The Securities Commission

OSC Bulletin

August 30, 2018

Volume 41, Issue 35

(2018), 41 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 Thomson Reuters 22nd Floor, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4

416-593-8314 or Toll Free 1-877-785-1555 416-609-3800 or 1-800-387-5164

Contact Centre – Inquiries, Complaints: Fax: 416-593-8122 TTY: 1-866-827-1295

Office of the Secretary: Fax: 416-593-2318

The OSC Bulletin is published weekly by Thomson Reuters Canada, under the authority of the Ontario Securities Commission.

Thomson Reuters Canada offers every issue of the Bulletin, from 1994 onwards, fully searchable on SecuritiesSource™, Canada’s pre-eminent web-based securities resource. SecuritiesSource™ also features comprehensive securities legislation, expert analysis, precedents and a weekly Newsletter. For more information on SecuritiesSource™, as well as ordering information, please go to:

http://www.westlawecarswell.com/SecuritiesSource/News/default.htm

or call Thomson Reuters Canada Customer Support at 1-416-609-3800 (Toronto & International) or 1-800-387-5164 (Toll Free Canada & U.S.).

Claims from bona fide subscribers for missing issues will be honoured by Thomson Reuters Canada up to one month from publication date.

Space is available in the Ontario Securities Commission Bulletin for advertisements. The publisher will accept advertising aimed at the securities industry or financial community in Canada. Advertisements are limited to tombstone announcements and professional business card announcements by members of, and suppliers to, the industry.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher.

The publisher is not engaged in rendering legal, accounting or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

© Copyright 2018 Ontario Securities Commission ISSN 0226-9325 Except Chapter 7 ©CDS INC.

One Corporate Plaza Customer Support 2075 Kennedy Road 1-416-609-3800 (Toronto & International) Toronto, Ontario 1-800-387-5164 (Toll Free Canada & U.S.) M1T 3V4 Fax 1-416-298-5082 (Toronto) Fax 1-877-750-9041 (Toll Free Canada Only) Email [email protected]

Table of Contents

Chapter 1 Notices / News Releases ...... 6809 1.1 Notices ...... (nil) Chapter 7 Insider Reporting ...... 6881 1.2 Notices of Hearing ...... (nil) 1.3 Notices of Hearing with Related Chapter 9 Legislation ...... (nil) Statements of Allegations ...... (nil) 1.4 News Releases ...... (nil) Chapter 11 IPOs, New Issues and Secondary 1.5 Notices from the Office Financings ...... 6947 of the Secretary ...... 6809 1.5.1 Maria Psihopedas ...... 6809 Chapter 12 Registrations ...... 6955 1.5.2 Muchoki Fungai Simba ...... 6809 12.1.1 Registrants ...... 6955 1.6 Notices from the Office of the Secretary with Related Chapter 13 SROs, Marketplaces, Statements of Allegations ...... (nil) Clearing Agencies and Trade Repositories ...... 6957 Chapter 2 Decisions, Orders and Rulings ...... 6811 13.1 SROs ...... (nil) 2.1 Decisions ...... 6811 13.2 Marketplaces ...... 6957 2.1.1 Investor Services (Canada) 13.2.1 Alpha Exchange Inc. – Introduction of Co. and Desjardins Financial Security Alpha Liquidity Provision Program – Notice Investments Inc...... 6811 of Proposed Fee Changes and Request 2.1.2 Fidelity Investments Canada ULC ...... 6814 for Comments ...... 6957 2.1.3 Yorkville Asset Management Inc...... 6819 13.2.2 CSE – Form 9 Notice of Proposed Issuance 2.1.4 Interactive Brokers Canada Inc...... 6824 of Listed Securities and Policy 6 Distributions – 2.1.5 Purpose Investments Inc. et al...... 6831 Notice and Request for Comments to 2.1.6 IA Clarington Investments Inc...... 6838 Form 9 and Policy 6 ...... 6961 2.1.7 Interactive Brokers Canada Inc...... 6843 13.3 Clearing Agencies ...... 6962 2.1.8 Asanko Gold Inc. et al...... 6850 13.3.1 CDS – Material Amendments to CDS 2.1.9 Oncolytics Biotech Inc. and Canaccord Participant Rules Related to Lines of Credit Genuity Corp...... 6856 Requirements for Non-Contributing Receivers 2.1.10 Knowledge First Financial Inc. and of Credit Making Canadian Dollar Settlements – Heritage Education Funds Inc...... 6862 OSC Staff Notice of Request for 2.2 Orders...... 6865 Comment ...... 6962 2.2.1 Trillium Credit Card Trust II ...... 6865 13.3.2 CDS – Material Amendments to CDS 2.2.2 Muchoki Fungai Simba ...... 6868 Rules Related to the Removal of the 2.3 Orders with Related Settlement Central Counterparty (CCP) Cap for CDS Agreements ...... (nil) Participants Who Use the Continuous Net 2.4 Rulings ...... 6869 Settlement Service (CNS) – OSC Staff Notice 2.4.1 PFL Futures Limited – s. 38 of the CFA ...... 6869 of Request for Comment ...... 6963 13.4 Trade Repositories ...... (nil) Chapter 3 Reasons: Decisions, Orders and Rulings ...... (nil) Chapter 25 Other Information ...... (nil) 3.1 OSC Decisions ...... (nil) 3.2 Director’s Decisions ...... (nil) Index ...... 6965 3.3 Court Decisions ...... (nil)

Chapter 4 Cease Trading Orders ...... 6879 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ...... 6879 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ...... 6879 4.2.2 Outstanding Management & Insider Cease Trading Orders ...... 6879

Chapter 5 Rules and Policies...... (nil)

Chapter 6 Request for Comments ...... (nil)

August 30, 2018 (2018), 41 OSCB

Chapter 1

Notices / News Releases

1.5 Notices from the Office of the Secretary 1.5.2 Muchoki Fungai Simba

1.5.1 Maria Psihopedas FOR IMMEDIATE RELEASE August 28, 2018 FOR IMMEDIATE RELEASE August 24, 2018 MUCHOKI FUNGAI SIMBA (also previously known as MARIA PSIHOPEDAS, Henderson MacDonald Alexander Butcher), File No. 2018-18 File No. 2018-6

TORONTO – The Commission issued an Order in the TORONTO – The Commission issued an Order in the above named matter. above named matter.

A copy of the Order dated August 24, 2018 is available at A copy of the Order dated August 27, 2018 is available at www.osc.gov.on.ca. www.osc.gov.on.ca.

OFFICE OF THE SECRETARY OFFICE OF THE SECRETARY GRACE KNAKOWSKI GRACE KNAKOWSKI SECRETARY TO THE COMMISSION SECRETARY TO THE COMMISSION

For media inquiries: For media inquiries: [email protected] [email protected]

For investor inquiries: For investor inquiries:

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

August 30, 2018 (2018), 41 OSCB 6809

Notices / News Releases

This page intentionally left blank

August 30, 2018 (2018), 41 OSCB 6810

Chapter 2

Decisions, Orders and Rulings

2.1 Decisions regulator (the Legislation) for relief from the requirements contained in sections 2.2, 2.3 2.5, 3.2 and 4.2 of National 2.1.1 State Farm Investor Services (Canada) Co. and Instrument 33-109 – Registration Information (NI 33-109) Desjardins Financial Security Investments Inc. pursuant to section 7.1 of NI 33-109 to allow the bulk transfer (the Bulk Transfer) of all the registered individuals Headnote and all the business locations of SFIS to DFSI, on the Completion Date (as defined below), in accordance with Multilateral Instrument 11-102 Passport System – National section 3.4 of the Companion Policy to NI 33-109 (the Policy 11-203 Process for Exemptive Relief Applications in Exemption Sought). Multiple Jurisdictions – National Instrument 33-109 Registration Information (NI 33-109) – relief from certain Under the Process for Exemptive Relief Applications in filing requirements of NI 33-109 in connection with a bulk Multiple Jurisdictions (for a passport application): transfer of business locations and registered and non- registered individuals pursuant to an asset acquisition in (a) the Ontario Securities Commission (the OSC) is accordance with section 3.4 of Companion Policy 33- the principal regulator for this application, and 109CP to NI 33-109. (b) the Filers have provided notice that subsection Applicable Legislative Provisions 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied by Multilateral Instrument 11-102 Passport System. each of the Filers in Alberta and New Brunswick National Instrument 33-109 Registration Information and (collectively with Ontario, the Jurisdictions). Companion Policy 33-109CP. National Policy 11-203 Process for Exemptive Relief Interpretation Applications in Multiple Jurisdictions. Terms defined in National Instrument 14-101 Definitions August 7, 2018 and MI 11-102 have the same meaning if used in this IN THE MATTER OF decision, unless otherwise defined. THE SECURITIES LEGISLATION OF ONTARIO Representations (the Jurisdiction) This decision is based on the following facts represented AND by the Filers:

IN THE MATTER OF SFIS THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS 1. SFIS is a corporation existing under the laws of IN MULTIPLE JURISDICTIONS Nova Scotia, and is wholly-owned by 9294-2150 Québec inc. (Acquisition Co.), a wholly-owned AND subsidiary of Desjardins Financial Security Life Assurance Company (DFS), which itself is IN THE MATTER OF indirectly held by the Fédération des Caisses STATE FARM INVESTOR SERVICES (CANADA) CO. Desjardins du Québec (Desjardins Group). (SFIS) 2. SFIS’s National Registry Database (NRD) number AND is 10450

DESJARDINS FINANCIAL SECURITY 3. SFIS’s head office is located in Aurora, Ontario. INVESTMENTS INC. (DFSI) (the Filers) 4. SFIS is registered as a mutual fund dealer in the provinces of Alberta, New Brunswick and Ontario DECISION (each, a Jurisdiction and collectively, the Jurisdictions). Background 5. SFIS is a member of the Mutual Fund Dealers The principal regulator in the Jurisdiction has received an Association of Canada (MFDA). application from the Filers for a decision under the securities legislation of the Jurisdiction of the principal

August 30, 2018 (2018), 41 OSCB 6811

Decisions, Orders and Rulings

6. SFIS provides mutual funds and related services (b) SFIS’s Chief Compliance Officer, Radek to its clients. Loudin, which currently also acts as such for DFSI, will continue in this role with 7. SFIS has 631 representatives registered with the DFSI; Canadian Securities Administrators in the Jurisdictions (the Registered Representatives). (c) SFIS’s Ultimate Designated Person, SFIS has 1 business branch and 403 sub- Barbara Bellissimo, will no longer act in branches (the Business Locations). such capacity because DFSI already has its own Ultimate Designated Person, 8. SFIS is a level 3 member of the MFDA. André Langlois, who will continue in this role with DFSI; 9. SFIS is not in default of any requirements of securities legislation in any of the Jurisdictions. (d) none of the Registered Representatives will be relocated during the upcoming DFSI bulk transfer;

9. DFSI is a corporation existing under the laws of (e) any and all litigation procedures, the province of Québec, and is wholly-owned by complaints or other regulatory matters DFS. involving SFIS will continue with DFSI. Therefore, no claimants will be affected 10. DFSI’s NRD number is 23430. by the Transaction;

11. DFSI’s head office is located in Québec City, (f) as a result of the Transaction, SFIS’s Québec. activities will continue using DFSI’s NRD Number e.g. 23430. As such, SFIS will 12. DFSI is registered in all Canadian provinces and surrender its registration in the territories as a mutual fund dealer and as an Jurisdictions as well as its membership exempt market dealer and a restricted dealer in with the MFDA; Québec only. (g) subject to the Exemption Sought, it is not 13. DFSI is a level 4 member of the MFDA. anticipated that there will be any business process interruptions or 14. DFSI is not in default of any requirements of disruption in the ability of SFIS and/or securities legislation in any of the Jurisdictions. DFSI to trade on behalf of their respective clients as a result of the The Transaction Transaction;

15. On, or about October 1, 2018 (the Completion (h) after completion of the Transaction DFSI Date) and in order to regroup the mutual fund will continue to be registered in the same dealer activities of SFIS with the mutual fund categories of registration as it currently is dealer activities of DFSI (collectively the and will continue to be a member of the Transaction), MFDA.

(a) all the issued and outstanding securities 17. Upon completion of the Transaction, the of SFIS will be transferred to DFSI; and Registered Representatives will be transferred to DFSI and the Business Locations will become (b) pursuant to the terms of a general sub-branches and branches of DFSI. conveyance agreement to be entered into by DFSI and SFIS, all the assets, 18. By letter dated June 15, 2018, the MFDA obligations and liabilities of SFIS will be approved the Transaction. transferred to DFSI (including the mutual fund dealer activities of SFIS). 19. At the time of the Bulk Transfer, all of the Registered Individuals will only be registered 16. Upon completion of the Transaction, SFIS will individuals of SFIS and the Business Locations cease to act as mutual fund dealer in the will be the only branches and sub-branches of Jurisdictions. Consequently, SFIS. Accordingly, the transfer of the Registered Individuals and Business Locations on the (a) DFSI will assume all of the existing Completion Date by means of the Bulk Transfer registrations, approvals, rights and can be implemented without any significant obligations for all SFIS’s Registered disruption to the activities of the Registered Representatives as well as of the Individuals, the Business Locations, SFIS or DFSI. Business Locations;

August 30, 2018 (2018), 41 OSCB 6812

Decisions, Orders and Rulings

20. Given the number of Registered Representatives and Business Locations to be transferred from SFIS to DFSI on the Completion Date, it would be unduly time consuming and difficult to transfer each of the Registered Representatives and Business Locations through NRD in accordance with the requirements of NI 33-109 if the Exemption Sought is not granted.

