,500 Newalta Corporation Options Pridham, Gordon E. 4 3/1/2012 50 12.62 69,500 12,500 Newalta Corporation Options Riddell Rose, Susan 4 3/1/2012 50 12.62 50,000 12,500 Newalta Corporation Options Ryley, Thomas Lovett 4 3/1/2012 50 12.62 50,000 12,500 Newalta Corporation Options Stewart, Barry D. 4 3/1/2012 50 12.62 62,000 12,500 Newalta Corporation Options Wells, Harry Allan 5 3/1/2012 50 12.62 118,000 18,000 Newalta Corporation Options Whiteley, Took 5 3/1/2012 50 12.62 312,000 52,000 Newalta Corporation Options Wilkie, James Craig 5 3/1/2012 50 12.62 315,000 60,000 Newfoundland Capital Common Shares Class B STEELE, HARRY 3, 4, 5 29/12/2011 10 9 446,635 200 Corporation Limited RAYMOND Newfoundland Capital Common Shares Class B STEELE, HARRY 3, 4, 5 29/12/2011 10 9 200 Corporation Limited RAYMOND Nexen Inc. Rights Deferred Share Berry, William Baine 4 30/12/2011 56 15.91 21,947 68 Units Nexen Inc. Rights Deferred Share Bertram, Robert Gordon 4 30/12/2011 56 16.21 36,140 1,844 Units Nexen Inc. Rights Deferred Share Ebbern, Thomas William 4 30/12/2011 56 16.21 7,699 562 Units Nexen Inc. Rights Deferred Share Flanagan, Dennis Graham 4 30/12/2011 56 16.21 53,545 165 Units Nexen Inc. Rights Deferred Share Jackson, Steven Barry 4 30/12/2011 56 16.21 85,243 2,438 Units Nexen Inc. Rights Deferred Share Jenkins, Kevin John 4 30/12/2011 56 16.21 74,010 2,404 Units Nexen Inc. Rights Deferred Share McLellan, A. Anne 4 30/12/2011 56 16.21 53,394 702 Units Nexen Inc. Rights Deferred Share Newell, Eric P. 4 30/12/2011 56 16.21 93,946 2,354 Units Nexen Inc. Rights Deferred Share O'Neill, Thomas Charles 4 30/12/2011 56 16.21 72,190 2,619 Units Nexen Inc. Rights Deferred Share Saville, Q.C., Francis 4 30/12/2011 56 16.21 81,488 250 Units McLean Nexen Inc. Rights Deferred Share Scace, Arthur R.A. 4 30/12/2011 56 16.21 9,356 1,401 Units Nexen Inc. Rights Deferred Share Willson, John Michael 4 30/12/2011 56 16.21 76,518 774 Units Nexen Inc. Rights Deferred Share Zaleschuk, Victor Jack 4 30/12/2011 56 16.21 55,368 170 Units Next Gen Metals Inc. Common Shares Lawrence, Kevin 4 28/12/2011 10 0.08 1,481,333 30,000 Niko Resources Ltd. Options Robinson, Wendell W. 4 18/12/2011 52 80.9 31,250 -31,250 Niko Resources Ltd. Options Robinson, Wendell W. 4 18/12/2011 50 43.15 37,500 6,250 Niko Resources Ltd. Options Robinson, Wendell W. 4 18/12/2011 50 43.15 43,750 6,250 Niko Resources Ltd. Options Robinson, Wendell W. 4 18/12/2011 53 43.15 56,250 12,500 Niko Resources Ltd. Options Robinson, Wendell W. 4 18/12/2011 50 43.15 62,500 6,250 NiMin Energy Corp. Common Shares COTTMAN, CLARENCE 5 30/12/2011 10 0.61 2,153,400 5,000 Nord Resources Corporation Units Deferred Stock Cook, John Francis 4 3/1/2012 46 631,965 112,847 Units Nord Resources Corporation Units Deferred Stock Hamilton, Douglas Post 4 31/12/2011 46 0.072 1,016,220 138,889 Units Nord Resources Corporation Units Deferred Stock Seymour, Stephen Dana 4 31/12/2011 46 0.072 812,042 112,847 Units Nordion Inc. Common Shares Deferred Ashwood, Christopher Kent 5 3/1/2012 56 8.47 4,947 59 Share Unit Nordion Inc. Common Shares Deferred Benjamin, Tamra 5 3/1/2012 56 8.47 5,529 66 Share Unit

January 13, 2012 (2012) 35 OSCB 537 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Nordion Inc. Common Shares Deferred Brooks, Kevin 5 3/1/2012 56 8.47 8,132 97 Share Unit Nordion Inc. Common Shares Deferred Chitra, Jill 5 3/1/2012 56 8.47 5,150 62 Share Unit Nordion Inc. Common Shares Deferred Covitz, Peter Alan 5 3/1/2012 56 8.47 3,090 37 Share Unit Nordion Inc. Common Shares Deferred Dans, George Peter 5 3/1/2012 56 8.47 15,429 185 Share Unit Nordion Inc. Common Shares Deferred Foti, Andrew Alex 5 3/1/2012 56 8.47 6,462 77 Share Unit Nordion Inc. Common Shares Deferred McIntosh, Scott Robert 5 3/1/2012 56 8.47 6,180 74 Share Unit Nordion Inc. Options McIntosh, Scott Robert 5 20/12/2011 52 98,350 -2,000 Nordion Inc. Common Shares Deferred West, Steven 5 3/1/2012 56 8.47 60,735 728 Share Unit NorSerCo Inc. Common Shares (Traded Anda, Richard Barry 5 4/1/2012 46 29.72 17,487 1,616 as Stapled Units)

NorSerCo Inc. Common Shares (Traded Cook, Todd 4 4/1/2011 46 29.72 24,748 2,410 as Stapled Units)

NorSerCo Inc. Common Shares (Traded Lavery, Barbara 5 4/1/2012 46 29.72 2,171 283 as Stapled Units)

NorSerCo Inc. Common Shares (Traded Leiman, David Ernest 5 4/1/2012 46 0.27 4,894 586 as Stapled Units)

North American Energy Deferred Share Unit Brokaw, George R. 4 31/12/2011 56 42,955 2,643 Partners Inc. (Common Shares) North American Energy Deferred Share Unit Brussa, John Albert 4 31/12/2011 56 35,365 2,643 Partners Inc. (Common Shares) North American Energy Deferred Share Unit Dodd, Peter 5 31/12/2011 56 26,752 2,190 Partners Inc. (Common Shares) North American Energy Deferred Share Unit Hawkins, John D. 4 31/12/2011 56 44,571 2,738 Partners Inc. (Common Shares) North American Energy Deferred Share Unit McIntosh, Ronald A 4 31/12/2011 56 62,603 1,385 Partners Inc. (Common Shares) North American Energy Deferred Share Unit Oehmig, William C. 4 31/12/2011 56 62,332 5,475 Partners Inc. (Common Shares) North American Energy Deferred Share Unit Sello, Allen 4 31/12/2011 56 35,667 2,303 Partners Inc. (Common Shares) North American Energy Deferred Share Unit TOMSETT, PETER 4 31/12/2011 56 77,029 2,813 Partners Inc. (Common Shares) WILLIAM North American Energy Deferred Share Unit Turner, K. Rick 4 31/12/2011 56 34,622 2,643 Partners Inc. (Common Shares) Northern Freegold Common Shares Burges, John 4, 5 30/12/2011 10 0.215 628,168 15,500 Resources Ltd. Northern Freegold Common Shares Burges, John 4, 5 30/12/2011 10 0.22 629,668 1,500 Resources Ltd. Northern Freegold Common Shares Burges, John 4, 5 30/12/2011 10 0.23 634,668 5,000 Resources Ltd. Northern Freegold Common Shares Burges, John 4, 5 4/1/2012 10 0.205 637,668 3,000 Resources Ltd. Northern Freegold Common Shares Burges, John 4, 5 5/1/2012 10 0.21 640,168 2,500 Resources Ltd. Northern Freegold Common Shares Burges, John 4, 5 5/1/2012 10 0.205 645,168 5,000 Resources Ltd. Northern Freegold Common Shares DIDUCK, GLEN JOHN 5 4/1/2012 10 0.215 1,267,500 2,000 Resources Ltd. Northern Property Real Trust Units (Traded as Anda, Richard Barry 5 4/1/2012 46 29.72 17,487 1,616 Estate Investment Trust Stapled Units) Northern Property Real Trust Units (Traded as Cook, Todd 5 4/1/2011 46 29.72 20,711 2,410 Estate Investment Trust Stapled Units) Northern Property Real Trust Units (Traded as Lavery, Barbara 5 4/1/2012 46 29.72 776 283 Estate Investment Trust Stapled Units) Northern Property Real Trust Units (Traded as Leiman, David Ernest 5 4/1/2012 46 29.72 4,894 586 Estate Investment Trust Stapled Units) Northern Shield Resources Common Shares KIFF, William J. 4 31/12/2011 16 0.25 494,893 40,000 Inc. Northern Spirit Resources Common Shares Allford, Richard Bruce 4 30/12/2011 11 0.1 2,130,000 150,000 Inc. Northern Spirit Resources Common Shares Baker, Kevin Robert 3, 4, 5 30/12/2011 11 0.1 30,569,000 1,000,000 Inc.

January 13, 2012 (2012) 35 OSCB 538 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Northern Spirit Resources Common Shares Cassels, John Hamilton 5 30/12/2011 11 0.1 3,950,000 350,000 Inc. Northland Power Inc. Common Shares Dougall, David George 5 1/1/2011 00 10,325 Northland Power Inc. Common Shares Dougall, David George 5 1/1/2011 00 420 Northland Power Inc. Replacement Rights Dougall, David George 5 1/1/2011 00 238,323 Northstar Healthcare Inc. Deferred Share Units Pyun, Jin 4 3/1/2012 46 0.16 51,383 24,637 Northstar Healthcare Inc. Deferred Share Units Samuelson, Douglas 4 3/1/2012 46 0.16 77,296 24,637 Northstar Healthcare Inc. Deferred Share Units Steinberg, Daniel, Morris 4 3/1/2012 46 75,296 24,637 NovaGold Resources Inc. Warrants Electrum Strategic 3 30/11/2011 54 1.479 140,000 Resources LLC NovaGold Resources Inc. Warrants Electrum Strategic 3 30/11/2011 54 1.479 35,228,878 -140,000 Resources LLC NovaGold Resources Inc. Warrants Electrum Strategic 3 1/12/2011 54 1.479 256,300 Resources LLC NovaGold Resources Inc. Warrants Electrum Strategic 3 1/12/2011 54 1.479 34,972,578 -256,300 Resources LLC NovaGold Resources Inc. Warrants Electrum Strategic 3 2/12/2011 54 1.479 73,800 Resources LLC NovaGold Resources Inc. Warrants Electrum Strategic 3 2/12/2011 54 1.479 34,898,778 -73,800 Resources LLC NSR Resources Inc. Promissory Notes Grid rassmuss, juan 3, 4, 5 31/12/2011 11 $868,769 $18,769 Promissory Note per Loan Agreement NuLegacy Gold Corporation Common Shares Buckland, Charles 3 30/12/2011 10 0.175 1,887,500 1,000 Channing NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 5/1/2012 90 0.185 3,450,001 -250,000

NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 5/1/2012 90 0.185 3,400,001 -50,000

NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 12/11/2010 00

NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 5/1/2012 90 0.185 250,000 250,000

NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 12/11/2010 00

NuLegacy Gold Corporation Common Shares Matter, Albert 4, 5 5/1/2012 90 0.185 50,000 50,000

NUVISTA ENERGY LTD. Options Andreachuk, Ross Lloyd 5 31/12/2011 52 14.09 198,500 -10,000 NUVISTA ENERGY LTD. Options Dalman, Steven Jon 5 31/12/2011 52 18.05 216,725 -7,500 NUVISTA ENERGY LTD. Options McDavid, Douglas 5 31/12/2011 51 18.05 -6,000 Christopher NUVISTA ENERGY LTD. Options McDavid, Douglas 5 31/12/2011 52 18.05 264,750 -6,000 Christopher NUVISTA ENERGY LTD. Options McKinnon, Daniel Bert 5 31/12/2011 52 18.05 256,750 -5,000 NUVISTA ENERGY LTD. Options Truba, Joshua Thomas 5 31/12/2011 52 18.05 209,100 -2,500 Nuvo Research Inc. Common Shares Chicoine, Daniel 4 30/12/2011 57 2,265,335 70,305 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Common Shares Chicoine, Daniel 4 3/1/2012 99 2,265,334 -1 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Common Shares Chicoine, Daniel 4 3/1/2012 99 820,808 -1 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Performance Stock Units Chicoine, Daniel 4 30/12/2011 57 681,505 -70,305 (formerly Dimethaid (PSU) Research Inc.) Nuvo Research Inc. Common Shares GALER, BRADLEY 5 30/12/2011 57 4,077,553 37,077 (formerly Dimethaid STUART Research Inc.) Nuvo Research Inc. Performance Stock Units GALER, BRADLEY 5 30/12/2011 57 359,677 -37,077 (formerly Dimethaid (PSU) STUART Research Inc.) Nuvo Research Inc. Common Shares Guntermann, Henrich R.K. 4 30/12/2011 57 74,153 37,077 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Performance Stock Units Guntermann, Henrich R.K. 4 30/12/2011 57 359,677 -37,077 (formerly Dimethaid (PSU) Research Inc.) Nuvo Research Inc. Common Shares Lemieux, Stephen 8 30/12/2011 57 45,042 16,823 (formerly Dimethaid Research Inc.)

January 13, 2012 (2012) 35 OSCB 539 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Nuvo Research Inc. Performance Stock Units Lemieux, Stephen 8 30/12/2011 57 163,024 -16,823 (formerly Dimethaid (PSU) Research Inc.) Nuvo Research Inc. Common Shares London, John 4 30/12/2011 57 1,269,812 70,305 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Performance Stock Units London, John 4 30/12/2011 57 681,505 -70,305 (formerly Dimethaid (PSU) Research Inc.) Nuvo Research Inc. Common Shares Loucaides, Katina 8 30/12/2011 57 31,194 13,930 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Performance Stock Units Loucaides, Katina 8 30/12/2011 57 135,330 -13,930 (formerly Dimethaid (PSU) Research Inc.) Nuvo Research Inc. Common Shares Moulds, James Lawrence 5 30/12/2011 57 1,329,240 39,620 (formerly Dimethaid Research Inc.) Nuvo Research Inc. Performance Stock Units Moulds, James Lawrence 5 30/12/2011 57 384,220 -39,620 (formerly Dimethaid (PSU) Research Inc.) Oceanus Resources Common Shares Duncan, David Raymo 4 30/12/2011 10 0.3 1,035,000 5,000 Corporation Oceanus Resources Common Shares Gordon, Richard Basil 4, 5 30/12/2011 10 0.3 1,027,500 2,000 Corporation Oceanus Resources Common Shares Holmes, Glenn 4, 5 4/1/2012 10 0.3 1,071,500 5,000 Corporation Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 1/12/2011 38 6.18 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 1/12/2011 38 6.18 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 2/12/2011 38 6.14 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 2/12/2011 38 6.14 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 8/12/2011 38 6.17 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 8/12/2011 38 6.17 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 12/12/2011 38 6.11 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 12/12/2011 38 6.11 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 19/12/2011 38 5.97 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 19/12/2011 38 5.97 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 21/12/2011 38 6.04 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 21/12/2011 38 6.04 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 22/12/2011 38 6.1 200 200 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 22/12/2011 38 6.1 0 -200 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 23/12/2011 38 6.1 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 23/12/2011 38 6.1 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 28/12/2011 38 6.15 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 28/12/2011 38 6.15 0 -500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 30/12/2011 38 6.17 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 30/12/2011 38 6.17 0 -500 Olympus Pacific Minerals Options Barclay, Charles Alexander 5 3/1/2012 52 0.43 1,962,394 -500,000 Inc. Fordyce ONEX CORPORATION Rights Deferred Share Casey, Daniel C. 4 30/12/2011 56 33.18 59,332 517 Units (cash settled) ONEX CORPORATION Rights Deferred Share Etherington, William 4 30/12/2011 56 33.18 33,197 517 Units (cash settled) ONEX CORPORATION Rights Deferred Share Godsoe, Peter 4 30/12/2011 56 33.18 60,535 479 Units (cash settled) Cowperthwaite ONEX CORPORATION Rights Deferred Share Gouin, Serge 4 30/12/2011 56 33.18 60,813 479 Units (cash settled) ONEX CORPORATION Rights Deferred Share McCoy, John Bonnet 4 30/12/2011 56 33.18 52,205 559 Units (cash settled) ONEX CORPORATION Subordinate Voting Munk, Anthony 7 30/12/2011 47 33.18 235,145 -2,968 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 12/12/2011 38 32.872 35,300 35,300 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 12/12/2011 38 0 -35,300 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 13/12/2011 38 33 4,100 4,100 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 13/12/2011 38 0 -4,100 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 14/12/2011 38 32.861 37,196 37,196 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 14/12/2011 38 0 -37,196 Shares

January 13, 2012 (2012) 35 OSCB 540 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed ONEX CORPORATION Subordinate Voting Onex Corporation 1 15/12/2011 38 32.456 37,196 37,196 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 15/12/2011 38 0 -37,196 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 16/12/2011 38 32.986 25,000 25,000 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 16/12/2011 38 0 -25,000 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 19/12/2011 38 32.664 28,700 28,700 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 19/12/2011 38 0 -28,700 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 20/12/2011 38 32.685 37,196 37,196 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 20/12/2011 38 0 -37,196 Shares ONEX CORPORATION Rights Deferred Share Prichard, John Robert 4 30/12/2011 56 33.18 55,748 329 Units (cash settled) Stobo ONEX CORPORATION Rights Deferred Share Reisman, Heather M. 4 30/12/2011 56 33.18 48,563 329 Units (cash settled) ONEX CORPORATION Rights Deferred Share Thorsteinson, Arni Clayton 4 30/12/2011 56 33.18 74,992 843 Units (cash settled) Online Energy Inc. Common Shares DABNER, Steve 4, 5 5/1/2012 10 0.265 1,340,000 40,000 Online Energy Inc. Common Shares DABNER, Steve 4, 5 6/1/2012 10 0.265 1,350,000 10,000 Online Energy Inc. Common Shares DABNER, Steve 4, 5 6/1/2012 10 0.25 1,450,000 100,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 4/1/2012 10 0.255 652,000 14,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 5/1/2012 11 0.265 24,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 5/1/2012 11 0.265 24,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 5/1/2012 10 0.265 676,000 24,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 6/1/2012 10 0.265 701,000 25,000 Online Energy Inc. Common Shares LOVE, Thomas Lennox 4, 5 6/1/2012 10 0.25 801,000 100,000 Open EC Technologies, Inc. Common Shares Hoag, Jeffrey G. 4 30/12/2011 10 0.045 79,000 4,000

Open EC Technologies, Inc. Common Shares Hoag, Jeffrey G. 4 30/12/2011 10 0.0492 104,000 25,000

Open EC Technologies, Inc. Common Shares TRIVETT, ROY 4 16/2/2010 00

Open EC Technologies, Inc. Common Shares TRIVETT, ROY 4 30/12/2011 10 0.05 5,000 5,000

Open EC Technologies, Inc. Common Shares TRIVETT, ROY 4 30/12/2011 10 0.065 34,000 29,000

Open EC Technologies, Inc. Common Shares TRIVETT, ROY 4 4/1/2012 10 0.05 43,000 9,000

Open EC Technologies, Inc. Common Shares TRIVETT, ROY 4 4/1/2012 10 0.055 48,000 5,000

Orezone Gold Corporation Common Shares Aboubakar, Sidikou 7 4/1/2012 51 0.4 141,875 65,000 Orezone Gold Corporation Options Aboubakar, Sidikou 7 4/1/2012 51 0.4 110,000 -65,000 Osisko Mining Corporation Options Cartier, Hélène 5 1/1/2012 00 45,000

Otelco Inc. (formerly, Rural Income Deposit Securities Tisdale, Ed 5 31/12/2011 30 113 8 LEC Acquisition LLC) Otis Gold Corp. Common Shares Exercise Ranta, Donald Eli 4 15/9/2008 00 of Warrants Otis Gold Corp. Common Shares Exercise Ranta, Donald Eli 4 13/1/2009 54 0.35 40,000 of Warrants Otis Gold Corp. Common Shares Exercise Ranta, Donald Eli 4 13/1/2009 54 0.35 40,000 of Warrants Otis Gold Corp. Options Ranta, Donald Eli 4 14/9/2008 50 0.5 90,000 90,000 Otis Gold Corp. Options Ranta, Donald Eli 4 15/9/2008 00 Otis Gold Corp. Options Ranta, Donald Eli 4 31/8/2009 50 0.4 120,000 30,000 Otis Gold Corp. Options Ranta, Donald Eli 4 23/3/2010 50 0.45 170,000 50,000 Otis Gold Corp. Options Ranta, Donald Eli 4 23/2/2011 50 0.7 220,000 50,000 Otis Gold Corp. Options Ranta, Donald Eli 4 30/11/2011 50 0.3 270,000 50,000 Otis Gold Corp. Warrants Ranta, Donald Eli 4 15/9/2008 00 Otis Gold Corp. Warrants Ranta, Donald Eli 4 13/1/2009 11 0.35 40,000 40,000 Pacific North West Capital Options Consolidated International 3 30/12/2011 52 0 -315,000 Corp. Investment Holdings Inc.

Pacific North West Capital Warrants Consolidated International 3 30/12/2011 55 0 -2,250,000 Corp. Investment Holdings Inc.

Painted Pony Petroleum Ltd. Options Hall, Bruce 5 2/1/2012 00 215,000

January 13, 2012 (2012) 35 OSCB 541 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Paladin Labs Inc. Options Stock Options Larose, Patrice 5 21/2/2011 50 35 91,250 15,000 Paladin Labs Inc. Common Shares Paladin Labs Inc. 1 20/12/2011 38 0 -7,468 Palliser Oil & Gas Common Shares Carswell, Allan Bruce 4, 5 30/12/2011 51 0.5 924,832 100,000 Corporation Palliser Oil & Gas Options Carswell, Allan Bruce 4, 5 30/12/2011 51 0.5 370,000 -100,000 Corporation Palliser Oil & Gas DSU (cash-based only) Crowther, Kenneth 4 3/1/2012 56 62,395 8,283 Corporation Palliser Oil & Gas DSU (cash-based only) Fridhandler, Daryl Steven 4 3/1/2012 56 12,048 Corporation Palliser Oil & Gas DSU (cash-based only) Fridhandler, Daryl Steven 4 3/1/2012 56 84,440 12,048 Corporation Palliser Oil & Gas DSU (cash-based only) Hayden, Stephen Cyril 4 3/1/2012 56 60,876 8,283 Corporation Palliser Oil & Gas DSU (cash-based only) Saponja, Jeffrey Charles 4 3/1/2012 56 17,897 8,283 Corporation Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 5/12/2011 38 24.893 277,900 60,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 6/12/2011 38 24.413 309,100 31,200

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 6/12/2011 38 24.682 316,300 7,200

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 7/12/2011 38 24.322 381,300 65,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 7/12/2011 38 24.567 406,300 25,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 7/12/2011 38 396,400 -9,900

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 8/12/2011 38 24.119 451,700 55,300

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 8/12/2011 38 24.517 464,000 12,300

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 8/12/2011 38 385,700 -78,300

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 12/12/2011 38 23.516 505,700 120,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 12/12/2011 38 24.129 535,600 29,900

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 13/12/2011 38 24.206 635,600 100,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 13/12/2011 38 24.957 655,600 20,000

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 13/12/2011 38 498,000 -157,600

Pan American Silver Corp. Common Shares Pan American Silver Corp. 1 16/12/2011 38 189,700 -308,300

Paramount Resources Ltd. Common Shares Class A Wylie, Bernhard M. 4 5/1/2012 51 7.34 13,889 3,500

Paramount Resources Ltd. Common Shares Class A Wylie, Bernhard M. 4 5/1/2012 51 13.2 14,889 1,000

Paramount Resources Ltd. Common Shares Class A Wylie, Bernhard M. 4 5/1/2012 51 29.46 15,889 1,000

Paramount Resources Ltd. Common Shares Class A Wylie, Bernhard M. 4 5/1/2012 10 41.699 10,389 -5,500

Paramount Resources Ltd. Options Wylie, Bernhard M. 4 5/1/2012 51 7.34 26,000 -3,500

Paramount Resources Ltd. Options Wylie, Bernhard M. 4 5/1/2012 51 13.2 25,000 -1,000

Paramount Resources Ltd. Options Wylie, Bernhard M. 4 5/1/2012 51 29.46 24,000 -1,000

Parkland Fuel Corporation Common Shares Bechtold, John Frederick 4 4/1/2012 30 12.97 44,854 6,579 Parkland Fuel Corporation Restricted Common Bechtold, John Frederick 4 4/1/2012 30 12.97 1,588 -6,579 Shares Parkland Fuel Corporation Common Shares Brawn, Robert Gerald 4 5/1/2012 97 12.97 41,005 6,579 Mamini Parkland Fuel Corporation Common Shares Brawn, Robert Gerald 4 5/1/2012 30 10.93 48,072 2,243 Mamini Parkland Fuel Corporation Restricted Common Brawn, Robert Gerald 4 5/1/2012 97 12.97 1,588 -6,579 Shares Mamini Parkland Fuel Corporation Common Shares Dinning, James Francis 4 3/1/2012 30 54,434 1,223 Parkland Fuel Corporation Common Shares Dinning, James Francis 4 4/1/2012 30 12.97 61,013 6,579 Parkland Fuel Corporation Restricted Common Dinning, James Francis 4 4/1/2012 30 12.97 1,588 -6,579 Shares

January 13, 2012 (2012) 35 OSCB 542 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Parkland Fuel Corporation Common Shares Espey, Robert Berthold 5 4/1/2012 30 12.97 55,568 20,417 Parkland Fuel Corporation Restricted Common Espey, Robert Berthold 5 4/1/2012 30 12.97 19,016 -20,417 Shares Parkland Fuel Corporation Common Shares Ferland, Alain 4 4/1/2012 30 12.97 201,268 6,579 Parkland Fuel Corporation Restricted Common Ferland, Alain 4 4/1/2012 30 12.97 1,588 -6,579 Shares Parkland Fuel Corporation Common Shares Mackey, Robert Gerard 5 4/1/2012 30 12.97 12,458 10,295 Dean Parkland Fuel Corporation Restricted Common Mackey, Robert Gerard 5 4/1/2012 30 12.97 4,069 -10,295 Shares Dean Parkland Fuel Corporation Restricted Common McMillan, Michael Stanley 5 1/11/2011 00 3,250 Shares Howie Parkland Fuel Corporation Restricted Common McMillan, Michael Stanley 5 4/1/2012 30 12.97 2,573 -677 Shares Howie Parkland Fuel Corporation Share Options McMillan, Michael Stanley 5 1/11/2011 00 6,090 Howie Parkland Fuel Corporation Common Shares Pantelidis, James 4 21/10/2011 30 10.4 164,924 403 Parkland Fuel Corporation Common Shares Pantelidis, James 4 22/11/2011 30 11.4 165,924 370 Parkland Fuel Corporation Common Shares Pantelidis, James 4 2/1/2012 30 167,168 665 Parkland Fuel Corporation Common Shares Pantelidis, James 4 4/1/2012 30 12.97 180,325 13,157 Parkland Fuel Corporation Common Shares Pantelidis, James 4 2/1/2012 30 5,277 77 Parkland Fuel Corporation Deferred Share Unit Plan Pantelidis, James 4 30/12/2011 30 12.8 15,834 2,029

Parkland Fuel Corporation Restricted Common Pantelidis, James 4 4/1/2012 30 12.97 3,174 -13,157 Shares Parkland Fuel Corporation Common Shares Putnam, Karen 5 4/1/2012 30 12.97 67,418 2,153 Parkland Fuel Corporation Restricted Common Putnam, Karen 5 4/1/2012 30 12.97 5,624 -2,153 Shares Parkland Fuel Corporation Common Shares ROGERS, Ronald D. 4 4/1/2012 30 12.97 34,231 6,579 Parkland Fuel Corporation Deferred Share Unit Plan ROGERS, Ronald D. 4 30/12/2011 30 12.8 6,580 587

Parkland Fuel Corporation Restricted Common ROGERS, Ronald D. 4 4/1/2012 30 12.97 1,588 -6,579 Shares Parkland Fuel Corporation Common Shares Rouse, William James 5 4/1/2012 30 12.97 2,350 1,407 Parkland Fuel Corporation Restricted Common Rouse, William James 5 1/11/2011 00 Shares Parkland Fuel Corporation Restricted Common Rouse, William James 5 1/11/2011 00 5,440 Shares Parkland Fuel Corporation Restricted Common Rouse, William James 5 4/1/2012 30 12.97 4,033 -1,407 Shares Parkland Fuel Corporation Common Shares Sanford, William Stuart 5 4/1/2012 30 12.97 67,718 3,707 Parkland Fuel Corporation Restricted Common Sanford, William Stuart 5 4/1/2012 30 12.97 3,706 -3,707 Shares Parkland Fuel Corporation Restricted Common Savage, Jane Elizabeth 5 4/4/2011 00 3,470 Shares Parkland Fuel Corporation Share Options Savage, Jane Elizabeth 5 4/4/2011 00 17,370 Parkland Fuel Corporation Common Shares Willms, Allan 5 4/1/2012 30 12.97 2,245 677 Parkland Fuel Corporation Restricted Common Willms, Allan 5 4/1/2012 30 12.97 3,633 -677 Shares Partners Real Estate Options Hazell, Mark Stephan 5 28/2/2011 00 110,000 Investment Trust Pason Systems Inc. Common Shares Brooks, Gilbert Allen 4 30/12/2011 10 11.95 11,255 1,000 Pason Systems Inc. Common Shares Kessler, Marcel 5 7/11/2011 00 Pason Systems Inc. Common Shares Kessler, Marcel 5 7/11/2011 00 1,000 Pason Systems Inc. Common Shares Kessler, Marcel 5 5/1/2012 99 11.89 1,000 Pason Systems Inc. Common Shares Kessler, Marcel 5 5/1/2012 99 11.89 1,000 Passport Energy Ltd. Common Shares Gulka, Christopher David 4, 5 31/12/2011 46 0.165 296,303 105,941 Passport Energy Ltd. Common Shares Murray, Bruce James 4 31/12/2011 46 0.165 338,632 121,075 Passport Energy Ltd. Common Shares Port, Frank 4, 5 31/12/2011 46 0.165 596,303 105,941 Passport Energy Ltd. Common Shares Port, Frank 4, 5 4/1/2012 10 0.197 616,303 20,000 Passport Potash Inc. Common Shares Frost, Phillip 3 6/1/2012 10 0.29 18,499,200 20,700 Passport Potash Inc. Common Shares Frost, Phillip 3 6/1/2012 10 0.28 18,560,200 61,000 Passport Potash Inc. Common Shares Frost, Phillip 3 6/1/2012 10 0.275 18,569,700 9,500 Passport Potash Inc. Common Shares Frost, Phillip 3 6/1/2012 10 0.27 18,578,500 8,800 Pelangio Exploration Inc. Common Shares Slade, Arthur Gordon 4 6/1/2012 51 0.15 657,834 100,000 Pelangio Exploration Inc. Options Slade, Arthur Gordon 4 6/1/2012 52 -100,000 Pelangio Exploration Inc. Options Slade, Arthur Gordon 4 6/1/2012 51 550,000 -100,000 Pele Mountain Resources Options Cohen, Steven 4 30/12/2011 50 1,050,000 200,000 Inc. Pele Mountain Resources Options Cohen, Steven 4 31/12/2011 52 950,000 -100,000 Inc. Pele Mountain Resources Options Cooper, Martin Stephen 4, 5 30/12/2011 50 1,200,000 175,000 Inc.

January 13, 2012 (2012) 35 OSCB 543 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Pele Mountain Resources Options Cooper, Martin Stephen 4, 5 30/12/2011 50 1,400,000 200,000 Inc. Pele Mountain Resources Options Cooper, Martin Stephen 4, 5 31/12/2011 52 950,000 -450,000 Inc. Pele Mountain Resources Options Cooper, Richard Michael 4 30/12/2011 50 1,050,000 200,000 Inc. Pele Mountain Resources Options Cooper, Richard Michael 4 31/12/2011 52 950,000 -100,000 Inc. Pele Mountain Resources Options Dimmell, Peter Murray 4 30/12/2011 50 1,050,000 200,000 Inc. Pele Mountain Resources Options Dimmell, Peter Murray 4 31/12/2011 52 950,000 -100,000 Inc. Pele Mountain Resources Options Rukavina, Steven 4, 5 30/12/2011 50 1,050,000 200,000 Inc. Pele Mountain Resources Options Rukavina, Steven 4, 5 31/12/2011 52 950,000 -100,000 Inc. Pele Mountain Resources Options Shefsky, Alan Lawrence 4, 5 30/12/2011 50 5,450,000 1,500,000 Inc. Pele Mountain Resources Options Shefsky, Alan Lawrence 4, 5 31/12/2011 52 3,600,000 -1,850,000 Inc. Penn West Petroleum Ltd. Options MIDDLETON, DAVID 5 5/1/2012 38 325,000 -115,000 WILLIAM Penn West Petroleum Ltd. Restricted Share Rights MIDDLETON, DAVID 5 5/1/2012 57 225,000 -115,000 WILLIAM Penn West Petroleum Ltd. Common Shares Nunns, Murray R. 4, 5 23/12/2011 10 20.66 121,113 11,574 Penn West Petroleum Ltd. Options Nunns, Murray R. 4, 5 23/12/2011 38 725,000 -160,000 Penn West Petroleum Ltd. Restricted Share Rights Nunns, Murray R. 4, 5 23/12/2011 57 500,000 -160,000 Penn West Petroleum Ltd. 6.5% Convertable Smith, James Cameron 4 3/1/2012 38 100 0 -100,000 Debentures December 31, 2011 Penn West Petroleum Ltd. Options Sterna, David 5 3/1/2012 38 135,000 -55,000 Penn West Petroleum Ltd. Restricted Share Rights Sterna, David 5 3/1/2012 57 85,000 -55,000 Pennine Petroleum Common Shares wunderlich, Lyle 3 3/1/2012 90 0.025 3,584,000 -200,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 3,384,000 -200,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 1,784,000 -1,600,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 16/4/2009 00 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 400,000 400,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 16/4/2009 00 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 400,000 400,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 16/4/2009 00 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 400,000 400,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 16/4/2009 00 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 400,000 400,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 16/4/2009 00 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 3/1/2012 90 0.025 200,000 200,000 Corporation Pennine Petroleum Common Shares wunderlich, Lyle 3 6/1/2012 90 0.025 400,000 200,000 Corporation People Corporation Common Shares Canning, Brevan 5 4/1/2012 10 0.3971 138,781 820 People Corporation Common Shares Chwartacki, Bonnie 5 4/1/2012 10 0.3971 61,195 1,049 People Corporation Common Shares Gallivan, John Brian 7, 5 4/1/2012 10 0.3971 1,701,538 1,392 People Corporation Common Shares Goldberg, Laurie Marc 3, 4, 5 4/1/2012 10 0.3971 7,472 1,901 People Corporation Common Shares Horner, Graeme Jeremy 5 4/1/2012 10 0.3971 23,749 623 People Corporation Common Shares Johnstone, Eric Roch 7 4/1/2012 10 0.3971 24,077 656 People Corporation Common Shares McFerran, John Ronald 3, 4, 5 4/1/2012 10 0.3971 3,222 820 People Corporation Common Shares Piitman, Glenn Michael 5 4/1/2012 10 0.3971 1,634 820 People Corporation Common Shares Radoja, Milos 7 4/1/2012 10 0.3971 14,046 525 Perpetual Energy Inc. 7.25% Convertible Riddell, Clayton H. 3, 4 23/12/2011 10 79.643 $30,000 Unsecured Subordinated Debentures

January 13, 2012 (2012) 35 OSCB 544 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Perpetual Energy Inc. 7.25% Convertible Riddell, Clayton H. 3, 4 23/12/2011 10 79.643 $1,268,000 $375,000 Unsecured Subordinated Debentures

Petrobank Energy and Common Shares Magus, Chad William 5 31/12/2011 30 8.27 12,530 681 Resources Ltd. Phonetime Inc. Options Martin, Jonathan 4 31/8/2010 00 Phonetime Inc. Options Martin, Jonathan 4 31/8/2010 00 200,000 PHX Energy Services Corp. Retention Awards (Cash- Athaide, Judith 4 31/12/2011 56 10.67 11,574 468 based Only) PHX Energy Services Corp. Retention Awards (Cash- Bailey, James Cameron 4 31/12/2011 56 10.67 15,330 351 based Only) PHX Energy Services Corp. Retention Awards (Cash- Gray, James K. 4 31/12/2011 56 10.67 13,974 351 based Only) PHX Energy Services Corp. Retention Awards (Cash- Hibbard, Lawrence M. 4 31/12/2011 53 10.67 5,280 351 based Only) PHX Energy Services Corp. Retention Awards (Cash- Hooks, John Michael 5 31/12/2011 56 10.67 34,018 234 based Only) PHX Energy Services Corp. Retention Awards (Cash- Tetreault, Myron Arthur 4 31/12/2011 56 10.67 16,613 351 based Only) Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 30/12/2011 10 3.9843 50,000 Pinetree Capital Ltd. Common Shares Inwentash, Sheldon 4, 5 30/12/2011 10 3.9843 50,000 Pizza Pizza Royalty Income Trust Units Reid, Terence C. W. 4 31/12/2011 30 8.62 16,939 1,476 Fund Plains Creek Phosphate Common Shares Phillips, Carson 3, 4, 5 30/12/2011 10 0.055 1,309,000 43,000 Corporation Plains Creek Phosphate Common Shares Phillips, Carson 3, 4, 5 30/12/2011 10 0.06 1,311,000 2,000 Corporation Plains Creek Phosphate Common Shares Phillips, Carson 3, 4, 5 30/12/2011 10 0.055 1,336,000 25,000 Corporation Plains Creek Phosphate Options Reynolds, John 4 24/3/2011 50 2,700,000 2,500,000 Corporation Platinex Inc. Common Shares TRUSLER, JAMES 3, 4, 5 3/1/2012 10 0.06 5,518,930 3,000 RICHARD Platinex Inc. Common Shares TRUSLER, JAMES 3, 4, 5 4/1/2012 10 0.075 5,524,930 6,000 RICHARD Platinum Communications Common Shares Parkinson, Bernard 5 3/1/2012 90 0.045 -303,000 Corporation Platinum Communications Common Shares Parkinson, Bernard 5 3/1/2012 99 0 -2,130,115 Corporation Platinum Communications Common Shares Parkinson, Bernard 5 13/7/2009 00 Corporation Platinum Communications Common Shares Parkinson, Bernard 5 4/1/2012 99 2,130,115 2,130,115 Corporation Polar Star Mining Common Shares Willock, Thomas Douglas 3, 4, 5 29/12/2011 10 0.3 4,713,333 333,333 Corporation Polymet Mining Corp. Common Shares Sims, Frank Lester 4 23/12/2011 10 1 316,624 300 Polymet Mining Corp. Common Shares Sims, Frank Lester 4 23/12/2011 10 1.03 317,024 400 Polymet Mining Corp. Common Shares Sims, Frank Lester 4 28/12/2011 10 1.02 327,024 10,000 Polymet Mining Corp. Common Shares Sims, Frank Lester 4 29/12/2011 10 1.01 337,024 10,000 Porto Energy Corp. Common Shares ROMANZIN, GERALD A. 4 18/3/2011 00 Porto Energy Corp. Common Shares ROMANZIN, GERALD A. 4 4/1/2012 10 0.125 27,000 27,000 Potash Corporation of Rights Deferred Share Burley, Christopher Michael 4 7/11/2011 56 49.26 3,939 5 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Burley, Christopher Michael 4 30/12/2011 56 42.11 4,220 281 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Estey, John W. 4 7/11/2011 56 48.63 68,735 99 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Estey, John W. 4 30/12/2011 56 41.28 69,325 590 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Grandey, Gerald Wayne 4 7/11/2011 56 49.26 227 1 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Grandey, Gerald Wayne 4 30/12/2011 56 42.11 1,293 1,066 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Hoffman, C. Steven 4 7/11/2011 56 48.63 13,033 19 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Hoffman, C. Steven 4 30/12/2011 56 41.28 14,153 1,120 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Howe, Dallas J. 4 7/11/2011 56 49.26 111,060 154 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Laberge, Alice D. 4 7/11/2011 56 49.26 52,447 73 Saskatchewan Inc. Units

January 13, 2012 (2012) 35 OSCB 545 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Potash Corporation of Rights Deferred Share Laberge, Alice D. 4 30/12/2011 56 42.11 52,863 416 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Martell, Keith 4 7/11/2011 56 49.26 16,904 23 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Martell, Keith 4 30/12/2011 56 42.11 18,031 1,127 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share McCaig, Jeffrey James 4 7/11/2011 56 49.26 88,899 123 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share McCaig, Jeffrey James 4 30/12/2011 56 42.11 90,026 1,127 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Mogford, Mary 4 7/11/2011 56 49.26 80,297 111 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Mogford, Mary 4 30/12/2011 56 42.11 80,891 594 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Schoenhals, Paul J. 4 7/11/2011 56 49.26 56,350 78 Saskatchewan Inc. Units Potash Corporation of Common Shares Stann, Darryl 5 1/1/2011 97 0 -390 Saskatchewan Inc. Potash Corporation of Common Shares Stann, Darryl 5 29/12/2011 11 3,600 -2,400 Saskatchewan Inc. Potash Corporation of Common Shares Stann, Denita 5 29/12/2011 11 3,570 2,400 Saskatchewan Inc. Potash Corporation of Rights Deferred Share Stromberg, Edward Robert 4 7/11/2011 56 49.26 50,999 71 Saskatchewan Inc. Units Potash Corporation of Rights Deferred Share Viyella de Paliza, Elena 4 7/11/2011 56 48.63 44,810 64 Saskatchewan Inc. Units Power Corporation of Equity Forward Contract Power Corporation of 1 30/12/2011 70 22.982 18 1 Canada Canada Precision Drilling Deferred Share Units Donovan, William T. 4 31/12/2011 56 24,224 1,430 Corporation Precision Drilling Deferred Share Units Gibson, Robert James 4 31/12/2011 56 49,983 2,382 Corporation Sinclair Precision Drilling Deferred Share Units Hagerman, Allen R. 4 31/12/2011 56 58,075 2,650 Corporation Precision Drilling Deferred Share Units Letwin, Stephen Joseph 4 31/12/2011 56 61,354 2,829 Corporation James Precision Drilling Deferred Share Units Meyers, Kevin Omar 4 26/9/2011 00 Corporation Precision Drilling Deferred Share Units Meyers, Kevin Omar 4 31/12/2011 56 2,559 2,559 Corporation Precision Drilling Deferred Share Units Murray, Patrick M. 4 31/12/2011 56 36,671 2,382 Corporation Precision Drilling Deferred Share Units Pheasey, Frederick W. 4 31/12/2011 56 69,403 2,679 Corporation Precision Drilling Deferred Share Units Phillips, Robert L. 4 31/12/2011 56 32,050 1,430 Corporation Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 1/1/2012 30 4.52 2,718,101 11,377

Premium Exploration Inc. Common Shares Dundee Corporation 3 4/1/2012 10 0.125 4,000,000 -531,000 Pretium Resources Inc. Options Chang, Ian 5 15/12/2011 50 315,000 40,000 Pretium Resources Inc. Options De Visser, Peter Johan 5 15/12/2011 50 11.78 240,000 40,000 Adriaan Pretium Resources Inc. Options Dunn, Christopher Noel 4 15/12/2011 50 250,000 50,000 Pretium Resources Inc. Options McNaughton, Kenneth C. 6 15/12/2011 50 1,100,000 300,000 Pretium Resources Inc. Options Ovsenek, Joseph J. 4, 6, 5 15/12/2011 50 1,100,000 300,000 Pretium Resources Inc. Options Quartermain, Robert Allan 4, 5 15/12/2011 50 2,000,000 300,000 Pretium Resources Inc. Options Smith, John 4, 6 15/12/2011 50 11.78 190,000 40,000 Pretium Resources Inc. Options Yip, Tom 4, 6 15/12/2011 50 190,000 40,000 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 16/6/2009 00 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 19/12/2011 10 0.5 4,500 4,500 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 21/12/2011 10 0.5 8,500 4,000 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 22/12/2011 10 0.5 16,000 7,500 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 23/12/2011 10 0.5 28,500 12,500 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 19/12/2011 10 0.5 4,500 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 21/12/2011 10 0.5 4,000 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 22/12/2011 10 0.5 7,500 Pro-Trans Ventures Inc. Common Shares Davis, Douglas Robert 4 23/12/2011 10 0.5 12,500 Pro-Trans Ventures Inc. Common Shares Murray, Brian D. 4 30/12/2011 10 0.55 916,000 2,000 Progress Energy Resources Common Shares Vorobiev, Maxim 5 4/1/2012 10 13.5 80,402 -400 Corp. (formerly ProEx Energy Ltd.)

January 13, 2012 (2012) 35 OSCB 546 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Progress Energy Resources Common Shares Vorobiev, Maxim 5 4/1/2012 10 13.5 75,602 -4,800 Corp. (formerly ProEx Energy Ltd.) Progressive Waste Solutions Common Shares DEGROOTE, MICHAEL G. 4 28/12/2011 10 19.39 4,476 870 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares DeGroote, Michael H. 4 28/12/2011 10 19.39 2,350 870 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Dickinson, Daniel McKenzie 4 28/12/2011 10 19.39 2,350 870 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Dillon, John T 4 28/12/2011 10 19.39 2,350 870 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Forese, James John 4 28/12/2011 10 19.39 3,481 1,289 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Knight, Douglas 4 28/12/2011 10 19.39 9,161 999 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Milliard, Daniel 4 28/12/2011 10 19.39 9,016 935 Ltd.(formerly IESI-BFC Ltd.)

Progressive Waste Solutions Common Shares Progressive Waste 1 28/12/2011 38 20.37 2,621,724 517,498 Ltd.(formerly IESI-BFC Ltd.) Solutions Ltd.

ProMetic Life Sciences Inc. Common Shares Laurin, Pierre 4, 5 28/12/2011 10 0.14 1,581,615 15,000

Puma Exploration Inc. Common Shares Robillard, Marcel 5 3/1/2012 10 0.285 985,500 3,000 Puma Exploration Inc. Common Shares Robillard, Marcel 5 4/1/2012 10 0.29 989,500 4,000 Puma Exploration Inc. Common Shares Robillard, Marcel 5 5/1/2012 10 0.29 994,500 5,000 Puma Exploration Inc. Common Shares Robillard, Marcel 5 6/1/2012 10 0.29 998,500 4,000 Quadra FNX Mining Ltd. Performance Share Units Bailey, John Arthur 5 5/1/2012 58 - Expiration 4,049 -4,258 of rights Quadra FNX Mining Ltd. Options Belsher, Geoffrey S 4 5/1/2012 52 151,200 -5,000 Quadra FNX Mining Ltd. Performance Share Units Blakely, Mark E. 5 5/1/2012 58 - Expiration 4,049 -4,258 of rights Quadra FNX Mining Ltd. Performance Share Units Blythe, Paul Marcus 4, 5 5/1/2012 58 - Expiration 38,013 -47,557 of rights Quadra FNX Mining Ltd. Warrants Blythe, Paul Marcus 4, 5 5/1/2012 55 0 -20,000 Quadra FNX Mining Ltd. Options Farrow, Catharine Elizabeth 5 21/5/2010 22 8.51 100,050 4,350 Goddard Quadra FNX Mining Ltd. Performance Share Units Farrow, Catharine Elizabeth 5 5/1/2012 58 - Expiration 9,346 -4,969 Goddard of rights Quadra FNX Mining Ltd. Performance Share Units Kirwan, Edward Allen 7, 5 5/1/2012 58 - Expiration 1,569 -2,418 of rights Quadra FNX Mining Ltd. Performance Share Units Le Bel, Guy 5 5/1/2012 58 - Expiration 1,569 -4,258 of rights Quadra FNX Mining Ltd. Warrants 20$ exercise Le Bel, Guy 5 5/1/2012 55 0 -50,000 price Quadra FNX Mining Ltd. Options Micks, Julia Patricia 5 5/1/2012 52 42,993 -18,096 Quadra FNX Mining Ltd. Performance Share Units Micks, Julia Patricia 5 5/1/2012 58 - Expiration 2,418 -1,569 of rights Quadra FNX Mining Ltd. Options Morrison, Gordon Garfield 5 21/5/2010 22 8.51 139,200 17,400

Quadra FNX Mining Ltd. Performance Share Units Morrison, Gordon Garfield 5 5/1/2012 58 - Expiration 4,049 -4,969 of rights Quadra FNX Mining Ltd. Restricted Share Units Wachowiak, Nawojka Marta 5 5/1/2012 58 - Expiration 12,000 -6,000 of rights Quadra FNX Mining Ltd. Performance Share Units White, Derek Christopher 5 5/1/2012 58 - Expiration 9,346 -11,687 of rights Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 18/12/2003 00 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 18/12/2003 00 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 30/12/2011 00 Ltd.

January 13, 2012 (2012) 35 OSCB 547 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 30/12/2011 11 0.5 576,669 200,000 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 30/12/2011 11 0.6 743,336 166,667 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 18/12/2003 00 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 18/12/2003 00 1,263,900 Ltd. Quartz Mountain Resources Common Shares Dickinson, Robert Allan 4 30/12/2011 00 Ltd. Quartz Mountain Resources Warrants Dickinson, Robert Allan 4 18/12/2003 00 Ltd. Quartz Mountain Resources Warrants Dickinson, Robert Allan 4 18/12/2003 00 Ltd. Quartz Mountain Resources Warrants Dickinson, Robert Allan 4 30/12/2011 00 Ltd. Quartz Mountain Resources Common Shares Thiessen, Ronald William 4, 5 30/12/2011 00 1,403,704 Ltd. Quartz Mountain Resources Common Shares Thiessen, Ronald William 4, 5 30/12/2011 00 328,982 Ltd. Quebecor Inc. Unité d'action différée Bertrand, Françoise 4 31/12/2011 56 11,065 3,787 Quebecor Inc. Unité d'action différée Bertrand, Françoise 4 31/12/2011 35 11,115 50 Quebecor Inc. Unité d'action différée La Couture, Jean 4 31/12/2011 56 10,500 1,070 Quebecor Inc. Unité d'action différée La Couture, Jean 4 31/12/2011 35 10,558 58 Quebecor Inc. Unité d'action différée LALANDE, Sylvie 4 26/5/2011 00 Quebecor Inc. Unité d'action différée LALANDE, Sylvie 4 31/12/2011 56 1,504 1,504 Quebecor Inc. Unité d'action différée LALANDE, Sylvie 4 31/12/2011 35 1,505 1 Quebecor Inc. Unité d'action différée Laurin, Pierre 4 31/12/2011 56 10,285 835 Quebecor Inc. Unité d'action différée Laurin, Pierre 4 31/12/2011 35 10,345 60 Quebecor Inc. Unité d'action différée Mulroney, Brian 4, 5 31/12/2011 56 26,553 2,324 Quebecor Inc. Unité d'action différée Mulroney, Brian 4, 5 31/12/2011 35 26,706 153 Quebecor Inc. Unité d'action différée Parent, Pierre 4 31/12/2011 56 29,553 835 Quebecor Inc. Unité d'action différée Parent, Pierre 4 31/12/2011 35 29,730 177 Quebecor Inc. Unité d'action différée Péladeau, Pierre Karl 4, 6, 5 31/12/2011 35 6,439 40 Quebecor Inc. Subordinate Voting Quebecor inc. 1 5/12/2011 38 33.274 5,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 6/12/2011 38 32.91 10,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 7/12/2011 38 32.45 15,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 8/12/2011 38 32.67 20,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 9/12/2011 38 32.54 25,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 12/12/2011 38 33.24 30,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 13/12/2011 38 33.12 35,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 14/12/2011 38 33.03 40,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 15/12/2011 38 32.93 45,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 16/12/2011 38 33.795 50,000 5,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 30/12/2011 38 0 -50,000 Shares Catégorie B Queenston Mining Inc. Common Shares BARTLIFF, CHARLES 4 4/1/2012 10 5.21 0 -5,000 ELLIOTT Queenston Mining Inc. Common Shares Inwentash, Sheldon 3 4/1/2012 10 5.2732 4,680,700 25,000 Questerre Energy Options Beddoes Jr, Leslie 4 31/12/2011 50 0.6 588,753 50,000 Corporation Raymond Questerre Energy Options Binnion, Michael Rupert 4, 6, 5 31/12/2011 50 0.6 6,367,500 450,000 Corporation Questerre Energy Options Boivin, Pierre 4 31/12/2011 50 0.6 715,000 50,000 Corporation

January 13, 2012 (2012) 35 OSCB 548 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Questerre Energy Options Brodylo, John Carter 5 31/12/2011 48 - 0.6 1,355,000 140,000 Corporation Acqui sition by inheri tance or dispo sition by bequ est

Questerre Energy Options Coldham, Peter 5 31/12/2011 50 935,000 200,000 Corporation Questerre Energy Options D'Silva, Jason Dominic 5 31/12/2011 50 0.6 1,945,000 140,000 Corporation Questerre Energy Options Hammond, Jeffery 4 31/12/2011 50 0.6 782,500 50,000 Corporation Frederick Russell Questerre Energy Options Harrington, Paul 5 31/12/2011 50 605,000 140,000 Corporation Questerre Energy Options Nicholson, Ian 5 31/12/2011 50 790,000 140,000 Corporation Questerre Energy Options Paus, Peder 4 31/12/2011 50 0.6 3,365,000 100,000 Corporation Questerre Energy Common Shares Questerre Energy 1 29/12/2011 38 0.62 3,428,500 164,000 Corporation Questerre Energy Common Shares Questerre Energy 1 30/12/2011 38 0.62 3,598,500 170,000 Corporation Questerre Energy Common Shares Questerre Energy 1 2/1/2012 38 0.64 3,748,500 150,000 Corporation Questerre Energy Common Shares Questerre Energy 1 3/1/2012 38 0.69 3,778,500 30,000 Corporation Questerre Energy Common Shares Questerre Energy 1 6/1/2012 38 0.7 3,789,500 11,000 Corporation Questerre Energy Options Quinlan, Patrick 4 31/12/2011 50 400,000 50,000 Corporation Questerre Energy Options Rees, Maria 5 31/12/2011 50 0.6 1,520,000 140,000 Corporation Questerre Energy Options Tonnessen, Bjorn Inge 4 31/12/2011 50 600,000 50,000 Corporation Railtown Capital Corp. Common Shares Edwards, Michael Scott 3 23/12/2011 00 500,000 Railtown Capital Corp. Common Shares Lew, Franklin Derek 3 23/12/2011 00 Railtown Capital Corp. Common Shares Lew, Franklin Derek 3 23/12/2011 00 500,000 Railtown Capital Corp. Common Shares Manji, Samir Aziz 3 23/12/2011 00 Railtown Capital Corp. Common Shares Manji, Samir Aziz 3 23/12/2011 00 500,000 Rainbow Resources Inc. Common Shares Libin, Robert Michael 4 1/12/2011 00 300,000 Rainbow Resources Inc. Options Libin, Robert Michael 4 1/12/2011 00 Rainbow Resources Inc. Options Libin, Robert Michael 4 29/12/2011 50 150,000 150,000 Rainbow Resources Inc. Common Shares Murray, Robert Brian 3, 4, 5 29/12/2011 16 0.2 1,025,000 50,000 Rainbow Resources Inc. Warrants Murray, Robert Brian 3, 4, 5 29/12/2011 16 0.25 225,000 25,000 Rainy River Resources Ltd. Stock Options Averill, Stuart Allan 4 15/12/2011 50 7.28 775,000 50,000

Rainy River Resources Ltd. Stock Options Excell, James Douglas 4 15/12/2011 50 7.28 300,000 50,000

Rainy River Resources Ltd. Stock Options Macdonald, Garett 5 15/12/2011 50 7.28 453,500 50,000

Rainy River Resources Ltd. Stock Options Peniuk, Dale Canfield 4 15/12/2011 50 7.28 800,000 50,000

Rainy River Resources Ltd. Stock Options Pettit, Richard Craig 4 15/12/2011 50 7.28 300,000 50,000

Rainy River Resources Ltd. Stock Options Shields, Gerald Joseph 4, 5 15/12/2011 50 7.28 1,170,000 175,000

Rainy River Resources Ltd. Stock Options Sparkes, Kerry Elwyn 5 15/12/2011 50 7.28 425,000 175,000

Rainy River Resources Ltd. Stock Options Stanfield, Kyle 5 1/1/2012 00 270,000

Rainy River Resources Ltd. Stock Options Threlkeld, Raymond 5 15/12/2011 50 7.28 1,250,000 200,000 Wesley Rare Element Resources Common Shares Brown, Mark Thomas 4 4/1/2012 10 0.55 245,000 50,000 Ltd.

January 13, 2012 (2012) 35 OSCB 549 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Rare Element Resources Options Brown, Mark Thomas 4 4/1/2012 51 0.55 480,000 -50,000 Ltd. Rare Element Resources Common Shares Burmeister, Norman William 4, 5 3/1/2012 51 0.55 380,000 50,000 Ltd. Rare Element Resources Options Burmeister, Norman William 4, 5 3/1/2012 51 0.55 290,000 -50,000 Ltd. RDM Corporation Common Shares Perlus Microcap Fund 3 30/12/2011 10 0.8684 2,824,100 356,000 Red Rock Energy Inc. Common Shares Walter, Brent 4 31/12/2011 16 0.11 1,426,700 460,000 Red Tiger Mining Inc. - Common Shares Yanchukov, Sergey 6 30/12/2011 10 1.1672 1,636,900 40,000 Formerly Zaruma Resources Inc. Redhawk Resources, Inc. Common Shares Bastable, Steven Charles 4 16/12/2011 54 0.23 1,251,501 123,333 Redhawk Resources, Inc. Warrants Bastable, Steven Charles 4 15/12/2011 10 127,000 -277,500 Redhawk Resources, Inc. Warrants Bastable, Steven Charles 4 16/12/2011 54 0.23 3,667 -123,333 Redline Communications Common Shares Kramer, David 3 5/1/2012 10 0.6949 591,000 24,000 Group Inc. Redline Communications Common Shares Kramer, David 3 6/1/2012 10 0.6938 604,000 13,000 Group Inc. Redline Communications Common Shares Kramer, David 3 3/1/2012 10 0.6621 26,200 11,200 Group Inc. Redline Communications Common Shares Kramer, David 3 4/1/2012 10 0.68 76,500 4,500 Group Inc. Redline Communications Common Shares Kramer, David 3 5/1/2012 10 0.69 83,000 6,500 Group Inc. Redline Communications Common Shares Kramer, David 3 4/1/2012 10 0.6614 59,500 7,000 Group Inc. Redline Communications Common Shares Soni, Rob 4 31/12/2011 36 0.46 1,929,460 1,262,150 Group Inc. Redline Communications Convertible Debentures Soni, Rob 4 31/12/2011 36 $0 -$550,000 Group Inc. Redline Communications Common Shares van Berkom, Joannes 3 31/12/2011 36 0.46 2,393,615 1,193,615 Group Inc. Sebastian Redline Communications Convertible Debentures van Berkom, Joannes 3 31/12/2011 36 0.46 $430,000 -$520,000 Group Inc. Sebastian Redline Communications Common Shares Williams, Robert Lloyd 5 1/5/2010 00 Group Inc. Redline Communications Common Shares Williams, Robert Lloyd 5 30/12/2011 36 0.46 91,972 91,972 Group Inc. Redline Communications Convertible Debentures Williams, Robert Lloyd 5 30/12/2011 36 $0 -$40,000 Group Inc. REIT INDEXPLUS Income Trust Units REIT Indexplus Income 1 30/12/2011 38 10.49 617,600 900 Fund Fund REIT INDEXPLUS Income Trust Units REIT Indexplus Income 1 3/1/2012 38 10.62 620,200 2,600 Fund Fund Response Biomedical Corp Common Shares Orbimed Advisors, LLC 3 30/12/2011 15 0.0746 81,585,629 67,024,129

Response Biomedical Corp Warrants Orbimed Advisors, LLC 3 28/7/2010 00

Response Biomedical Corp Warrants Orbimed Advisors, LLC 3 30/12/2011 15 67,024,129 67,024,129

Revett Minerals Inc. Common Shares Appleton, Albert 4 28/12/2011 51 1.45 21,004 20,000 Revett Minerals Inc. Options Appleton, Albert 4 28/12/2011 51 1.45 120,000 -20,000 Ridgewood Canadian Units Meyer, Paul W. 5 4/1/2010 00 Investment Grade Bond Fund Ridgewood Canadian Units Meyer, Paul W. 5 23/12/2011 10 10.938 1,019 1,019 Investment Grade Bond Fund Ridgewood Canadian Units Meyer, Paul W. 5 29/12/2011 10 11.389 1,300 281 Investment Grade Bond Fund Ridgewood Canadian Units Meyer, Paul W. 5 29/12/2011 10 11.389 3,553 303 Investment Grade Bond Fund Ridgewood Canadian Units Meyer, Paul W. 5 29/12/2011 10 11.389 3,849 296 Investment Grade Bond Fund Ridgewood Canadian Units Simpson, John H. 5 29/12/2011 10 11.389 19,585 585 Investment Grade Bond Fund

January 13, 2012 (2012) 35 OSCB 550 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Rio Verde Minerals Options Cerqueira, Manoel 5 1/1/2012 00 Development Corp. (formerly EM Resources Inc.)

Rio Verde Minerals Options Cerqueira, Manoel 5 1/1/2012 50 0.5 250,000 250,000 Development Corp. (formerly EM Resources Inc.)