21. Allowing the bulk transfer of the Registered Representatives and Business Locations to occur on the Completion Date will benefit (and have no detrimental impact on) the clients of the Filers by facilitating seamless service on the part of the Registered Representatives and the Filers.

22. DFSI will ensure that all filings required to be made under NI 33-109 will made on time.

23. Upon completion of the Transaction all activities currently conducted by SFIS will be under the responsibility of DFSI.

24. The Exemption Sought complies with the requirements of, and the reasons for, a bulk transfer as set out in Section 3.4 of the Companion Policy to NI 33-109 and Appendix C thereto.

25. It would not be prejudicial to the public interest to grant the Exemption Sought.

26. SFIS’s clients have been made aware of the Transaction through a prior notice.

27. In accordance with its obligations under NI 31- 103, DFSI will remit to the SFIS’s clients all information about DFSI that is required.

Decision

The principal regulator is satisfied that the decision meets the tests 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 CGI Information Systems and Management Consultants Inc. in respect of the Bulk Transfer and that the Filers make such arrangements in advance of the Bulk Transfer.

“Pat Chaukos” Deputy Director Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6813

Decisions, Orders and Rulings

2.1.2 Fidelity Investments Canada ULC

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief to invest in silver, and commodity ETFs revoked and replaced – Additional relief granted from sections 2.3(1)(f), 2.3(1)(h), 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 – Investment Funds to permit mutual funds to invest up to 10% of net asset value in silver and commodity ETFs traded on Canadian or U.S. stock exchanges subject to investment limits applied to the existing and additional relief collectively.

Applicable Legislative Provisions

National Instrument 81-102 Investment Funds, ss. 2.3(1)(f), 2.3(1)(h), 2.5(2)(a), 2.5(2)(c) and 19.1.

May 18, 2018

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 FIDELITY INVESTMENTS CANADA ULC (the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer, on behalf of the existing and future mutual funds managed by the Filer that are subject to National Instrument 81-102 Investment Funds (NI 81-102) and that are not money market funds as defined by NI 81-102 (the Funds), for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation):

(a) revoking and replacing the 2010 Decision (as defined below);

(b) revoking and replacing the Previous Commodity ETF Relief (as defined below) granted in the 2012 Decision (as defined below); and

(c) exempting the Funds from the prohibitions contained in sections 2.3(1)(f), 2.3(1)(h), 2.5(2)(a) and 2.5(2)(c) of NI 81-102 to permit each Fund to invest in the following:

(i) silver, Permitted Silver Certificates (as defined below) and Silver Derivatives (as defined below) (collectively, Silver); and

(ii) exchange-traded funds (ETFs) traded on a stock exchange in Canada or the United States that do not qualify as IPUs that have exposure to one or more physical commodities, including, but not limited to, gold and silver on an unlevered basis (Commodity ETFs).

(collectively, the Exemption 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

August 30, 2018 (2018), 41 OSCB 6814

Decisions, Orders and Rulings

(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 Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Québec, Saskatchewan and Yukon (together with Ontario, the Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 Definitions, MI 11-102 and NI 81-102 have the same meaning if used in this decision, unless otherwise defined. The following terms shall have the following additional meanings:

“Gold Derivative” means a specified derivative the underlying interest of which is gold on an unlevered basis.

“IPU” means an “index participation unit” as defined by NI 81-102.

“Permitted Silver Certificates” means certificates that represent silver that are:

(a) available for delivery in Canada, free of charge, to or to the order of the holder of the certificate;

(b) of a minimum fineness of 999 parts per 1,000;

(c) held in Canada;

(d) in the form of either bars or wafers; and

(e) if not purchased from a bank listed in Schedule I, II or III of the Bank Act (Canada), fully insured against loss and bankruptcy by an company licensed under the laws of Canada or a province or territory of Canada.

“Silver Derivative” means a specified derivative the underlying interest of which is silver on an unlevered basis.

Representations

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

The Filer

1. The Filer is a corporation amalgamated under the laws of the Province of Alberta, with its head office located in Toronto, Ontario.

2. The Filer is registered as an investment fund manager in Ontario, Québec and Newfoundland and Labrador. The Filer is also registered as a portfolio manager and mutual fund dealer in each of the Jurisdictions and is registered under the Commodity Futures Act (Ontario) in the category of commodity trading manager.

3. The Filer acts, or will act, as manager and portfolio manager of each of the Funds.

4. The Filer is not in default of securities legislation in any of the Jurisdictions.

The Funds

5. Each Fund is, or will be, a mutual fund governed by the laws of Canada or a Jurisdiction and a reporting issuer under the laws of one or more of the Jurisdictions.

6. Securities of each Fund are, or will be, qualified for distribution in some or all of the Jurisdictions under a simplified prospectus, annual information form and fund facts prepared and filed in accordance with National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101). Each Fund is, or will be, governed by NI 81-102, subject to any relief therefrom granted by the securities regulatory authorities.

7. The existing Funds are not in default of securities legislation in any Jurisdiction.

The Previous Decisions

8. Except as described in the Previous Decisions, none of the Funds currently has relief from sections 2.3(1)(f) and 2.3(1)(h) of NI 81-102.

August 30, 2018 (2018), 41 OSCB 6815

Decisions, Orders and Rulings

9. The Filer obtained a previous decision dated November 11, 2010 (the 2010 Decision) exempting all existing and future mutual funds managed by the Filer that are subject to NI 81-102 and that are not money market funds, as defined by NI 81-102, from the requirements of (then) sections 2.3(f), 2.3(h), 2.5(2)(a), 2.5(2)(b) and 2.5(2)(c) of NI 81-102 to permit the Funds to purchase and hold or enter into:

(a) securities of ETFs that seek to replicate (i) the performance of gold on an unlevered basis; or (ii) the value of a Gold Derivative (Gold ETFs);

(b) securities of ETFs that seek to replicate (i) the performance of silver on an unlevered basis; or (ii) the value of a Silver Derivative (Silver ETFs);

(c) securities of ETFs that seek to replicate (i) the performance of gold and silver on an unlevered basis; or (ii) the value of specified derivatives the underlying interests of which are gold and silver on an unlevered basis (Unlevered Gold/Silver ETFs); and

(d) Silver.

10. Since the 2010 Decision does not permit the Funds to invest in securities of Commodity ETFs that are not Gold ETFs, Silver ETFs or Unlevered Gold/Silver ETFs, the Filer is requesting that the 2010 Decision be revoked and replaced by the decision in respect of the Exemption Sought in order to permit the Funds to also invest in Commodity ETFs with exposure to physical commodities other than gold and silver.

11. The Filer obtained a previous decision dated May 11, 2012 (the 2012 Decision, together with the 2010 Decision, the Previous Decisions) exempting Fidelity Tactical Strategies Fund from the requirements of sections 2.3(1)(f), 2.3(1)(h), 2.5(2)(a) and 2.5(2)(c) of NI 81-102 to permit that Fund to invest in:

(a) Commodity ETFs (the Previous Commodity ETF Relief);

(b) ETFs traded on a stock exchange in Canada or the United States the underlying interest of which is gold or silver based on a multiple of 200% (Leveraged Gold/Silver ETFs); and

(c) ETFs traded on a stock exchange in Canada or the United States that seek to provide daily results that replicate the daily performance of a specified widely-quoted market index by an inverse multiple of 100% or by a multiple of 200% or an inverse multiple of 200% (Inverse or Leveraged ETFs).

12. The 2012 Decision imposes a limit on the exposure of Fidelity Tactical Strategies Fund to any one commodity sector, other than gold and/or silver, of 2.5% of the Fund’s net asset value at the time of a transaction. The Filer is requesting that the portion of the 2012 Decision that permits Fidelity Tactical Strategies Fund to invest in Commodity ETFs be revoked and replaced by the decision in respect of the Exemption Sought, since this portion of the 2012 Decision is more restrictive than the relief in respect of Commodity ETFs obtained in the more recent decisions issued to other issuers, such as in the Recent Decisions (as defined below).

13. The Filer has determined that it would be in the best interests of the Funds to receive the Exemption Sought and to replace the 2010 Decision and the Previous Commodity ETF Relief granted in the 2012 Decision with the decision in respect of the Exemption Sought for the reasons further set out below.

14. As of the date of this decision, the Filer will no longer rely on the 2010 Decision and the Previous Commodity ETF Relief granted in the 2012 Decision that seeks relief to invest in Commodity ETFs.

Silver

15. In addition to having the ability to invest in gold as permitted under NI 81-102, the Filer wishes for the Funds to have the ability to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives and Commodity ETFs.

16. NI 81-102 allows mutual funds to invest in gold, permitted gold certificates or Gold Derivatives on the basis that gold is a fairly liquid commodity.

17. The Filer believes that the markets in both gold and silver are highly liquid, and that there are no liquidity concerns with permitting a Fund to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives, Gold Derivatives and Commodity ETFs.

August 30, 2018 (2018), 41 OSCB 6816

Decisions, Orders and Rulings

18. Permitting a Fund to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives, Gold Derivatives and Commodity ETFs, will provide the portfolio manager of a Fund with additional flexibility to increase gains for the Fund in certain market conditions, which may have otherwise caused the Fund to have significant cash positions and therefore prohibit the Fund from achieving its investment objective.

The Commodity ETFs

19. Each Commodity ETF is, or will be, a “mutual fund” as such term is defined under the Securities Act (Ontario).

20. The securities of each Commodity ETF trade, or will trade, on a stock exchange in Canada or the United States.

21. The assets of each Commodity ETF consist or will consist primarily of one or more physical commodities, or derivatives that have an underlying interest in such physical commodity or commodities. These physical commodities may include, without limitation, precious metals commodities (such as gold, silver, platinum, platinum certificates, palladium and palladium certificates), energy commodities (such as crude oil, gasoline, heating oil and natural gas), industrials and/or metals commodities (such as aluminum, copper, nickel and zinc) and agricultural commodities (such as coffee, corn, cotton, lean hogs, live cattle, soybeans, soybean oil, sugar and wheat). The objective of a Commodity ETF is to reflect the price of the applicable commodity or commodities (less such Commodity ETF’s expenses and liabilities) on an unlevered basis, or track the performance of an index which is intended to reflect the changes in the market value of the applicable physical commodity or commodities sector.

Investments in the Commodity ETFs and Silver

22. The Funds propose to have the ability to invest in the Commodity ETFs, whose securities are not IPUs.

23. Each existing Fund is, and each future Fund will be, permitted, in accordance with its investment objectives and investment strategies, to invest in Silver and in securities of Commodity ETFs.

24. Any regulatory concerns, such as undue risk, liquidity concerns or lack of transparency, in connection with investing in the Commodity ETFs are mitigated by the following facts:

(a) The Commodity ETFs trade on a Canadian or U.S. exchange and are generally relatively liquid. The Commodity ETFs will either be “registered” investment companies in the United States or reporting issuers in one or more Jurisdictions, which means that there will be clear disclosure about the Commodity ETFs readily available in the marketplace.

(b) The amount of loss that can result from an investment by a Fund in the Commodity ETFs will be limited to the amount invested by the Fund in securities of the Commodity ETF.

(c) Investments by the Funds in Commodity ETFs will be very limited. In accordance with the investment strategies of the Funds, other than Fidelity Tactical Strategies Fund, no more than 10% of the net asset value of the Fund will be invested in one or a combination of Commodity ETFs. In the case of Fidelity Tactical Strategies Fund, no more than 10% of its net asset value will be invested in Commodity ETFs, Leveraged Gold/Silver ETFs and Inverse or Leveraged ETFs taken at market value at the time of purchase.

(d) The simplified prospectus of each existing Fund discloses, or will disclose the next time it is renewed, and the simplified prospectus of each future Fund will disclose: (i) in the investment strategies section: (I) that the Fund has obtained relief to invest in Silver or in securities of Commodity ETFs; (II) an explanation of what each type of Commodity ETF is; (III) to the extent the Fund may invest in securities of a Commodity ETF, that the Fund may indirectly invest in gold and other physical commodities; and (ii) the risks associated with such investments and strategies.

25. In the absence of the Exemption Sought, the Funds would not be permitted to invest in Silver and/or Commodity ETFs because:

(a) sections 2.3(1)(f) and (h) of NI 81-102 would prohibit the Funds from investing in Silver or in securities of Commodity ETFs;

(b) section 2.5(2)(a) of NI 81-102 would prohibit the Funds from investing in securities of Commodity ETFs because the Commodity ETFs are not subject to NI 81-101 and may not be subject to NI 81-102; and

(c) section 2.5(2)(c) of NI 81-102 would prohibit the Funds from investing in securities of some Commodity ETFs because some Commodity ETFs are not qualified for distribution in the local jurisdiction.

August 30, 2018 (2018), 41 OSCB 6817

Decisions, Orders and Rulings

26. An investment by a Fund in Silver or in securities of a Commodity ETF will represent the business judgment of responsible persons uninfluenced by considerations other than the best interests of 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 Exemption Sought is granted provided that:

(a) the investment by a Fund in Silver and in securities of a Commodity ETF is in accordance with the fundamental investment objectives of the Fund;

(b) the securities of the Commodity ETFs are traded on a stock exchange in Canada or the United States;

(c) a Fund’s market value exposure (whether direct or indirect, including through Commodity ETFs) to all physical commodities (including gold and silver) does not exceed 10% of the net asset value of the Fund, taken at market value at the time of the transaction;

(d) each Fund, other than Fidelity Tactical Strategies Fund, does not purchase securities of a Commodity ETF if, immediately after the transaction, more than 10% of the net asset value of the Fund, taken at market value at the time of the transaction, would consist of securities of Commodity ETFs;

(e) For the Fidelity Tactical Strategies Fund, the Fund does not purchase securities of a Commodity ETF, Leveraged Gold/Silver ETF or Inverse or Leveraged ETF if, immediately after the transaction, more than 10% of the net asset value of the Fund, taken at market value at the time of the transaction, would consist of securities of Commodity ETFs, Leveraged Gold/Silver ETFs and Inverse or Leveraged ETFs; and

(f) the simplified prospectus of each existing Fund discloses, or will disclose the next time it is renewed, and the simplified prospectus of each future Fund will disclose:

i. in the investment strategies section:

I. that the Fund has obtained relief to invest in Silver and in securities of Commodity ETFs;

II. an explanation of what each type of Commodity ETF is;

III. to the extent the Fund may invest in securities of a Commodity ETF, that the Fund may indirectly invest in gold and other physical commodities; and

ii. the risks associated with such investments and strategies.

“Darren McKall” Manager, Investment Funds & Structured Products Branch Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6818

Decisions, Orders and Rulings

2.1.3 Yorkville Asset Management Inc.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Existing relief from paragraphs 2.3(f) and (h), 2.5(a), (b) and (c) of National Instrument 81-102 Mutual Funds (as it then was) to invest in gold ETFs, silver ETFs, gold/silver ETFs and silver revoked and replaced – additional relief granted to invest in Leveraged ETFs, Inverse ETFs and Leveraged Gold ETFs subject to investment limits applied to the existing and additional relief collectively.

Applicable Legislative Provisions

National Instrument 81-102 Investment Funds, paragraphs 2.3(1)(f), 2.3(1)(h), 2.5(2)(a), 2.5(2)(c) and section 19.1.

August 22, 2018

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 YORKVILLE ASSET MANAGEMENT INC. (the Filer)

AND

IN THE MATTER OF THE FUNDS (as defined below)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of each existing and future mutual fund for which the Filer acts or may act as investment fund manager (each, a Fund and collectively, the Funds) for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation):

(a) revoking and replacing the Previous Decision (as defined below); and

(b) exempting the Funds from the prohibitions contained in sections 2.3(1)(f), 2.3(1)(h), 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 Investment Funds (NI 81-102) to permit each Fund to invest in the following:

(i) silver, Permitted Silver Certificates (as defined below) and Silver Derivatives (as defined below) (collectively, Silver); and

(ii) the Underlying ETFs (as defined below)

(collectively, the Exemption 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

August 30, 2018 (2018), 41 OSCB 6819

Decisions, Orders and Rulings

(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 Alberta, British Columbia, Manitoba, Québec and Saskatchewan.

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. The following additional terms have the following meanings:

ETF means an exchange-traded fund.

Gold Derivative means a specified derivative the underlying interest of which is gold on an unlevered basis.

IPU means an “index participation unit” as defined by NI 81-102.

Permitted Silver Certificate means a certificate that represents silver that is:

(a) available for delivery in Canada, free of charge, to or to the order of the holder of the certificate;

(b) of a minimum fineness of 999 parts per 1,000;

(c) held in Canada;

(d) in the form of either bars or wafers; and

(e) if not purchased from a bank listed in Schedule I, II or III of the Bank Act (Canada), fully insured against loss and bankruptcy by an insurance company licensed under the laws of Canada or a province or territory of Canada.

Silver Derivative means a specified derivative the underlying interest of which is silver on an unlevered basis.

Underlying ETFs means ETFs traded on a stock exchange in Canada or the United States whose securities are not IPUs and that seek to:

(a) replicate (i) the performance of gold on an unlevered basis; or (ii) the value of a Gold Derivative (Gold ETFs);

(b) replicate (i) the performance of silver on an unlevered basis; or (ii) the value of a Silver Derivative (Silver ETFs);

(c) replicate (i) the performance of gold and silver on an unlevered basis; or (ii) the value of a specified derivative the underlying interest of which are gold and silver on an unlevered basis (Gold/Silver ETFs);

(d) provide daily results that replicate the daily performance of a specified widely-quoted market index (the Underlying Index) by a multiple of up to 200% (Leveraged Bull ETFs) or an inverse multiple of up to 200% (Leveraged Bear ETFs, which, together with Leveraged Bull ETFs, are collectively referred to as Leveraged ETFs);

(e) provide daily results that replicate the daily performance of their Underlying Index by an inverse multiple of up to 100% (Inverse ETFs); and

(f) seek to provide daily results that replicate the daily performance of gold or the value of a Gold Derivative (the ETF's Underlying Gold Interest), by a multiple of up to 200% (Leveraged Gold ETFs).

Representations

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

The Filer and the Funds

1. The Filer is a corporation incorporated under the laws of the Province of Ontario. The head office of the Filer is located in Toronto, Ontario.

2. The Filer is registered as an exempt market dealer and portfolio manager in Alberta, British Columbia and Ontario and as an investment fund manager in Ontario.

August 30, 2018 (2018), 41 OSCB 6820

Decisions, Orders and Rulings

3. The Filer acts, or will act, as the investment fund manager of each of the Funds. The Filer acts as the portfolio manager of each of the existing Funds and will act as the portfolio manager of, or will appoint a portfolio manager for, each of the future Funds.

4. Each Fund is, or will be, a mutual fund governed by the laws of Canada or the laws of a province or territory of Canada and a reporting issuer under the laws of one or more of the provinces and territories of Canada.

5. Neither the Filer nor the Funds are in default of securities legislation in any of the provinces or territories of Canada.

6. Securities of each Fund are or will be qualified for distribution in some or all of the provinces and territories of Canada under a simplified prospectus, annual information form and fund facts prepared and filed in accordance with National Instrument 81-101 Mutual Fund Prospectus Disclosure. Each Fund is, or will be, governed by NI 81-102, subject to any relief therefrom granted by the securities regulatory authorities.

The Previous Decision

15. Except as described in the Previous Decision, none of the Funds currently has relief from sections 2.3(1)(f) and 2.3(1)(h) of NI 81-102.

16. The Filer obtained a decision dated June 21, 2011 (the Previous Decision) exempting the Funds from sections 2.3(1)(f), 2.3(1)(h), 2.5(2)(a), 2.5(2)(b) and 2.5(2)(c) of NI 81-102 to permit each Fund to invest up to 10% of its total net assets, taken at market value at the time of the transaction, in (i) Gold ETFs, (ii) Silver ETFs, (iii) Gold/Silver ETFs, and (iv) Silver.

17. Since the Previous Decision did not permit the Funds to invest in securities of Leveraged ETFs, Inverse ETFs and Leveraged Gold ETFs, the Filer has requested that the Previous Decision be revoked and replaced by this decision in order to permit the Funds to also invest in Leveraged ETFs, Inverse ETFs and Leveraged Gold ETFs.

18. The Filer has determined that it would be in the best interests of the Funds to receive the Exemption Sought and replace the Previous Decision with this decision for the reasons further set out below.

19. As of the date of this decision, the Filer will no longer rely on the Previous Decision.

The Underlying ETFs

20. Each Underlying ETF is, or will be, a “mutual fund” as such term is defined under the Securities Act (Ontario).

21. The securities of each Underlying ETF trade, or will trade, on a stock exchange in Canada or the United States.

22. Each Leveraged ETF will be generally rebalanced daily to ensure that its performance and exposure to its Underlying Index will not exceed +/-200% of the corresponding daily performance of its Underlying Index.

23. Each Inverse ETF will be generally rebalanced daily to ensure that its performance and exposure to its Underlying Index will not exceed -100% of the corresponding daily performance of its Underlying Index.

24. Each Leveraged Gold ETF will be generally rebalanced daily to ensure that its performance and exposure to its Underlying Gold Interest will not exceed +200% of the corresponding daily performance of its Underlying Gold Interest. Each Leveraged Gold ETF will provide a Fund with market value exposure to gold that is two times the net asset value of the ETF on a daily basis.

Investments in the Underlying ETFs

25. The Funds propose to have the ability to invest in the Underlying ETFs, the securities of which are not IPUs.

26. Each Fund is, or will be, permitted, in accordance with its investment objectives and investment strategies, to invest in securities of the Underlying ETFs.

27. Any regulatory concerns, such as undue risk, liquidity concerns or lack of transparency, in connection with investing in the Underlying ETFs are mitigated by the following facts:

(a) The Underlying ETFs trade on a Canadian or U.S. exchange and are generally relatively liquid. The Underlying ETFs will either be “registered” investment companies in the United States or reporting issuers in

August 30, 2018 (2018), 41 OSCB 6821

Decisions, Orders and Rulings

one or more of the jurisdictions of Canada, which means that there will be clear disclosure about the Underlying ETFs readily available in the marketplace.

(b) The amount of loss that can result from an investment by a Fund in an Underlying ETF will be limited to the amount invested by the Fund in securities of the Underlying ETF.

(c) Investments by the Funds in Underlying ETFs will be very limited. In accordance with the investment strategies of the Funds, no more than 10% of the net asset value of a Fund will be invested in securities of Underlying ETFs taken at market value at the time of purchase.

(d) The simplified prospectus of the Funds will disclose: (i) in the investment strategy section: (A) that the Fund has obtained relief to invest in securities of the Underlying ETFs; (B) an explanation of what each type of Underlying ETF is; and (C) to the extent the Fund may invest in securities of a Leveraged Gold ETF, that the Fund may indirectly invest in gold; and (ii) the risks associated with such investments and strategies.

Silver and Gold

28. In addition to having the ability to invest in gold as permitted under NI 81-102, the Filer wishes for the Funds to have the ability to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives and Leveraged Gold ETFs.

29. Each Fund is, or will be, permitted, in accordance with its investment objectives and investment strategies, to invest in Silver and/or gold.

30. NI 81-102 allows mutual funds to invest in gold, permitted gold certificates or Gold Derivatives on the basis that gold is a fairly liquid commodity.

31. The Filer believes that the markets in both gold and silver are highly liquid, and that there are no liquidity concerns with permitting a Fund to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives, Gold Derivatives and Leveraged Gold ETFs.

32. Permitting a Fund to invest in silver and Permitted Silver Certificates directly, and in silver and gold indirectly by investing in Silver Derivatives, Gold Derivatives and Leveraged Gold ETFs, will provide the portfolio manager of a Fund with additional flexibility to increase gains for the Fund in certain market conditions, which may have otherwise caused the Fund to have significant cash positions and therefore prohibit the Fund from achieving its investment objective.

General

33. In the absence of the Exemption Sought, the Funds would not be permitted to invest in Silver and/or Underlying ETFs because:

(a) sections 2.3(1)(f) and (h) of NI 81-102 would prohibit the Funds from investing in Silver or in securities of Underlying ETFs;

(b) section 2.5(2)(a) of NI 81-102 would prohibit the Funds from investing in securities of Underlying ETFs because the Underlying ETFs are not subject to NI 81-101 and may not be subject to NI 81-102; and

(c) section 2.5(2)(c) of NI 81-102 would prohibit the Funds from investing in securities of some Underlying ETFs because some Underlying ETFs are not qualified for distribution in the local jurisdiction.

34. An investment by a Fund in Silver or in securities of an Underlying ETF will represent the business judgment of responsible persons uninfluenced by considerations other than the best interests of 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 Exemption Sought is granted, provided that:

(a) the investment by a Fund in Silver and in securities of an Underlying ETF is in accordance with the fundamental investment objectives of the Fund;

August 30, 2018 (2018), 41 OSCB 6822

Decisions, Orders and Rulings

(b) the securities of the Underlying ETFs are traded on a stock exchange in Canada or the United States;

(c) a Fund does not purchase securities of an Underlying ETF if, immediately after the transaction, more than 10% of the net asset value of the Fund, taken at market value at the time of the transaction, would consist of securities of Underlying ETFs;

(d) a Fund does not purchase securities of Inverse ETFs or securities of Leveraged Bear ETFs or sell any securities short if, immediately after the transaction, the Fund’s aggregate market value exposure represented by all such securities purchased and securities sold short would exceed 20% of the net asset value of the Fund, taken at market value at the time of the transaction;

(e) immediately after entering into a purchase, derivative or other transaction providing exposure to one or more physical commodities, the Fund’s market value exposure (whether direct or indirect, including through Underlying ETFs) to all physical commodities (including (i) Gold ETFs; (ii) Silver ETFs; (iii) Gold/Silver ETFs; (iv) Leveraged Gold ETFs; (v) silver; (vi) gold; (vii) Permitted Silver Certificates; (viii) permitted gold certificates; and (ix) specified derivatives the underlying interest of which is silver or gold on a levered or unlevered basis) does not exceed 10% of the net asset value of the Fund, taken at market value at the time of the transaction; and

(f) the simplified prospectus of each existing Fund discloses, or will disclose the next time it is renewed, and the simplified prospectus of each future Fund will disclose:

(i) in the investment strategy section:

A. that the Fund has obtained relief to invest in Silver and in securities of the Underlying ETFs;

B. an explanation of what each type of Underlying ETFs is; and

C. to the extent the Fund may invest in securities of a Gold ETF, Silver ETF, Gold/Silver ETF or Leveraged Gold ETF, that the Fund may indirectly invest in gold and/or silver; and

(ii) the risks associated with such investments and strategies.