Riverside Resources Inc. Common Shares Scott, Robert James 5 29/12/2011 10 0.7 274,800 8,000 Riverstone Resources Inc. Options Melrose, Dwayne Larry 8, 4, 5 21/9/2011 00 11,500 Riverstone Resources Inc. Options Melrose, Dwayne Larry 8, 4, 5 5/10/2011 00 Riverstone Resources Inc. Options Melrose, Dwayne Larry 8, 4, 5 5/10/2011 00 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 4/1/2012 10 0.09 1,124,500 500 Rocky Mountain Dealerships Common Shares Ganden, Garrett Andrew 5 31/12/2011 11 5,026 2,476 Inc. Wyatt Rocky Mountain Dealerships Rights DSU Hoffman, Dennis J. 4 30/12/2011 56 8,153 42 Inc. Rocky Mountain Dealerships Rights DSU Hoffman, Dennis J. 4 1/1/2012 56 9,153 1,000 Inc. Rocky Mountain Dealerships Rights DSU Macdonald, Keith Elliott 4 30/12/2011 56 8,153 42 Inc. Rocky Mountain Dealerships Rights DSU Macdonald, Keith Elliott 4 1/1/2012 56 9,153 1,000 Inc. Rocky Mountain Dealerships Rights DSU Priestner, Patrick John 4 30/12/2011 56 8,153 42 Inc. Rocky Mountain Dealerships Rights DSU Priestner, Patrick John 4 1/1/2012 56 9,153 1,000 Inc. Rocky Mountain Dealerships Rights DSU Walters, Paul 4 30/12/2011 56 8,153 42 Inc. Rocky Mountain Dealerships Rights DSU Walters, Paul 4 1/1/2012 56 9,153 1,000 Inc. Rocky Mountain Liquor Inc. Common Shares Byrne, Joan 3 30/12/2011 10 0.295 450,306 6,000

Rocky Mountain Liquor Inc. Common Shares Byrne, Joan 3 30/12/2011 10 0.3 450,806 500

Rocky Mountain Liquor Inc. Common Shares Byrne, Peter 3, 5 30/12/2011 10 0.295 515,836 6,000

Rocky Mountain Liquor Inc. Common Shares Byrne, Peter 3, 5 30/12/2011 10 0.3 516,336 500

Rocky Mountain Liquor Inc. Common Shares stelmack, sarah 5 31/12/2011 30 0.2993 50,550 36,011

Rogers Communications Inc. Deferred Share Units Besse, Ronald D. 4 31/12/2011 56 74,391 994

Rogers Communications Inc. Deferred Share Units Besse, Ronald D. 4 31/12/2011 30 77,449 3,058

Rogers Communications Inc. Deferred Share Units Birchall, Charles William 4 31/12/2011 56 28,202 726 David Rogers Communications Inc. Deferred Share Units Birchall, Charles William 4 31/12/2011 30 29,485 1,283 David Rogers Communications Inc. Deferred Share Units Godsoe, Peter 4 31/12/2011 56 52,062 1,185 Cowperthwaite Rogers Communications Inc. Deferred Share Units Godsoe, Peter 4 31/12/2011 30 54,208 2,146 Cowperthwaite Rogers Communications Inc. Deferred Share Units Marcoux, Isabelle 4 31/12/2011 56 11,932 356

Rogers Communications Inc. Deferred Share Units Marcoux, Isabelle 4 31/12/2011 30 12,468 536

Rogers Communications Inc. Deferred Share Units Peterson, David Robert 4 31/12/2011 56 61,466 599

Rogers Communications Inc. Deferred Share Units Peterson, David Robert 4 31/12/2011 30 64,066 2,600

Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 19/12/2011 38 37.46 464,538 464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 19/12/2011 38 0 -464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 20/12/2011 38 38.04 464,538 464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 20/12/2011 38 0 -464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 21/12/2011 38 38.78 464,538 464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 21/12/2011 38 0 -464,538 B Inc.

January 13, 2012 (2012) 35 OSCB 551 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 22/12/2011 38 38.89 464,538 464,538 B Inc. Rogers Communications Inc. Non-Voting Shares Class Rogers Communications 1 22/12/2011 38 0 -464,538 B Inc. Rogers Communications Inc. Deferred Share Units Rogers, Loretta A. 4, 6 31/12/2011 56 51,661 557

Rogers Communications Inc. Deferred Share Units Rogers, Loretta A. 4, 6 31/12/2011 30 53,879 2,218

Rogers Communications Inc. Deferred Share Units Rogers, Martha 4, 6 31/12/2011 56 11,455 599

Rogers Communications Inc. Deferred Share Units Rogers, Martha 4, 6 31/12/2011 30 12,096 641

Rogers Communications Inc. Deferred Share Units Schleyer, William 4 31/12/2011 56 50,670 684

Rogers Communications Inc. Deferred Share Units Schleyer, William 4 31/12/2011 30 52,840 2,170

Rogers Sugar Inc. Common Shares Belkin, Alton Stuart 3, 4 3/1/2012 10 5.32 140,343 1,233 Rogers Sugar Inc. Common Shares BERGMAME, Dean 4 3/1/2012 10 5.321 20,284 670 Rogers Sugar Inc. Common Shares Collins, Gary 7 3/1/2012 10 5.32 9,574 587 Rogers Sugar Inc. Common Shares DESBIENS, MICHEL 4 3/1/2012 10 5.33 28,464 1,291 Rogers Sugar Inc. Common Shares Heskin, Michael Andrew 7 3/1/2012 10 5.32 11,191 742 Rogers Sugar Inc. Common Shares Jewell, Donald 7 3/1/2012 10 5.32 70,635 888 Rogers Sugar Inc. Common Shares Maslechko, William S. 4 3/1/2012 10 5.33 12,911 586 Rogers Sugar Inc. Common Shares Ross, M. Dallas H. 4 3/1/2012 10 5.32 22,853 881 Rokmaster Resources Corp. Common Shares Mirko, John Martin 4, 5 3/1/2012 47 2,970,001 -620,000

Royal Bank of Canada Common Shares Hirji-Nowaczynski, Zabeen 5 5/1/2012 51 31.7 26,090 19,992

Royal Bank of Canada Common Shares Hirji-Nowaczynski, Zabeen 5 5/1/2012 10 52.272 6,098 -19,992

Royal Bank of Canada Options Hirji-Nowaczynski, Zabeen 5 5/1/2012 51 31.7 233,830 -19,992

Royal Bank of Canada Common Shares Nixon, Gordon Melbourne 4, 5 5/1/2012 51 44.125 919,120 239,704 Royal Bank of Canada Common Shares Nixon, Gordon Melbourne 4, 5 5/1/2012 10 52.329 679,416 -239,704 Royal Bank of Canada Options Nixon, Gordon Melbourne 4, 5 5/1/2012 51 44.125 1,168,348 -239,704 Royal Host Inc. Common Shares Armoyan, George 3 23/12/2011 10 1.34 900 Royal Host Inc. Common Shares Armoyan, George 3 23/12/2011 10 1.3 1,133,200 900 Royal Host Inc. Common Shares Armoyan, George 3 28/12/2011 10 1.35 1,134,400 1,200 Royal Host Inc. Convertible Debentures Armoyan, George 3 30/12/2011 10 84.653 $519,000 $461,000 5.90% unsecured subordinated, Series D, due June 30, 2014 Royal Host Inc. Convertible Debentures Armoyan, George 3 28/12/2011 10 88.97 $2,487,000 $65,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Armoyan, George 3 30/12/2011 10 89 $2,497,000 $10,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 6/12/2011 38 86 $8,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 8/12/2011 38 86.03 $16,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 14/12/2011 38 87.15 $1,783,000 $1,767,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 15/12/2011 38 87 $1,791,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 16/12/2011 38 87 $1,799,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013

January 13, 2012 (2012) 35 OSCB 552 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Royal Host Inc. Convertible Debentures Royal Host Inc. 1 19/12/2011 38 86.55 $1,807,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 20/12/2011 38 86.75 $1,815,000 $8,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Host Inc. Convertible Debentures Royal Host Inc. 1 23/12/2011 38 $0 -$1,815,000 6.25% unsecured subordinated, Series C, due Sept 30, 2013 Royal Nickel Corporation Rights Deferred Share Hand, Scott McKee 4, 5 3/1/2012 56 0.6 318,637 52,083 Units RT Minerals Corp. Warrants Lake Shore Gold Corp. 3 1/1/2012 55 2,250,000 -6,000,000 Rubicon Minerals Options Adamson, David William 4, 5 4/1/2012 51 3.98 270,000 Corporation Rubicon Minerals Options Adamson, David William 4, 5 4/1/2012 50 3.98 1,495,000 270,000 Corporation Rubicon Minerals Options Bouchard, Claude 5 4/1/2012 50 3.98 562,500 162,500 Corporation Rubicon Minerals Options Bradbrook, Christopher J. 4 4/1/2012 50 3.98 415,995 51,546 Corporation Rubicon Minerals Options Cavalluzzo, Bill 5 4/1/2012 50 3.98 705,000 135,000 Corporation Rubicon Minerals Options Kemp, Julian 4 4/1/2012 50 210,995 51,546 Corporation Rubicon Minerals Options Kumoi, Glenn Yoshiaki 1 4/1/2012 50 3.98 530,000 150,000 Corporation Rubicon Minerals Options Lewis, Robert George 5 4/1/2012 50 3.98 720,000 150,000 Corporation Rubicon Minerals Options Reid, David Robert 4 4/1/2012 50 415,995 51,546 Corporation Rubicon Minerals Options Thomas, Bruce, Alexander 4 4/1/2012 51 3.98 51,546 Corporation Rubicon Minerals Options Thomas, Bruce, Alexander 4 4/1/2012 50 3.98 425,995 51,546 Corporation Rubicon Minerals Options Winship, Michael David 4 4/1/2012 50 3.98 251,546 51,546 Corporation Rubicon Minerals Options Wunder, Matthew 5 4/1/2012 50 3.98 895,000 150,000 Corporation Russel Metals Inc. Rights Deferred Share Benedetti, Alain 4 31/12/2011 56 12,959 1,114 Units (cash settled) Russel Metals Inc. Rights Deferred Share Dinning, James Francis 4 31/12/2011 56 11,769 338 Units (cash settled) Russel Metals Inc. Rights Deferred Share Fiora, Carl 4 31/12/2011 56 11,769 338 Units (cash settled) Russel Metals Inc. Rights Deferred Share Griffiths, Anthony Frear 4 31/12/2011 56 11,769 338 Units (cash settled) Russel Metals Inc. Rights Deferred Share Laberge, Alice D. 4 31/12/2011 56 6,641 337 Units (cash settled) Russel Metals Inc. Rights Deferred Share Lachapelle, Lise 4 31/12/2011 56 11,769 338 Units (cash settled) Russel Metals Inc. Rights Deferred Share O'Reilly, William Michael 5 31/12/2011 56 6,025 798 Units (cash settled) Russel Metals Inc. Rights Deferred Share Robinson, John Wayne 4 31/12/2011 56 11,769 338 Units (cash settled) Sabina Gold & Silver Corp. Options Bennett, Elaine 5 4/1/2012 50 4.05 960,000 120,000 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 29/12/2011 10 3.8 19,726,700 -93,100 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 30/12/2011 10 3.76 19,384,800 -341,900 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 3/1/2012 10 4.04 19,083,100 -301,700 Sabina Gold & Silver Corp. Common Shares Dundee Corporation 3 4/1/2012 10 3.9576 18,819,800 -263,300 Sabina Gold & Silver Corp. Options Fennell, David 4 4/1/2012 50 400,000 100,000 Sabina Gold & Silver Corp. Common Shares Goodman, Jonathan Carter 4 31/12/2011 97 0 -39,370

Sabina Gold & Silver Corp. Options Goodman, Jonathan Carter 4 4/1/2012 50 4.05 400,000 100,000

Sabina Gold & Silver Corp. Options Hean, Scott Bradbury 4 4/1/2012 50 4.05 664,000 100,000 Sabina Gold & Silver Corp. Options Hoeller, Nicole Raymonde 5 4/1/2012 50 4.05 738,029 120,000

Sabina Gold & Silver Corp. Options Pease, Robert 4 4/1/2012 50 4.05 500,000 250,000 Sabina Gold & Silver Corp. Options Wakeford, John 5 4/1/2012 50 4.05 1,072,500 100,000 Sabina Gold & Silver Corp. Options Walsh, Anthony P. 5 4/1/2012 50 4.05 1,250,000 100,000

January 13, 2012 (2012) 35 OSCB 553 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Sabina Gold & Silver Corp. Options Whitton, John Francis 4 4/1/2012 50 4.05 550,000 100,000 Sabina Gold & Silver Corp. Options Wilkes, LeRoy Ellsworth 4 4/1/2012 50 4.05 677,000 120,000 Sandspring Resources Ltd. Common Shares Constable, David Wayne 4 6/1/2012 10 1.25 10,000 10,000 SANDSTORM METALS & Common Shares Watson, Nolan Allan 4, 5 5/1/2012 10 0.35 698,990 157,800 ENERGY LTD. Saputo Inc. Common Shares Saputo inc. 1 6/12/2011 38 38.678 147,300 147,300 Saputo Inc. Common Shares Saputo inc. 1 7/12/2011 38 38.577 178,400 31,100 Saputo Inc. Common Shares Saputo inc. 1 8/12/2011 38 38.599 209,400 31,000 Saputo Inc. Common Shares Saputo inc. 1 9/12/2011 38 38.725 240,300 30,900 Saputo Inc. Common Shares Saputo inc. 1 9/12/2011 38 93,000 -147,300 Saputo Inc. Common Shares Saputo inc. 1 12/12/2011 38 38.288 124,300 31,300 Saputo Inc. Common Shares Saputo inc. 1 12/12/2011 38 93,200 -31,100 Saputo Inc. Common Shares Saputo inc. 1 13/12/2011 38 38.722 232,300 139,100 Saputo Inc. Common Shares Saputo inc. 1 13/12/2011 38 201,300 -31,000 Saputo Inc. Common Shares Saputo inc. 1 14/12/2011 38 38.419 232,100 30,800 Saputo Inc. Common Shares Saputo inc. 1 14/12/2011 38 201,200 -30,900 Saputo Inc. Common Shares Saputo inc. 1 15/12/2011 38 38.294 232,500 31,300 Saputo Inc. Common Shares Saputo inc. 1 15/12/2011 38 201,200 -31,300 Saputo Inc. Common Shares Saputo inc. 1 16/12/2011 38 38.398 232,400 31,200 Saputo Inc. Common Shares Saputo inc. 1 16/12/2011 38 93,300 -139,100 Saputo Inc. Common Shares Saputo inc. 1 19/12/2011 38 38.516 124,400 31,100 Saputo Inc. Common Shares Saputo inc. 1 19/12/2011 38 93,600 -30,800 Saputo Inc. Common Shares Saputo inc. 1 20/12/2011 38 38.959 226,100 132,500 Saputo Inc. Common Shares Saputo inc. 1 20/12/2011 38 194,800 -31,300 Saputo Inc. Common Shares Saputo inc. 1 21/12/2011 38 39.069 225,400 30,600 Saputo Inc. Common Shares Saputo inc. 1 21/12/2011 38 194,200 -31,200 Saputo Inc. Common Shares Saputo inc. 1 22/12/2011 38 38.926 224,900 30,700 Saputo Inc. Common Shares Saputo inc. 1 22/12/2011 38 193,800 -31,100 Saputo Inc. Common Shares Saputo inc. 1 23/12/2011 38 38.926 224,500 30,700 Saputo Inc. Common Shares Saputo inc. 1 23/12/2011 38 92,000 -132,500 Saputo Inc. Common Shares Saputo inc. 1 28/12/2011 38 38.24 123,000 31,000 Saputo Inc. Common Shares Saputo inc. 1 28/12/2011 38 92,400 -30,600 Saputo Inc. Common Shares Saputo inc. 1 29/12/2011 38 38.682 120,900 28,500 Saputo Inc. Common Shares Saputo inc. 1 29/12/2011 38 90,200 -30,700 Saputo Inc. Common Shares Saputo inc. 1 30/12/2011 38 38.946 120,700 30,500 Saputo Inc. Common Shares Saputo inc. 1 30/12/2011 38 90,000 -30,700 Savanna Energy Services Deferred Share Units Hooks, John Michael 4 31/12/2011 56 7.45 87,653 1,980 Corp. (Directors) (cash based only) Savanna Energy Services Deferred Share Units SAUNDERS, JAMES 4 31/12/2011 50 7.45 2,450 Corp. (Directors) (cash based MACLEO only) Savanna Energy Services Deferred Share Units SAUNDERS, JAMES 4 31/12/2011 56 7.45 93,384 2,450 Corp. (Directors) (cash based MACLEO only) Scorpio Mining Corporation Options Stonehouse, James Marcus 5 2/1/2012 00 300,000

Sears Canada Inc. Common Shares Sears Canada Inc. 1 5/12/2011 38 12.18 400 400 Sears Canada Inc. Common Shares Sears Canada Inc. 1 5/12/2011 38 0 -400 Sears Canada Inc. Common Shares Sears Canada Inc. 1 6/12/2011 38 12.17 7,300 7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 6/12/2011 38 0 -7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 8/12/2011 38 12.15 4,300 4,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 8/12/2011 38 0 -4,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 13/12/2011 38 12.16 100,400 100,400 Sears Canada Inc. Common Shares Sears Canada Inc. 1 13/12/2011 38 0 -100,400 Sears Canada Inc. Common Shares Sears Canada Inc. 1 19/12/2011 38 12.079 7,300 7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 19/12/2011 38 0 -7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 22/12/2011 38 11.76 2,100 2,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 22/12/2011 38 0 -2,100 Sears Canada Inc. Common Shares Sears Canada Inc. 1 23/12/2011 38 11.81 7,300 7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 23/12/2011 38 0 -7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 29/12/2011 38 10.344 1,000 1,000 Sears Canada Inc. Common Shares Sears Canada Inc. 1 29/12/2011 38 0 -1,000 Sears Canada Inc. Common Shares Sears Canada Inc. 1 30/12/2011 38 10.214 7,300 7,300 Sears Canada Inc. Common Shares Sears Canada Inc. 1 30/12/2011 38 0 -7,300 Second Wave Petroleum Common Shares Front Street Investment 3 19/12/2011 10 2.48 8,518,000 -200,000 Inc. Management Inc. Secure Energy Services Inc. Common Shares Amirault, Rene 3, 4, 5 5/1/2012 54 1.5 2,269,000 260,000

Secure Energy Services Inc. Common Shares Amirault, Rene 3, 4, 5 5/1/2012 54 1.5 2,293,999 24,999

Secure Energy Services Inc. Common Shares Amirault, Rene 3, 4, 5 5/1/2012 10 7.4 2,033,999 -260,000

January 13, 2012 (2012) 35 OSCB 554 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Secure Energy Services Inc. Warrants Performance Amirault, Rene 3, 4, 5 5/1/2012 54 1.5 24,999 -260,000 Warrants Secure Energy Services Inc. Warrants Performance Amirault, Rene 3, 4, 5 5/1/2012 54 1.5 0 -24,999 Warrants Secure Energy Services Inc. Common Shares Cobbe, Murray Lynn 4 5/1/2012 51 1.5 433,000 50,000

Secure Energy Services Inc. Common Shares Cobbe, Murray Lynn 4 5/1/2012 10 7.35 383,000 -50,000

Secure Energy Services Inc. Options Cobbe, Murray Lynn 4 5/1/2012 51 1.5 91,000 -50,000

Secure Energy Services Inc. Common Shares Perras, Gary Gaetan 5 5/1/2012 10 7.4 320,300 -50,000

Senator Minerals Inc. Common Shares SIMON, Donald Antony 3, 4, 5 30/12/2011 10 0.034 3,900,000 110,000 SHAW COMMUNICATIONS Directors' Deferred Share BURNS, ADRIAN 4 31/12/2011 30 19.96 26,292 100 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Galbraith, George 4 31/12/2011 30 19.96 3,124 12 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Green, Richard R. 4 31/12/2011 30 19.71 8,997 321 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Haverstock, Lynda 4 31/12/2011 30 20.08 8,253 172 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Keating, Gregory John 4 31/12/2011 30 19.96 18,082 69 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share O'Brien, Michael Wilfrid 4 31/12/2011 30 19.96 29,957 115 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Pew, Paul Kenneth 4 31/12/2011 30 20.08 825 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Pew, Paul Kenneth 4 31/12/2011 30 20.08 825 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Pew, Paul Kenneth 4 31/12/2011 30 20.08 24,471 826 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Royer, Jeffrey 4 31/12/2011 30 20.08 32,169 404 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Shaw, Bradley 4, 5 31/12/2011 30 19.96 5,620 22 INC. Units (DDSU) SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Bradley 4, 5 29/12/2011 30 19.444 20 20 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Jim 4 29/12/2011 30 19.444 107 107 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Jim 4 29/12/2011 30 19.444 7 7 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 1,001,486 3,541 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 33,634 238 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 111 111 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 1,264 44 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 1,264 44 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 592 22 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 592 22 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 1,264 44 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/12/2011 30 19.444 206 206 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Julie 5 29/12/2011 30 19.444 981 13 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Julie 5 29/12/2011 30 19.444 34 34 INC. "B" SHAW COMMUNICATIONS Directors' Deferred Share Sparkman, JC 4 31/12/2011 30 19.53 23,196 89 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Vogel, Carl E. 4 31/12/2011 30 19.71 12 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Vogel, Carl E. 4 31/12/2011 30 19.71 12 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Vogel, Carl E. 4 31/12/2011 30 19.53 3,124 12 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Weatherill, Sheila Christine 4 31/12/2011 30 20.08 7,226 168 INC. Units (DDSU)

January 13, 2012 (2012) 35 OSCB 555 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed SHAW COMMUNICATIONS Directors' Deferred Share Yuill, Willard 4 31/12/2011 30 19.96 6,869 26 INC. Units (DDSU) ShawCor Ltd. Deferred Share Unit Robinson, Paul Geoffrey 4 4/1/2012 56 4,737 2,474 ShawCor Ltd. Subordinate Voting Shaw, Heather Ann 4 9/5/2008 00 Shares Class A ShawCor Ltd. Subordinate Voting Shaw, Heather Ann 4 29/12/2011 10 29.193 1,800 1,800 Shares Class A ShawCor Ltd. Subordinate Voting Shaw, Heather Ann 4 30/12/2011 10 28.989 23,070 21,270 Shares Class A Sheltered Oak Resources Options Consolidated International 3 31/12/2011 52 1,380,952 -377,000 Corp. Investment Holdings Inc.

Sheltered Oak Resources Warrants Consolidated International 3 30/12/2011 55 0 -500,000 Corp. Investment Holdings Inc.

Sheltered Oak Resources Warrants Consolidated International 3 30/12/2011 55 0 -2,400,000 Corp. Investment Holdings Inc.

Sheridan Brothers Trust Convertible Debentures jarry, pauline 4, 5 23/4/2007 00 Sheridan Brothers Trust Convertible Debentures jarry, pauline 4, 5 31/12/2011 16 $20,000 $20,000 Sheridan Brothers Trust Convertible Debentures Sheridan, Michael 3, 4, 5 23/4/2007 00 Sheridan Brothers Trust Convertible Debentures Sheridan, Michael 3, 4, 5 23/4/2007 00 Sheridan Brothers Trust Convertible Debentures Sheridan, Michael 3, 4, 5 31/12/2011 16 $180,000 $180,000 Shield Gold Inc. Common Shares ANKCORN, PAUL 4, 5 30/12/2011 10 0.07 620,710 10,000 RUSSELL Shield Gold Inc. Common Shares Sinclair-Jones, Howard W. 4, 5 30/12/2011 10 0.075 1,739,570 5,000 Shona Energy Company, Common Shares Gian, David 5 1/1/2012 00 200,000 Inc. Shona Energy Company, Preferred Shares Gian, David 5 1/1/2012 00 72 Inc. Shona Energy Company, Warrants Gian, David 5 1/1/2012 00 7,920 Inc. Shona Energy Company, Common Shares Wilkes, Michael 5 1/1/2012 00 721,325 Inc. Shona Energy Company, Preferred Shares Wilkes, Michael 5 1/1/2012 00 293 Inc. Shona Energy Company, Warrants Wilkes, Michael 5 1/1/2012 00 32,040 Inc. Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 8/12/2011 38 43 722,200 500,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 9/12/2011 38 42.96 865,300 143,100 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 12/12/2011 38 42.994 1,034,400 169,100 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 13/12/2011 38 42.99 1,034,900 500 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 14/12/2011 38 42.979 1,189,400 154,500 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 15/12/2011 38 42.99 1,359,400 170,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 16/12/2011 38 42.562 1,604,200 244,800 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 19/12/2011 38 42.226 1,758,700 154,500 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 20/12/2011 38 42.425 1,901,400 142,700 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 21/12/2011 38 42.459 2,269,400 368,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 22/12/2011 38 42.498 2,321,800 52,400 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 29/12/2011 38 40.712 2,389,500 67,700 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 29/12/2011 38 67,700 -2,321,800 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 30/12/2011 38 41.037 115,900 48,200 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 6/1/2012 38 0 -115,900 Corporation Corporation Silver Shield Resources Warrants Consolidated International 3 30/12/2011 55 0 -194,444 Corp. Investment Holdings Inc.

January 13, 2012 (2012) 35 OSCB 556 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Silver Shield Resources Warrants Consolidated International 3 31/12/2011 55 2,666,667 -1,388,888 Corp. Investment Holdings Inc.

Silver Standard Resources Deferred Share Unit ANGLIN, Mike Arthur E. 4 2/1/2012 30 13.45 17,665 1 Inc. Silver Standard Resources Deferred Share Unit ANGLIN, Mike Arthur E. 4 2/1/2012 30 13.45 19,988 2,323 Inc. Silver Standard Resources Deferred Share Unit Brodie, Derek John Robert 4 2/1/2012 30 14,281 1,674 Inc. Silver Standard Resources Deferred Share Unit Campbell, Richard 4 2/1/2012 30 13.45 13,342 1 Inc. Cunningham Silver Standard Resources Deferred Share Unit Campbell, Richard 4 2/1/2012 30 13.45 14,457 1,115 Inc. Cunningham Silver Standard Resources Deferred Share Unit Paterson, Richard 4 2/1/2012 30 13.45 21,647 2,323 Inc. Silver Standard Resources Deferred Share Unit TOMSETT, PETER 4 2/1/2012 30 13.45 35,397 1 Inc. WILLIAM Silver Standard Resources Deferred Share Unit TOMSETT, PETER 4 2/1/2012 30 13.45 39,672 4,275 Inc. WILLIAM Silver Wheaton Corp. Options Hodaly, Haytham Henry 5 31/12/2011 00 100,000 Silver Wheaton Corp. Units Performance Hodaly, Haytham Henry 5 31/12/2011 00 5,000 Shares Sino Vanadium Inc. Common Shares Atkins, Murray Kyle 4 14/12/2011 38 0.027 228,000 -110,000 Sintana Energy Inc. Options Fagerheim, Grant Bradley 4 20/12/2011 50 0.2 300,000 Sintana Energy Inc. Options Fagerheim, Grant Bradley 4 20/12/2011 50 0.2 300,000 Slam Exploration Ltd. Warrants Consolidated International 3 30/12/2011 55 0 -300,000 Investment Holdings Inc.

Slam Exploration Ltd. Warrants Consolidated International 3 30/12/2011 55 238,094 -3,000,000 Investment Holdings Inc.

SNC-Lavalin Group Inc. Unités d'actions différées Bourne, Ian Alexander 4 31/12/2011 56 49.556 3,965 508 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées Goldman, David 4 31/12/2011 56 49.556 12,415 476 (administrateurs)

SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 6/12/2011 38 50.607 5,000 5,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 6/12/2011 38 50.607 0 -5,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 7/12/2011 38 49.642 600 600 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 7/12/2011 38 49.642 0 -600 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 8/12/2011 38 49.803 10,000 10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 8/12/2011 38 49.803 0 -10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 9/12/2011 38 49.564 10,000 10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 9/12/2011 38 49.564 0 -10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 12/12/2011 38 48.823 15,000 15,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 12/12/2011 38 48.823 0 -15,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 14/12/2011 38 48.438 5,000 5,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 14/12/2011 38 48.438 0 -5,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 16/12/2011 38 48.647 10,000 10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 16/12/2011 38 48.647 0 -10,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 19/12/2011 38 47.525 20,000 20,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 19/12/2011 38 47.525 0 -20,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 20/12/2011 38 47.973 2,800 2,800 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 20/12/2011 38 47.973 0 -2,800 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 21/12/2011 38 47.418 8,000 8,000 SNC-Lavalin Group Inc. Common Shares Groupe SNC-Lavalin inc. 1 21/12/2011 38 47.418 0 -8,000 SNC-Lavalin Group Inc. Unités d'actions différées HAMMICK, Patricia A. 4 31/12/2011 56 49.556 6,582 520 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées LESSARD, Pierre H. 4 31/12/2011 56 49.556 15,027 556 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées Marcoux, Edythe Alexia 4 31/12/2011 56 49.556 10,156 466 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées Marsden, Lorna Ruth 4 31/12/2011 56 49.556 9,475 532 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées Mongeau, Claude 4 31/12/2011 56 49.556 20,826 719 (administrateurs)

January 13, 2012 (2012) 35 OSCB 557 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed SNC-Lavalin Group Inc. Unités d'actions différées Morgan, Gwyn 4 31/12/2011 56 49.556 32,403 1,547 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées PARKER, Michael D. 4 31/12/2011 56 49.556 3,471 645 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées Segal, Hugh David 4 31/12/2011 56 49.556 8,000 457 (administrateurs)

SNC-Lavalin Group Inc. Unités d'actions différées STEVENSON, Lawrence N. 4 31/12/2011 56 49.556 10,418 467 (administrateurs)

Softchoice Corporation Rights Deferred Share Coogan, Keith Roger 4 1/1/2012 56 4,406 733 Units Softchoice Corporation Rights Deferred Share Lamoureux, Gilles 4 1/1/2012 56 18,424 733 Units Softchoice Corporation Rights Deferred Share Linton, William 4 1/1/2012 56 25,484 1,221 Units Softchoice Corporation Rights Deferred Share Luba, Robert Walter 4 1/1/2012 56 23,183 733 Units Softchoice Corporation Rights Deferred Share Perry, Carol Susan 4 1/1/2012 56 2,569 733 Units Softchoice Corporation Rights Deferred Share Reesor, Allan James 4 1/1/2012 56 23,183 733 Units Softchoice Corporation Rights Deferred Share Ritchie, Mary 4 1/1/2012 56 2,569 733 Units Softchoice Corporation Rights Deferred Share Robinson, William Peter 4 1/1/2012 56 23,183 733 Units Solium Capital Inc. Common Shares Solium Capital Inc. 1 30/11/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 30/11/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 -1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 -1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 1.3 1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 1.3 1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 -1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 1/12/2011 38 -1,700 Solium Capital Inc. Common Shares Solium Capital Inc. 1 2/12/2011 38 -20,000 Solium Capital Inc. Common Shares Solium Capital Inc. 1 2/12/2011 38 -20,000 Solium Capital Inc. Common Shares Solium Capital Inc. 1 2/12/2011 38 1.35 20,000 Solium Capital Inc. Common Shares Solium Capital Inc. 1 2/12/2011 38 1.35 20,000 Solium Capital Inc. Common Shares Solium Capital Inc. 1 6/12/2011 38 -400 Solium Capital Inc. Common Shares Solium Capital Inc. 1 6/12/2011 38 -400 Solium Capital Inc. Common Shares Solium Capital Inc. 1 7/12/2011 38 -2,300 Solium Capital Inc. Common Shares Solium Capital Inc. 1 7/12/2011 38 -2,300 Solium Capital Inc. Common Shares Solium Capital Inc. 1 8/12/2011 38 -500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 8/12/2011 38 -500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 9/12/2011 38 1.34 29,912 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 9/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 9/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 12/12/2011 38 1.34 32,418 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 12/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 12/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 13/12/2011 38 1.3 34,918 2,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 13/12/2011 38 -2,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 13/12/2011 38 -2,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 14/12/2011 38 1.32 37,418 2,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 14/12/2011 38 1.3 37,424 6 Solium Capital Inc. Common Shares Solium Capital Inc. 1 14/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 14/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 15/12/2011 38 1.26 39,930 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 15/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 15/12/2011 38 -2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 16/12/2011 38 1.4 42,436 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 19/12/2011 38 1.4 44,942 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 20/12/2011 38 1.4 47,448 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 21/12/2011 38 1.3 49,448 2,000 Solium Capital Inc. Common Shares Solium Capital Inc. 1 23/12/2011 38 1.32 51,948 2,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 28/12/2011 38 1.32 53,448 1,500 Solium Capital Inc. Common Shares Solium Capital Inc. 1 29/12/2011 38 1.35 55,954 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 30/12/2011 38 1.35 58,460 2,506 Solium Capital Inc. Common Shares Solium Capital Inc. 1 31/12/2011 38 6,512 -51,948 Solvista Gold Corporation Common Shares Bullet Holding Corporation 3 28/12/2011 10 0.472 14,337,331 31,000

January 13, 2012 (2012) 35 OSCB 558 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Solvista Gold Corporation Common Shares Bullet Holding Corporation 3 4/1/2012 10 0.49 14,405,831 68,500

Source Exploration Corp. Options Huet, Paul André 4 12/12/2011 00 Source Exploration Corp. Options Huet, Paul André 4 3/1/2012 50 0.35 100,000 100,000 Spectral Diagnostics Inc. Common Shares Johnston, Brent Douglas 6 4/1/2012 10 0.28 204,714 17,800 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 30/12/2011 10 0.21 6,257,540 11,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 30/12/2011 10 0.215 6,260,540 3,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 3/1/2012 10 0.22 6,263,540 3,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 3/1/2012 10 0.215 6,269,040 5,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 3/1/2012 10 0.21 6,274,540 5,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 4/1/2012 10 0.205 6,282,040 7,500 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 4/1/2012 10 0.21 6,286,040 4,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 4/1/2012 10 0.2 6,302,540 16,500 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 3/1/2012 10 0.76 3,744,394 7,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 4/1/2012 10 0.77 3,745,394 1,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 5/1/2012 10 0.77 3,755,394 10,000 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 6/1/2012 10 0.77 3,759,894 4,500 Sprott Power Corp. Common Shares Jenner, Jeffrey 4, 5 6/1/2012 10 0.77 80,754 15,400 ST ANDREW GOLDFIELDS Common Shares Abramson, Randall 3 4/1/2012 97 24,661,413 -40,157 LTD. St-Georges Platinum & Base Common Shares Consolidated International 3 1/9/2010 00 Metals Ltd. Investment Holdings Inc.