“Darren McKall” Investment Funds and Structured Products Branch Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6823

Decisions, Orders and Rulings

2.1.4 Interactive Brokers Canada Inc.

Headnote

Application by Canadian dealer (the Applicant) for relief from the prospectus requirement in connection with the distribution of over-the-counter (OTC) foreign exchange contracts to investors resident in the Applicable Jurisdictions on the terms and conditions described in the decision which is subject to a four-year sunset clause – Applicant is registered as an investment dealer in all provinces and a member of the Investment Industry Regulatory Organization of Canada (IIROC) – Applicant seeking relief to permit Applicant to offer OTC foreign exchange contracts to investors in Applicable Jurisdictions on a similar basis as in Québec, including relief permitting the Applicant to distribute OTC foreign exchange contracts on the basis of providing to investors a clear and plain language risk disclosure document rather than a prospectus – risk disclosure document contains disclosure substantially similar to risk disclosure document required for recognized options in OSC Rule 91-502Trades in Recognized Options and the regime for OTC derivatives contemplated by former proposed OSC Rule 91-504 OTC Derivatives(which was not adopted) – Relief granted subject to conditions

Legislation Cited

Securities Act, R.S.O. 1990, c.S.5, as am., s. 53 and 74(1). OSC Rule 91-502 Trades in Recognized Options. OSC Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario. Proposed OSC Rule 91-504 OTC Derivatives (not adopted).

August 7, 2018

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 INTERACTIVE BROKERS CANADA INC. (the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application (the Application) from Interactive Brokers Canada Inc. (the Filer) for a decision under the securities legislation of the Jurisdiction (the Legislation) that the Filer and its respective officers, directors and representatives be exempt from the prospectus requirement in respect of the distribution of over-the- counter (OTC) foreign exchange contracts to permit investors resident in Canada to enter into OTC foreign exchange transactions with the Filer (referred to herein as IB Forex transactions) (the Requested Relief) subject to the terms and conditions below.

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 (the Principal Regulator); 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 each of the other provinces of Canada, other than the provinces of Québec and Alberta, (the Non-Principal Jurisdictions, and, together with the Jurisdiction, the Applicable Jurisdictions).

August 30, 2018 (2018), 41 OSCB 6824

Decisions, Orders and Rulings

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.

Representations

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

The Filer

1. The Filer is a corporation incorporated under the laws of Canada with its principal office in Montréal, .

2. The Filer is a member of the Interactive Brokers Group (Interactive Brokers), a leading global electronic brokerage group. Interactive Brokers provides its customers with direct, high-speed access to trade in more than 120 equity and derivatives exchanges and a growing number of Electronic Communication Networks (ECNs). Interactive Brokers Group, Inc. is currently listed on NASDAQ under the symbol "IBKR".

3. The Filer is registered as a dealer in the category of investment dealer in all provinces, a futures commission merchant in Ontario and Manitoba, a derivative dealer in Quebec and is a member of the Investment Industry Regulatory Organization of Canada (IIROC).

4. The Filer does not have any securities listed or quoted on an exchange or marketplace in any jurisdiction inside or outside of Canada.

5. The Filer is, to the best of its knowledge, not in default of any requirements of securities legislation in Canada or IIROC Rules or IIROC Acceptable Practices, as applicable (each as defined below).

6. The Filer has not been filing trade reports in respect of certain of its IB Forex transactions (the Filer does report the transactions under its Auto Swap Program) based on a good faith belief that IB Forex transactions come within the exclusion in section 2(1)(c) of OSC Rule 91-506 Derivatives: Product Determination (OSC Rule 91-506) and comparable rules in the other jurisdictions (the CSA Product Determination Rules) for currency contracts that are intended to be settled through physical delivery of the currency within two business days (the Spot Currency Exclusion). CSA staff have questioned whether the Spot Currency Exclusion is available for these types of IB Forex transactions. The Filer and CSA staff are presently engaged in discussions as to whether the Spot Currency Exclusion is available for these transactions and/or whether exemptive relief from the trade reporting requirement for these transactions is warranted.

6. The Filer currently offers IB Forex transactions (a) to retail investors resident in Ontario pursuant to In the Matter of Interactive Brokers Canada Inc. dated August 8, 2014 (the August 8, 2014 Order) and (b) pursuant to a notice filed under section 4.7 of MI 11-102 Passport System regarding the Filer's intent to rely on the August 8, 2014 Order for comparable relief in the Non-Principal Jurisdictions.

7. The Filer wishes to offer IB Forex transactions to investors in the Applicable Jurisdictions on the terms and conditions described in this Decision. For the Interim Period (as defined below), the Filer is seeking the Requested Relief in connection with the proposed offering of IB Forex transactions in Ontario and intends to rely on this Decision and the Passport System described in MI 11-102 to offer IB Forex transactions in the Non-Principal Jurisdictions.

8. In Québec, the Filer is qualified by the Autorité des marchés financiers (AMF) pursuant to section 82 of the Derivatives Act (Québec) (the QDA) to offer IB Forex transactions to both accredited and retail investors pursuant to the provisions of the QDA, subject to the terms and conditions of its qualification decision and related provisions of the QDA.

IIROC Rules and Acceptable Practices

9. As a member of IIROC, the Filer is only permitted to enter into IB Forex transactions pursuant to the rules and regulations of IIROC (the IIROC Rules).

10. In addition, IIROC has communicated to its members certain additional expectations as to acceptable business practices (IIROC Acceptable Practices) as articulated in IIROC's paper "Regulatory Analysis of Contracts for Differences (CFDs)" published by IIROC on June 6, 2007, as amended on September 12, 2007, for any IIROC member proposing to offer CFDs and similar OTC derivatives to investors. The Filer is in compliance with IIROC Acceptable Practices in reference to the IB Forex transactions, as applicable. The Filer will continue to offer the IB Forex transactions to clients in accordance with applicable IIROC Acceptable Practices as may be established from time to

August 30, 2018 (2018), 41 OSCB 6825

Decisions, Orders and Rulings

time, and will not offer IB Forex transactions linked to bitcoin, cryptocurrencies or other novel or emerging asset classes to investors in the Applicable Jurisdictions without the prior written consent of IIROC.

11. The Filer is required by IIROC to maintain a certain level of capital to address the business risks associated with its activities. The capital reporting required by IIROC (as per the calculation in the Form 1 Joint Regulatory Financial Questionnaire and Report (Form 1) and in the Monthly Financial Reports to IIROC) is based predominantly on the generation of financial statements and calculations so as to ensure capital adequacy. The Filer as an IIROC member is required to have a specified minimum capital which includes having any additional capital required with regards to margin requirements and other risks. This risk calculation is summarized as a risk adjusted capital calculation which is submitted in the Filer's Form 1 and required to be kept positive at all times.

12. The Filer understands that staff of the Alberta Securities Commission have public interest concerns with IB Forex trading by retail clients and, accordingly, the Filer does not offer IB Forex transactions to retail investors resident in Alberta. The Filer undertakes not to give notice that subsection 4.7(1) of MI 11-102 is intended to be relied upon in Alberta.

IB Forex

13. Interactive Brokers provides a number of vehicles for the exchange of currencies: (i) IDEALPRO which allows a customer to trade in foreign exchange transactions (ii) IDEAL which allows a customer to convert their balances from one currency to another (forex conversions); and (iii) the Auto Swap program which allows certain customers to take advantage of efficient interest rates paid in the tomorrow-next day or “Tom/Next” market which is a mechanism under which forex traders/speculators avoid taking physical delivery of currencies, normally two days after a forex transaction, while still keeping forex position open overnight.

14. For the purposes of this Application, IB Forex transactions include those transactions entered into on IDEALPRO, the forex conversions that are conducted through IDEAL and auto swaps under the Auto Swap program.

15. IB Forex transactions are OTC and may be transferable dependent on the transaction.

16. The ability to lever an investment is one of the principal features of foreign exchange contracts and transactions. Leverage allows clients to magnify investment returns (or losses) by reducing the initial capital outlay required to achieve the same market exposure that would be obtained by investing directly in the underlying currency. Leverage is only permissible on the IDEALPRO network.

17. IIROC Rules and IIROC Acceptable Practices each set out detailed requirements and expectations relating to leverage and margin for offerings of foreign exchange contracts. The degree of leverage may be amended in accordance with IIROC Rules and IIROC Acceptable Practices as may be established from time to time.

18. Pursuant to Section 13.12 Restriction on lending to clients of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations which came into force as of September 28, 2009, only those firms that are registered as investment dealers (a condition of which is to be a member of IIROC) may lend money, extend credit or provide margin to a client.

Online Trading Platform

19. Interactive Brokers has developed a module of Interactive Brokers' TWS on-line trading platform to specifically allow IB Forex transactions called FXTrader® (FXTrader), that offers clients direct access to interbank prices and dealing for orders as small as 25,000 USD (or equivalent), and up to 10 million USD, or more. FXTrader provides best-execution functionality and a transparent pricing structure. The Filer offers trading in 16 currencies with market spreads as small as 1/2 PIP. The tight spreads and substantial liquidity are a result of combining quotation streams from 12 of the world's largest foreign exchange dealers which provide, directly or indirectly, more than half of the momentary capital available in the global interbank market.

20. FXTrader provides an optimized trading interface, with Interactive Broker-designed tools to trade the forex markets. The price display emphasizes the critical portion of the bid/ask, and conveys price movement at a glance by showing an increasing price in green and decreasing price in orange. Each currency pair occupies its own "cell," complete with market data and order information, where a client can create, transmit and cancel orders with a single click. Overall order, trade and portfolio information is displayed along the top of the currency pairs grid.

21. Key features of the FXTrader platform includes:

August 30, 2018 (2018), 41 OSCB 6826

Decisions, Orders and Rulings

 Interbank-quality spreads allow clients to trade the best bid and ask from multiple liquidity providers with spreads as low as 1/2 pip;

 The ability to review order details and margin implications before a client transmits;

 Instantaneous transmission to transmit a client’s orders with one click on the bid or ask;

 FXTrader supports over 15 risk-mitigation order types including trailing stop limits, brackets, limit if touched, OCA (one cancels all) and IOC (immediate or cancel);

 The functionality of the Order Book icon which appears when the small-order book has a better price available for the currency pair; and

 The ability of a client to customize the trading cell display to show position, average cost and profit and loss date.

22. Clients conduct IB Forex transactions through the Filer's TWS on-line trading platform. The Filer's on-line platform is similar to those developed for on-line brokerages and day-trading in that the client trades without other communication with, or advice from, the dealer. The FXTrader® module is not a "marketplace" as defined in National Instrument 21- 101 Marketplace Operation since a marketplace is any facility that brings together multiple buyers and sellers by matching orders in fungible contracts in a nondiscretionary manner. FXTrader® does not bring together multiple buyers and sellers; rather it offers clients direct access to interbank prices.

IB Forex Transactions in the Applicable Jurisdictions

23. Foreign exchange contracts and similar OTC derivative transactions, including IB Forex transactions, when offered to investors in Canada, may be considered to be "securities" under securities legislation of the Applicable Jurisdictions.

24. Investors wishing to enter into IB Forex transactions must open an account with the Filer.

25. Prior to a client's first IB Forex transaction and as part of the account opening process, the Filer will provide the client with a separate risk disclosure document that clearly explains, in plain language, the transaction and the risks associated with the transaction (the risk disclosure document). The risk disclosure document includes the required risk disclosure set forth in Schedule A to the Regulations to the QDA and leverage risk disclosure required under the IIROC Rules. The risk disclosure document contains disclosure that is substantially similar to the risk disclosure statement required for recognized options in OSC Rule 91-502 Trades in Recognized Options (OSC Rule 91-502) (which provides both registration and prospectus exemptions) and the regime for OTC derivatives contemplated by OSC Staff Notice 91-702 Offerings of Contracts for Difference and Foreign Exchange Contracts to Investors in Ontario (OSC SN 91-702) and proposed OSC Rule 91-504 OTC Derivatives (which was not adopted) (Proposed Rule 91- 504). The Filer will ensure that, prior to a client's first trade in an IB Forex transaction, a complete copy of the risk disclosure document provided to that client has been delivered, or has previously been delivered, to the Principal Regulator.

26. Prior to the client's first IB Forex transaction and as part of the account opening process, the Filer will obtain a written or electronic acknowledgement from the client confirming that the client has received, read and understood the risk disclosure document. Such acknowledgment will be separate and prominent from other acknowledgements provided by the client as part of the account opening process.

27. As customary in the industry, and due to the fact that this information is subject to factors beyond the control of the Filer (such as changes in IIROC Rules), information such as the margin or leverage rates would not be disclosed in the risk disclosure document but are part of a client's account opening package and are available on both the Filer's website and on FXTrader®.

Satisfaction of the Registration Requirement

28. The role of the Filer as it relates to the IB Forex transactions will be limited to acting as an execution-only dealer. In this role, the Filer will, among other things, be responsible to approve all marketing, for holding of clients funds, and for client approval (including the review of know-your-client (KYC) due diligence and account opening suitability assessments).

29. IIROC Rules exempt member firms that provide execution-only services such as discount brokerages from the obligation to determine whether each trade is suitable for the client. However, IIROC has exercised its discretion to

August 30, 2018 (2018), 41 OSCB 6827

Decisions, Orders and Rulings

impose additional requirements on members proposing to trade in foreign exchange contracts and requires, among other things, that:

(a) Applicable risk disclosure documents and client suitability waivers provided must be in a form acceptable to IIROC;

(b) The Filer's policies and procedures, amongst other things, require the Filer to assess the depth of investment knowledge and trading experience of the client to assess whether the product is appropriate for the client before an account is approved to be opened. This account opening suitability process includes an assessment of the client's investment knowledge and trading experience, client identification, screening applicants and customers against lists of prohibited/blocked persons, and detecting and reporting suspicious trading and potential terrorist financing and money laundering activities to applicable enforcement authorities;

(c) The Filer's registered dealing representatives, as well as their registered supervisors who oversee the KYC and initial product suitability analysis will meet, or be exempt from, the proficiency requirements for futures trading and will be registered with IIROC as Investment Representative for retail customers in the product category of Futures Contracts and Futures Contract Options (IR). In addition, the Filer must have a fully qualified Supervisor for such products; and

(d) Cumulative loss limits for each client's account must be established (this is a measure normally applied by IIROC in connection with futures trading accounts).

30. The IB Forex transactions are offered in compliance with applicable IIROC Rules and other IIROC Acceptable Practices, as applicable.

31. The Requested Relief, if granted, would substantially harmonize the position of the regulators in the Applicable Jurisdictions on the offering of foreign exchange contracts to investors in the Applicable Jurisdictions with how those products are offered to investors in Quebec under the QDA. The QDA provides a legislative framework to govern derivatives activities within the province. Among other things, the QDA requires such products to be offered to investors through an IIROC member and the distribution of a standardized risk disclosure document rather than a prospectus in order to distribute foreign exchange contracts to investors resident in Quebec.

32. The Requested Relief, if granted, would be consistent with the guidelines articulated by Staff of the Principal Regulator in OSC SN 91-702. OSC SN 91-702 provides guidance with regards to the distributions of CFDs, foreign exchange contracts (forex or FX contracts) and similar OTC derivative products to investors in the Jurisdiction.

33. The Principal Regulator has previously recognized that the prospectus requirement may not be well suited for the distribution of certain derivative products to investors in the Jurisdiction, and that alternative requirements, including requirements based on clear and plain language risk disclosure, may be better suited for certain derivatives. In Ontario, both OSC Rule 91-502 and OSC Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario (OSC Rule 91-503) provide for a prospectus exemption for the trading of derivative products to clients. The Requested Relief is consistent with the principles and requirements of OSC Rule 91-502, OSC Rule 91-503 and Proposed Rule 91-504.

34. The Filer also submits that the Requested Relief, if granted, would harmonize the Principal Regulator's position on the offering of foreign exchange contracts with certain other foreign jurisdictions that have concluded that a clear, plain language risk disclosure document is appropriate for retail clients seeking to trade in foreign exchange contracts.

35. The Filer is of the view that requiring compliance with the prospectus requirement in order to enter into IB Forex transactions with clients in the Jurisdiction would not be appropriate since the disclosure of a great deal of the information required under the prospectus and under the reporting issuer regime is not material to a client seeking to enter into an IB Forex transaction. The information to be given to such a client should principally focus on enhancing the client's appreciation of product risk including counterparty risk. In addition, most IB Forex transactions are of short duration (positions are generally opened and closed on the same day and are in any event marked to market and cash settled daily).

36. The Filer is regulated by IIROC which has a robust compliance regime including specific requirements to address market, capital and operational risks pursuant to the IIROC Rules and the IIROC Acceptable Practices.

37. The Filer submits that the regulatory regimes developed by the AMF and IIROC for foreign exchange contracts, including IB Forex transactions, adequately addresses issues relating to the potential risk to the client of the Filer acting as counterparty. In view of these regulatory regimes, investors would receive little or no additional benefit from requiring the Filer to also comply with the prospectus requirement.

August 30, 2018 (2018), 41 OSCB 6828

Decisions, Orders and Rulings

38. The Requested Relief in respect of each Applicable Jurisdiction is conditional on the Filer being registered as an investment dealer with the securities regulator in such Applicable Jurisdiction and maintaining its membership with IIROC and that all IB Forex transactions be conducted pursuant to IIROC Rules and in accordance with IIROC Acceptable Practices, as applicable.

Decision

The Principal Regulator is satisfied that the test set out in the Legislation to make the Decision is met.

The Decision of the Principal Regulator is that the Requested Relief is granted provided that:

(a) The Filer shall not rely on the August 8, 2014 Order and the notice provided thereunder;

(b) all IB Forex transactions with residents in the Applicable Jurisdictions shall be distributed through the Filer;

(c) with respect to residents of an Applicable Jurisdiction, the Filer remains registered as a dealer in the category of investment dealer with the Principal Regulator and each securities regulatory authority in such Applicable Jurisdiction and a member of IIROC;

(d) all IB Forex transactions with clients resident in the Applicable Jurisdictions shall be conducted pursuant to IIROC Rules imposed on members seeking to trade in foreign exchange contracts and in accordance with IIROC Acceptable Practices, as applicable and as amended from time to time;

(e) if the Filer continues to offer IB Forex transactions to residents of Québec, all IB Forex transactions with clients resident in the Applicable Jurisdictions be conducted pursuant to the rules and regulations of the QDA and the AMF, as amended from time to time, unless and to the extent there is a conflict between i) the rules and regulations of the QDA and the AMF, and ii) the requirements of the securities laws of the Applicable Jurisdictions, the IIROC Rules and IIROC Acceptable Practices, in which case the latter shall prevail;

(f) prior to a client first entering into an IB Forex transaction, the Filer has provided to the client the risk disclosure document described in paragraph 25 and has delivered, or has previously delivered, a copy of the risk disclosure document provided to that client to the Principal Regulator;

(g) prior to a client's first IB Forex transaction and as part of the account opening process, the Filer has obtained a written or electronic acknowledgement from the client, as described in paragraph 26, confirming that the client has received, read and understood the risk disclosure document;

(h) the Filer has furnished to the Principal Regulator the name and principal occupation of its officers or directors, together with either the personal information form and authorization of indirect collection, use and disclosure of personal information provided for in National Instrument 41-101 General Prospectus Requirements or the registration information form for an individual provided for in Form 33-109F4 of National Instrument 33-109 Registration Information Requirements completed by any officer or director;

(i) the Filer shall promptly inform the Principal Regulator in writing of any material change affecting the Filer, being any change in the business, activities, operations or financial results or condition of the Filer that may reasonably be perceived by a counterparty to a derivative to be material;

(j) the Filer shall promptly inform the Principal Regulator in writing if a self-regulatory organization or any other regulatory authority or organization initiates proceedings or renders a judgment related to disciplinary matters against the Filer concerning the conduct of activities with respect to IB Forex transactions;

(k) within 90 days following the end of its financial year, the Filer shall submit to IIROC and the Principal Regulator the audited annual financial statements of the Filer; and

(l) the Requested Relief shall immediately expire upon the earliest of

(i) four years from the date that this Decision is issued;

(ii) in respect of a subject Applicable Jurisdiction or Quebec, the issuance of an order or decision by a court, the securities regulatory authority in such Applicable Jurisdiction, the AMF (in respect of Quebec) or other similar regulatory body that suspends or terminates the ability of the Filer to offer foreign exchange contracts to clients in such Applicable Jurisdictions; and

August 30, 2018 (2018), 41 OSCB 6829

Decisions, Orders and Rulings

(iii) with respect to an Applicable Jurisdiction, the coming into force of legislation or a rule by its securities regulatory authority regarding the distribution of OTC derivatives to investors in such Applicable Jurisdiction (the Interim Period)”.

“Cecilia Williams” “Peter Currie” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6830

Decisions, Orders and Rulings

2.1.5 Purpose Investments Inc. et al.

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Approval of investment fund mergers – approval required because the mergers do not meet the criteria for pre-approved reorganizations and transfers in National Instrument 81-102 – the fundamental investment objectives and fee structures of certain terminating funds and continuing funds are not substantially similar – certain mergers will not be “qualifying exchanges” or tax-deferred transactions under the Income Tax Act (Canada) – securityholders of certain terminating funds not permitted to redeem their securities prior to the date of the mergers – unitholders of the terminating funds are provided with timely and adequate disclosure regarding the mergers.

Applicable Legislative Provisions

National Instrument 81-102 Investment Funds, paragraph 5.5(1)(b) and subsection 19.1.

April 20, 2018

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 PURPOSE INVESTMENTS INC. (“Purpose”)

AND

REDWOOD GLOBAL RESOURCE FUND (FORMERLY LOGIQ GLOBAL RESOURCE FUND), REDWOOD ENERGY INCOME FUND (FORMERLY LOGIQ ADVANTAGE OIL & GAS INCOME FUND), REDWOOD TACTICAL EQUITY FUND (FORMERLY LOGIQ TACTICAL EQUITY CLASS), REDWOOD TOTAL RETURN FUND (FORMERLY LOGIQ TOTAL RETURN FUND), REDWOOD GROWTH FUND (FORMERLY LOGIQ GROWTH FUND), REDWOOD GLOBAL BALANCED INCOME FUND (FORMERLY LOGIQ GLOBAL BALANCED INCOME CLASS), REDWOOD BALANCED INCOME FUND (FORMERLY LOGIQ BALANCED MONTHLY INCOME CLASS), REDWOOD MONTHLY INCOME FUND (FORMERLY LOGIQ VIP INCOME FUND), REDWOOD ADVANTAGE MONTHLY INCOME FUND (FORMERLY LOGIQ ADVANTAGE VIP INCOME FUND), REDWOOD GLOBAL FINANCIALS INCOME FUND (FORMERLY GLOBAL CAPITAL SECURITIES TRUST) AND REDWOOD FLOATING RATE BOND FUND (FORMERLY VOYA DIVERSIFIED FLOATING RATE SENIOR LOAN FUND) (each a “Terminating Fund” and, collectively, the “Terminating Funds”)

AND

PURPOSE GLOBAL RESOURCE FUND (FORMERLY REDWOOD RESOURCE GROWTH & INCOME FUND AND FORMERLY LOGIQ RESOURCE GROWTH AND INCOME CLASS), PURPOSE GLOBAL INNOVATORS FUND (FORMERLY REDWOOD GLOBAL INNOVATORS FUND AND FORMERLY REDWOOD GLOBAL OPPORTUNITIES FUND AND FORMERLY LOGIQ GLOBAL OPPORTUNITIES CLASS), PURPOSE SPECIAL OPPORTUNITIES FUND (FORMERLY REDWOOD SPECIAL OPPORTUNITIES FUND AND FORMERLY LOGIQ SPECIAL OPPORTUNITIES CLASS), PURPOSE MULTI-ASSET INCOME FUND (FORMERLY REDWOOD HIGH INCOME FUND AND FORMERLY LOGIQ HIGH INCOME FUND), PURPOSE US PREFERRED SHARE FUND (FORMERLY REDWOOD U.S. PREFERRED SHARE FUND) AND REDWOOD FLOATING RATE INCOME FUND (FORMERLY VOYA FLOATING RATE SENIOR LOAN FUND)

August 30, 2018 (2018), 41 OSCB 6831

Decisions, Orders and Rulings

(each a “Continuing Fund” and, collectively, the “Continuing Funds”)

DECISION

Background

The Ontario Securities Commission (the “Decision Maker”) has received an application from Purpose on behalf of the Terminating Funds and the Continuing Funds (each a “Fund” and, collectively, the “Funds”) for a decision of the Decision Maker granting approval, pursuant to section 5.5(1)(b) of National Instrument 81-102 - Investment Funds (“NI 81-102”), of the proposed mergers as outlined in Appendix A (each a “Merger” and, collectively, the “Mergers”) of the Terminating Funds into the corresponding Continuing Funds (the “Approval Sought”).

Under National Policy 11-203 - Process for Exemptive Relief Applications in Multiple Jurisdictions (“NP 11-203”):

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

(b) Purpose 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, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Northwest Territories, Nunavut and Yukon (together with Ontario, the Jurisdictions).

Interpretation

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

Representations

The decision is based on the following facts represented by Purpose:

Redwood

1. Purpose is a corporation amalgamated under the Business Corporations Act (Ontario) with its head office located in Toronto, Ontario.

2. Purpose is registered as an investment fund manager, portfolio manager and exempt market dealer in Ontario, as an investment fund manager and exempt market dealer in Québec, as an investment fund manager in Newfoundland and Labrador, as an exempt market dealer in Alberta and as an exempt market dealer in British Columbia.

3. Purpose is the manager of the Funds and is also the trustee of the Trust Funds (as hereinafter defined).

4. Purpose is not in default of any of the requirements of the securities legislation of any of the provinces and territories of Canada.