St-Georges Platinum & Base Common Shares Consolidated International 3 30/12/2011 11 0.1 1,700,000 1,700,000 Metals Ltd. Investment Holdings Inc.

St-Georges Platinum & Base Options Consolidated International 3 30/12/2011 11 0.15 2,218,147 170,000 Metals Ltd. Investment Holdings Inc.

St-Georges Platinum & Base Options Consolidated International 3 30/12/2011 52 1,553,166 -664,981 Metals Ltd. Investment Holdings Inc.

St-Georges Platinum & Base Warrants Consolidated International 3 1/9/2010 00 Metals Ltd. Investment Holdings Inc.

St-Georges Platinum & Base Warrants Consolidated International 3 30/12/2011 11 0.15 850,000 850,000 Metals Ltd. Investment Holdings Inc.

St. Eugene Mining Common Shares The K2 Principal Fund L.P. 3 30/12/2011 10 0.13 12,456,500 -17,000 Corporation Limited St. Eugene Mining Common Shares The K2 Principal Fund L.P. 3 30/12/2011 10 0.12 12,466,500 10,000 Corporation Limited Stans Energy Corp. Options Mackay, Robert John 4, 5 23/12/2011 51 0.33 1,500,000 -1,035,000 Stans Energy Corp. Common Shares UNDERHILL, DOUGLAS 4 3/1/2012 51 0.33 1,146,952 185,000 HENRY Stans Energy Corp. Options UNDERHILL, DOUGLAS 4 3/1/2012 51 0.33 800,000 -185,000 HENRY Stantec Inc. Common Shares Allen, Richard 7, 5 31/12/2011 30 28.87 18,688 819 Stantec Inc. Common Shares Clayton, Carl Frank 7 31/12/2011 30 26.78 15,789 672 Star Navigation Systems Common Shares Sparks, Dale 1, 5 28/12/2011 10 0.15 1,543,782 -3,000 Group Ltd. Star Navigation Systems Common Shares Sparks, Dale 1, 5 30/12/2011 10 0.155 1,506,782 -37,000 Group Ltd. Star Navigation Systems Common Shares Sparks, Dale 1, 5 3/1/2012 10 0.165 1,466,782 -40,000 Group Ltd. Star Navigation Systems Common Shares Sparks, Dale 1, 5 5/1/2012 51 0.15 1,506,782 40,000 Group Ltd. Star Navigation Systems Options Sparks, Dale 1, 5 3/1/2012 51 0.15 -40,000 Group Ltd. Star Navigation Systems Options Sparks, Dale 1, 5 5/1/2012 51 0.15 362,828 -40,000 Group Ltd. Starcore International Mines Common Shares Prestamo, Arturo 4 28/12/2011 10 0.2 50,000 -50,000 Ltd. Stay Gold Inc. Common Shares Campbell, Darrin Richard 5 28/12/2011 16 0.2 353,340 25,000 Stay Gold Inc. Common Shares Campbell, Darrin Richard 5 30/12/2011 16 0.2 403,340 50,000 Stay Gold Inc. Warrants Campbell, Darrin Richard 5 28/12/2011 53 0.25 25,000 Stay Gold Inc. Warrants Campbell, Darrin Richard 5 28/12/2011 53 0.25 75,000 25,000 Stay Gold Inc. Warrants Campbell, Darrin Richard 5 30/12/2011 50 0.25 125,000 50,000 Stay Gold Inc. Common Shares Matheson, Brendan James 4, 5 30/12/2011 16 0.2 301,663 30,000

Stay Gold Inc. Warrants Matheson, Brendan James 4, 5 30/12/2011 53 0.25 51,667 30,000

Stem Cell Therapeutics Common Shares ALLAN, DAVID G. P. 4 28/12/2011 10 193,542 6,000 Corp.

January 13, 2012 (2012) 35 OSCB 559 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Stornoway Diamond Options Blouin, Michel 4 4/1/2012 50 1.04 65,000 40,000 Corporation Stornoway Diamond Options Boldt, Zara Elizabeth 5 4/1/2012 50 1.04 317,500 150,000 Corporation Stornoway Diamond Options Godin, Patrick 4, 5 4/1/2012 50 550,000 250,000 Corporation Stornoway Diamond Options Harvey, Yves 4 4/1/2012 50 1.04 165,000 40,000 Corporation Stornoway Diamond Options Hopkins, Robin Torrey 5 4/1/2012 50 1.04 350,000 150,000 Corporation Stornoway Diamond Options LeBoutillier, John 4 4/1/2012 50 1.04 65,000 40,000 Corporation Stornoway Diamond Options Manson, Matthew Lamont 5 4/1/2012 50 1.04 713,300 250,000 Corporation Stornoway Diamond Options Mercier, Monique 4 4/1/2012 50 1.04 65,000 40,000 Corporation Stornoway Diamond Options Nixon, Peter 4 4/1/2012 50 1.04 642,300 40,000 Corporation Stornoway Diamond Options Poirier, Ghislain 5 4/1/2012 50 1.04 277,500 150,000 Corporation Stornoway Diamond Options Scherkus, Ebe 4 4/1/2012 50 1.04 77,150 40,000 Corporation Stornoway Diamond Options Vézina, Serge 4 4/1/2012 50 1.04 130,650 40,000 Corporation Stornoway Diamond Options Walsh, Anthony P. 4 4/1/2012 50 1.04 182,350 40,000 Corporation Strait Gold Corporation Options Borland, James S. 4, 5 28/11/2011 52 0 -250,000 Strait Gold Corporation Options Borland, James S. 4, 5 4/1/2012 50 1,150,000 500,000 Strait Gold Corporation Options Desson, Graham Logan 5 4/1/2012 56 200,000 Strait Gold Corporation Options Desson, Graham Logan 5 4/1/2012 50 575,000 200,000 Strait Gold Corporation Options Gammon, John Blundell 4 28/11/2011 52 225,000 -100,000 Strait Gold Corporation Options Gammon, John Blundell 4 4/1/2012 50 325,000 100,000 Strait Gold Corporation Options Johnstone, William Roy 4, 5 28/11/2011 52 250,000 -150,000 Strait Gold Corporation Options Johnstone, William Roy 4, 5 4/1/2012 50 350,000 100,000 Strait Gold Corporation Options Postle, John 4 28/11/2011 52 225,000 -100,000 Strait Gold Corporation Options Postle, John 4 4/1/2012 50 325,000 100,000 Strata-X Ltd. Options Romaniuk, Bohdan S. 4, 5 5/1/2012 50 0.3 210,000 50,000 Strata-X Ltd. Options Schurman, Donald P. 4 5/1/2012 50 0.3 210,000 50,000 Stream Oil & Gas Ltd. Common Shares Kapotas, Sotirios 4, 5 4/1/2012 10 6,479,401 13,000 Strike Minerals Inc. Common Shares Crane, Denis 4, 5 4/1/2012 46 0.075 4,601,834 426,667 Strike Minerals Inc. Common Shares Edgar, Bruce 4 4/1/2012 46 0.075 470,000 100,000 Strike Minerals Inc. Common Shares Harrington, Michael S 4 4/1/2012 46 0.075 857,692 140,000 Strike Minerals Inc. Common Shares Jobin-Bevans, Laurence 4 4/1/2012 46 0.075 96,667 46,667 Scott Strike Minerals Inc. Common Shares Kimmel, Wendy Evelyn 4, 5 4/1/2012 46 0.075 448,333 173,333 Strongco Corporation Common Shares Dryburgh, Robert Hutcheon 4 31/12/2011 30 5.2 220,352 2,120 Robertson Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.49 648,522 1,500 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.5 649,722 1,200 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.48 650,822 1,100 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.48 652,822 2,000 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.49 654,322 1,500 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.48 657,022 2,700 (formerly, Student Transportation of America Ltd.)

January 13, 2012 (2012) 35 OSCB 560 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 30/12/2011 10 6.48 658,022 1,000 (formerly, Student Transportation of America Ltd.) Sun Life Financial Inc. Deferred Share Units Accum, Claude 5 30/12/2011 30 18.3 16,159 312 Sun Life Financial Inc. Units Performance Share Accum, Claude 5 30/12/2011 30 18.3 22,346 431 Units Sun Life Financial Inc. Units Restricted Share Accum, Claude 5 30/12/2011 30 18.3 6,140 119 Units Sun Life Financial Inc. Units Sun Shares Accum, Claude 5 30/12/2011 30 18.3 14,808 286 Sun Life Financial Inc. Deferred Share Units Anderson, William D. 4 30/12/2011 30 18.3 3,577 806 Sun Life Financial Inc. Common Shares Bogart, Thomas A. 5 30/12/2011 30 17.959 11,367 210 Sun Life Financial Inc. Deferred Share Units Bogart, Thomas A. 5 30/12/2011 30 18.3 33,038 637 Sun Life Financial Inc. Units Performance Share Bogart, Thomas A. 5 30/12/2011 30 18.3 38,795 748 Units Sun Life Financial Inc. Units Sun Shares Bogart, Thomas A. 5 30/12/2011 30 18.3 14,808 286 Sun Life Financial Inc. Deferred Share Units Booth, Richard 4 30/12/2011 30 18.3 3,364 1,753 Sun Life Financial Inc. Deferred Share Units Boscia, Jon Andrew 4 30/12/2011 30 18.3 1,566 767 Sun Life Financial Inc. Deferred Share Units Clappison, John 4 30/12/2011 30 18.3 22,504 2,113 Sun Life Financial Inc. Deferred Share Units Connor, Dean 4, 5 30/12/2011 30 18.3 43,901 847 Sun Life Financial Inc. Units Performance Share Connor, Dean 4, 5 30/12/2011 30 18.3 74,282 1,433 Units Sun Life Financial Inc. Units Sun Shares Connor, Dean 4, 5 30/12/2011 30 18.3 31,260 603 Sun Life Financial Inc. Deferred Share Units Dougherty, Kevin 5 30/12/2011 30 18.3 13,401 259 Sun Life Financial Inc. Units Performance Share Dougherty, Kevin 5 30/12/2011 30 18.3 67,373 1,300 Units Sun Life Financial Inc. Units Sun Shares Dougherty, Kevin 5 30/12/2011 30 18.3 23,857 461 Sun Life Financial Inc. Deferred Share Units Freyne, Colm Joseph 5 30/12/2011 30 18.3 22,489 434 Sun Life Financial Inc. Units Performance Share Freyne, Colm Joseph 5 30/12/2011 30 18.3 20,726 400 Units Sun Life Financial Inc. Units Restricted Share Freyne, Colm Joseph 5 30/12/2011 30 18.3 13,416 259 Units Sun Life Financial Inc. Units Sun Shares Freyne, Colm Joseph 5 30/12/2011 30 18.3 14,808 286 Sun Life Financial Inc. Deferred Share Units Ganong, David A. 4 30/12/2011 30 18.3 21,668 1,290 Sun Life Financial Inc. Deferred Share Units Glynn, Martin John Gardner 4 30/12/2011 30 18.3 2,432 784

Sun Life Financial Inc. Deferred Share Units Gubbay, Keith 5 30/12/2011 30 18.3 7,437 143 Sun Life Financial Inc. Units Performance Share Gubbay, Keith 5 30/12/2011 30 18.3 9,432 182 Units Sun Life Financial Inc. Units Restricted Share Gubbay, Keith 5 30/12/2011 30 18.3 9,432 182 Units Sun Life Financial Inc. Units Sun Shares Gubbay, Keith 5 30/12/2011 30 18.3 10,583 204 Sun Life Financial Inc. Deferred Share Units Hoeg, Krystyna 4 30/12/2011 30 18.3 28,851 1,294 Sun Life Financial Inc. Deferred Share Units Kerr, David Wylie 4 30/12/2011 30 18.3 23,659 2,068 Sun Life Financial Inc. Deferred Share Units Kesner, Idalene 4 30/12/2011 30 18.3 14,214 1,011 Sun Life Financial Inc. Units Performance Share Kicinski, Stephen 5 30/12/2011 30 18.3 6,016 116 Units Sun Life Financial Inc. Units Restricted Share Kicinski, Stephen 5 30/12/2011 30 18.3 6,016 116 Units Sun Life Financial Inc. Units Sun Shares Kicinski, Stephen 5 30/12/2011 30 18.3 5,562 107 Sun Life Financial Inc. Common Shares Merin, Mitchell 4 23/12/2011 30 18.25 742 Sun Life Financial Inc. Common Shares Merin, Mitchell 4 23/12/2011 30 18.278 17,256 743 Sun Life Financial Inc. Deferred Share Units Merin, Mitchell 4 30/12/2011 30 18.3 19,397 2,106 Sun Life Financial Inc. Deferred Share Units Ohannessian, Dikran 5 30/12/2011 30 18.3 11,514 222 Sun Life Financial Inc. Units Performance Share Ohannessian, Dikran 5 30/12/2011 30 18.3 7,221 140 Units Sun Life Financial Inc. Units Restricted Share Ohannessian, Dikran 5 30/12/2011 30 18.3 7,221 140 Units Sun Life Financial Inc. Units Sun Shares Ohannessian, Dikran 5 30/12/2011 30 18.3 8,556 165 Sun Life Financial Inc. Common Shares Osborne, Ronald Walter 4 30/12/2011 30 17.959 24,603 483 Sun Life Financial Inc. Deferred Share Units Osborne, Ronald Walter 4 30/12/2011 30 18.3 38,336 2,692 Sun Life Financial Inc. Deferred Share Units Peacher, Stephen 5 30/12/2011 30 18.3 20,933 404 Sun Life Financial Inc. Units Performance Share Peacher, Stephen 5 30/12/2011 30 18.3 28,236 544 Units Sun Life Financial Inc. Units Restricted Share Peacher, Stephen 5 30/12/2011 30 18.3 9,068 176 Units Sun Life Financial Inc. Units Sun Shares Peacher, Stephen 5 30/12/2011 30 18.3 24,213 467 Sun Life Financial Inc. Units Performance Share Saunders, Mark 5 30/12/2011 30 18.3 9,904 191 Units Sun Life Financial Inc. Units Restricted Share Saunders, Mark 5 30/12/2011 30 18.3 8,725 168 Units Sun Life Financial Inc. Units Sun Shares Saunders, Mark 5 30/12/2011 30 18.3 9,872 191 Sun Life Financial Inc. Deferred Share Units Segal, Hugh David 4 30/12/2011 30 18.3 6,244 857

January 13, 2012 (2012) 35 OSCB 561 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Sun Life Financial Inc. Units Performance Share Stramaglia, Michael 5 30/12/2011 30 18.3 28,875 557 Units Sun Life Financial Inc. Units Sun Shares Stramaglia, Michael 5 30/12/2011 30 18.3 9,872 191 Sun Life Financial Inc. Deferred Share Units Sutcliffe, James 4 30/12/2011 30 18.3 20,422 3,704 Sun Life Financial Inc. Deferred Share Units Thompson, Westley 5 30/12/2011 30 18.3 62,208 1,200 Sun Life Financial Inc. Units Incentive Share Thompson, Westley 5 30/12/2011 30 18.3 38,981 752 Units Sun Life Financial Inc. Units Performance Share Thompson, Westley 5 30/12/2011 30 18.3 124,519 2,402 Units Sun Life Financial Inc. Units Sun Shares Thompson, Westley 5 30/12/2011 30 18.3 35,513 685 Suncor Energy Inc. Common Shares Langlois, Francois 5 30/12/2011 51 13.37 3,400 3,400 Suncor Energy Inc. Common Shares Langlois, Francois 5 30/12/2011 10 29.34 0 -3,400 Suncor Energy Inc. Options - PC Langlois, Francois 5 30/12/2011 51 13.37 156,160 -3,400 Options/SARS Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 1/12/2011 38 30.641 235,000 235,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 1/12/2011 38 0 -235,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 2/12/2011 38 30.875 233,800 233,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 2/12/2011 38 0 -233,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 5/12/2011 38 31.484 231,700 231,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 5/12/2011 38 0 -231,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 6/12/2011 38 30.996 235,000 235,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 6/12/2011 38 0 -235,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 7/12/2011 38 30.448 239,000 239,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 7/12/2011 38 0 -239,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 8/12/2011 38 29.815 288,400 288,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 8/12/2011 38 0 -288,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 9/12/2011 38 29.861 330,000 330,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 9/12/2011 38 0 -330,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 10/12/2011 38 28.822 381,500 381,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 10/12/2011 38 0 -381,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 13/12/2011 38 29.57 335,000 335,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 13/12/2011 38 0 -335,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 14/12/2011 38 28.156 422,000 422,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 14/12/2011 38 0 -422,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 15/12/2011 38 27.748 426,200 426,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 15/12/2011 38 0 -426,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 16/12/2011 38 27.726 430,500 430,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 16/12/2011 38 0 -430,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 19/12/2011 38 27.571 435,000 435,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 19/12/2011 38 0 -435,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 20/12/2011 38 28.161 390,000 390,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 20/12/2011 38 0 -390,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 21/12/2011 38 27.795 431,000 431,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 21/12/2011 38 0 -431,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 22/12/2011 38 28.671 345,000 345,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 22/12/2011 38 0 -345,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 23/12/2011 38 29.112 340,000 340,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 23/12/2011 38 0 -340,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 28/12/2011 38 28.737 347,900 347,900 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 28/12/2011 38 0 -347,900 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 29/12/2011 38 28.9 258,100 258,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 29/12/2011 38 0 -258,100 Sunward Resources Ltd. Common Shares Forest, David 5 5/1/2012 45 9,280,000 1,000,000 Sunward Resources Ltd. Common Shares Gold First Investments 3 31/8/2010 46 5,000,000 Limited Sunward Resources Ltd. Common Shares Gold First Investments 3 31/8/2010 45 36,400,000 5,000,000 Limited Sunward Resources Ltd. Common Shares Gold First Investments 3 23/11/2010 46 5,000,000 Limited Sunward Resources Ltd. Common Shares Gold First Investments 3 23/11/2010 45 41,400,000 5,000,000 Limited Sunward Resources Ltd. Common Shares Gold First Investments 3 5/1/2012 45 46,400,000 5,000,000 Limited Sunward Resources Ltd. Common Shares Notela Resources Advisors 3 31/8/2010 46 3,000,000 Ltd. Sunward Resources Ltd. Common Shares Notela Resources Advisors 3 31/8/2010 45 21,840,000 3,000,000 Ltd. Sunward Resources Ltd. Common Shares Notela Resources Advisors 3 23/11/2010 46 3,000,000 Ltd. Sunward Resources Ltd. Common Shares Notela Resources Advisors 3 23/11/2010 45 24,840,000 3,000,000 Ltd. Sunward Resources Ltd. Common Shares Notela Resources Advisors 3 5/1/2012 45 27,840,000 3,000,000 Ltd. Sunward Resources Ltd. Common Shares O'Neill, Philip 4, 5 31/8/2010 46 1,000,000

January 13, 2012 (2012) 35 OSCB 562 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Sunward Resources Ltd. Common Shares O'Neill, Philip 4, 5 31/8/2010 45 7,280,000 1,000,000 Sunward Resources Ltd. Common Shares O'Neill, Philip 4, 5 23/11/2010 46 1,000,000 Sunward Resources Ltd. Common Shares O'Neill, Philip 4, 5 23/11/2010 45 8,280,000 1,000,000 Sunward Resources Ltd. Common Shares O'Neill, Philip 4, 5 5/1/2012 45 9,280,000 1,000,000 Supremex Inc. Common Shares Armoyan, Sime 3 29/12/2011 10 1.7 3,303,700 -1,500 Supremex Inc. Common Shares Armoyan, Sime 3 29/12/2011 10 1.7 3,298,900 -4,800 Sure Energy Inc. Common Shares Boyce, Jeff 4 29/12/2011 15 1.5 5,822,627 666,667 Sure Energy Inc. Common Shares Boyce, Jeff 4 29/12/2011 15 1.5 5,026,857 666,667 Synex International Inc. Common Shares Stephens, Alan William 4, 5 3/1/2012 10 0.48 517,055 -7,000 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.23 311,456 -1,900 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.22 310,656 -800 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.21 307,456 -3,200 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.2 306,356 -1,100 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.19 305,656 -700 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.18 304,856 -800 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.17 303,356 -1,500 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.16 302,456 -900 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 3/1/2012 10 7.15 283,356 -19,100 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.25 268,356 -15,000 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.24 267,656 -700 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.23 264,856 -2,800 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.22 263,956 -900 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.21 261,756 -2,200 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.2 255,556 -6,200 TAG Oil Ltd Common Shares BERTUZZI, RONALD 4 5/1/2012 10 8.18 253,356 -2,200 TAG Oil Ltd Common Shares Cadenhead, Drew 5 29/12/2011 10 7.08 69,200 -3,700 TAG Oil Ltd Common Shares Cadenhead, Drew 5 29/12/2011 10 7.1 69,000 -200 TAG Oil Ltd Common Shares Cadenhead, Drew 5 29/12/2011 10 7.09 68,800 -200 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.85 63,500 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.82 61,000 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.81 58,500 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.8 53,500 -5,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.79 48,500 -5,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.77 46,000 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.75 41,000 -5,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 4/1/2012 10 7.76 38,500 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.25 -5,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.25 37,100 -1,400 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.35 36,600 -500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.3 35,600 -1,000 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.2 33,100 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.09 30,600 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 7.99 23,100 -7,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8 20,600 -2,500 TAG Oil Ltd Common Shares Cadenhead, Drew 5 5/1/2012 10 8.05 18,100 -2,500 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 3/1/2012 10 7.17 3,500 -3,700 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 3/1/2012 10 7.14 0 -3,500 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 51 1.4 28,571 28,571 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.2 22,271 -6,300 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.21 22,071 -200 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.22 21,571 -500 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.23 19,271 -2,300 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.24 13,571 -5,700 TAG Oil Ltd Common Shares Johnson, Garth Evan 4 5/1/2012 10 8.3 11,671 -1,900 TAG Oil Ltd Options Johnson, Garth Evan 4 5/1/2012 51 1.4 450,000 -28,571 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 4/1/2012 51 1.4 10,000 10,000 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 4/1/2012 10 7.74 5,000 -5,000 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 4/1/2012 10 7.75 0 -5,000 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 5/1/2012 51 1.4 6,786 6,786 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 5/1/2012 10 8.27 5,886 -900 TAG Oil Ltd Common Shares Perone, Giuseppe (Pino) 5 5/1/2012 10 8.25 0 -5,886 TAG Oil Ltd Options Perone, Giuseppe (Pino) 5 4/1/2012 51 1.4 91,786 -10,000 TAG Oil Ltd Options Perone, Giuseppe (Pino) 5 5/1/2012 51 1.4 85,000 -6,786 TAG Oil Ltd Common Shares Singer, Paul Elliott 3 5/1/2012 10 8.3104 2,129,956 -17,700 Talisman Energy Inc. Performance Share Units ADAMS, David Michael 5 31/12/2011 35 43,907 481

Talisman Energy Inc. Deferred Share Units BERGEVIN, Christiane 4 31/12/2011 35 22,097 235 Talisman Energy Inc. Deferred Share Units BERGEVIN, Christiane 4 31/12/2011 56 23,413 1,316 Talisman Energy Inc. Common Shares BLAKELEY, Alexander Paul 5 30/12/2011 10 12.913 144,184 -20,000

Talisman Energy Inc. Performance Share Units BLAKELEY, Alexander Paul 5 31/12/2011 35 179,099 1,961

Talisman Energy Inc. Deferred Share Units CARTY, DONALD 4 31/12/2011 35 22,287 237 Talisman Energy Inc. Deferred Share Units CARTY, DONALD 4 31/12/2011 56 23,019 732

January 13, 2012 (2012) 35 OSCB 563 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Talisman Energy Inc. Deferred Share Units Dalton, William Robert 4 31/12/2011 35 32,245 343 Patrick Talisman Energy Inc. Deferred Share Units Dalton, William Robert 4 31/12/2011 56 32,636 391 Patrick Talisman Energy Inc. Performance Share Units DOLAN, Philip David 5 31/12/2011 35 75,108 822

Talisman Energy Inc. Deferred Share Units DUNNE, Kevin Stephen 4 31/12/2011 35 40,183 428 Talisman Energy Inc. Deferred Share Units DUNNE, Kevin Stephen 4 31/12/2011 56 40,574 391 Talisman Energy Inc. Performance Share Units Herbert, Richard 5 31/12/2011 35 106,633 1,168

Talisman Energy Inc. Restricted Share Units Herbert, Richard 5 31/12/2011 35 47,129 516 Talisman Energy Inc. Deferred Share Units Kvisle, Harold N. 4 31/12/2011 35 20,731 221 Talisman Energy Inc. Deferred Share Units Kvisle, Harold N. 4 31/12/2011 56 23,122 2,391 Talisman Energy Inc. Performance Share Units Manzoni, John Alexander 4, 7, 5 31/12/2011 35 518,289 5,675

Talisman Energy Inc. Performance Share Units McLeod, Lyle Theodore 5 31/12/2011 35 38,658 423

Talisman Energy Inc. Performance Share Units ROONEY, ROBERT ROSS 5 31/12/2011 35 169,190 1,852

Talisman Energy Inc. Performance Share Units Smith, Paul Robert 5 31/12/2011 35 108,379 1,187

Talisman Energy Inc. Restricted Share Units Smith, Paul Robert 5 31/12/2011 35 47,128 516 Talisman Energy Inc. Deferred Share Units STEWART, Lisa Anne 4 31/12/2011 35 24,734 263 Talisman Energy Inc. Deferred Share Units STEWART, Lisa Anne 4 31/12/2011 56 26,539 1,805 Talisman Energy Inc. Performance Share Units Thomson, Scott 5 31/12/2011 35 189,796 2,078

Talisman Energy Inc. Deferred Share Units TOMSETT, PETER 4 31/12/2011 35 25,304 269 WILLIAM Talisman Energy Inc. Deferred Share Units TOMSETT, PETER 4 31/12/2011 56 27,359 2,055 WILLIAM Talisman Energy Inc. Deferred Share Units Waites, Michael T. 4 31/12/2011 35 9,407 100 Talisman Energy Inc. Deferred Share Units Waites, Michael T. 4 31/12/2011 56 11,352 1,945 Talisman Energy Inc. Performance Share Units Walker, Nicholas John 5 31/12/2011 35 152,813 1,673 Robert Talisman Energy Inc. Performance Share Units WESLEY, HELEN JUNE 5 31/12/2011 35 113,343 1,241