Fund Information

5. Each of Redwood Global Resource Fund, Redwood Total Return Fund and Redwood Growth Fund (each a “Terminating Trust Fund”, and together, the “Terminating Trust Funds”) as well as Purpose Multi-Asset Income Fund and Purpose US Preferred Share Fund (each a “Continuing Trust Fund”, together, the “Continuing Trust Funds” and together with the Terminating Trust Funds, the “Trust Funds”) are open-ended mutual fund trusts established under the laws of Ontario by declarations of trust (the “Mutual Fund Declarations of Trust”) and are governed by the provisions of NI 81-102.

6. Each of Redwood Energy Income Fund, Redwood Monthly Income Fund, Redwood Advantage Monthly Income Fund, Redwood Global Financials Income Fund and Redwood Floating Rate Bond Fund (each a “Terminating Closed End Fund”, and together, the “Terminating Closed End Funds”) as well as Redwood Floating Rate Income Fund (the “Continuing Closed End Fund”, and together with the Terminating Closed End Funds, the “Closed End Funds”) are non-redeemable investment funds established under the laws of Ontario by declarations of trust or trust agreements (the “Closed End Trust Documents”, and together with the Mutual Fund Declarations of Trust, the “Trust Documents”) and are governed by the provisions of NI 81-102.

7. Each of Redwood Tactical Equity Fund, Redwood Global Balanced Income Fund and Redwood Balanced Income Fund (each a “Terminating Corporate Class”, and together, the “Terminating Corporate Classes”) as well as Purpose

August 30, 2018 (2018), 41 OSCB 6832

Decisions, Orders and Rulings

Global Resource Fund, Purpose Global Innovators Fund and Purpose Special Opportunities Fund (each a “Continuing Corporate Class”, together, the “Continuing Corporate Classes” and together with the Terminating Corporate Classes, the “Corporate Classes”) are classes of mutual fund shares of Purpose Mutual Funds Limited (“Purpose Limited”). Purpose Limited is a mutual fund corporation formed under the laws of Canada by articles of amalgamation dated January 26, 2016, as amended. Each Corporate Class is an open-ended mutual fund governed by the provisions of NI 81-102.

8. By way of a circular dated October 3, 2017, unitholders of Redwood Floating Rate Income Fund approved a resolution authorizing the conversion of Redwood Floating Rate Income Fund into an open-end exchange traded mutual fund. It is anticipated that such conversion will be completed, subject to all necessary additional regulatory approvals, shortly after the Effective Date (as defined below).

9. Redwood Floating Rate Income Fund will file a preliminary prospectus within 30 days of the date of this decision in connection with the conversion of Redwood Floating Rate Income Fund into a continuously offered exchange traded fund and will file a final prospectus in connection with such conversion once the regulatory review of the preliminary prospectus has been completed.

10. Securities of the Terminating Funds, other than the Terminating Closed End Funds, are currently qualified for sale under a simplified prospectus, annual information form, fund facts and ETF facts documents.

11. Securities of the Terminating Closed End Funds were qualified for distribution by long form prospectuses and annual information forms and are currently listed and traded on the Toronto Stock Exchange (“TSX”).

12. Securities of the Continuing Funds are qualified for sale in each of the provinces and territories of Canada pursuant to simplified prospectuses, annual information forms and fund facts/ETF facts, as applicable (collectively, the “Continuing Fund Offering Documents”).

13. The Terminating Funds and the Continuing Funds are reporting issuers as defined under the applicable securities legislation of each province and territory of Canada and are not in default of any of the requirements of the securities legislation of any of the provinces and territories of Canada.

14. Other than under circumstances in which the securities regulatory authority or securities regulator of a province or territory of Canada has expressly exempted a Fund therefrom, each of the Funds follow the standard investment restrictions and practices established by NI 81-102.

15. The net asset value for each of the Funds is calculated on a daily basis at the end of each day the TSX is open for trading in accordance with the Funds’ valuation policy and as described in the Funds’ offering documents.

Reason for Merger Approval

16. Purpose has concluded that pre-approval of the Mergers pursuant to section 5.6 of NI 81-102 is not available because:

(a) other than with respect to the Merger of Redwood Floating Rate Bond Fund into Redwood Floating Rate Income Fund, the fundamental investment objective of each of the Continuing Funds may not be considered to be “substantially similar” by a reasonable person to the investment objective of each of the corresponding Terminating Funds;

(b) the fee structure of Redwood Global Financials Income Fund may not be considered to be “substantially similar” by a reasonable person to the fee structure of Purpose US Preferred Share Fund;

(c) other than with respect to the Mergers of Redwood Monthly Income Fund into Purpose Multi-Asset Income Fund, Redwood Advantage Monthly Income Fund into Purpose Multi-Asset Income Fund and Redwood Global Financials Income Fund into Purpose US Preferred Share Fund, each Merger is being conducted on a taxable basis contrary to subsection 5.6(1)(b) of NI 81-102; and

(d) the unitholders of the Terminating Closed End Funds will not be provided with a right to redeem their units prior to the Effective Date (as defined below). As unitholders of a Continuing Fund, other than in the case of the Merger of Redwood Floating Rate Bond Fund into Redwood Floating Rate Income Fund, unitholders of the Terminating Closed End Funds will subsequently be able to redeem their units in the applicable Continuing Fund or trade such units on a designated stock exchange on any business day following the Effective Date.

August 30, 2018 (2018), 41 OSCB 6833

Decisions, Orders and Rulings

17. Other than the criteria described above, each Merger complies with all the other criteria for pre-approved reorganizations and transfers set out in section 5.6 of NI 81-102.

The Mergers

18. A press release was issued and filed on SEDAR on February 23, 2018, and a material change report was subsequently filed on SEDAR on February 27, 2018 with respect to the proposed Mergers. The simplified prospectus, annual information form and fund facts/ETF facts, as applicable, for the Terminating Funds were amended to include disclosure with respect to the Mergers in accordance with applicable securities law. For Mergers that are material for a Continuing Fund, amendments to the applicable Continuing Fund Offering Documents were also completed in accordance with applicable securities laws.

19. Except in the case of Redwood Global Innovators Fund, Purpose Multi-Asset Income Fund, Purpose US Preferred Share Fund and Redwood Floating Rate Income Fund (collectively, the “Voting Continuing Funds”), the Manager has concluded that the Mergers are not material changes to the Continuing Funds, and accordingly, there is no intention to convene a meeting of securityholders of the Continuing Funds, other than as described in paragraph 19, to approve the Mergers pursuant to paragraph 5.1(1)(g) of NI 81-102.

20. Purpose is of the view that the Mergers will be a material change for each of the Voting Continuing Funds because it is anticipated that at the time of the Mergers, the net asset value of the Terminating Funds corresponding to the Voting Continuing Funds is greater than the net asset value of the Voting Continuing Funds. Accordingly, and as described below, Purpose convened meetings of the securityholders of each of the Voting Continuing Funds to approve the applicable Mergers pursuant to paragraph 5.1(1)(g) of NI 81-102 on April 17, 2018.

21. A notice of meeting, a management information circular (the “Circular”), a form of proxy and a voting instruction form in connection with the special meetings of securityholders was mailed to securityholders of the Terminating Funds and the Voting Continuing Funds and filed on SEDAR on March 29, 2018. The most recently filed fund facts/ETF facts, as applicable, as applicable, of a Continuing Fund was included in the meeting materials sent to securityholders of the applicable Terminating Fund.

22. The Circular prepared in connection with the special meeting to approve the Mergers provided a comparison of the fundamental investment objectives, fee structures, and other material differences between the Funds, and the tax consequences of the Merger to the Terminating Fund, the Continuing Fund and their securityholders. The Circular also described the various ways in which securityholders can obtain, at no cost, a copy of the simplified prospectus, annual information forms and fund facts/ETF facts, as applicable, for the Continuing Funds, their most recent interim and annual financial statements and management reports of fund performance. Accordingly, securityholders of the Terminating Funds have been provided with sufficient information to make an informed decision about the Mergers.

23. Other than the differences described in the Circular, there are no material differences between a security of a Terminating Fund and the corresponding security of a Continuing Fund that unitholders will receive once the Merger is completed.

24. Purpose convened special meetings of the securityholders of each Terminating Fund and the Voting Continuing Funds in order to seek the approval of such securityholders to complete the Mergers (each a “Meeting”). The Meetings took place on April 17, 2018.

25. With the exception of Redwood Energy Income Fund, all necessary securityholder approvals to complete the Mergers were obtained at each applicable Meeting.

26. The requisite quorum of securityholders of Redwood Energy Income Fund was not present at the Meeting of this Terminating Fund and, accordingly, such Meeting was adjourned to reconvene on April 24, 2018.

27. Purpose will pay for the costs of the Mergers. These costs consist mainly of legal, proxy solicitation, printing, mailing, brokerage costs and regulatory fees.

28. Subject to receipt of the necessary regulatory approval and the outcome of the vote of securityholders of Redwood Energy Income Fund with respect to its Merger, each Merger is anticipated to be effective on or about May 4, 2018 (each an “Effective Date”).

29. Securities of the Continuing Fund will be issued at the applicable series net asset value per security as of the close of business of the Effective Date. Securities of the Continuing Fund will be distributed to securityholders of the Terminating Fund in exchange for their securities in the Terminating Fund on a dollar for dollar and series-by-series basis, as applicable.

August 30, 2018 (2018), 41 OSCB 6834

Decisions, Orders and Rulings

30. Prior to the Mergers, as required, each Terminating Fund will sell any securities in its portfolio that do not meet the investment objective and investment strategies of the applicable Continuing Fund. As a result, the Terminating Fund may temporarily hold cash or money market instruments and may not be fully invested in accordance with its investment objective for a brief period of time prior to the Merger being effected. Any accumulated loss carry-forwards of the Terminating Fund, as well as any losses arising from the disposition of the assets in its portfolio, will expire at the end taxation year during which the Merger occurs and will not be available to be deducted against taxable income, including taxable capital gains arising after the Merger. The Circular provides unitholders with information about such tax implications.

31. The Mergers will be structured substantially as follows:

(i) The board of directors of Purpose and Purpose Limited, as applicable, have approved each Merger.

(ii) Pursuant to subsection 5.1(f) of NI 81-102, securityholders of the Terminating Funds, other than Redwood Energy Income Fund, approved their respective Mergers. Securityholders of Redwood Energy Income Fund will be asked to approve their Merger at a reconvened Meeting to be held on April 24, 2018.

(iii) Pursuant to subsection 5.1(g) of NI 81-102, securityholders of each Voting Continuing Fund approved their respective Mergers as they constitute a material change for such Voting Continuing Funds. Securityholders of the other Continuing Funds are not required to vote on and approve their respective Mergers as such Mergers do not constitute a material change for these Continuing Funds.

(iv) Prior to the Merger, as required, each Terminating Fund will sell any securities in its portfolio that do not meet the investment objective and investment strategies of the applicable Continuing Fund. As a result, the Terminating Fund may temporarily hold cash or money market instruments and may not be fully invested in accordance with its investment objective for a brief period of time prior to the Merger being effected.

(v) The value of the Terminating Fund’s investment portfolio and other assets will be determined at the close of business on the Effective Date in accordance with the constating documents of the Terminating Fund.

(vi) Each Terminating Fund and the Continuing Fund will declare, pay and automatically reinvest a distribution to its securityholders of net realized capital gains and net income, if any, to ensure that it will not be subject to tax for its current tax year.

(vii) A Terminating Fund’s assets and liabilities will be transferred to the respective Continuing Fund. In return, the Continuing Fund will issue to the Terminating Fund units of the Continuing Fund having an aggregate net asset value equal to the value of the assets transferred to the Continuing Fund.

(viii) Immediately thereafter, units of the Continuing Fund received by the Terminating Fund will be distributed to securityholders of the Terminating Fund in exchange for their securities in the Terminating Fund on a dollar-for dollar and class-by-class basis.

(ix) The Terminating Fund will be wound-up as soon as practicable and, in any case, within 30 days following the Merger.

32. Should a Merger receive all required approvals, the right of securityholders of the Terminating Funds, other than Terminating Closed End Funds, to purchase or switch their securities of the Terminating Fund will cease as of the close of business two days prior to the Effective Date. Securityholders will have the right to redeem the securities of a Terminating Fund up to the close of business on the Effective Date.

33. No sales charges will be payable in connection with the acquisition by a Continuing Fund of the investment portfolio of its corresponding Terminating Fund.

34. Purpose will pay the costs associated with the sale of securities in a Terminating Fund’s portfolio that do not meet the investment objective and investment strategies of the applicable Continuing Fund, including brokerage commissions.

35. To the extent that assets remain in a Terminating Fund following the sale of securities in its portfolio that do not meet the investment objective and investment strategies of the applicable Continuing Fund, such assets of a Terminating Fund to be acquired by the Continuing Fund as a result of a Merger will be acceptable to the portfolio advisor of the Continuing Fund prior to the Effective Date and consistent with the investment objective of the Continuing Fund.

36. The right of securityholders of the Terminating Funds, other than Terminating Closed End Funds, to purchase or switch their securities of the Terminating Fund will cease as of the close of business two days prior to the Effective Date.

August 30, 2018 (2018), 41 OSCB 6835

Decisions, Orders and Rulings

Securityholders will have the right to redeem the securities of a Terminating Fund up to the close of business on the Effective Date.