Talisman Energy Inc. Restricted Share Units WESLEY, HELEN JUNE 5 31/12/2011 35 8,140 89 Talisman Energy Inc. Deferred Share Units Williamson, Charles Ross 4 31/12/2011 35 111,579 1,188 Talisman Energy Inc. Deferred Share Units Williamson, Charles Ross 4 31/12/2011 56 115,485 3,906 Talisman Energy Inc. Deferred Share Units Winograd, Charles 4 31/12/2011 35 26,820 285 Talisman Energy Inc. Deferred Share Units Winograd, Charles 4 31/12/2011 56 28,362 1,542 Tanzanian Royalty Common Shares Betts, Norman Murray 4 30/12/2011 11 2.13 15,381 -17,981 Exploration Corporation Tanzanian Royalty Common Shares Betts, Norman Murray 4 30/12/2011 11 2.23 0 -15,381 Exploration Corporation Taseko Mines Limited Options Armstrong, William Paul 4 3/1/2012 50 2.65 726,000 100,000 Taseko Mines Limited Options Cousens, Scott Dibblee 4 3/1/2012 51 602,000 100,000 Taseko Mines Limited Options Dickinson, Robert Allan 4, 5 3/1/2012 50 2.65 451,000 100,000 Taseko Mines Limited Options Kirk, Harry Wayne 4 3/1/2012 50 2.65 369,000 100,000 Taseko Mines Limited Options Morrison, Alexander 4 3/1/2012 50 2.65 200,000 100,000 Taseko Mines Limited Options Thiessen, Ronald William 4 3/1/2012 50 2.65 670,000 125,000 Taseko Mines Limited Options Thomas, Trevor 5 3/1/2012 50 2.65 87,000 30,000 Teck Resources Limited Deferred Share Units Abe, Ichiro 4 30/12/2011 56 35.91 3,051 417 Teck Resources Limited Deferred Share Units Abe, Ichiro 4 3/1/2012 56 38.37 3,078 27 Teck Resources Limited Deferred Share Units Agg, Michael E 5 3/1/2012 56 38.37 106,988 1,100 Teck Resources Limited Deferred Share Units Ashar, Mayank Mulraj 4 30/12/2011 56 35.91 16,560 417 Teck Resources Limited Deferred Share Units Ashar, Mayank Mulraj 4 3/1/2012 56 38.37 16,726 166 Teck Resources Limited Restricted Share Units Ashar, Mayank Mulraj 4 3/1/2012 56 38.37 2,362 24 Teck Resources Limited Deferred Share Units AUNE, Jon Brian 4 3/1/2012 56 38.37 28,388 289 Teck Resources Limited Restricted Share Units Bell, Robert Whinham 7 3/1/2012 56 38.37 12,260 125 Teck Resources Limited Deferred Share Units Bennett, Jalynn H. 4 30/12/2011 56 35.91 21,185 208 Teck Resources Limited Deferred Share Units Bennett, Jalynn H. 4 3/1/2012 56 38.37 21,400 215 Teck Resources Limited Restricted Share Units Bennett, Jalynn H. 4 3/1/2012 56 38.37 4,292 43 Teck Resources Limited Deferred Share Units Bolton, Hugh John 4 3/1/2012 56 26,458 270 Teck Resources Limited Restricted Share Units Bolton, Hugh John 4 3/1/2012 56 1,930 19 Teck Resources Limited Class B Subordinate Caisse de dépôt et 3 30/12/2011 10 35.91 7,548,366 500 Voting Shares placement du Québec Teck Resources Limited Deferred Share Units Chee, Felix 4 30/12/2011 56 35.91 6,349 417 Teck Resources Limited Deferred Share Units Chee, Felix 4 3/1/2012 56 38.37 6,410 61 Teck Resources Limited Restricted Share Units Clements, Paul Carson 7 3/1/2012 56 38.37 1,992 19 Teck Resources Limited Restricted Share Units Daley, Fred S 5 3/1/2012 56 38.37 18,915 195 Teck Resources Limited Deferred Share Units Fleming, William Alexander 7 3/1/2012 56 38.37 6,097 62

January 13, 2012 (2012) 35 OSCB 564 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Teck Resources Limited Restricted Share Units Fleming, William Alexander 7 3/1/2012 56 38.37 6,163 63

Teck Resources Limited Restricted Share Units Foley, Real 7 3/1/2012 56 38.37 5,214 53 Teck Resources Limited Class B Subordinate Higgins, Roger 5 23/12/2011 10 36.15 7,500 7,500 Voting Shares Teck Resources Limited Restricted Share Units Higgins, Roger 5 3/1/2012 56 38.37 27,609 284 Teck Resources Limited Deferred Share Units Horswill, Douglas Hugh 5 3/1/2012 56 38.37 169,084 1,740 Teck Resources Limited Deferred Share Units Keevil III, Norman 4 3/1/2012 56 38.37 8,838 88 Teck Resources Limited Restricted Share Units Keevil III, Norman 4 3/1/2012 56 38.37 4,292 43 Teck Resources Limited Restricted Share Units Keevil, Norman Bell 3, 4 3/1/2012 56 38.37 12,779 131 Teck Resources Limited Deferred Share Units Kilgour, Ian 5 3/1/2012 56 38.37 6,097 62 Teck Resources Limited Restricted Share Units Kilgour, Ian 5 3/1/2012 56 38.37 6,097 62 Teck Resources Limited Deferred Share Units Kuriyama, Takashi 4 30/12/2011 56 35.91 22,386 417 Teck Resources Limited Deferred Share Units Kuriyama, Takashi 4 3/1/2012 56 38.37 22,613 227 Teck Resources Limited Deferred Share Units Lindsay, Donald Richard 5 3/1/2012 56 38.37 167,911 1,730 Teck Resources Limited Restricted Share Units Lindsay, Donald Richard 5 3/1/2012 56 38.37 112,478 1,160 Teck Resources Limited Deferred Share Units Millos, Ronald Allen 7 3/1/2012 56 38.37 112,263 1,155 Teck Resources Limited Restricted Share Units Millos, Ronald Allen 7 3/1/2012 56 38.37 8,280 84 Teck Resources Limited Deferred Share Units Powrie, Douglas 5 3/1/2012 56 38.37 6,047 62 Teck Resources Limited Restricted Share Units Powrie, Douglas 5 3/1/2012 56 38.37 2,591 26 Teck Resources Limited Deferred Share Units Reipas, Ray 5 3/1/2012 56 38.37 65,359 674 Teck Resources Limited Restricted Share Units Reipas, Ray 5 3/1/2012 56 38.37 8,639 89 Teck Resources Limited Deferred Share Units Rennie, Janice Gaye 4 3/1/2012 56 38.37 16,202 165 Teck Resources Limited Restricted Share Units Rennie, Janice Gaye 4 3/1/2012 56 38.37 4,292 43 Teck Resources Limited Deferred Share Units Rozee, Peter Charles 5 3/1/2012 56 38.37 147,217 1,515 Teck Resources Limited Restricted Share Units Rozee, Peter Charles 5 3/1/2012 56 38.37 17,390 179 Teck Resources Limited Class B Subordinate Scott, Rob 5 1/1/2012 00 Voting Shares Teck Resources Limited Deferred Share Units Scott, Rob 5 1/1/2012 00 Teck Resources Limited Options Scott, Rob 5 1/1/2012 00 101,167 Teck Resources Limited Restricted Share Units Scott, Rob 5 1/1/2012 00 18,720 Teck Resources Limited Restricted Share Units Scott, Rob 5 3/1/2012 56 38.37 18,915 195 Teck Resources Limited Deferred Share Units Seyffert, Warren S. R. 4 3/1/2012 56 38.37 32,056 328 Teck Resources Limited Class B Subordinate Smith, Marcia 5 1/1/2012 00 1,500 Voting Shares Teck Resources Limited Deferred Share Units Smith, Marcia 5 1/1/2012 00 Teck Resources Limited Options Smith, Marcia 5 1/1/2012 00 15,000 Teck Resources Limited Restricted Share Units Smith, Marcia 5 1/1/2012 00 6,072 Teck Resources Limited Restricted Share Units Smith, Marcia 5 3/1/2012 56 38.37 6,135 63 Teck Resources Limited Class B Subordinate Teck Resources Limited 1 8/12/2011 38 37.69 718,649 718,649 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 12/12/2011 38 36.708 1,437,298 718,649 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 13/12/2011 38 36.01 1,666,698 229,400 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 13/12/2011 38 948,049 -718,649 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 14/12/2011 38 34.534 1,044,798 96,749 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 15/12/2011 38 326,149 -718,649 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 16/12/2011 38 96,749 -229,400 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 19/12/2011 38 34.256 491,498 394,749 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 20/12/2011 38 394,749 -96,749 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 22/12/2011 38 0 -394,749 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 28/12/2011 38 35.223 553,957 553,957 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 3/1/2012 38 0 -553,957 Voting Shares Teck Resources Limited Deferred Share Units Thompson, Chris M 4 30/12/2011 56 35.91 28,364 417 Teck Resources Limited Deferred Share Units Thompson, Chris M 4 3/1/2012 56 38.37 28,653 289 Teck Resources Limited Deferred Share Units Vance, Ron J 5 3/1/2012 56 38.37 8,804 90 Teck Resources Limited Restricted Share Units Vance, Ron J 5 3/1/2012 56 38.37 42,970 443 Teck Resources Limited Restricted Share Units Watson, Tim 5 3/1/2012 56 38.37 27,609 284 TECSYS Inc. Common Shares TECSYS 1 1/12/2011 38 2.16 3,800 1,900 TECSYS Inc. Common Shares TECSYS 1 2/12/2011 38 2.15 15,700 11,900 TECSYS Inc. Common Shares TECSYS 1 5/12/2011 38 2.15 17,600 1,900 TECSYS Inc. Common Shares TECSYS 1 7/12/2011 38 2.01 19,500 1,900 TECSYS Inc. Common Shares TECSYS 1 15/12/2011 38 2.13 21,400 1,900 TECSYS Inc. Common Shares TECSYS 1 19/12/2011 38 2.1 81,400 60,000

January 13, 2012 (2012) 35 OSCB 565 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed TECSYS Inc. Common Shares TECSYS 1 23/12/2011 38 0 -81,400 TELUS Corporation Deferred Share Units Auchinleck, Richard H. 4 31/12/2011 30 45,618 511 (Dick) TELUS Corporation Deferred Share Units Auchinleck, Richard H. 4 31/12/2011 30 54.54 46,154 536 (Dick) TELUS Corporation Deferred Share Units Baillie, A. Charles 4 31/12/2011 30 43,502 486 TELUS Corporation Deferred Share Units Baillie, A. Charles 4 31/12/2011 30 54.54 44,089 587 TELUS Corporation Deferred Share Units Ducros, Pierre 4 31/12/2011 30 29,993 339 TELUS Corporation Deferred Share Units Ducros, Pierre 4 31/12/2011 30 54.54 270 TELUS Corporation Deferred Share Units Ducros, Pierre 4 31/12/2011 30 54.54 30,263 270 TELUS Corporation Deferred Share Units Lacey, John Stewart 4 31/12/2011 30 37,043 413 TELUS Corporation Deferred Share Units Lacey, John Stewart 4 31/12/2011 30 54.54 37,584 541 TELUS Corporation Deferred Share Units MacKinnon, William 4 31/12/2011 30 10,514 112 TELUS Corporation Deferred Share Units MacKinnon, William 4 31/12/2011 30 54.54 11,101 587 Terra Energy Corp. Common Shares Terra Energy Corp. 1 2/12/2011 38 0.5 10,000 10,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 5/12/2011 38 0.49 19,500 9,500 Terra Energy Corp. Common Shares Terra Energy Corp. 1 5/12/2011 38 0.495 21,500 2,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 6/12/2011 38 0.49 26,500 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 9/12/2011 38 0.47 29,500 3,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 12/12/2011 38 0.45 31,500 2,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 14/12/2011 38 0.44 39,500 8,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 14/12/2011 38 0.44 45,000 5,500 Terra Energy Corp. Common Shares Terra Energy Corp. 1 23/12/2011 38 0.5 49,500 4,500 Terra Energy Corp. Common Shares Terra Energy Corp. 1 23/12/2011 38 0.51 56,500 7,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 29/12/2011 38 0.55 61,500 5,000 Terra Energy Corp. Common Shares Terra Energy Corp. 1 29/12/2011 38 0.55 64,500 3,000 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 3/1/2012 10 0.7 8,353,976 40,000 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 4/1/2012 10 0.7 8,482,976 129,000 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 5/1/2012 10 0.7 8,549,476 66,500 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 6/1/2012 10 0.7 8,591,476 42,000 Terrace Energy Corp. Common Shares Carriere, Daniel Anthony 4 6/1/2012 10 0.75 8,607,476 16,000 Tesla Exploration Ltd. Common Shares Tesla Exploration Ltd. 1 30/12/2011 38 3 3,400 1,000 (formerly Norex Exploration Services Inc.) Tesla Exploration Ltd. Common Shares Tesla Exploration Ltd. 1 3/1/2012 38 2.99 4,400 1,000 (formerly Norex Exploration Services Inc.) Tesla Exploration Ltd. Common Shares Tesla Exploration Ltd. 1 4/1/2012 38 2.99 5,400 1,000 (formerly Norex Exploration Services Inc.) Tesla Exploration Ltd. Common Shares Tesla Exploration Ltd. 1 5/1/2012 38 2.99 6,400 1,000 (formerly Norex Exploration Services Inc.) TG Residential Value Common Shares McLennan, Graham 4 5/10/2011 00 Properties Ltd. TG Residential Value Common Shares McLennan, Graham 4 23/12/2011 10 0.18 1,000 1,000 Properties Ltd. TG Residential Value Common Shares McLennan, Graham 4 29/12/2011 10 0.18 11,000 10,000 Properties Ltd. TG Residential Value Common Shares McLennan, Graham 4 30/12/2011 10 0.18 12,000 1,000 Properties Ltd. The Churchill Corporation Rights Deferred Share Bellstedt, Albrecht Wilhelm 4 31/12/2011 56 11.4 17,099 2,193 Units (DSUs) Albert The Churchill Corporation Rights Deferred Share Hanrahan, Wendy 4 31/12/2011 56 11.4 12,689 2,138 Units (DSUs) The Churchill Corporation Rights Deferred Share King, Harry 4 31/12/2011 56 11.4 13,682 1,754 Units (DSUs) The Churchill Corporation Rights Deferred Share Loberg, Carmen Richard 4 31/12/2011 56 11.4 17,315 2,412 Units (DSUs) The Churchill Corporation Rights Deferred Share mcpherson, allister john 4 31/12/2011 56 13,681 1,754 Units (DSUs) The Churchill Corporation Rights Deferred Share REID, HENRY ROBERT 4 31/12/2011 56 11.4 15,499 2,083 Units (DSUs) The Churchill Corporation Rights Deferred Share Reid, Ian MacNevin 4 31/12/2011 56 11.4 20,480 2,275 Units (DSUs) The Churchill Corporation Rights Deferred Share Schneider, George Michael 4 31/12/2011 56 11.4 13,682 1,754 Units (DSUs) The Churchill Corporation Common Shares The Churchill Corporation 1 1/12/2011 10 10.99 455,000 3,000 The Churchill Corporation Common Shares The Churchill Corporation 1 2/12/2011 10 10.7 459,000 4,000 The Churchill Corporation Common Shares The Churchill Corporation 1 6/12/2011 10 10.37 479,000 20,000 The Churchill Corporation Common Shares The Churchill Corporation 1 12/12/2011 38 474,500 -4,500 The Churchill Corporation Common Shares The Churchill Corporation 1 28/12/2011 10 11.54 481,800 7,300 The Churchill Corporation Common Shares The Churchill Corporation 1 29/12/2011 10 11.5 489,100 7,300 The Churchill Corporation Common Shares The Churchill Corporation 1 30/12/2011 10 11.4 496,400 7,300

January 13, 2012 (2012) 35 OSCB 566 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed The Churchill Corporation Rights Deferred Share Tod, Brian William Leslie 4 31/12/2011 56 11.4 13,682 1,754 Units (DSUs) The Westaim Corporation Deferred Share Units Delaney, Ian William 4, 5 31/12/2011 56 0.53 1,263,607 51,887 The Westaim Corporation Deferred Share Units Owen, Daniel 4 31/12/2011 56 0.53 714,900 20,283 The Westaim Corporation Deferred Share Units Reeve, James Brian 7 30/12/2011 56 0.53 101,879 13,679 The Westaim Corporation Deferred Share Units Walter, Bruce V. 4 30/12/2011 56 0.53 1,422,626 35,849 Theralase Technologies Inc. Common Shares Bruder, Randall 4 3/1/2012 10 0.38 952,360 500

Theratechnologies Inc. Common Shares Huss, John-Michel 4, 5 6/1/2012 10 2.49 14,000 4,000 Threegold Resources Inc. Common Shares Goncalves, Victor 5 4/1/2012 10 0.131 1,386,000 230,000 Thunderbird Resorts, Inc. Common Shares Atallah, Albert 4, 5 4/1/2012 10 2.4 142,645 -10,000 Thunderbird Resorts, Inc. Common Shares De Ocampo, Roberto 4 4/1/2012 46 2.65 20,903 4,332 Fabros Thunderbird Resorts, Inc. Common Shares De Ocampo, Roberto 4 5/1/2012 46 2.2 26,357 5,454 Fabros Thunderbird Resorts, Inc. Common Shares Guggenheim, Salomon 4 4/1/2012 46 2.65 226,797 4,332 Jaakov Thunderbird Resorts, Inc. Common Shares Guggenheim, Salomon 4 5/1/2012 46 2.2 232,251 5,454 Jaakov Thunderbird Resorts, Inc. Common Shares Vicari, Douglas 4 4/1/2012 46 2.65 20,903 4,332 Thunderbird Resorts, Inc. Common Shares Vicari, Douglas 4 5/1/2012 46 2.2 26,357 5,454 Thunderbird Resorts, Inc. Common Shares Winkler, Franz 4 4/1/2012 46 2.65 17,570 4,332 Thunderbird Resorts, Inc. Common Shares Winkler, Franz 4 5/1/2012 46 2.2 23,024 5,454 Tim Hortons Inc. Common Shares Toop, R. Scott 5 16/12/2011 30 49.07 2,379 100 Timbercreek Senior Voting Shares Bizzarri, Ugo 5 30/12/2011 00 9 Mortgage Investment Corporation Timbercreek Senior Voting Shares JONES, Andrew Alexander 5 30/12/2011 00 9 Mortgage Investment Corporation Timbercreek Senior Voting Shares MELO, David 5 30/12/2011 00 9 Mortgage Investment Corporation Timbercreek Senior Voting Shares Morris, Carrie 5 30/12/2011 00 9 Mortgage Investment Corporation Timbercreek Senior Voting Shares Tamblyn, Robert Blair 4 30/12/2011 00 9 Mortgage Investment Corporation Tintina Mines Limited Promissory Notes Grid rassmuss, juan 3, 4, 5 31/12/2011 11 $6,341,614 $31,214 Note Loan Agreement Titan Uranium Inc. Common Shares FUNSTON, BEV 5 30/12/2011 10 0.17 0 -50,000 Titanium Corporation Inc. Common Shares Macpherson, Malcolm Hugh 4 3/1/2012 51 0.68 34,400 9,400

Titanium Corporation Inc. Common Shares Macpherson, Malcolm Hugh 4 3/1/2012 51 1.32 50,000 15,600

Titanium Corporation Inc. Options Macpherson, Malcolm Hugh 4 3/1/2012 51 174,000 -9,400

Titanium Corporation Inc. Options Macpherson, Malcolm Hugh 4 3/1/2012 51 158,400 -15,600

TMX Group Inc. Rights Restricted Share Cowan, Kevan Blair 5 31/12/2011 59 41.545 18,172 -6,847 Units TMX Group Inc. Rights Restricted Share Hoffman, Brenda Lee 5 31/12/2011 59 41.545 17,788 -6,721 Units TMX Group Inc. Rights Restricted Share Kloet, Thomas Archie 4, 5 31/12/2011 59 41.545 35,670 -17,421 Units TMX Group Inc. Rights Restricted Share KRENKEL, PETER 5 31/12/2011 59 41.545 15,453 -6,342 Units TMX Group Inc. Rights Restricted Share Miquelon, Alain 5 31/12/2011 59 41.545 15,658 -4,232 Units TMX Group Inc. Rights Restricted Share Pel, Sharon Christina 5 31/12/2011 59 41.545 16,225 -7,088 Units TMX Group Inc. Rights Restricted Share Ptasznik, Michael Steven 5 31/12/2011 59 41.545 18,473 -7,833 Units TMX Group Inc. Rights Restricted Share Sinclair, Eric 5 31/12/2011 59 41.545 18,299 -6,847 Units TomaGold Corporation Common Shares de Bergeron, Marcel 4 29/12/2011 00 148,000 catégorie "A" TomaGold Corporation Common Shares de Boucher, Roger 4 29/12/2011 00 111,000 catégorie "A" TomaGold Corporation Common Shares de curtis, Michael Charles 4, 5 29/12/2011 00 105,164 catégorie "A" Peter

January 13, 2012 (2012) 35 OSCB 567 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed TomaGold Corporation Common Shares de Gauthier, Yves 4 25/9/2009 00 catégorie "A" TomaGold Corporation Common Shares de Gauthier, Yves 4 29/12/2011 16 391,508 391,508 catégorie "A" TomaGold Corporation Convertible Debentures Gauthier, Yves 4 29/12/2011 38 $0 -$50,000 TomaGold Corporation Options Gauthier, Yves 4 29/12/2011 37 1.75 10,000 -40,000 TomaGold Corporation Warrants Gauthier, Yves 4 25/9/2009 00 TomaGold Corporation Warrants Gauthier, Yves 4 29/12/2011 16 0.15 333,333 333,333 TomaGold Corporation Common Shares de Giroux, Maurice 4, 5 29/12/2011 00 catégorie "A" TomaGold Corporation Common Shares de Giroux, Maurice 4, 5 29/12/2011 11 0.18 100,000 100,000 catégorie "A" TomaGold Corporation Common Shares de Giroux, Maurice 4, 5 4/1/2012 11 0.18 100,000 catégorie "A" TomaGold Corporation Warrants Giroux, Maurice 4, 5 29/12/2011 00 TomaGold Corporation Warrants Giroux, Maurice 4, 5 29/12/2011 11 0.3 20,000 20,000 TomaGold Corporation Common Shares de Grondin, David 4, 5 29/12/2011 00 138,800 catégorie "A" TomaGold Corporation Common Shares de Stellar Pacific Ventures Inc. 3 29/12/2011 00 catégorie "A" TomaGold Corporation Common Shares de Stellar Pacific Ventures Inc. 3 29/12/2011 11 0.15 22,000,000 22,000,000 catégorie "A" Toromont Industries Ltd. Rights Deferred Share Casson, Randall 7, 2 3/1/2012 56 21.13 9,344 48 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Chisholm, Jeffrey Scott 4 31/12/2011 56 21 807 238 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Chisholm, Jeffrey Scott 4 3/1/2012 56 21.13 810 3 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Cuddy, Mike 7 3/1/2012 56 21.13 5,759 30 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Franklin, Robert 4 31/12/2011 56 21 17,506 548 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Franklin, Robert 4 3/1/2012 56 21.13 17,594 88 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share GALLOWAY, DAVID 4 31/12/2011 56 21 31,360 1,131 Units (cash settled) ALEXANDER Toromont Industries Ltd. Rights Deferred Share GALLOWAY, DAVID 4 3/1/2012 56 21.13 31,517 157 Units (cash settled) ALEXANDER Toromont Industries Ltd. Rights Deferred Share Jewer, Paul Randolph 5 3/1/2012 56 21.13 22,526 117 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share McLeod, Steven Douglas 5 3/1/2012 56 21.13 2,939 15 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Medhurst, Scott 7 3/1/2012 56 21.13 7,420 38 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Wetherald, David 5 3/1/2012 56 21 63 Units (cash settled) Toromont Industries Ltd. Rights Deferred Share Wetherald, David 5 3/1/2012 56 21.13 12,146 63 Units (cash settled) Torquay Oil Corp. Common Shares Class A Winger, Harley Lewis 4 4/1/2012 10 0.38 613,334 40,000

Torquay Oil Corp. Common Shares Class A Winger, Harley Lewis 4 6/1/2012 10 0.36 616,334 3,000

Torquay Oil Corp. Common Shares Class A Winger, Harley Lewis 4 5/1/2012 10 0.36 180,000 35,000

Torstar Corporation Rights Deferred Share Babick, Donald 4 31/12/2011 56 19,701 926 Units Torstar Corporation Rights Deferred Share Berger, Elaine Margaret 4 31/12/2011 56 16,091 886 Units Ellen Torstar Corporation Options Class B non- Beyette, Marie Elizabeth 5 2/1/2012 50 8.28 124,406 16,875 voting shares Torstar Corporation Rights Restricted Share Beyette, Marie Elizabeth 5 2/1/2012 56 27,010 5,900 Units Torstar Corporation Rights Restricted Share Beyette, Marie Elizabeth 5 2/1/2012 59 17,749 -9,261 Units Torstar Corporation Options Class B non- Bishop, Peter George 7 2/1/2012 50 8.28 63,771 14,167 voting shares Torstar Corporation Rights Restricted Share Bishop, Peter George 7 2/1/2012 56 21,302 4,953 Units Torstar Corporation Rights Restricted Share Bishop, Peter George 7 2/1/2012 59 14,900 -6,402 Units Torstar Corporation Rights Deferred Share Clark, Burton Neil 4 31/12/2011 56 3,421 1,335 Units

January 13, 2012 (2012) 35 OSCB 568 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Torstar Corporation Options Class B non- Cruickshank, John Douglas 5 2/1/2012 50 8.28 210,938 56,250 voting shares Torstar Corporation Rights Deferred Share Cruickshank, John Douglas 5 31/12/2011 56 12,743 141 Units Torstar Corporation Rights Restricted Share Cruickshank, John Douglas 5 2/1/2012 56 83,731 19,668 Units Torstar Corporation Rights Restricted Share Cruickshank, John Douglas 5 2/1/2012 59 56,292 -27,439 Units Torstar Corporation Rights Deferred Share Dea, Joan 4 31/12/2011 56 18,518 1,521 Units Torstar Corporation Options Class B non- DeMarchi, Lorenzo John 5 2/1/2012 50 8.28 287,562 60,000 voting shares David Torstar Corporation Rights Restricted Share DeMarchi, Lorenzo John 5 2/1/2012 56 72,368 20,979 Units David Torstar Corporation Rights Restricted Share DeMarchi, Lorenzo John 5 2/1/2012 59 63,107 -9,261 Units David Torstar Corporation Rights Deferred Share Harvey, Campbell Russell 3, 4 31/12/2011 56 22,430 956 Units Torstar Corporation Options Class B non- Hayes, Donna Marie 7 2/1/2012 50 8.28 518,908 50,625 voting shares Torstar Corporation Rights Restricted Share Hayes, Donna Marie 7 2/1/2012 56 81,029 17,701 Units Torstar Corporation Rights Restricted Share Hayes, Donna Marie 7 2/1/2012 59 53,247 -27,782 Units Torstar Corporation Options Class B non- Holland, David Patrick 4, 5 2/1/2012 50 8.28 933,250 175,000 voting shares Torstar Corporation Rights Deferred Share Holland, David Patrick 4, 5 31/12/2011 56 2,692 30 Units Torstar Corporation Rights Restricted Share Holland, David Patrick 4, 5 2/1/2012 56 244,861 61,189 Units Torstar Corporation Rights Restricted Share Holland, David Patrick 4, 5 2/1/2012 59 199,129 -45,732 Units Torstar Corporation Rights Deferred Share Honderich, John Allen 3, 4 31/12/2011 56 20,030 930 Units Torstar Corporation Rights Deferred Share Hughes, Linda 4 31/12/2011 56 5,558 1,367 Units Torstar Corporation Rights Deferred Share Jauernig, Daniel 4 31/12/2011 56 26,486 2,614 Units Torstar Corporation Options Class B non- Martin, Gail 5 2/1/2012 50 8.28 173,256 16,875 voting shares Torstar Corporation Rights Restricted Share Martin, Gail 5 2/1/2012 56 27,010 5,900 Units Torstar Corporation Rights Restricted Share Martin, Gail 5 2/1/2012 59 17,749 -9,261 Units Torstar Corporation Options Class B non- McLeod, Ian Alexander 7 2/1/2012 50 8.28 8,029 4,733 voting shares Torstar Corporation Rights Restricted Share McLeod, Ian Alexander 7 2/1/2012 56 7,577 1,655 Units Torstar Corporation Rights Restricted Share McLeod, Ian Alexander 7 2/1/2012 59 4,979 -2,598 Units Torstar Corporation Options Class B non- Oliver, Ian Alan 7 2/1/2012 50 8.28 123,767 28,125 voting shares Torstar Corporation Rights Deferred Share Oliver, Ian Alan 7 31/12/2011 56 12,518 139 Units Torstar Corporation Rights Restricted Share Oliver, Ian Alan 7 2/1/2012 56 9,834 Units Torstar Corporation Rights Restricted Share Oliver, Ian Alan 7 2/1/2012 56 28,125 Units Torstar Corporation Rights Restricted Share Oliver, Ian Alan 7 2/1/2012 56 45,015 9,834 Units Torstar Corporation Rights Restricted Share Oliver, Ian Alan 7 2/1/2012 59 -9,834 Units Torstar Corporation Rights Restricted Share Oliver, Ian Alan 7 2/1/2012 59 29,581 -15,434 Units Torstar Corporation Rights Deferred Share Samji, Alnasir Hussein 4 31/12/2011 56 28,949 2,984 Units Habib Torstar Corporation Options Class B non- Smith, David Todd 5 2/1/2012 50 8.28 140,921 16,875 voting shares Torstar Corporation Rights Restricted Share Smith, David Todd 5 2/1/2012 56 27,010 5,900 Units Torstar Corporation Rights Restricted Share Smith, David Todd 5 2/1/2012 59 17,749 -9,261 Units

January 13, 2012 (2012) 35 OSCB 569 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Torstar Corporation Options Class B non- Strolight, Tomer 7 2/1/2012 50 8.25 190,749 37,500 voting shares Torstar Corporation Rights Deferred Share Strolight, Tomer 7 31/12/2011 56 3,525 39 Units Torstar Corporation Rights Restricted Share Strolight, Tomer 7 2/1/2012 56 44,319 13,112 Units Torstar Corporation Rights Restricted Share Strolight, Tomer 7 2/1/2012 59 37,528 -6,791 Units Torstar Corporation Rights Deferred Share Thall, Martin 4 31/12/2011 56 22,430 956 Units Torstar Corporation Rights Deferred Share Weiss, Paul Raymond 4 31/12/2011 56 16,303 1,486 Units Torstar Corporation Options Class B non- Wright, Andrew 7 2/1/2012 50 8.28 55,938 8,750 voting shares Torstar Corporation Rights Deferred Share Yaffe, Phyllis 4 31/12/2011 56 16,303 1,486 Units Total Energy Services Inc. Common Shares Total Energy Services Inc 1 28/12/2011 10 15,000 -105,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 30/12/2011 10 0 -15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 3/1/2012 11 17.21 5,000 -15,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 3/1/2012 11 17.21 18,500 13,500 TransAlta Corporation RSU (Restricted Share Stickland, Kenneth 5 30/12/2011 35 21.06 19,862 793 Units) TransAlta Corporation RSU (Restricted Share Stickland, Kenneth 5 30/12/2011 30 20.46 0 -19,862 Units) Transat A.T. inc. Action à droit de vote de Simoneau, Jacques 4 5/1/2012 10 7.39 10,580 680 catégorie B TransForce Inc. Deferred Share Units Bédard, Alain 4 3/1/2012 56 9,941 607 TransForce Inc. Deferred Share Units Bérard, André 4 3/1/2012 56 42,656 2,677 TransForce Inc. Deferred Share Units Bouchard, Lucien 4 3/1/2012 56 25,962 1,784 TransForce Inc. Deferred Share Units Guay, Richard 4, 5 3/1/2012 56 22,410 973 TransForce Inc. Deferred Share Units ROGERS, Ronald D. 4 3/1/2012 56 15,042 937 TransForce Inc. Deferred Share Units Saputo, Emanuele 6 3/1/2012 56 13.17 19,813 1,147 TransForce Inc. Deferred Share Units Saputo, Joey 4 3/1/2012 56 13.17 17,092 1,433 TransForce Inc. Deferred Share Units Stollery, John 4 3/1/2012 56 15,753 1,433 TransGlobe Apartment Real Trust Units Brough, John A. 4 30/12/2011 30 11.58 1,298 251 Estate Investment Trust

TransGlobe Apartment Real Trust Units KNOWLTON, JOHN 4 30/12/2011 30 11.58 5,499 139 Estate Investment Trust MICHAEL ARTHUR

TransGlobe Apartment Real Trust Units Leith, David Gordon 4 30/12/2011 30 11.58 6,192 207 Estate Investment Trust

TransGlobe Apartment Real Trust Units Rosenberg, Graham 4 30/12/2011 30 11.58 1,526 365 Estate Investment Trust Lawrence

TransGlobe Apartment Real Trust Units Slavens, Eric W. 4 30/12/2011 30 11.58 1,539 309 Estate Investment Trust

Transition Metals Corp. Options Vaughan, William Stearns 4 3/1/2012 50 0.4 40,000 20,000 Trelawney Mining and Common Shares Mohan, Patrick 4 4/1/2012 10 3.13 514,755 -5,000 Exploration Inc. Trelawney Mining and Common Shares Mohan, Patrick 4 4/1/2012 10 3.14 509,755 -5,000 Exploration Inc. Trelawney Mining and Common Shares Reid, David 5 22/12/2011 54 0.7 166,100 12,500 Exploration Inc. Trelawney Mining and Warrants Reid, David 5 22/12/2011 54 0.7 0 -12,500 Exploration Inc. Trevali Mining Corporation Options CRUISE, MARK DANIEL 4, 5 16/12/2011 52 0.95 0 -100,000 Trevali Mining Corporation Options Klipfel, Paul Dexter 4 9/5/2011 50 1.05 -20,000 Trevali Mining Corporation Options Klipfel, Paul Dexter 4 9/5/2011 51 1.05 250,000 -20,000 Trevali Mining Corporation Options Klipfel, Paul Dexter 4 16/12/2011 52 0.95 225,000 -50,000 Trevali Mining Corporation Options Melbye, Charles Eugene 4 16/12/2011 52 225,000 -50,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 6/12/2011 00 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 6/12/2011 38 4.29 1,000 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 7/12/2011 38 4.22 1,500 500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 8/12/2011 38 4.2 2,500 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 12/12/2011 38 1,500 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 13/12/2011 38 4.65 2,500 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 13/12/2011 38 2,000 -500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 14/12/2011 38 4.5 2,400 400 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 14/12/2011 38 1,400 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 15/12/2011 38 4.5 1,900 500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 16/12/2011 38 4.5 2,900 1,000

January 13, 2012 (2012) 35 OSCB 570 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 19/12/2011 38 1,900 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 20/12/2011 38 1,500 -400 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 21/12/2011 38 4.25 2,500 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 21/12/2011 38 2,000 -500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 22/12/2011 38 4.25 3,000 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 22/12/2011 38 2,000 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 23/12/2011 38 4.25 3,000 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 28/12/2011 38 4.2 4,000 1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 29/12/2011 38 4.2 4,500 500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 29/12/2011 38 4.19 5,000 500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 29/12/2011 38 4,000 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 30/12/2011 38 3,000 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 3/1/2012 38 2,000 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 4/1/2012 38 1,000 -1,000 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 5/1/2012 38 500 -500 Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 5/1/2012 38 0 -500 Trilogy Energy Corp. Non-Voting Shares Paramount Resources Ltd. 3 5/1/2012 15 37.9 6,388,490 -5,000,000

Trinidad Drilling Ltd. Rights Performance Bolster, Lesley Marie 5 4/1/2012 35 18,642 123 Share Units Trinidad Drilling Ltd. Rights Performance Clemett, Jason John 5 4/1/2012 35 127,711 841 Share Units Trinidad Drilling Ltd. Rights Performance Conway, Brent John 5 4/1/2012 35 166,186 1,098 Share Units Trinidad Drilling Ltd. Rights Deferred Share Gibson, Brock William 4 3/1/2012 35 23,347 153 Units Trinidad Drilling Ltd. Rights Deferred Share Heier, Michael Erskine 4 3/1/2012 35 53,414 351 Units Trinidad Drilling Ltd. Rights Performance Lachance, Adrian Victor 5 4/1/2012 35 127,684 844 Share Units Trinidad Drilling Ltd. Rights Performance Oke, Edward Langdon 5 4/1/2012 35 36,251 239 Share Units Trinidad Drilling Ltd. Rights Deferred Share Powers, Lewis Wetzel Jody 4 3/1/2012 35 53,414 351 Units Trinidad Drilling Ltd. Rights Deferred Share Stickland, Ken Stanley 4 3/1/2012 35 53,414 351 Units Trinidad Drilling Ltd. Rights Performance Whitmarsh, Lyle Clarence 4 4/1/2012 35 315,870 2,086 Share Units TriOil Resources Ltd. Common Shares Class A Gretzky, Glen 4 16/12/2011 10 2.44 49,518 5,400 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Haavardsrud, Craig Donald 5 31/12/2011 30 2.5 78,074 7,199 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Johnson, Cheryne 5 31/12/2011 30 2.47 69,109 7,084 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Mychaluk, Keith Allen 5 31/12/2011 30 2.47 80,031 6,479 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Tripp, Russell J. 4, 5 31/12/2011 30 2.47 151,096 9,114 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Wiacek, Andrew Zbigniew 5 31/12/2011 30 2.47 134,342 8,101 (formerly, One Exploration Inc.) TriOil Resources Ltd. Common Shares Class A Wyzykoski, Shaun Larry 5 31/12/2011 30 2.47 10,007 7,084 (formerly, One Exploration Inc.) TSO3 inc. Common Shares Deschamps, Benoît 5 4/1/2012 30 1.841 2,718 1,502 TSO3 inc. Common Shares Robitaille, Simon 4, 5 4/1/2012 30 1.841 72,428 836 Tsodilo Resources Limited Options Bojes, Gary 5 3/1/2012 50 0.9 450,000 50,000

Tsodilo Resources Limited Options Bruchs, James 3, 4, 5 3/1/2012 50 0.9 1,200,000 100,000

Tsodilo Resources Limited Options de Wit, Michiel Cornelis Jan 4 3/1/2012 50 0.9 450,000 50,000

TTM Resources Inc. Common Shares Jordens, Richard 4 4/1/2012 90 3,299,000 -50,000 TTM Resources Inc. Common Shares Jordens, Richard 4 4/1/2012 90 3,292,000 -7,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 13/12/2011 11 -100,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 13/12/2011 11 -100,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 19/12/2011 10 0.094 33,783,500 100,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 22/12/2011 10 0.092 34,316,500 533,000 Tyhee Gold Corp. Common Shares Interinvest Corporation 3 23/12/2011 10 0.092 34,416,500 100,000

January 13, 2012 (2012) 35 OSCB 571 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Tyhee Gold Corp. Common Shares Interinvest Corporation 3 30/12/2011 10 0.092 34,516,500 100,000 UEX Corporation Common Shares Macdonald, Colin Campbell 4 30/5/2003 00

UEX Corporation Common Shares Macdonald, Colin Campbell 4 20/12/2011 10 0.6392 30,000 30,000

UEX Corporation Common Shares Thody, Graham Campbell 4, 5 4/1/2012 10 0.69 681,000 7,000 UEX Corporation Common Shares Thody, Graham Campbell 4, 5 30/12/2011 10 0.64 71,500 2,000 Uni-Sélect Inc. Common Shares Labrecque, Martin 5 29/12/2011 10 26.5 4,423 -200 Uni-Sélect Inc. Common Shares Labrecque, Martin 5 3/1/2012 10 26.5 2,923 -1,500 Uni-Sélect Inc. Common Shares Labrecque, Martin 5 5/1/2012 10 26.5 2,023 -900 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 21/12/2011 38 25.675 1,000 1,000 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 21/12/2011 38 25.675 0 -1,000 United Corporations Limited Common Shares United-Connected Holdings 3 5/1/2012 10 43.01 2,718,642 100 Corp. Upper Canada Gold Common Shares Conroy, Behn 5 3/1/2012 30 0.0525 508,837 137,143 Corporation Upper Canada Gold Common Shares R.W. Tomlinson Limited 3 30/12/2011 16 0.05 10,500,000 3,000,000 Corporation Upper Canada Gold Warrants R.W. Tomlinson Limited 3 30/12/2011 16 0.1 6,750,000 3,000,000 Corporation Uranium Focused Energy Trust Units Uranium Focused Energy 1 29/12/2011 38 2.4 800 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 29/12/2011 38 2.4 800 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 29/12/2011 38 2.46 500 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 29/12/2011 38 2.46 500 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 30/12/2011 38 2.47 18,376,085 800 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 3/1/2012 38 2.45 18,376,485 400 Fund Fund Uranium One Inc. Options Otto, Kuzma 5 22/12/2011 97 18,000 -130,000 Valeant Pharmaceuticals Rights Restricted Share Farmer, Ron 4 31/12/2011 56 4,510 133 International, Inc. Units (RSUs) Valeant Pharmaceuticals Rights Restricted Share Ingram, Robert A. 4 31/12/2011 56 213,730 220 International, Inc. Units (RSUs) Valeant Pharmaceuticals Rights Restricted Share Provencio, Norma Ann 4 31/12/2011 56 105,040 602 International, Inc. Units (RSUs) ValGold Resources Ltd. Common Shares Wilkinson, Stephen James 4, 5 3/1/2012 10 0.15 969,532 500

ValGold Resources Ltd. Common Shares Wilkinson, Stephen James 4, 5 5/1/2012 10 0.15 970,532 1,000

Valhalla Resources Ltd. Common Shares Kenz Enerji ve Madencilik 3 23/12/2011 00 6,500,000 Sanayi ve Ticaret Anonim Sirketi Valhalla Resources Ltd. Warrants Kenz Enerji ve Madencilik 3 23/12/2011 00 2,000,000 Sanayi ve Ticaret Anonim Sirketi Vecima Networks Inc. Common Shares Kumar, Surinder Ghai 3, 4, 5 29/12/2011 10 2.95 62,600 200 Vecima Networks Inc. Common Shares Kumar, Surinder Ghai 3, 4, 5 29/12/2011 10 2.96 62,800 200 Vecima Networks Inc. Common Shares Kumar, Surinder Ghai 3, 4, 5 29/12/2011 10 2.97 63,100 300 Vecima Networks Inc. Common Shares Kumar, Surinder Ghai 3, 4, 5 29/12/2011 10 3 63,400 300 Velan Inc. Subordinate Voting Velan Inc. 1 1/12/2011 38 12.35 5,000 100 Shares Velan Inc. Subordinate Voting Velan Inc. 1 1/12/2011 38 12.3 5,100 100 Shares Velan Inc. Subordinate Voting Velan Inc. 1 2/12/2011 38 200 -4,900 Shares Velan Inc. Subordinate Voting Velan Inc. 1 5/12/2011 38 12.3 1,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 8/12/2011 38 12.05 2,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 12/12/2011 38 11.8 3,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 13/12/2011 38 11.8 4,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 14/12/2011 38 11.7 5,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 19/12/2011 38 11.56 6,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 20/12/2011 38 11.3 7,200 1,000 Shares

January 13, 2012 (2012) 35 OSCB 572 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Velan Inc. Subordinate Voting Velan Inc. 1 21/12/2011 38 11.35 8,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 22/12/2011 38 11.44 9,200 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 28/12/2011 38 11.7 10,200 1,000 Shares Veresen Inc. Common Shares Eastman, Paul 5 21/1/2011 30 688 4 Veresen Inc. Common Shares Eastman, Paul 5 23/2/2011 30 692 4 Veresen Inc. Common Shares Eastman, Paul 5 23/3/2011 30 696 4 Veresen Inc. Common Shares Eastman, Paul 5 21/4/2011 30 700 4 Veresen Inc. Common Shares Eastman, Paul 5 20/5/2011 30 704 4 Veresen Inc. Common Shares Eastman, Paul 5 23/6/2011 30 708 4 Veresen Inc. Common Shares Eastman, Paul 5 22/7/2011 30 712 4 Veresen Inc. Common Shares Eastman, Paul 5 23/8/2011 30 716 4 Veresen Inc. Common Shares Eastman, Paul 5 23/9/2011 30 720 4 Veresen Inc. Common Shares Eastman, Paul 5 21/10/2011 30 724 4 Veresen Inc. Common Shares Eastman, Paul 5 23/11/2011 30 728 4 Veresen Inc. Common Shares Eastman, Paul 5 23/12/2011 30 732 4 Veresen Inc. Common Shares McAdam, William 2 1/1/2011 00 9,567 Veresen Inc. Common Shares White, Stephen 4, 5 25/11/2011 30 14.191 192 Veresen Inc. Common Shares White, Stephen 4, 5 25/11/2011 30 13.761 33,041 198 Veresen Inc. Common Shares White, Stephen 4, 5 23/12/2011 30 13.877 33,239 198 Veresen Inc. Common Shares White, Stephen 4, 5 25/11/2011 30 14.191 192 Veresen Inc. Common Shares White, Stephen 4, 5 25/11/2011 30 13.761 33,041 198 Veresen Inc. Common Shares White, Stephen 4, 5 23/12/2011 30 13.877 33,239 198 VersaPay Corporation Common Shares SHORT, KEVIN 5 3/1/2012 10 0.95 567,000 -33,000 VersaPay Corporation Common Shares SHORT, KEVIN 5 3/1/2012 10 0.99 566,000 -1,000 VersaPay Corporation Common Shares SHORT, KEVIN 5 3/1/2012 10 1 565,000 -1,000 Viper Gold Ltd. Common Shares Blair, Melanie 4 3/1/2012 90 168,000 -162,000 Viper Gold Ltd. Common Shares Blair, Melanie 4 24/4/2008 00 Viper Gold Ltd. Common Shares Blair, Melanie 4 3/1/2012 90 162,000 162,000 Virtutone Networks Inc. Common Shares Allen, Jason 4, 5 28/12/2011 10 0.15 4,509,500 -10,000 (formerly Sawhill Capital Ltd.) Virtutone Networks Inc. Common Shares Allen, Jason 4, 5 5/1/2012 10 0.15 4,497,500 -12,000 (formerly Sawhill Capital Ltd.) Vista Gold Corp. RSU Adshead-Bell, Nicole 4 3/8/2011 00 Vista Gold Corp. RSU Adshead-Bell, Nicole 4 1/1/2012 11 50,000 50,000 Vista Gold Corp. RSU Clark, John 4 1/1/2012 11 50,000 50,000 Vista Gold Corp. RSU Eppler, W. Durand 7 1/1/2012 11 50,000 50,000 Vista Gold Corp. RSU Ogryzlo, Charles Thomas 4 1/1/2012 11 50,000 50,000 Vista Gold Corp. RSU Richings, Michael 4 1/1/2012 11 50,000 50,000 Vista Gold Corp. RSU Richings, Michael 4 1/1/2012 11 100,000 50,000 Vista Gold Corp. RSU Stevenson, Tracy 4 1/1/2012 56 50,000 Vista Gold Corp. RSU Stevenson, Tracy 4 1/1/2012 11 50,000 50,000 Viterra Inc. Common Shares Ast, Edward Arthur 2 30/12/2011 30 10.724 14,094 87 Viterra Inc. Common Shares Bell, James Russell 5 30/12/2011 30 10.724 11,647 126 Viterra Inc. Common Shares Berger, Steven 5 23/11/2011 57 10.46 8,169 2,240 Viterra Inc. Common Shares Berger, Steven 5 30/12/2011 30 10.724 8,475 100 Viterra Inc. Common Shares Brooks, Mike A. 5 30/12/2011 30 10.724 1,384 77 Viterra Inc. Common Shares Cameron, Ronald Gordon 5 30/12/2011 30 10.724 35,479 102 Viterra Inc. Common Shares Gerrand, Karl 5 30/12/2011 30 10.724 19,738 120 Viterra Inc. Common Shares Lister, Warren Scott 5 30/12/2011 30 10.724 10,822 122 Viterra Inc. Common Shares McLennan, Rex John 5 30/12/2011 30 10.724 46,633 267 Viterra Inc. Common Shares McQueen, Dean 7 30/12/2011 30 10.724 21,955 124 Viterra Inc. Common Shares Miller, Robert Dana 5 30/12/2011 30 10.724 32,029 146 Viterra Inc. Common Shares Mooney, William 5 30/12/2011 30 10.724 16,089 104 Viterra Inc. Common Shares Schmidt, Mayo 5 30/12/2011 30 10.724 626,904 117 Viterra Inc. Common Shares Smith, Kelley Jo 5 30/12/2011 30 10.724 7,137 87 Viterra Inc. Common Shares Theaker, Grant 5 30/12/2011 30 10.724 10,105 81 Viterra Inc. Common Shares Wansbutter, Richard 5 30/12/2011 30 10.724 20,760 91 Viterra Inc. Common Shares Wonnacott, Doug 5 30/12/2011 30 10.724 20,373 84 Vitran Corporation Inc. Deferred Share Unit Deluce, William 4 31/12/2011 97 5,596 428 Vitran Corporation Inc. Deferred Share Unit Gaetz, Richard 4, 7, 5 31/12/2011 97 5,596 428 Vitran Corporation Inc. Deferred Share Unit[B] Gaetz, Richard 4, 7, 5 31/12/2011 97 11,032 888 Vitran Corporation Inc. Deferred Share Unit Gossling, John Richard 4 31/12/2011 97 5,345 428 Vitran Corporation Inc. Deferred Share Unit Griffiths, Anthony Frear 4 31/12/2011 97 5,596 428 Vitran Corporation Inc. Deferred Share Unit Hébert, Georges 4 31/12/2011 97 5,596 428 Vitran Corporation Inc. Deferred Share Unit McGraw, Richard 4 31/12/2011 97 5,596 428 Vitran Corporation Inc. Deferred Share Units (B) Suleman, Fayaz 5 31/12/2011 97 3,376 666 Volcanic Metals Corp. Common Shares LaGourgue, John 5 29/12/2011 10 0.06 1,251,411 1,000

January 13, 2012 (2012) 35 OSCB 573 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Wajax Corporation Rights Directors' Deferred Barrett, Edward Malcolm 4 30/12/2011 56 38.44 18,453 429 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Bourne, Ian Alexander 4 30/12/2011 56 38.44 8,865 292 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Carty, Douglas 4 30/12/2011 56 38.44 3,644 410 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Dexter, Robert P. 4 30/12/2011 56 38.44 39,869 909 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Duvar, Ivan E. H. 4 30/12/2011 56 38.44 15,295 329 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Eby, John Clifford 4 30/12/2011 56 38.44 9,590 429 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Gagne, Paul Ernest 4 30/12/2011 56 38.44 25,554 569 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Hole, James Douglas 4 30/12/2011 56 38.44 16,826 859 Share Unit Plan

Wajax Corporation Rights Directors' Deferred Nielsen, Valerie Anne 4 30/12/2011 56 38.44 34,207 546 Share Unit Plan Abernethy

Wajax Corporation Rights Directors' Deferred Taylor, Alelxander S. 4 30/12/2011 56 38.44 4,286 468 Share Unit Plan

Wallbridge Mining Company Common Shares Weirmeir, Michael 5 30/12/2011 10 0.16 180,000 10,000 Limited Walton Yellowhead Debentures Walton Global Investments 7 29/12/2011 16 $673,947 $669,420 Development Corporation Ltd. Walton Yellowhead Non-Voting Shares Walton Global Investments 7 29/12/2011 16 2.5 149,616 89,256 Development Corporation Ltd. Wescan Goldfields Inc. Options Anderson, Darren Sean 5 30/12/2011 50 0.1 300,000 Wescan Goldfields Inc. Options Anderson, Darren Sean 5 30/12/2011 50 0.1 1,000,000 300,000 Wescan Goldfields Inc. Options Anderson, Darren Sean 5 6/1/2012 52 0.38 950,000 -50,000 Wescan Goldfields Inc. Options Bay, Harvey James 4, 6 30/12/2011 50 0.1 1,100,000 400,000 Wescan Goldfields Inc. Options Billingsley, Gary 4 30/12/2011 50 0.1 700,000 200,000 Wescan Goldfields Inc. Options DeRosier, Duane David 6 30/12/2011 50 0.1 400,000 200,000 Wescan Goldfields Inc. Options Hillier, Arnie E. 6 30/12/2011 50 0.1 700,000 200,000 Wescan Goldfields Inc. Options Hillier, Arnie E. 6 30/12/2011 50 0.1 200,000 Wescan Goldfields Inc. Options Hillier, Arnie E. 6 30/12/2011 50 0.1 200,000 Wescan Goldfields Inc. Options Lindsay, Maurice Franklin 5 30/12/2011 50 0.1 700,000 200,000 Wescan Goldfields Inc. Options MacNeill, Kenneth Earl 4, 6 30/12/2011 50 0.1 2,000,000 600,000 Wescan Goldfields Inc. Options Michasiw, Val 4 30/12/2011 50 0.1 600,000 200,000 Wescan Goldfields Inc. Options Shimell, Mark 5 16/12/2010 00 200,000 Wescan Goldfields Inc. Options Shimell, Mark 5 30/12/2011 50 0.1 400,000 200,000 Wescast Industries Inc. Deferred Stock Units Barton, James R. 4 1/1/2012 56 129,451 4,198 Wescast Industries Inc. Deferred Stock Units Baumgardner, John Dwane 4 1/1/2012 56 141,595 3,352

Wescast Industries Inc. Deferred Stock Units Hooper, Gerald Allen 4 1/1/2012 56 87,686 2,279 Wescast Industries Inc. Deferred Stock Units Sloan, Hugh W. 4 1/1/2012 56 89,356 1,938 Wesdome Gold Mines Ltd. Common Shares Ma, Brian Bok-Heng 5 1/1/2012 00 3,500 Wesdome Gold Mines Ltd. Options Ma, Brian Bok-Heng 5 1/1/2012 00 50,000 West Fraser Timber Co. Ltd. Deferred Share Unit Binkley, Clark 4 31/12/2011 56 13,280 882

West Fraser Timber Co. Ltd. Common Shares Clogg, Wayne 5 31/12/2011 30 27

West Fraser Timber Co. Ltd. Common Shares Clogg, Wayne 5 31/12/2011 30 619 35

West Fraser Timber Co. Ltd. Common Shares Ferris, Raymond William 5 31/12/2011 30 55

West Fraser Timber Co. Ltd. Common Shares Ferris, Raymond William 5 31/12/2011 30 440 61

West Fraser Timber Co. Ltd. Deferred Share Unit Gibson, J. Duncan 4 31/12/2011 56 5,815 455

West Fraser Timber Co. Ltd. Deferred Share Unit Ketcham, Samuel Wright 4 27/4/2010 00

January 13, 2012 (2012) 35 OSCB 574 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed West Fraser Timber Co. Ltd. Deferred Share Unit Ketcham, Samuel Wright 4 31/12/2011 56 454 454

West Fraser Timber Co. Ltd. Deferred Share Unit KETCHAM, William Peters 3, 4 21/3/2001 00

West Fraser Timber Co. Ltd. Deferred Share Unit KETCHAM, William Peters 3, 4 31/12/2011 56 454 454

West Fraser Timber Co. Ltd. Common Shares Lehane, David Patrick 5 31/12/2011 30 68

West Fraser Timber Co. Ltd. Common Shares Lehane, David Patrick 5 31/12/2011 30 74 69

West Fraser Timber Co. Ltd. Deferred Share Unit Ludwig, Harald Horst 4 31/12/2011 56 13,985 654

West Fraser Timber Co. Ltd. Deferred Share Unit MacNeill, Brian F. 4 31/12/2011 56 17,121 818

West Fraser Timber Co. Ltd. Deferred Share Unit Phillips, Robert L. 4 28/4/2005 00

West Fraser Timber Co. Ltd. Deferred Share Unit Phillips, Robert L. 4 31/12/2011 56 454 454

West Fraser Timber Co. Ltd. Deferred Share Unit Rennie, Janice Gaye 4 31/12/2011 56 5,959 455

Western Lithium USA Options Bergot, Brian Lee 5 3/1/2012 50 0.27 325,000 50,000 Corporation Western Lithium USA Options Bertolli, Silvio 5 3/1/2012 50 0.27 800,000 75,000 Corporation Western Lithium USA Options Bowden, Douglas R 5 6/6/2008 00 Corporation Western Lithium USA Options Bowden, Douglas R 5 6/6/2008 50 0.5 200,000 200,000 Corporation Western Lithium USA Options Bowden, Douglas R 5 3/1/2012 50 0.27 210,000 10,000 Corporation Western Lithium USA Options Bryan, Dennis 5 3/1/2012 50 0.27 800,000 75,000 Corporation Western Lithium USA Options Chmelauskas, Jay 5 3/1/2012 50 0.27 2,150,000 250,000 Corporation Western Lithium USA Common Shares Epshtein, Eduard 5 3/1/2012 10 0.28 50,000 50,000 Corporation Western Lithium USA Options Epshtein, Eduard 5 3/1/2012 50 0.27 450,000 75,000 Corporation Western Lithium USA Options Flood, R. Edward 4 3/1/2012 50 0.27 2,400,000 100,000 Corporation Western Lithium USA Options Haldane, William 4 3/1/2012 50 0.27 900,000 100,000 Corporation Western Lithium USA Options Hansen, Tracy 5 3/1/2012 50 0.27 400,000 50,000 Corporation Western Lithium USA Options Krepiakevich, Terry 4 3/1/2012 50 0.27 300,000 100,000 Corporation Western Lithium USA Options Rice, John Albert 5 6/6/2008 00 Corporation Western Lithium USA Options Rice, John Albert 5 6/6/2008 50 0.5 100,000 100,000 Corporation Western Lithium USA Options Rice, John Albert 5 3/1/2012 50 0.27 110,000 10,000 Corporation Western Lithium USA Options Sheriff, William Morris 4 3/1/2012 50 0.27 400,000 100,000 Corporation Western Wind Energy Corp. Common Shares Andrup, Claus Erik 4, 5 3/1/2012 10 2.02 138,767 -1,333 WestJet Airlines Ltd. Rights Deferred Share Jackson, Allan William 4 30/12/2011 56 24,476 1,763 Units WestJet Airlines Ltd. Rights Deferred Share Jackson, Allan William 4 30/12/2011 56 24,574 98 Units WestJet Airlines Ltd. Rights Deferred Share Jackson, Steven Barry 4 30/12/2011 56 11,758 1,333 Units WestJet Airlines Ltd. Rights Deferred Share Jackson, Steven Barry 4 30/12/2011 56 11,803 45 Units WestJet Airlines Ltd. Rights Deferred Share Matthews, Wilmot Leslie 4 30/12/2011 56 18,503 1,441 Units WestJet Airlines Ltd. Rights Deferred Share Matthews, Wilmot Leslie 4 30/12/2011 56 18,577 74 Units WestJet Airlines Ltd. Rights Deferred Share Menard, L. Jacques 4 30/12/2011 56 774 538 Units

January 13, 2012 (2012) 35 OSCB 575 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed WestJet Airlines Ltd. Rights Deferred Share Menard, L. Jacques 4 30/12/2011 56 776 2 Units WestJet Airlines Ltd. Rights Deferred Share Rennie, Janice Gaye 4 30/12/2011 56 1,655 1,183 Units WestJet Airlines Ltd. Rights Deferred Share Rennie, Janice Gaye 4 30/12/2011 56 1,658 3 Units WestJet Airlines Ltd. Rights Deferred Share Scace, Arthur R.A. 4 30/12/2011 56 7,971 592 Units WestJet Airlines Ltd. Rights Deferred Share Scace, Arthur R.A. 4 30/12/2011 56 8,003 32 Units Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 1,483 100 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.8 1,383 -100 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 4,583 3,200 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.7 1,383 -3,200 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 1,883 500 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.65 1,383 -500 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 1,483 100 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.61 1,383 -100 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 1,683 300 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.6 1,383 -300 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 51 5,516 4,133 Westport Innovations Inc. Common Shares Larkin, William Edward 5 3/1/2012 10 34.59 1,383 -4,133 Westport Innovations Inc. Options Larkin, William Edward 5 15/2/2010 00 25,000 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 24,900 -100 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 21,700 -3,200 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 21,200 -500 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 21,100 -100 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 20,800 -300 Westport Innovations Inc. Options Larkin, William Edward 5 3/1/2012 51 16,667 -4,133 Westridge Resources Inc. Common Shares Barclay, Richard John 4 19/4/2010 00 20,000 Hargrave Wheels Group Inc. (formerly, Common Shares Ward, J. R. Kingsley 4, 6, 5 31/12/2011 36 5,907,908 4,955,872 Greenfield Financial Group Inc.) White Tiger Gold Ltd. Common Shares Yanchukov, Sergey 3 30/12/2011 10 0.9281 15,732,100 300,000 Wi-LAN Inc. Restricted Share Unit McEwan, Michael Shaun 5 1/1/2012 57 5.87 38,666 -22,000 Wi-LAN Inc. Restricted Share Unit McEwan, Michael Shaun 5 1/1/2012 56 53,666 15,000 Wi-LAN Inc. Restricted Share Unit Skippen, James 4, 5 1/1/2012 57 5.87 73,332 -40,001 Wi-LAN Inc. Restricted Share Unit Skippen, James 4, 5 1/1/2012 56 153,332 80,000 Wi-LAN Inc. Restricted Share Unit Watchmaker, Prashant 5 1/1/2012 57 5.87 29,000 -15,000 Wi-LAN Inc. Restricted Share Unit Watchmaker, Prashant 5 1/1/2012 56 38,000 9,000 Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 28/12/2011 38 5.6249 502,700 75,900 Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 29/12/2011 38 5.625 512,700 10,000 Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 30/12/2011 38 5.8797 527,700 15,000 Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 30/12/2011 38 100,900 -426,800 Wi-LAN Inc. Convertible Debentures Wi-LAN Inc. 1 3/1/2012 38 $0 -$1,544,000 6.00% Extendible Unsecured Subordinated

Wildcat Silver Corporation Common Shares Warke, Richard William 4 3/2/2011 10 0.54 27,777 Wildcat Silver Corporation Common Shares Warke, Richard William 4 3/2/2011 10 0.54 2,410,277 27,777 Wireless Matrix Corporation Common Shares Christofilis, Constantinos 3 3/1/2012 10 0.88 8,171,900 -366,100

Wireless Matrix Corporation Common Shares Christofilis, Constantinos 3 3/1/2012 10 0.88 7,681,300 366,100

Xinergy Ltd. Common Shares Nix, Jon Eric 3, 4, 5 28/12/2011 47 3.22 6,102,563 -130,000 xRM Global Inc. Common Shares Michael, Trevor 4 27/12/2011 00 2,159,600 xRM Global Inc. Common Shares Michael, Trevor 4 27/12/2011 00 1,117,000 xRM Global Inc. Options Michael, Trevor 4 27/12/2011 00 53,000

Yaletown Capital Corp. Common Shares Kind, Douglas 3, 4, 5 28/12/2011 10 0.175 3,978,840 5,000

Yaletown Capital Corp. Common Shares Kind, Douglas 3, 4, 5 28/12/2011 10 0.16 3,979,340 500