37. Each Merger, other than the Mergers of Redwood Monthly Income Fund into Purpose Multi-Asset Income Fund, Redwood Advantage Monthly Income Fund into Purpose Multi-Asset Income Fund and Redwood Global Financials Income Fund into Purpose US Preferred Share Fund (each a “Trust to Trust Tax Deferred Merger” and together, the “Trust to Trust Tax Deferred Mergers”), will be completed on a taxable basis and will not be a “qualifying exchange” or other form of tax-deferred transaction under the Income Tax Act (Canada) (the “Tax Act”).

38. Each Trust to Trust Tax Deferred Merger will be a “qualifying exchange” under the Tax Act. Accordingly, the disposition of units of a Terminating Fund in connection with a Trust to Trust Tax Deferred Merger will be effected on a tax deferred “rollover” basis for unitholders of the Terminating Fund.

39. Pursuant to National Instrument 81-107 – Independent Review Committee for Investment Funds, the independent review committee of the Funds (the “IRC”) has the proposed Mergers as a potential “conflict of interest” matter and the process to be followed in connection with each such Merger and has determined that the Mergers, if implemented, would achieve a fair and reasonable result for each Fund. The conclusion of the IRC will be disclosed in the Circular.

40. Purpose believes that the Merger will be beneficial to unitholders of each of the Terminating Funds for the following reasons:

(a) Although the investment objectives of a Terminating Fund may not be substantially similar to its corresponding Continuing Fund, Purpose submits that each Terminating Fund has a similar investment mandate as its corresponding Continuing Fund. As a result, each Merger will contribute towards reducing duplication and redundancy across the Purpose fund line-up and may potentially reduce the administrative and regulatory operating costs and expenses associated with the Terminating Funds.

(b) Each Merger, other than those described below, has the potential to lower costs for securityholders as the operating costs and expenses of the Continuing Fund will be spread over a greater pool of assets when the Terminating Funds merge into the Continuing Fund, potentially resulting in a lower management expense ratio for the Continuing Fund than may occur otherwise.

(c) Other than with respect to the Merger of Redwood Global Financials Income Fund into Purpose US Preferred Share Fund, management fees of each series of each Continuing Fund will be the same or lower as those of the corresponding series of a Terminating Fund. No securityholder of the Terminating Funds, other than Redwood Global Financials Income Fund, will be subject to an increase in management fees as a result of the Terminating Funds merging into the Continuing Funds.

(d) Each Continuing Fund will have an asset base of greater size, potentially allowing for increased portfolio diversification opportunities and a smaller proportion of assets set aside to fund redemptions. The ability to improve diversification may lead to increased returns and a reduction of risk, while at the same time creating a higher profile that may attract more investors.

(e) Each Continuing Fund is expected to attract more assets as marketing efforts will be concentrated on a single fund, rather than multiple funds with similar investment mandates. The ability to attract assets to the Continuing Fund will benefit investors by ensuring that the Continuing Fund is a viable, long-term, attractive investment vehicle for existing and potential investors.

Decision

The Decision Maker 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 Maker under the Legislation is that the Approval Sought is granted.

“Darren McKall” Manager, Investment Funds & Structured Products Branch Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6836

Decisions, Orders and Rulings

APPENDIX A

Terminating Fund Continuing Fund Redwood Global Resource Fund Purpose Global Resource Fund Redwood Energy Income Fund Purpose Global Resource Fund Redwood Tactical Equity Fund Purpose Global Innovators Fund Redwood Total Return Fund Purpose Global Innovators Fund Redwood Growth Fund Purpose Special Opportunities Fund Redwood Global Balanced Income Fund Purpose Multi-Asset Income Fund Redwood Balanced Income Fund Purpose Multi-Asset Income Fund Redwood Monthly Income Fund Purpose Multi-Asset Income Fund Redwood Advantage Monthly Income Fund Purpose Multi-Asset Income Fund Redwood Global Financials Income Fund Purpose US Preferred Share Fund Redwood Floating Rate Bond Fund Redwood Floating Rate Income Fund

August 30, 2018 (2018), 41 OSCB 6837

Decisions, Orders and Rulings

2.1.6 IA Clarington Investments Inc.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief fromcertain specified derivatives and custodial requirements in sections 2.7(1), 2.7(4) and 6.1(1) of National Instrument 81-102 Investment Funds to permit mutual funds to enter into swap transactions that are cleared through a clearing corporation, subject to certain conditions – relief required because of U.S. and European requirements to clear over-the-counter derivatives including swaps – decision treats cleared swaps in a similar way as other cleared derivatives; relief from sections 2.8(1)(d) and 2.8(1)(f)(i) of NI 81-102 to permit the funds when they open or maintain a long position in a standardized future or forward contract or when they enter into or maintain an interest rate swap position and during the periods when the funds are entitled to receive payments under the swap, to use as cover, an option to sell an equivalent quantity of the underlying interest of the standardized future, forward or swap, subject to certain conditions.

Applicable Legislative Provisions

National Instrument 81-102 Investment Funds, subsections 2.7(1), 2.7(4), 2.8(1)(d), 2.8(1)(f)(i), 6.1(1), and 19.1.

[Translation]

IN THE MATTER OF THE SECURITIES LEGISLATION OF QUEBEC AND ONTARIO (the Jurisdictions)

AND

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

AND

IN THE MATTER OF IA CLARINGTON INVESTMENTS INC. (the Filer)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (Decision Makers) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation), pursuant to section 19.1 of Regulation 81-102 respecting Investment Funds CQLR, c. V-1.1, r.39 (Regulation 81-102) exempting the Funds (as defined below), as specified below:

1. with respect to Cleared Swaps (as defined below):

(a) from the requirement in section 2.7(1) of Regulation 81-102 that a mutual fund must not purchase an option or a debt-like security or enter into a swap or a forward contract unless, at the time of the transaction, the option, debt-like security, swap or contract has a designated rating or the equivalent debt of the counterparty, or of a person or company that has fully and unconditionally guaranteed the obligations of the counterparty in respect of the option, debt-like security, swap or contract, has a designated rating,

(b) from the limitation in section 2.7(4) of Regulation 81-102 that the mark-to-market value of the exposure of a mutual fund under its specified derivatives positions with any one counterparty other than an acceptable clearing corporation or a clearing corporation that clears and settles transactions made on a futures exchange listed in Appendix A to Regulation 81-102 shall not exceed, for a period of 30 days or more, 10 percent of the net asset value of the mutual fund,

(c) from the requirement in section 6.1(1) of Regulation 81-102 to hold all portfolio assets of an investment fund under the custodianship of one custodian in order to permit each Fund to deposit

August 30, 2018 (2018), 41 OSCB 6838

Decisions, Orders and Rulings

cash and portfolio assets directly with a Futures Commission Merchant (as defined below) and indirectly with a Clearing Corporation (as defined below) as margin; (collectively, the Cleared Derivatives Relief).

2. with respect to the derivatives cover requirement:

(a) from the requirement in sections 2.8(1)(d) and 2.8(1)(f)(i) of Regulation 81-102 in order to permit each of the Funds when it:

(i) opens or maintains a long position in a debt-like security that has a component that is a long position in a forward contract or in a standardized future or forward contract, or

(ii) enters into or maintains a swap position during the periods when the Fund is entitled to receive payments under the swap,

to use as cover, a right or obligation to sell an equivalent quantity of the underlying interest of the standardized future, forward or swap (collectively referred to as the Derivatives Cover Relief, and together with the Cleared Derivatives Relief collectively referred to as the Requested Relief).

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

(a) the Autorité des marchés financiers is the principal regulator for this application;

(b) the Filer has provided notice that section 4.7(1) of Regulation 11-102 respecting Passport System CQLR, c. V-1.1, r.1 (Regulation 11-102) is intended to be relied upon in each of the other provinces and territories of Canada other than the Jurisdictions (the Other Jurisdictions); 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

Terms defined in Regulation 14-101 respecting Definitions (CQLR, c. V-1.1, r.3), Regulation 11-102, Regulation 81-101 respecting Mutual Funds Prospectus Disclosure (CQLR, c. V-1.1, r.38) (Regulation 81-101), Regulation 81-102 have the same meaning if used in this decision, unless otherwise defined.

CFTC means the U.S Commodity Futures Trading Commission,

Cleared Swap means any OTC derivative transaction that can be entered into on a cleared basis, whether or not such derivative is subject to a clearing determination or a clearing obligation issued by the CFTC or ESMA,

Clearing Corporation means any clearing agency that acts as a counterparty to each party for each Swap for which it provides clearing services and is a clearing organization registered with the CFTC or central counterparty authorized by ESMA, as the case may be, that, in either case, is also permitted to operate in the jurisdiction of Canada where the Funds are located,

Dodd-Frank means the Dodd-Frank Wall Street Reform and Consumer Protection Act,

EMIR means the European Market Infrastructure Regulation,

ESMA means the European Securities and Markets Authority,

Existing Funds means each of the mutual funds managed by the Filer,

Fund or Funds mean the Existing Funds and all future mutual funds managed by the Filer that are subject to Regulation 81- 102,

Futures Commission Merchant means any futures commission merchant that is registered with the CFTC and/or is a clearing member for purposes of EMIR, as applicable and is a member of a Clearing Corporation,

OTC means over-the-counter,

Portfolio Advisor means each of the Filer and each affiliate of the Filer and each third party portfolio manager retained from time to time by the Filer to sub-advise the investment portfolio of one or more of the Funds,

August 30, 2018 (2018), 41 OSCB 6839

Decisions, Orders and Rulings

Swaps means the swaps that are, or will become, subject to a clearing determination or clearing obligation issued by the CFTC or ESMA, as the case may be,

Representations

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

1. The Filer’s head office is in Québec City, Québec.

2. The Filer is registered as an investment fund manager in Québec, Ontario and Newfoundland and Labrador, as an exempt market dealer in the Jurisdictions, and as a portfolio manager in all of the provinces of Canada.

3. The Filer is the manager of the Existing Funds. The Portfolio Advisors are, or will be, the sub-advisor to certain of the Funds.

4. Each Fund is, or will be, a mutual fund created under the laws of the Province of Ontario and is, or will be, subject to the provisions of Regulation 81-102.

5. The securities of each Fund are, or will be, qualified for distribution pursuant to a prospectus that was, or will be, prepared and filed in accordance with the securities legislation of the Jurisdictions; accordingly, each Fund is, or will be, a reporting issuer or the equivalent in each of the Jurisdictions.

6. Neither the Filer nor the Existing Funds are in default of securities legislation in the Jurisdictions or any of the Other Jurisdictions.

Reasons supporting the Cleared Derivatives Relief

7. The investment objective and investment strategies of each Fund that enters into, or will enter into, Cleared Swaps permit, or will permit the Funds to enter into derivative transactions, including Cleared Swaps.

8. Dodd-Frank requires that certain OTC derivatives be cleared through a Futures Commission Merchant at a Clearing Corporation.

9. EMIR also requires that certain OTC derivatives be cleared through a central counterparty authorized to provide clearing services for purposes of EMIR.

10. In addition to clearing swaps that are mandated to be cleared under Dodd-Frank and/or EMIR, many of the Clearing Corporations offer clearing services in respect of other types of derivative transactions. Many global derivative end- users enter into Cleared Swaps on both a voluntary and a mandatory basis.

11. In absence of the Cleared Derivatives Relief, each Portfolio Advisor will need to structure the derivative transactions entered into by the applicable Funds so as to avoid clearing, including the clearing requirements of the CFTC and under EMIR, as applicable. The Filer respectfully submits that this would not be in the best interests of the Funds and their securityholders for a number of reasons, as set out below.

12. The Filer wishes that the Funds have the ability to enter into Cleared Swaps in order to benefit from the pricing benefits and reduced trading costs that each Portfolio Advisor is often able to achieve through its trade execution practices and from the reduced costs associated with Cleared Swaps as compared to OTC trades.

13. A Portfolio Advisor may use common trade execution practices for all of its accounts, including the Funds. If these practices involve the use of Cleared Swaps and if the Funds are unable to employ these trade execution practices, then the Portfolio Advisor would have to create separate trade execution practices only for the Funds and would have to execute trade for the Funds on a separate basis. This would increase the operational risk for the Funds and would prevent the Funds from benefitting from the pricing benefits and reduced trading costs that a Portfolio Advisor may be able to achieve through common practices for its advised accounts. In the Filer’s opinion, best execution and maximum certainty can best be achieved through common trade execution practices, which, in the case of OTC derivatives, involve the execution of Cleared Swaps.

14. In accordance with the Filer’s standard of care owed to the Funds pursuant to applicable legislation, the Filer has determined that central clearing represents the best choice for the securityholders of the Funds to mitigate the legal, operational and back office risks faced by investors in the global swap markets.

August 30, 2018 (2018), 41 OSCB 6840

Decisions, Orders and Rulings

15. As a member of the G20 and a participant in the September 2009 commitment of G20 nations to improve transparency and mitigate risk in derivatives markets, Canada has expressly recognized the systemic benefits that clearing OTC derivatives offers to market participants, such as the Funds. The Filer respectfully submits that the Funds should be encouraged to comply with the robust clearing requirements established by the CFTC and under EMIR by granting them the Cleared Derivatives Relief.

16. The Cleared Derivatives Relief is analogous to the treatment currently afforded under Regulation 81-102 to other types of derivatives that are cleared, i.e., clearing corporation options, options on futures and standardized futures. This demonstrates that, from a policy perspective, such Cleared Derivatives Relief is consistent with the views of the Canadian securities authorities in respect of cleared derivative trades.