Yaletown Capital Corp. Common Shares Kind, Douglas 3, 4, 5 29/12/2011 10 0.185 3,982,340 3,000

Yangarra Resources Ltd. Options Evaskevich, J. Grant 5 1/1/2012 52 640,000 -5,000

Yoho Resources Inc. Common Shares Drader, Clark Warren 5 30/12/2011 30 3.54 199,329 4,521

Yoho Resources Inc. Common Shares McLachlan, Brian 4, 5 30/12/2011 30 3.54 638,928 4,941

Yoho Resources Inc. Common Shares Stobo, Barry J. 5 30/12/2011 30 3.54 328,990 4,521

January 13, 2012 (2012) 35 OSCB 576 Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Yoho Resources Inc. Common Shares Woolsey, Wendy S 5 30/12/2011 30 3.54 128,753 4,521

Yorbeau Resources Inc. Common Shares Class A Anglo Pacific Group Plc 3 29/12/2011 10 0.1882 21,604,857 79,500

Yorbeau Resources Inc. Common Shares Class A Anglo Pacific Group Plc 3 30/12/2011 10 0.1863 21,644,357 39,500

Yorbeau Resources Inc. Common Shares Class A Anglo Pacific Group Plc 3 4/1/2012 10 0.18 21,721,357 77,000

Yorbeau Resources Inc. Common Shares Class A Bodnar jr., Georges 4, 5 29/12/2011 10 0.19 700,000 -50,000

Yorbeau Resources Inc. Common Shares Class A Bodnar jr., Georges 4, 5 30/12/2011 10 0.19 680,000 -20,000

Yorbeau Resources Inc. Common Shares Class A Crevier, David 4, 5 5/1/2012 10 0.19 575,000 25,000

Zedi Inc. Common Shares Zedi Inc. 1 30/12/2011 38 0 -719,500

Zedi Inc. Common Shares Zedi Inc. 1 3/1/2012 10 0.63 24,000 24,000

Zimtu Capital Corp. Common Shares Hodge, David 4, 5 30/12/2011 10 0.73 718,594 85,000

Zimtu Capital Corp. Common Shares Hodge, David 4, 5 30/12/2011 10 0.72 719,594 1,000

Zuri Capital Corp. Common Shares Smith, Stephen 4 29/12/2011 00 360,000

January 13, 2012 (2012) 35 OSCB 577 Insider Reporting

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January 13, 2012 (2012) 35 OSCB 578 Chapter 8 Notice of Exempt Financings

REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/16/2011 1 1650702 Ontario Inc. - Units 605,967.00 605,967.00

12/15/2011 1 2278419 Ontario Inc. - Common Shares 500.00 10,000.00

12/15/2011 1 6Harmonics Inc. - Common Shares 750,000.00 1,446,927.00

12/16/2011 3 Algoma Power Inc. - Notes 52,000,000.00 3.00

11/29/2011 2 Alpaca Resources Inc. - Units 100,250.00 802,000.00

12/20/2011 35 Atacama Minerals Corp. - Receipts 60,000,000.00 50,000,000.00

12/12/2011 1 Atlas VI Capital Limited - Note 4,623,750.00 1.00

12/15/2011 1 A.M. Castle & Co. - Note 1,550,550.00 1.00

12/15/2011 17 Bard Ventures Ltd. - Flow-Through Shares 187,300.00 3,446,667.00

12/16/2011 1 Bending Lake Iron Group Limited - Common 50,000.00 25,000.00 Shares 12/16/2011 45 Bentley Oil & Gas Ltd. - Common Shares 3,154,946.70 2,251,641.00

12/13/2011 2 Big North Capital Inc. - Common Shares 54,600.00 546,000.00

12/13/2011 38 Big North Capital Inc. - Units 882,500.00 8,825,000.00

12/22/2011 23 Birchwood Resources Inc. - Common Shares 1,218,500.00 1,218,500.00

12/14/2011 41 Blackbird Energy Inc. - Common Shares 861,500.00 4,182,000.00

12/13/2011 3 BR Capital Limited Partnership - Limited 765,000.00 148.00 Partnership Units 12/23/2011 3 Bravo Gold Corp. - Flow-Through Shares 750,000.00 10,714,285.00

12/12/2011 15 Britanica Resources Corp. - Common Shares 800,020.00 4,000,000.00

11/24/2011 to 65 Britannica Resources Corp. - Units 1,985,000.00 9,925,000.00 11/30/2011 12/21/2011 9 Brookfield Office Properties Canada LP - Bonds 405,000,000.00 405,000.00

11/30/2011 36 Canada Bay Resources Corporation - Flow- 189,973.57 855,271.00 Through Units 12/15/2011 36 Canamex Resources Corp. - Units 2,270,000.00 22,700,000.00

11/25/2011 11 Canoel International Energy Ltd. - Units 366,002.02 6,100,034.00

12/21/2011 65 Canterra Minerals Corp. - Common Shares 1,972,990.00 13,153,266.00

12/14/2011 19 Carube Resources Inc. - Common Shares 450,000.00 1,500,000.00

January 13, 2012 (2012) 35 OSCB 579 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/01/2011 2 Caxton Global Investments Limited - Common 5,965,534.13 8,411.00 Shares 09/01/2011 to 12 Century Mining Corporation - Flow-Through 2,647,336.11 11,510,157.00 09/12/2011 Shares 07/19/2011 to 2 Century Mining Corporation - Units 1,065,000.00 4,260,000.00 08/16/2011 12/21/2011 1 CFI Trust - Note 10,000,000.00 1.00

12/19/2011 3 Cheniere Energy, Inc. - Common Shares 5,775,000.00 700,000.00

12/02/2011 33 Clear Energy Systems, Inc. - Units 4,274,275.70 5,601,567.00

12/13/2011 1 Clearwire Corporation - Common Shares 824,000.00 400,000.00

12/13/2011 10 Cline Mining Corporation - Common Shares 7,875,000.00 4,500,000.00

12/01/2011 43 Closing Time Limited Partnership - Units 35,450,000.00 35,450.00

12/13/2011 to 49 Cobalt Coal Ltd. - Common Shares 3,704,287.56 30,869,063.00 12/19/2011 12/12/2011 to 4 Colwood City Centre Limited Partnership - 350,000.00 350,000.00 12/14/2011 Notes 11/17/2011 1 Compass Re Ltd. - Notes 3,067,800.00 N/A

12/09/2011 20 Contact Exploration Inc. - Common Shares 1,010,672.00 7,774,400.00

12/16/2011 1 Conundrum Residential Property Income Fund 15,000,000.00 15,000,000.00 III - Limited Partnership Interest 12/15/2011 1 Copper One Inc. - Common Shares 0.00 2,000,000.00

12/14/2011 1 Cynapsus Therapeutics Inc. - Common Shares 27,000.00 540,000.00

12/14/2011 2 Cynapsus Therapeutics Inc. - Debentures 108,000.00 3.00

12/21/2011 3 Cyrium Technologies Incorporated - Debentures 399,999.99 3.00

12/23/2011 40 Decade Resources Ltd. - Units 1,350,000.00 13,500,000.00

12/22/2011 to 97 Donnycreek Energy Inc. - Common Shares 5,435,681.95 6,560,105.00 12/29/2011 12/09/2011 1 DSF Capital Partners IV, LP - Limited 25,500,000.00 1.00 Partnership Interest 12/15/2011 75 East Asia Minerals Corporation - Units 12,545,000.00 25,090,000.00

12/15/2011 19 East Asia Minerals Corporation - Warrants 0.00 3,450,000.00

12/19/2011 36 Ecuador Capital Corp. - Units 1,513,100.00 3,362,445.00

12/08/2011 1 Eloro Resources Ltd. - Units 950,000.00 3,080,580.00

02/17/2010 7 EMC Metals Corp. - Units 455,000.00 2,275,000.00

12/07/2011 39 EquiGenesis 2011 Preferred Investment LP - 23,771,880.00 667.00 Units

January 13, 2012 (2012) 35 OSCB 580 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/05/2011 1 Exact Sciences Corporation - Common Shares 811,280.00 100,000.00

11/04/2011 to 1 Fallbrook Technologies Inc. - Notes 20,360.00 N/A 11/11/2011 12/16/2011 11 Fancamp Exploration Ltd. - Units 1,121,550.78 2,702,532.00

12/09/2011 8 Fieldex Exploration Inc. - Common Shares 635,875.00 2,543,500.00

12/21/2011 15 Firestone Ventures Inc. - Units 472,000.00 9,440,000.00

11/17/2011 77 Fission Energy Corp. - Flow-Through Shares 10,030,000.00 11,800,000.00

12/09/2011 4 Fleet Leasing Receivables Trust - Notes 446,372,320.18 3.00

12/19/2011 1 Ford Auto Lease Trust - Note 527,564,774.50 1.00

12/16/2011 35 Forent Energy Ltd. - Flow-Through Shares 1,867,245.94 13,337,471.00

12/15/2011 9 Galore Resources Inc. - Flow-Through Shares 404,900.10 2,699,334.00

10/01/2010 to 2 GE Institutional International Equity Fund 5,728,323.60 511,499.34 09/30/2011 Investment Class - Units 12/14/2011 5 Gemoscan Canada, Inc. - Common Shares 142,999.85 408,571.00

12/16/2011 33 Glen Eagle Resources Inc. - Flow-Through 1,857,675.00 6,718,500.00 Shares 12/05/2011 1 Golden State Re Ltd. - Notes 8,112,800.00 8,000.00

10/07/2011 7 Greenscape Capital Group Inc. - Common 1,002,240.00 6,074,182.00 Shares 11/03/2011 10 Groupon, Inc. - Common Shares 11,200,462.00 35,000,000.00

12/22/2011 2 Guinea Iron Limited - Units 60,000.00 300,000.00

08/08/2011 2 Guyana Frontier Mining Corp. (Formerly 42,000.00 200,000.00 Shoreham Resources Ltd.) - Common Shares 07/04/2011 to 3 Hillsdale Global Long/Short Equity Fund - Units 116,600.00 12,682.61 10/07/2011 12/23/2010 to 20 Hillsdale US Performance Equity Fund - Units 7,604,858.96 211,174.47 11/08/2011 06/30/2011 1 HRG Healthcare Resource Group Inc. - 5,000.00 5,000.00 Common Shares 03/01/2011 1 Hunter Global Investors Offshore Fund Ltd. - 48,715,000.00 50,000.00 Common Shares 12/15/2011 2 IGW Diversified Redevelopment Fund Limited 40,000.00 50,000.00 Partnership - Units 12/12/2011 to 10 IGW Real Estate Investment Trust - Units 368,000.00 368,000.00 12/16/2011 12/08/2011 1 India Equity Partners Fund II, LLC - Capital 510,000.00 510,000.00 Commitment 12/15/2011 49 Integra Gold Corp. - Units 5,750,000.00 11,875,000.00

January 13, 2012 (2012) 35 OSCB 581 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/15/2011 3 Invenio Resources Corp. - Common Shares 113,250.00 525,000.00

12/22/2011 2 Ironstone Resources Ltd. - Debt 55,600.00 37,067.00

12/22/2011 12 Ironstone Resources Ltd. - Flow-Through 373,000.00 233,125.00 Shares 12/22/2011 17 Ironstone Resources Ltd. - Units 373,650.00 249,100.00

12/08/2011 1 Ivernia Inc. - Common Shares 5,896,450.00 69,370,000.00

12/16/2011 14 Jive Software, Inc. - Common Shares 15,470,787.00 329,500.00

11/14/2011 1 JPMorgan AIRRO India Sidecar Fund Cayman, 10,178,000.00 10,178,000.00 L.P. - Limited Partnership Interest 12/13/2011 2 Kennedy Road Hospitality - Units 403,010.48 403,010.48

12/16/2011 1 Ki Exploration Inc. - Flow-Through Shares 809,499.00 539,666.00

12/16/2011 33 Ki Exploration Inc. - Units 838,245.90 504,864.00

12/02/2011 10 Knight Metals Ltd. - Common Shares 2,400,000.00 16,000,000.00

12/02/2011 85 Knight Metals Ltd. - Receipts 3,011,989.05 20,079,930.00

12/20/2011 1 Laredo Petroleum Holdings, Inc. - Common 14,429,250.00 825,000.00 Shares 12/19/2011 21 Liberty Silver Corp. - Units 1,313,750.00 2,627,500.00

12/16/2011 11 Lloyds TSB Bank plc - Notes 387,324,000.00 387.32

11/18/2011 1 Logan Copper Inc - Flow-Through Units 151,250.00 2,750,000.00

11/18/2011 5 Logan Copper Inc - Non-Flow Through Units 497,500.00 9,950,000.00

12/08/2011 122 Lumina Copper Corp. - Common Shares 15,000,000.00 1,500,000.00

12/15/2011 2 Mag Copper Limited - Flow-Through Units 1,000,000.00 5,882,353.00

12/15/2011 18 Maintenance Assistant Inc. - Common Shares 840,797.00 3,884,039.00

12/08/2011 to 9 Manicouagan Minerals Inc. - Units 334,010.00 5,293,000.00 12/15/2011 12/01/2011 to 7 McLaren Resources Inc. - Units 850,000.00 3,000,000.00 12/13/2011 12/12/2011 to 12 Member-Partners Solar Energy Limited 540,000.00 857,000.00 12/16/2011 Partnership - Units 12/16/2011 2 Mexivada Mining Corp. - Units 700,000.00 7,000,000.00

12/20/2011 5 Michael Kors Holdings Limited - Common 11,046,090.00 47,200,000.00 Shares 12/07/2011 7 Micromem Technologies Inc. - Debentures 285,000.00 7.00

12/19/2011 5 Mihealth Global Systems Inc. - Units 1,000,000.00 6,250,000.00

12/12/2011 1 Mineral Mountain Resources Ltd. - Common 150,000.00 300,000.00 Shares

January 13, 2012 (2012) 35 OSCB 582 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 11/30/2011 9 Mitomics Inc. - Notes 1,258,000.00 9.00

11/30/2011 40 Morrison Laurier Mortgage Corporation - 2,344,000.00 234,400.00 Preferred Shares 12/22/2011 3 Mountain Lake Resources Inc. - Flow-Through 2,000,000.58 3,447,276.00 Units 12/19/2011 3 MOVE Trust - Notes 16,422,707.17 N/A

12/15/2011 53 New World Lenders Corp. - Bonds 5,400,354.00 576.00

12/19/2011 1 New World Mining Enterprises Inc. - Flow- 25,000.00 250,000.00 Through Units 12/05/2011 to 8 Newport Balanced Fund - Trust Units 88,891.83 901.00 12/14/2011 12/05/2011 to 13 Newport Canadian Equity Fund - Trust Units 347,732.84 2,662.00 12/14/2011 12/05/2011 to 2 Newport Fixed Income Fund - Trust Units 157,957.94 1,414.00 12/14/2011 12/05/2011 to 7 Newport Global Equity Fund - Trust Units 182,891.04 3,179.00 12/14/2011 12/05/2011 to 13 Newport Yield Fund - Trust Units 553,849.42 4,778.00 12/14/2011 11/30/2011 5 Newstart Financial Inc. - Notes 690,000.00 5.00

12/14/2011 4 Nexon Co., Ltd. - Common Shares 27,987,950.00 1,615,000.00

12/14/2011 3 Nexon Co; Ltd. - Common Shares 27,726,400.00 1,600,000.00

12/20/2011 135 North Country Gold Corp. - Common Shares 12,009,600.00 13,971,791.00

12/21/2011 24 Northstar Gold Corp. - Flow-Through Units 1,090,950.00 14,613,571.00

12/06/2011 6 NWM Mining Corporation - Common Shares 3,342,000.00 41,775,000.00

10/25/2011 to 8 Ocean Thermal Energy Corporation - Units 232,691.00 115,194.00 10/27/2011 10/06/2011 8 Ocean Thermal Energy Corporation - Units 232,691.00 115,194.00

12/05/2011 1 Optima Specialty Steel, Inc. - Note 1,425,600.00 1.00

12/13/2011 39 Peak Positioning Technologies Inc. - Units 918,000.00 9,180,000.00

11/25/2011 6 Pearson International Fuel Facilities Corporation 85,000,000.00 6.00 - Bonds 11/29/2011 146 Pennant Energy Inc. - Units 3,996,000.00 19,980,000.00

12/09/2011 75 Performance Energy Services Inc. - Common 10,724,000.00 21,448,000.00 Shares 12/07/2011 1 Petroleos Mexicanos - Certificates 14,960,000.00 14,960.00

12/16/2011 16 Petrosands Resources (Canada) Inc. - Common 999,997.22 6,060,606.00 Shares

January 13, 2012 (2012) 35 OSCB 583 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 11/14/2011 2 Pioneer Natural Resources Company - Units 5,887,700.00 65,000.00

12/20/2011 6 Prestigious Properties Kings Castle RRSP Inc. - 135,000.00 2,700.00 Units 12/19/2011 3 ProMetic Life Sciences Inc. - Common Shares 520,000.00 4,636,363.00

12/06/2011 to 33 Quantum Rare earth Developments Corp. - Units 647,849.96 4,318,999.73 12/15/2011 12/14/2011 1 RedWater Energy Corp. - Flow-Through Shares 680,000.00 1,658,536.00

12/15/2011 1 RioCan (GTA Marketplace) Limited Partnership - 74,915,767.93 2,945,320.00 Units 12/22/2011 1 ROI Capital Ltd. - Units 4,000,000.00 4,000,000.00

12/08/2011 1 RWE AG - Common Shares 22,399,428.15 52,340,499.00

12/28/2011 1 RWE AG - Common Shares 3,840,048.72 9,154,511.00

02/01/2010 8 Sable Fish Canada Inc. - Common Shares 873,244.00 4,366,220.00

12/14/2011 13 Salmon River Resources Ltd. - Common Shares 1,440,002.00 4,800,006.00

12/13/2011 2 Sarup Enterprises Incorporated - Units 654,155.00 654,155.00

12/06/2011 53 Seabridge Gold Inc. - Flow-Through Shares 27,355,000.00 1,000,000.00

12/16/2011 1 Seahold Investments Inc. - Note 20,000.00 1.00

12/21/2011 1 SGX Resources Inc. - Common Shares 27,500.00 100,000.00

12/22/2011 43 SGX Resources Inc. - Flow-Through Shares 790,966.00 3,163,864.00

12/22/2011 111 SGX Resources Inc. - Flow-Through Shares 2,500,000.00 10,000,000.00

12/15/2011 75 Skyline Apartment Real Estate Investment Trust 11,354,541.00 1,032,231.00 - Trust Units 11/18/2011 to 2 Smart Employee Solutions Inc. - Notes 60,000.00 60,000.00 11/21/2011 12/12/2011 to 8 Solace Systems, Inc. - Units 2,500,000.00 2,500,000.00 12/15/2011 12/15/2011 13 Solantro Semiconductor Corp. - Preferred 5,000,000.00 1,212,004.00 Shares 12/16/2011 4 Solara Exploration Ltd. - Flow-Through Shares 650,000.00 3,250,000.00

12/09/2011 1 Span-America Medical Systems, Inc. - Common 1,469,897.96 100,000.00 Shares 12/09/2011 70 Spire Real Estate Limited Partnership - Units 14,910,780.00 140,667.74

12/15/2011 6 Strike Minerals Inc. - Flow-Through Units 115,200.00 1,355,294.00

12/15/2011 32 Stone 2011-WCPD Flow-Through Limited 1,970,000.00 78,800.00 Partnership - Limited Partnership Units 12/15/2011 2 Strike Minerals Inc. - Units 359,750.00 5,534,615.00

January 13, 2012 (2012) 35 OSCB 584 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/19/2011 26 Sunridge Energy Corp. - Flow-Through Units 675,000.00 3,375,000.00

03/01/2011 to 2 Templeton Global Summits (Cayman) Fund, Ltd. 1,942,435.21 2,014.71 09/30/2011 - Units 12/07/2011 16 The Governing Council of the University of 100,000,000.00 100,000.00 Toronto - Debentures 12/09/2011 1 The Toronto United Church Council - Notes 700,000.00 700,000.00

12/28/2011 5 Tiex Inc. - Flow-Through Units 55,960.00 466,333.00

12/28/2011 8 Tiex Inc. - Units 309,800.00 3,098,000.00

12/15/2011 1 TopHatMonocle Corp. - Common Shares 14.00 383,238.00

12/15/2011 5 TopHatMonocle Corp. - Debentures 399,986.00 6.00

11/30/2011 19 TransGaming Inc. - Common Shares 1,500,000.00 3,000,000.00

12/14/2011 5 TriWest Capital Partners IV (US), L.P. - Limited 37,950,000.00 5.00 Partnership Interest 12/14/2011 16 TriWest Capital Partners IV, L.P. - Limited 65,750,000.00 16.00 Partnership Interest 12/05/2011 to 29 UBS AG, Jersey Branch - Certificates 8,549,966.96 29.00 12/09/2011 11/14/2011 9 Undur Tolgoi Minerals Inc. - Common Shares 401,000.00 5,124,965.00

12/06/2011 1 Urbana Corporation - Common Shares 200,000.00 200,000.00

12/01/2011 1 Valinor Capital Partners Offshore, Ltd. - 1,070,304.80 1,052.00 Common Shares 12/23/2011 16 Vantex Resources Ltd. - Units 482,000.00 482.00

11/30/2011 50 Vertex Fund - Trust Units 3,195,755.03 95,036.14

12/16/2011 9 Villabar Belmont At Duck Creek Limited 1,460,618.10 9.00 Partnership - Limited Partnership Units 12/16/2011 22 Walton Canadian Land 1 Development 412,340.00 43,404.20 Investment Corporation - Common Shares 12/22/2011 42 Walton Canadian Land 1 Development 1,072,837.00 112,930.20 Investment Corporation - Common Shares 12/16/2011 33 Walton Canadian Land Development LP 1 - 2,632,340.00 277,088.42 Units 12/22/2011 98 Walton Canadian Land Development LP 1 - 4,698,337.00 494,561.78 Units 12/09/2011 14 Walton Fletcher Mills Investment Corporation - 554,910.00 55,491.00 Common Shares 12/22/2011 12 Walton Fletcher Mills Investment Corporation - 306,680.00 30,668.00 Common Shares 12/09/2011 11 Walton Fletcher Mills LP - Units 1,094,910.00 109,491.00

12/22/2011 13 Walton Fletcher Mills LP - Units 707,680.00 70,768.00

January 13, 2012 (2012) 35 OSCB 585 Notice of Exempt Financings

Transaction No. of Issuer/Security Total Purchase No. of Date Purchasers Price ($) Securities Distributed 12/09/2011 11 Walton GA Crossroads Corporation LP - Units 1,546,677.00 153,000.00

12/22/2011 27 Walton GA Crossroads Investment Corporation - 526,750.00 52,675.00 Common Shares 12/09/2011 56 Walton GA Crossroads Investment Corporation 1,324,070.00 132,407.00 - Units 12/16/2011 8 Walton GA Crossroads LP - Units 684,076.03 66,025.00

12/22/2011 11 Walton GA Crossroads LP - Units 739,463.93 71,205.00

12/22/2011 31 Walton Income 4 Corporation - Notes 2,311,000.00 4,622.00

12/16/2011 5 Walton MD Gardner Heights Investment 156,690.00 15,669.00 Corporation - Common Shares 12/16/2011 14 Walton MD Gardner Heights Investment 523,970.00 52,397.00 Corporation - Common Shares 12/16/2011 12 Walton MD Gardner Ridge LP - Units 872,095.73 84,171.00

12/16/2011 23 Wilcox Energy Corp. - Common Shares 1,527,042.25 2,111,239.00

12/15/2011 to 22 WIP Investment Limited Partnership - Units 8,109,100.00 81,091.00 12/16/2011 12/01/2011 4 York Investment Limited - Common Shares 31,844,620.00 31,844,620.00

12/21/2011 2 Zynga Inc. - Common Shares 109,074.00 10,600.00

January 13, 2012 (2012) 35 OSCB 586 Chapter 11

IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: Brookfield Office Properties Canada Horizons Diversified Commodity Yield ETF Principal Regulator - Ontario Horizons Crude Oil Yield ETF Type and Date: Horizons Gold Yield ETF Preliminary Base Shelf Prospectus dated January 10, 2012 Horizons Natural Gas Yield ETF NP 11-202 Receipt dated January 10, 2012 Horizons Silver Yield ETF Offering Price and Description: Principal Regulator - Ontario $750,000,000.00: Type and Date: Trust Units Preliminary Long Form Prospectus dated January 4, 2012 Debt Securities NP 11-202 Receipt dated January 6, 2012 Underwriter(s) or Distributor(s): Offering Price and Description: - Class E and Advisor Class Units Promoter(s): Underwriter(s) or Distributor(s): - - Project #1847563 Promoter(s): ALPHAPRO MANAGEMENT INC. ______Project #1846659 Issuer Name: Guide Exploration Ltd. ______Principal Regulator - Alberta Issuer Name: Type and Date: Sea Dragon Energy Inc. Preliminary Short Form Prospectus dated January 10, 2012 Principal Regulator - Alberta NP 11-202 Receipt dated January 10, 2012 Type and Date: Offering Price and Description: Preliminary Short Form Prospectus dated January 6, 2012 $36,600,000.00 - 12,000,000 Class A Shares Price: $3.05 NP 11-202 Receipt dated January 6, 2012 per Class A Share Offering Price and Description: Underwriter(s) or Distributor(s): $75,000,000.00 - * Subscription Receipts* each Scotia Capital Inc. Subscription Receipt representing the right to receive one National Bank Financial Inc. Common Share Price: $ * per Subscription Receipt Cormark Securities Inc. Underwriter(s) or Distributor(s): BMO Nesbitt Burns Inc. FIRSTENERGY CAPITAL CORP. Canaccord Genuity Corp. GMP SECURITIES L.P. Peters & Co. Limited DUNDEE SECURITIES LTD. Promoter(s): MAISON PLACEMENTS CANADA INC. - RAYMOND JAMES LTD. Project #1847591 SALMAN PARTNERS INC. STIFEL NICOLAUS CANADA INC. ______Promoter(s): - Project #1846918

______

January 13, 2012 (2012) 35 OSCB 587 IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: SOLUTIONS4CO2 INC. Series A units, Series T6 units, Series T8 units and Series I Principal Regulator - Ontario units (unless otherwise indicated) of: Type and Date: Empire Life Emblem Conservative Portfolio (not available in Preliminary Long Form Prospectus dated January 6, 2012 Series T8 units) NP 11-202 Receipt dated January 9, 2012 Empire Life Emblem Balanced Portfolio Offering Price and Description: Empire Life Emblem Moderate Growth Portfolio * TRANCHE 3 SPECIAL WARRANTS, Empire Life Emblem Growth Portfolio 7,580,000 COMMON SHARES ISSUABLE ON THE Empire Life Emblem Aggressive Growth Portfolio EXERCISE OF Empire Life Small Cap Equity Mutual Fund 7,580,000 TRANCHE 1 SPECIAL WARRANTS, Empire Life Canadian Equity Mutual Fund 3,075,000 COMMON SHARES ISSUABLE ON THE Empire Life Dividend Growth Mutual Fund EXERCISE OF Empire Life Monthly Income Mutual Fund 3,075,000 TRANCHE 2 SPECIAL WARRANTS AND Empire Life Money Market Mutual Fund (not available in 297,550 COMMON SHARES ISSUABLE ON THE Series T6 units or Series T8 units) EXERCISE OF Principal Regulator - Ontario 297,550 AGENT’S SPECIAL WARRANTS Type and Date: Price: $0.20 per Special Warrant Final Simplified Prospectuses dated January 4, 2012 Underwriter(s) or Distributor(s): NP 11-202 Receipt dated January 5, 2012 MACQUARIE PRIVATE WEALTH INC. Offering Price and Description: Promoter(s): Series A units, Series T6 units, Series T8 units and Series I Samuel Kanes units @ Net Asset Value Douglas Kemp-Welch Underwriter(s) or Distributor(s): Project #1846894 - Promoter(s): ______EMPIRE LIFE INVESTMENTS INC. Issuer Name: Project #1819734 WhiteKnight Acquisitions II Inc. Type and Date: ______Preliminary CPC Prospectus dated January 9, 2012 Issuer Name: Receipted on January 9, 2012 Exemplar Global Infrastructure Fund Offering Price and Description: Principal Regulator - Ontario Minimum of $300,000.00 - 1,500,000 Common Shares; Type and Date: Maximum of $400,000.00 - 2,000,000 Common Shares Amendment #1 dated December 15, 2011 to the Simplified Price: $0.20 per Common Share Prospectus and Annual Information Form dated August 24, Underwriter(s) or Distributor(s): 2011 Canaccord Genuity Corp. NP 11-202 Receipt dated January 6, 2012 Promoter(s): Offering Price and Description: David Mitchell Series A, F and I Units @ Net Asset Value Project #1847134 Underwriter(s) or Distributor(s): Blumont Capital Corporation ______Promoter(s): Issuer Name: Blumont Capital Corporation Brookfield Office Properties Inc. Project #1775304 Principal Regulator - Ontario Type and Date: ______Final Base Shelf Prospectus dated January 3, 2012 NP 11-202 Receipt dated January 4, 2012 Offering Price and Description: US$1,000,000,000.00: Class AAA Preference Shares Common Shares Debt Securities Underwriter(s) or Distributor(s): - Promoter(s): - Project #1842206

______

January 13, 2012 (2012) 35 OSCB 588 IPOs, New Issues and Secondary Financings

Issuer Name: Mackenzie Saxon Small Cap Class* (only offers Series LB Series LB, Series LM, Series LP and/or Series LX securities) Securities (as indicated below) of: Mackenzie Founders Global Equity Class* (only offers Mackenzie Sentinel Cash Management Fund (only offers Series LB securities) Series LB securities) Mackenzie Universal Canadian Resource Fund (only offers Mackenzie Sentinel Money Market Fund (only offers Series Series LB securities) LP securities) Mackenzie Cundill Recovery Fund (only offers Series LB Mackenzie Sentinel Canadian Short-Term Yield Class* securities) (only offers Series LB securities) *(Classes of Mackenzie Financial Capital Corporation) Mackenzie Sentinel Short-Term Income Fund (only offers Principal Regulator - Ontario Series LB securities) Type and Date: Symmetry Registered Fixed Income Fund (only offers Final Simplified Prospectuses dated December 30, 2011 Series LB securities) NP 11-202 Receipt dated January 5, 2012 Symmetry Fixed Income Class* (only offers Series LB Offering Price and Description: securities) Series LB, Series LM, Series LP and/or Series LX Mackenzie Sentinel Bond Fund (only offers Series LB securities @ Net Asset Value securities) Underwriter(s) or Distributor(s): Mackenzie Sentinel Corporate Bond Fund (only offers LBC Financial Services Inc. Series LB securities) Promoter(s): Mackenzie Sentinel Real Return Bond Fund (only offers Mackenzie Financial Corporation Series LB securities) Project #1825561 Mackenzie Sentinel Income Fund (only offers Series LB securities) ______Mackenzie Sentinel Registered Strategic Income Fund Issuer Name: (only offers Series LX securities) Class A Units, Class C Units, Class D Units, Class F Units Mackenzie Sentinel Strategic Income Class* (offers Series and Class O Units of: LB and LX securities) McLean Budden Balanced Growth Fund Mackenzie Saxon Balanced Class* (offers Series LB and McLean Budden Balanced Value Fund LX securities) McLean Budden Canadian Equity Growth Fund Symmetry One Registered Ultra Conservative Portfolio McLean Budden Canadian Equity Fund Fund (offers Series LB and LM securities) McLean Budden Canadian Equity Value Fund Symmetry One Ultra Conservative Portfolio Class* (offers McLean Budden Dividend Income Fund Series LB, LM and LX securities) McLean Budden American Equity Fund Symmetry One Registered Conservative Portfolio Fund McLean Budden Global Equity Fund (offers Series LB and LM securities) McLean Budden International Equity Fund Symmetry One Conservative Portfolio Class* (offers Series McLean Budden Fixed Income Fund LB, LM and LX securities) McLean Budden Real Return Bond Fund Symmetry One Registered Balanced Portfolio Fund (offers McLean Budden Global Bond Fund Series LB and LM securities) McLean Budden Money Market Fund Symmetry One Balanced Portfolio Class* (offers Series LB, Class A Units, Class F Units, Class O Units and Class VMD LM and LX securities) Units of: Symmetry One Registered Moderate Growth Portfolio Fund McLean Budden LifePlan® 2020 Fund (offers Series LB and LM securities) McLean Budden LifePlan® 2030 Fund Symmetry One Moderate Growth Portfolio Class* (offers McLean Budden LifePlan® Retirement Fund Series LB and LM securities) Principal Regulator - Ontario Symmetry One Registered Growth Portfolio Fund (offers Type and Date: Series LB and LM securities) Amendment #2 dated December 15, 2011 to the Simplified Symmetry One Growth Portfolio Class* (offers Series LB Prospectuses and Annual Information Form dated April 4, and LM securities) 2011 Mackenzie Ivy Canadian Fund (only offers Series LB NP 11-202 Receipt dated January 9, 2012 securities) Offering Price and Description: Mackenzie Universal American Growth Class (unhedged - class)* (only offers Series LB securities) Underwriter(s) or Distributor(s): Mackenzie Maxxum All-Canadian Equity Class* (only offers - Series LB securities) Promoter(s): Symmetry Equity Class* (only offers Series LB securities) McLean Budden Limited Mackenzie Universal Global Growth Class* (only offers Project #1700830 Series LB securities) Mackenzie Saxon Dividend Income Class* (offers Series ______LB and LX securities) Mackenzie Saxon Stock Class* (only offers Series LB securities)

January 13, 2012 (2012) 35 OSCB 589 IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: NovaGold Resources Inc. Russell Fixed Income Pool (Series A, B, E, F and O units) Principal Regulator - British Columbia Russell Core Plus Fixed Income Pool (Series A, B, E, F Type and Date: and O units) Final Base Shelf Prospectus dated January 5, 2012 Russell Canadian Dividend Pool (Series A, B, E, F and O NP 11-202 Receipt dated January 6, 2012 units) Offering Price and Description: Russell Canadian Equity Pool (Series A, B, E, F and O US$500,000,000.00: units) Debt Securities Russell Smaller Companies Pool (Series A, B, E, F and O Preferred Shares units) Common Shares Russell US Equity Pool (Series A, B, E, F and O units) Warrants to Purchase Equity Securities Russell Overseas Equity Pool (Series A, B, E, F and O Warrants to Purchase Debt Securities units) Share Purchase Contracts Russell Global Equity Pool (Series A, B, E, F and O units) Share Purchase or Equity Units Russell Emerging Markets Equity Pool (Series A, B, E, F Underwriter(s) or Distributor(s): and O units) - Russell Money Market Pool (Series A, B, E, F and O units) Promoter(s): Russell Income Essentials Portfolio (formerly Russell - Retirement Essentials Portfolio) (Series B, Project #1841024 E, E-5, E-6, E-7, F, F-5, F-6, F-7, I-5, I-6, I-7 and O units) Russell Diversified Monthly Income Portfolio (Series E-5, E- ______7, F-5, F-7, I-5, I-7 and OS units) Issuer Name: Russell Enhanced Canadian Growth & Income Portfolio PowerShares Senior Loan (CAD Hedged) Index ETF (Series B, E, E-5, E-6, E-7, F, F-5, F-6, F-7, PowerShares S&P 500 Low Volatility (CAD Hedged) Index I-5, I-6, I-7 and O units) ETF Russell Managed Yield Class (Series B, E, E-3, E-5, F, F-3, PowerShares FTSE RAFI Canadian Fundamental Index F-5, I-3, I-5, US Dollar Hedged Series B, ETF US Dollar Hedged Series F and US Dollar Hedged Series I- PowerShares FTSE RAFI US Fundamental (CAD Hedged) 5 Shares) Index ETF Principal Regulator - Ontario PowerShares FTSE RAFI Emerging Markets Fundamental Type and Date: Index ETF Amendment #2 dated December 19, 2011 to the Simplified (Units) Prospectuses and Annual Information Form dated June Principal Regulator - Ontario 29, 2011 Type and Date: NP 11-202 Receipt dated January 10, 2012 Final Long Form Prospectus dated January 9, 2012 Offering Price and Description: NP 11-202 Receipt dated January 10, 2012 - Offering Price and Description: Underwriter(s) or Distributor(s): Mutual fund units @ net asset value Russell Investments Canada Limited Underwriter(s) or Distributor(s): Promoter(s): - - Promoter(s): Project #1751755 INVESCO CANADA LTD. Project #1823582 ______Issuer Name: ______Russell Focused US Equity Pool Principal Regulator - Ontario Type and Date: Amendment #1 dated December 19, 2011 to the Simplified Prospectus and Annual Information Form dated September 12, 2011 NP 11-202 Receipt dated January 10, 2012 Offering Price and Description: - Underwriter(s) or Distributor(s): Russell Investments Canada Limited Promoter(s): Russell Investments Canada Limited Project #1786250

______

January 13, 2012 (2012) 35 OSCB 590 IPOs, New Issues and Secondary Financings

Issuer Name: Shoppers Drug Mart Corporation Principal Regulator - Ontario Type and Date: Final Base Shelf Prospectus dated January 6, 2012 NP 11-202 Receipt dated January 9, 2012 Offering Price and Description: Up to $1,000,000,000.00 - Medium Term Notes (unsecured) To be unconditionally guaranteed as to principal, interest and premium, if any, by each of the Guarantors (as defined herein) Underwriter(s) or Distributor(s): RBC Dominion Securities Inc. Scotia Capital Inc. CIBC World Markets Inc. TD Securities Inc. BMO Nesbitt Burns Inc. National Bank Financial Inc. Desjardins Securities Inc. Promoter(s): - Project #1841026

______Issuer Name: Renaissance Lifestyle Communities Inc. Principal Jurisdiction - Ontario Type and Date: Preliminary Long Form Prospectus dated October 14, 2011 Withdrawn on January 9, 2012 Offering Price and Description: $ * - * COMMON SHARES Price: $10.00 per Common Share Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. TD SECURITIES INC. NATIONAL BANK FINANCIAL INC. HSBC SECURITIES (CANADA) INC. CANACCORD GENUITY CORP. DESJARDINS SECURITIES INC. GMP SECURITIES L.P. MACQUARIE CAPITAL MARKETS CANADA LTD. RAYMOND JAMES LTD. Promoter(s): SPECTRUM SENIORS HOUSING HALLMARK PROPERTIES LTD. Project #1811671

______

January 13, 2012 (2012) 35 OSCB 591 IPOs, New Issues and Secondary Financings

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January 13, 2012 (2012) 35 OSCB 592 Chapter 12 Registrations

12.1.1 Registrants

Type Company Category of Registration Effective Date

From: Simplicity Investment Group Ltd. Name Change Exempt Market Dealer December 30, 2011 To: Quartz Capital Group Ltd.

Portfolio Manager and New Registration Empire Life Investments Inc. January 3, 2012 Investment Fund Manager

New Registration Javelin Partners Inc. Exempt Market Dealer January 4, 2012

Exempt Market Dealer and New Registration Niagara Capital Partners Ltd. January 4, 2012 Investment Fund Manager

Consent to Suspension NCP Securities Inc. Exempt Market Dealer January 4, 2012 (Pending Surrender)

Consent to Suspension Portfolio Manager and Exempt The Winnington Capital Group Inc. January 4, 2012 (Pending Surrender) Market Dealer

From: Gestion de Capital Afina / Afina Capital Management Inc. Portfolio Manager, Investment Name Change Fund Manager and Exempt January 6, 2012 To : Afina Capital Management Market Dealer Inc.

New Registration Hamilton Lane Advisors, L.L.C. Exempt Market Dealer January 6, 2012

Consent to Suspension Scrim Investments Inc. Portfolio Manager January 9, 2012 (Pending Surrender)

New Registration Network Capital Management Inc. Exempt Market Dealer January 10, 2012

January 13, 2012 (2012) 35 OSCB 593 Registrations

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January 13, 2012 (2012) 35 OSCB 594 Chapter 13 SROs, Marketplaces and Clearing Agencies

13.2 Marketplaces

13.2.1 Alpha ATS LP – Notice for Proposed Changes and Request for Feedback

Alpha ATS LP Notice of Proposed Changes and Request for Feedback

Alpha ATS LP has announced its plans to implement the change described below in Q1 2012. It is publishing this Notice of Proposed Changes in accordance with the requirements set out in OSC Staff Notice 21-703 – Transparency of the Operations of Stock Exchanges and Alternative Trading Systems. Pursuant to OSC Staff Notice 21-703, Commission Staff invite market participants to provide the Commission with feedback on the proposed change.

Feedback on the proposed changes should be in writing and submitted by February 13, 2012 to:

Market Regulation Branch Ontario Securities commission Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8 Fax (416) 595-8940 Email:[email protected]

And to:

Randee Pavalow Head of Operations and Legal Alpha ATS LP 70 York Street, suite 1501 Toronto, ON M5J 1S9 Email: [email protected]

Feedback received will be made public on the OSC website. Upon completion of the review by OSC staff, and in the absence of any regulatory concerns, notice will be published to confirm the completion of Commission staff’s review and to outline the intended implementation date of the changes.

January 13, 2012 (2012) 35 OSCB 595 SROs, Marketplaces and Clearing Agencies

Alpha ATS LP NOTICE OF PROPOSED CHANGES

Alpha ATS LP has announced its plans to implement the change described below in Q1 2012. In addition, upon the effective launch of Alpha Exchange, these changes would also be applied to the Trading Policies of Alpha Exchange.

Alpha is publishing this Notice of Proposed Changes in accordance with the requirements set out in OSC Staff Notice 21-703.

Any questions regarding these changes should be addressed to Randee Pavalow, Head of Operations and Legal, Alpha ATS LP: [email protected], T: 647-259-0420

1. Amended definition of “Retail Client”.

Description of Proposed Changes and Reasons for Changes

Section 1.2.2 of the Alpha Trading Policies have been amended to reflect a revised definition of ‘Retail Client’ for purposes of trading in the Alpha IntraSpread Facility. As part of Section 5.7.12 (3.) of the Trading Policies, SDL (Seek Dark Liquidity) orders for Alpha IntraSpread can only be entered on behalf of Retail Customers. The definition was amended to explicitly state that Retail Clients of Foreign Dealers are included as part of the Alpha Definition of ‘Retail Client’. While this definition expands the current definition used by IIROC by including the retail flow of institutional customers of dealers, it is consistent with the Alpha’s original intent for who can use SDL orders.

Expected Impact of the changes

The amended Trading Polices will provide subscribers’ with clarity and direction on what portions of their order flow can be defined as “retail” for purposes of routing to the Alpha IntraSpread Facility. Alpha intends to apply the same monitoring procedures to the revised definition as it did prior to this amendment to its Trading Policies.

Consultations

Alpha received several requests for clarity on the definition of “retail client” from its Subscribers. For purposes of SDL order entry, Alpha used the IIROC definition of Retail Customer which is defined as “a customer of a Dealer Member that is not an institutional customer”. As a result, the Alpha Definitions Section of its Trading Policies stated that Retail Customers are “defined in accordance with Rule 1 of IIROC’s dealer member rules.” At the time of implementation, Alpha did not consider that this definition would exclude retail customer order flow that comes in through dealers outside of Canada. Alpha received feedback from Subscribers requesting clarification on this point.

Current implementation of changes in the Canadian marketplace and any alternatives considered

Currently, other Canadian Equity Marketplaces with no pre-trade transparency (i.e. Dark Liquidity Pools) do not have restrictions regarding order entry by ‘non-retail’ clients. As a result, there is no benchmark with regards to how this change should be addressed and no alternatives were considered.

January 13, 2012 (2012) 35 OSCB 596 Chapter 25 Other Information

25.1 Approvals Schedule I, II, or III of the Bank Act (Canada), or an affiliate of such bank or 25.1.1 Pursuit Financial Management Corporation – s. trust company, 213(3)(b) of the LTCA the Ontario Securities Commission (the “Commission”) now Headnote: makes the following order:

Clause 213(3)(b) of the Loan and Trust Corporations Act – Pursuant to the authority conferred on the Commission in Application by manager, with prior track record acting as clause 213(3)(b) of the Loan and Trust Corporations Act trustee, for approval to act as trustee of an existing pooled (Ontario), the Commission approves the proposal that the fund and future pooled funds to be established and Applicant act as trustee of the Fund and the Future Funds, managed by the applicant and offered pursuant to a the securities of which will be offered pursuant to a prospectus exemption. prospectus exemption.

Statutes Cited: Yours truly,

Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as “Christopher Portner” am., s. 213(3)(b). Commissioner

December 23, 2011 “Judith Robertson” Commissioner Blakes, Cassels & Graydon LLP 600 de Maisonneuve Boulevard West, Suite 2200 Montreal, QC H3A 3J2

Attention: Eric Poole

Dear Sirs/Medames:

Re: Pursuit Financial Management Corporation (the “Applicant”)

Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) (LTCA) for approval to act as trustee

Application No. 2011/0423

Further to your application dated May 31, 2011 (the “Application”) filed on behalf of the Applicant, and based on the facts set out in the Application and the representation by the Applicant that

• the Applicant has, inadvertently, been acting as trustee of Pursuit High Income Fund (the “Fund”) since it was established in 2004, without having previously obtained the required approval under the LTCA; and

• the assets of the Fund and such other funds as the Applicant may establish from time to time (the “Future Funds”), are or will be held in the custody of a trust company incorporated, and licensed or registered, under the laws of Canada or a jurisdiction, or a bank listed in

January 13, 2012 (2012) 35 OSCB 597 Other Information

25.1.2 Galileo Funds Inc. – s. 213(3)(b) of the LTCA 25.2 Exemptions

Headnote 25.2.1 Laurentian Funds – Part 6 of NI 81-101 Mutual Fund Prospectus Disclosure Clause 213(3)(b) of the Loan and Trust Corporations Act – application by manager, with prior track record acting as Headnote trustee, for approval to act as trustee of pooled funds and future pooled funds to be managed by the applicant and National Policy 11-203 Process for Exemptive Relief offered pursuant to a prospectus exemption. Applications in Multiple Jurisdictions – Exemption from general instruction 8 of the Form to include fund codes in Statutes Cited the Fund Facts document. Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as Applicable Legislative Provisions am., s. 213(3)(b). National Instrument 81-101 Mutual Fund Prospectus December 30, 2011 Disclosure, Part 6. Baldwin Anka Sennecke Halman LLP. General Instruction 8 to Form 81-101F3 Contents of Fund Suite 900, 25 Adelaide Street East Facts Document. Toronto, Ontario M5C 3A1 December 21, 2011 Attention: Mati E. Pajo Mackenzie Financial Corporation Dear Sirs/Mesdames: 180 Queen Street West Toronto, Ontario Re: Galileo Funds Inc. (the "Applicant") M5V 3K1

Application pursuant to clause 213(3)(b) of the Attention: Matthew Grant Loan and Trust Corporations Act (Ontario) for approval to act as trustee Dear Mr. Grant:

Application No. 2011/0888 Re: Laurentian Funds (the “Laurentian Funds”)

Further to your application dated November 23, 2011 (the Exemptive Relief Application under Part 6 of "Application") filed on behalf of the Applicant, and based on National Instrument 81-101 Mutual Fund the facts. set out in the Application and the representation Prospectus Disclosure (NI 81-101) by the Applicant that the assets of Galileo Partners Fund, Galileo Long Fund, Galileo Grizzly Fund, Galileo Application No. 2011/0917; SEDAR Project No. Performance Plus Fund and Galileo Media Technology 1825561 Fund and any other future mutual fund trusts (the "Funds") that the Applicant may establish and manage from time to By letter dated December 6, 2011 (the Application), time will be held in the custody of a trust company Mackenzie Financial Corporation, on behalf of the incorporated and licensed or registered under the laws of Laurentian Funds, applied to the Director of the Ontario Canada or a jurisdiction, or a bank listed in Schedule I, II or Securities Commission (the Director) under Part 6 of NI 81- III of the Bank Act (Canada), or an affiliate of such bank or 101 for relief from General Instruction 8 to Form 81-101F3 trust company, the Ontario Securities Commission (the Contents of Fund Facts (the Form), which prohibits an "Commission") makes the following order: issuer from including any information not specifically prescribed by the Form, to include fund codes in the Fund Pursuant to the authority conferred on the Commission in Facts document. clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the This letter confirms that, based on the information and Applicant act as trustee of the Funds and any other future representations made in the Application, and for the mutual fund trusts which may be established and managed purposes described in the Application, the Director intends by the Applicant from time to time, the securities of which to grant the requested exemption to be evidenced by the will be offered pursuant to a prospectus exemption. issuance of a receipt for the Laurentian Funds’ prospectus. Yours truly, Yours very truly, “Edward P. Kerwin” Commissioner “Sonny Randhawa” Manager, Investment Funds Branch “Paulette Kennedy” Ontario Securities Commission Commissioner

January 13, 2012 (2012) 35 OSCB 598 Other Information

25.2.2 Mackenzie Cundhill Recovery Class – Part 6 of NI 81-101 Mutual Fund Prospectus Disclosure

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Exemption from general instruction 8 of Form 81-101F3 to include fund codes in the Fund Facts document.

Applicable Legislative Provisions

National Instrument 81-101 Mutual Fund Prospectus Disclosure, Part 6 General Instruction 8 to Form 81-101F3 Contents of Fund Facts Document.

December 9, 2011

Mackenzie Financial Corporation 180 Queen Street West Toronto, ON M5V 3K1

Attention: Nancy M. Mehrad

Dear Sirs/Mesdames:

Re: Mackenzie Cundhill Recovery Class (the Fund)

Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2011/0920; SEDAR Project No. 1819679

By letter dated December 6, 2011 (the Application), the Fund applied to the Director of the Ontario Securities Commission (the Director) under Part 6 of NI 81-101 for relief from General Instruction 8 to Form 81-101F3 Contents of Fund Facts (the Form), which prohibits an issuer from including any information not specifically prescribed by the Form, to include fund codes in the Fund Facts document.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund’s prospectus.

Yours very truly,

“Chantal Mainville” Acting Manager, Investment Funds Branch Ontario Securities Commission

January 13, 2012 (2012) 35 OSCB 599 Other Information

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January 13, 2012 (2012) 35 OSCB 600 Index

0920496 B.C. Ltd. Canyon Acquisitions International, LLC Decision ...... 431 Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1 ...... 439 Advanced Growing Systems, Inc. Notice of Withdrawal – s. 127 ...... 366 Canyon Acquisitions, LLC Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 384 Notice from the Office of the Secretary ...... 385 Order – ss. 127(1), 127.1 ...... 439

Afina Capital Management Inc. Caruso, Marco Name Change...... 593 Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1 ...... 439 Allie, Saudia Notice of Withdrawal – s. 127 ...... 366 Compushare Transfer Corporation Notice of Hearing – ss. 127, 127.1...... 376 Notice of Withdrawal – s. 127...... 366 Notice from the Office of the Secretary ...... 385 Notice of Hearing – ss. 127, 127.1 ...... 376 Notice from the Office of the Secretary ...... 385 Alpha ATS LP – Notice for Proposed Changes and Request for Feedback Copal Resort Development Group, LLC Marketplaces...... 595 Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1 ...... 439 Asia Telecom Ltd. Notice of Withdrawal – s. 127 ...... 366 Covington Capital Corporation Notice of Hearing – ss. 127, 127.1...... 376 Decision...... 387 Notice from the Office of the Secretary ...... 385 Covington Venture Fund Inc. Aston Hill Asset Management Inc. Decision...... 387 Decision ...... 433 DeFreitas, Stanton Aston Hill Global High Income Fund Notice of Withdrawal – s. 127...... 366 Decision ...... 433 Notice of Hearing – ss. 127, 127.1 ...... 376 Notice from the Office of the Secretary ...... 385 Beatty, Douglas Notice from the Office of the Secretary ...... 385 Deschamps, Eric Order ņ s. 17(1) 441 Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1 ...... 439 Boock, Irwin Notice of Withdrawal – s. 127 ...... 366 DMP Canadian Dividend Class Notice of Hearing – ss. 127, 127.1...... 376 Decision...... 428 Notice from the Office of the Secretary ...... 385 DMP Canadian Value Class Borland, Brent Decision...... 428 Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1...... 439 DMP Global Value Class Decision...... 428 Brookfield Renewable Power Preferred Equity Inc. Decision ...... 400 DMP Power Canadian Growth Class Decision...... 428 BRP Finance ULC Decision ...... 415 DMP Power Global Growth Class Decision...... 428 Cambridge Resources Corporation Notice of Withdrawal – s. 127 ...... 366 DMP Resource Class Notice of Hearing – ss. 127, 127.1...... 376 Decision...... 428 Notice from the Office of the Secretary ...... 385 DMP Value Balanced Class Decision...... 428

January 13, 2012 (2012) 35 OSCB 601 Index

Dubinsky, Alena Dynamic Dividend Income Class Notice of Withdrawal – s. 127 ...... 366 Decision...... 428 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385 Dynamic Dividend Income Fund Decision...... 428 Dunn, Frank Notice from the Office of the Secretary ...... 385 Dynamic Dividend Value Fund Order ņ s. 17(1) 441 Decision...... 428

Dutchess Capital Management II, LC Dynamic EAFE Value Class Decision ...... 393 Decision...... 428

Dutchess Opportunity Cayman Fund, Ltd. Dynamic Emerging Markets Class Decision ...... 393 Decision...... 428

Dynamic Advantage Bond Class Dynamic Energy Income Fund Decision ...... 428 Decision...... 428

Dynamic Advantage Bond Fund Dynamic Equity Income Fund Decision ...... 428 Decision...... 428

Dynamic American Value Fund Dynamic European Value Fund Decision ...... 428 Decision...... 428

Dynamic Aurion Canadian Equity Class Dynamic Far East Value Fund Decision ...... 428 Decision...... 428

Dynamic Aurion Tactical Balanced Class Dynamic Financial Services Fund Decision ...... 428 Decision...... 428

Dynamic Aurion Total Return Bond Class Dynamic Focus+ Resource Fund Decision ...... 428 Decision...... 428

Dynamic Aurion Total Return Bond Fund Dynamic Global Asset Allocation Fund Decision ...... 428 Decision...... 428

Dynamic Blue Chip Balanced Class Dynamic Global Discovery Class Decision ...... 428 Decision...... 428

Dynamic Blue Chip Balanced Fund Dynamic Global Discovery Fund Decision ...... 428 Decision...... 428

Dynamic Blue Chip Equity Fund Dynamic Global Dividend Value Class Decision ...... 428 Decision...... 428

Dynamic Canadian Bond Fund Dynamic Global Dividend Value Fund Decision ...... 428 Decision...... 428

Dynamic Canadian Dividend Class Dynamic Global Infrastructure Fund Decision ...... 428 Decision...... 428

Dynamic Canadian Dividend Fund Dynamic Global Real Estate Fund Decision ...... 428 Decision...... 428

Dynamic Canadian Value Class Dynamic Global Value Class Decision ...... 428 Decision...... 428

Dynamic Diversified Real Asset Fund Dynamic Global Value Fund Decision ...... 428 Decision...... 428

Dynamic Dividend Fund Dynamic High Yield Bond Fund Decision ...... 428 Decision...... 428

January 13, 2012 (2012) 35 OSCB 602 Index

Dynamic Power American Currency Neutral Fund Dynamic Value Balanced Class Decision ...... 428 Decision...... 428

Dynamic Power American Growth Class Dynamic Value Balanced Fund Decision ...... 428 Decision...... 428

Dynamic Power American Growth Fund Dynamic Value Fund of Canada Decision ...... 428 Decision...... 428

Dynamic Power Balanced Class DynamicEdge 2020 Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Balanced Fund DynamicEdge 2020 Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Canadian Growth Class DynamicEdge 2025 Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Canadian Growth Fund DynamicEdge 2025 Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Global Balanced Class DynamicEdge 2030 Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Global Growth Class DynamicEdge 2030 Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Global Growth Fund DynamicEdge Balanced Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Global Navigator Class DynamicEdge Balanced Growth Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Power Small Cap Fund DynamicEdge Balanced Growth Portfolio Decision ...... 428 Decision...... 428

Dynamic Precious Metals Fund DynamicEdge Balanced Portfolio Decision ...... 428 Decision...... 428

Dynamic Real Return Bond Fund DynamicEdge Equity Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Small Business Fund DynamicEdge Equity Portfolio Decision ...... 428 Decision...... 428

Dynamic Strategic All Income Portfolio DynamicEdge Growth Class Portfolio Decision ...... 428 Decision...... 428

Dynamic Strategic Energy Class DynamicEdge Growth Portfolio Decision ...... 428 Decision...... 428

Dynamic Strategic Gold Class Empire Life Investments Inc. Decision ...... 428 New Registration ...... 593

Dynamic Strategic Growth Portfolio Enerbrite Technologies Group Decision ...... 428 Notice of Withdrawal – s. 127...... 366 Notice of Hearing – ss. 127, 127.1 ...... 376 Dynamic Strategic Yield Class Notice from the Office of the Secretary ...... 385 Decision ...... 428 Federated Purchaser, Inc. Dynamic Strategic Yield Fund Notice of Withdrawal – s. 127...... 366 Decision ...... 428 Notice of Hearing – ss. 127, 127.1 ...... 376 Notice from the Office of the Secretary ...... 385

January 13, 2012 (2012) 35 OSCB 603 Index

FFI First Fruit Investments Inc. M.H. Notice from the Office of the Secretary ...... 384 OSC Reasons – s. 31...... 443 Order – ss. 127(1), 127.1...... 439 Mackenzie Cundhill Recovery Class First National Entertainment Corporation Exemption – Part 6 of NI 81-101 Notice of Withdrawal – s. 127 ...... 366 Mutual Fund Prospectus Disclosure...... 599 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385 National Bank Financial Inc. Decision...... 425 Galileo Funds Inc. Decision ...... 412 National Bank Financial Ltd. Approval – s. 213(3)(b) of the LTCA ...... 598 Decision...... 423 Decision...... 425 Gestion de Capital Afina / Afina Capital Management Inc. NCP Securities Inc. Name Change...... 593 Consent to Suspension (Pending Surrender)...... 593

Gollogly, Michael Network Capital Management Inc. Notice from the Office of the Secretary ...... 385 New Registration ...... 593 Order ņ s. 17(1) 441 Niagara Capital Partners Ltd. Goodman & Company, Investment Counsel Ltd. New Registration ...... 593 Decision ...... 428 NutriOne Corporation Hamilton Lane Advisors, L.L.C. Notice of Withdrawal – s. 127...... 366 New Registration ...... 593 Notice of Hearing – ss. 127, 127.1 ...... 376 Notice from the Office of the Secretary ...... 385 HEIR Home Equity Investment Rewards Inc. Notice from the Office of the Secretary ...... 384 Pacrim International Capital Inc. Order – ss. 127(1), 127.1...... 439 Cease Trading Order...... 447

ICO Therapeutics Inc. Peregrine Metals Ltd. Decision ...... 393 Decision...... 391

International Energy Ltd. Pharm Control Ltd. Notice of Withdrawal – s. 127 ...... 366 Notice of Withdrawal – s. 127...... 366 Notice of Hearing – ss. 127, 127.1...... 376 Notice of Hearing – ss. 127, 127.1 ...... 376 Notice from the Office of the Secretary ...... 385 Notice from the Office of the Secretary ...... 385

Javelin Partners Inc. Pizza Pizza Royalty Income Fund New Registration...... 593 Decision...... 408

Khodjiaints, Alex Placencia Estates Development, Ltd. Notice of Withdrawal – s. 127 ...... 366 Notice from the Office of the Secretary ...... 384 Notice of Hearing – ss. 127, 127.1...... 376 Order – ss. 127(1), 127.1 ...... 439 Notice from the Office of the Secretary ...... 385 Placencia Hotel and Residences Ltd. Laurentian Funds Notice from the Office of the Secretary ...... 384 Exemption – Part 6 of NI 81-101 Order – ss. 127(1), 127.1 ...... 439 Mutual Fund Prospectus Disclosure ...... 598 Placencia Marina, Ltd. LeaseSmart, Inc. Notice from the Office of the Secretary ...... 384 Notice of Withdrawal – s. 127 ...... 366 Order – ss. 127(1), 127.1 ...... 439 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385 Pocketop Corporation Notice of Withdrawal – s. 127...... 366 Lincluden Balanced Fund Notice of Hearing – ss. 127, 127.1 ...... 376 Decision ...... 437 Notice from the Office of the Secretary ...... 385

Lincluden Investment Management Limited Pursuit Financial Management Corporation Decision ...... 437 Approval – s. 213(3)(b) of the LTCA...... 597

January 13, 2012 (2012) 35 OSCB 604 Index

Quartz Capital Group Ltd. Name Change...... 593

Rendezvous Island, Ltd. Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1...... 439

Robbins, Wayne D. Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1...... 439

Robertson, Archibald Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1...... 439

Roundtable Consultation Session on CSA’s Review of Minimum Amount and Accredited Investor Prospectus Exemptions Notice...... 365

Scrim Investments Inc. Consent to Suspension (Pending Surrender)...... 593

Select American Transfer Co Notice of Withdrawal – s. 127 ...... 366 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385

Simplicity Investment Group Ltd. Name Change...... 593

TCC Industries, Inc. Notice of Withdrawal – s. 127 ...... 366 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385

Waheed, Jowdat Notice of Hearing – ss. 127, 127.1...... 367 Notice from the Office of the Secretary ...... 384

Walter, Bruce Notice of Hearing – ss. 127, 127.1...... 367 Notice from the Office of the Secretary ...... 384

Wealth Building Mortgages Inc. Notice from the Office of the Secretary ...... 384 Order – ss. 127(1), 127.1...... 439

Wellington West Capital Inc. Decision ...... 423

WGI Holdings, Inc. Notice of Withdrawal – s. 127 ...... 366 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385

Winnington Capital Group Inc. Consent to Suspension (Pending Surrender)...... 593

Wong, Jason Notice of Withdrawal – s. 127 ...... 366 Notice of Hearing – ss. 127, 127.1...... 376 Notice from the Office of the Secretary ...... 385

January 13, 2012 (2012) 35 OSCB 605 Index

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January 13, 2012 (2012) 35 OSCB 606