Reasons Supporting the Derivatives Cover Relief

17. Paragraph 2.8(1)(d) and subparagraph 2.8(1)(f)(i) of Regulation 81-102 do not permit covering a long position in a standardized future or forward contract or a position in a swap for a period when a mutual fund is entitled to receive payments under the swap, in whole or in part with a right or obligation to sell an equivalent quantity of the underlying interest of the future, forward or swap. Accordingly, these provisions of Regulation 81-102 do not permit the use of put options or short future, forward or swap positions to cover long future, forward or swap positions.

18. By not recognizing the hedging properties of options for long positions evidenced by standardized futures or forwards or in respect of swaps where a mutual fund is entitled to receive payments from the counterparty, Regulation 81-102 effectively imposes the requirement to over-collateralize, since the maximum liability to the mutual fund under this scenario is equal to the difference between the market value of the long position and the exercise price of the option. Overcollateralization imposes a cost on a mutual fund.

19. Paragraph 2.8(1)(c) of Regulation 81-102 permits a mutual fund to write a put option and cover it with buying a right or obligation to sell an equivalent quantity of the underlying interest of the written put option. This position has similar risks as a debt-like security that has a component that has a long position in a forward or a standardized future or forward contract as contemplated by paragraph 2.8(1)(d) or a swap as contemplated by subparagraph 2.8(1)(f)(i) and therefore, the Filer submits that the Funds should be permitted to cover a long position in a future, forward or swap with a put option or an offsetting short position.

20. The Filer submits that the Derivatives Cover Relief would enable the Funds to more effectively manage any exposure they may have under specified derivatives and to have the flexibility to enhance yield.

21. For the reasons provided above, the Filer submits that it would not be detrimental to the protection of investors to grant the Requested Relief to the Funds.

Decision

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 the Requested Relief are granted provided that:

1. In the case of the Cleared Derivatives Relief, the Clearing Corporation is permitted to offer customer clearing of OTC derivatives in the jurisdiction of Canada where the applicable Fund is located and provided further that, in respect of the deposit of cash and other portfolio assets as margin:

(a) In Canada,

(i) The Futures Commission Merchant is a member of a SRO that is a participating member of CIPF; and

(ii) The amount of margin deposited and maintained with the Futures Commission Merchant does not, when aggregated with the amount of margin already held by the Futures Commission Merchant, exceed 10% of the net asset value of the Fund as at the time of deposit; and

(b) Outside of Canada,

(i) The Futures Commission Merchant is a member of a Clearing Corporation and, as a result, is subject to regulatory audit;

August 30, 2018 (2018), 41 OSCB 6841

Decisions, Orders and Rulings

(ii) The Futures Commission Merchant has a net worth, determined from its most recent audited financial statements that have been made public or from other publicly available financial information, in excess of the equivalent of $50 million; and

(iii) The amount of margin deposited and maintained with the Futures Commission Merchant does not, when aggregated with the amount of margin already held by the Futures Commission Merchant, exceed 10% of the net asset value of the Fund as at the time of deposit;

2. In the case of the Derivatives Cover Relief:

(a) When a Fund enters into or maintains a swap position for periods when the Fund would be entitled to receive fixed payments under the swap, the Fund holds:

(i) Cash cover in an amount that, together with margin on account for the swap and the market value of the swap, is not less than, on a daily mark-to-market basis, the underlying market exposure of the swap;

(ii) A right or obligation to enter into an offsetting swap on an equivalent quantity and with an equivalent term and cash cover that together with margin on account for the position is not less than the aggregate amount, if any, of the obligations of the Fund under the swap less the obligations of the Fund under such offsetting swap; or

(iii) A combination of the positions referred to in clauses (i) and (ii) that is sufficient, without recourse to other assets of the Fund, to enable the Fund to satisfy its obligations under the swap;

(b) When a Fund opens or maintains a long position in a debt-like security that has a component that is a long position in a forward contract, or in a standardized future or forward contract, the Fund holds:

(i) Cash cover in an amount that, together with margin on account for the specified derivative and the market value of the specified derivative, is not less than, on a daily mark-to-market basis, the underlying market exposure of the specified derivative;

(ii) A right or obligation to sell an equivalent quantity of the underlying interest of the future or forward contract, and cash cover that together with margin on account for the position, is not less than the aggregate amount, if any, by which the price of the future or forward contract exceeds the strike price of the right or obligation to sell the underlying interest; or

(iii) A combination of the positions referred to in clauses (i) and (ii) that is sufficient, without recourse to other assets of the Fund, to enable the Fund to satisfy its obligations under the future or forward contract; and

(c) A Fund will not (i) purchase a debt-like security that has an option component or an option, or (ii) purchase or write an option to cover any positions under paragraphs 2.8(1)(b), (c), (d), (e) and (f) of Regulation 81-102, if immediately after the purchase or writing of such option, more than 10% of the net asset value of the Fund, taken at market value at the time of the transaction, would be in the form of (1) purchased debt-like securities that have an option component or purchased options, in each case, held by the Fund for purposes other than hedging, or (2) options used to cover any positions under paragraphs 2.8(1)(b), (c), (d), (e) and (f) of Regulation 81-102;

This decision to grant the Cleared Derivatives Relief will terminate on the coming into force of any revisions to the provisions of Regulation 81-102 that address the clearing of OTC derivatives.

Hugo Lacroix, Senior Director, Investment Funds Autorité des marchés financiers

August 30, 2018 (2018), 41 OSCB 6842

Decisions, Orders and Rulings

2.1.7 Interactive Brokers Canada Inc.

Headnote

Application by Canadian dealer (the Applicant) for relief from the prospectus requirement in connection with the distribution of over-the-counter (OTC) foreign exchange contracts to investors resident in the Applicable Jurisdictions on the terms and conditions described in the decision which is subject to a four-year sunset clause – Applicant is registered as an investment dealer in all provinces and a member of the Investment Industry Regulatory Organization of Canada (IIROC) – Applicant seeking relief to permit Applicant to offer OTC foreign exchange contracts to investors in Applicable Jurisdictions on a similar basis as in Québec, including relief permitting the Applicant to distribute OTC foreign exchange contracts on the basis of providing to investors a clear and plain language risk disclosure document rather than a prospectus – risk disclosure document contains disclosure substantially similar to risk disclosure document required for recognized options in OSC Rule 91-502Trades in Recognized Options and the regime for OTC derivatives contemplated by former proposed OSC Rule 91-504 OTC Derivatives(which was not adopted) – Relief granted subject to conditions

Legislation Cited

Securities Act, R.S.O. 1990, c.S.5, as am., s. 53 and 74(1). OSC Rule 91-502 Trades in Recognized Options. OSC Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario. Proposed OSC Rule 91-504 OTC Derivatives (not adopted).

August 7, 2018

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 INTERACTIVE BROKERS CANADA INC. (the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application (the Application) from Interactive Brokers Canada Inc. (the Filer) for a decision under the securities legislation of the Jurisdiction (the Legislation) that the Filer and its respective officers, directors and representatives be exempt from the prospectus requirement in respect of the distribution of over-the- counter (OTC) foreign exchange contracts to permit investors resident in Canada to enter into OTC foreign exchange transactions with the Filer (referred to herein as IB Forex transactions) (the Requested Relief) subject to the terms and conditions below.

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 (the Principal Regulator); 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 each of the other provinces of Canada, other than the provinces of Québec and Alberta, (the Non-Principal Jurisdictions, and, together with the Jurisdiction, the Applicable Jurisdictions).

August 30, 2018 (2018), 41 OSCB 6843

Decisions, Orders and Rulings

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.

Representations

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

The Filer

1. The Filer is a corporation incorporated under the laws of Canada with its principal office in Montréal, Quebec.

2. The Filer is a member of the Interactive Brokers Group (Interactive Brokers), a leading global electronic brokerage group. Interactive Brokers provides its customers with direct, high-speed access to trade in more than 120 equity and derivatives exchanges and a growing number of Electronic Communication Networks (ECNs). Interactive Brokers Group, Inc. is currently listed on NASDAQ under the symbol "IBKR".

3. The Filer is registered as a dealer in the category of investment dealer in all provinces, a futures commission merchant in Ontario and Manitoba, a derivative dealer in Quebec and is a member of the Investment Industry Regulatory Organization of Canada (IIROC).

4. The Filer does not have any securities listed or quoted on an exchange or marketplace in any jurisdiction inside or outside of Canada.

5. The Filer is, to the best of its knowledge, not in default of any requirements of securities legislation in Canada or IIROC Rules or IIROC Acceptable Practices, as applicable (each as defined below).

6. The Filer has not been filing trade reports in respect of certain of its IB Forex transactions (the Filer does report the transactions under its Auto Swap Program) based on a good faith belief that IB Forex transactions come within the exclusion in section 2(1)(c) of OSC Rule 91-506 Derivatives: Product Determination (OSC Rule 91-506) and comparable rules in the other jurisdictions (the CSA Product Determination Rules) for currency contracts that are intended to be settled through physical delivery of the currency within two business days (the Spot Currency Exclusion). CSA staff have questioned whether the Spot Currency Exclusion is available for these types of IB Forex transactions. The Filer and CSA staff are presently engaged in discussions as to whether the Spot Currency Exclusion is available for these transactions and/or whether exemptive relief from the trade reporting requirement for these transactions is warranted.

6. The Filer currently offers IB Forex transactions (a) to retail investors resident in Ontario pursuant to In the Matter of Interactive Brokers Canada Inc. dated August 8, 2014 (the August 8, 2014 Order) and (b) pursuant to a notice filed under section 4.7 of MI 11-102 Passport System regarding the Filer's intent to rely on the August 8, 2014 Order for comparable relief in the Non-Principal Jurisdictions.

7. The Filer wishes to offer IB Forex transactions to investors in the Applicable Jurisdictions on the terms and conditions described in this Decision. For the Interim Period (as defined below), the Filer is seeking the Requested Relief in connection with the proposed offering of IB Forex transactions in Ontario and intends to rely on this Decision and the Passport System described in MI 11-102 to offer IB Forex transactions in the Non-Principal Jurisdictions.

8. In Québec, the Filer is qualified by the Autorité des marchés financiers (AMF) pursuant to section 82 of the Derivatives Act (Québec) (the QDA) to offer IB Forex transactions to both accredited and retail investors pursuant to the provisions of the QDA, subject to the terms and conditions of its qualification decision and related provisions of the QDA.

IIROC Rules and Acceptable Practices

9. As a member of IIROC, the Filer is only permitted to enter into IB Forex transactions pursuant to the rules and regulations of IIROC (the IIROC Rules).

10. In addition, IIROC has communicated to its members certain additional expectations as to acceptable business practices (IIROC Acceptable Practices) as articulated in IIROC's paper "Regulatory Analysis of Contracts for Differences (CFDs)" published by IIROC on June 6, 2007, as amended on September 12, 2007, for any IIROC member proposing to offer CFDs and similar OTC derivatives to investors. The Filer is in compliance with IIROC Acceptable Practices in reference to the IB Forex transactions, as applicable. The Filer will continue to offer the IB Forex transactions to clients in accordance with applicable IIROC Acceptable Practices as may be established from time to

August 30, 2018 (2018), 41 OSCB 6844

Decisions, Orders and Rulings

time, and will not offer IB Forex transactions linked to bitcoin, cryptocurrencies or other novel or emerging asset classes to investors in the Applicable Jurisdictions without the prior written consent of IIROC.

11. The Filer is required by IIROC to maintain a certain level of capital to address the business risks associated with its activities. The capital reporting required by IIROC (as per the calculation in the Form 1 Joint Regulatory Financial Questionnaire and Report (Form 1) and in the Monthly Financial Reports to IIROC) is based predominantly on the generation of financial statements and calculations so as to ensure capital adequacy. The Filer as an IIROC member is required to have a specified minimum capital which includes having any additional capital required with regards to margin requirements and other risks. This risk calculation is summarized as a risk adjusted capital calculation which is submitted in the Filer's Form 1 and required to be kept positive at all times.

12. The Filer understands that staff of the Alberta Securities Commission have public interest concerns with IB Forex trading by retail clients and, accordingly, the Filer does not offer IB Forex transactions to retail investors resident in Alberta. The Filer undertakes not to give notice that subsection 4.7(1) of MI 11-102 is intended to be relied upon in Alberta.

IB Forex

13. Interactive Brokers provides a number of vehicles for the exchange of currencies: (i) IDEALPRO which allows a customer to trade in foreign exchange transactions (ii) IDEAL which allows a customer to convert their balances from one currency to another (forex conversions); and (iii) the Auto Swap program which allows certain customers to take advantage of efficient interest rates paid in the tomorrow-next day or “Tom/Next” market which is a mechanism under which forex traders/speculators avoid taking physical delivery of currencies, normally two days after a forex transaction, while still keeping forex position open overnight.

14. For the purposes of this Application, IB Forex transactions include those transactions entered into on IDEALPRO, the forex conversions that are conducted through IDEAL and auto swaps under the Auto Swap program.

15. IB Forex transactions are OTC and may be transferable dependent on the transaction.

16. The ability to lever an investment is one of the principal features of foreign exchange contracts and transactions. Leverage allows clients to magnify investment returns (or losses) by reducing the initial capital outlay required to achieve the same market exposure that would be obtained by investing directly in the underlying currency. Leverage is only permissible on the IDEALPRO network.

17. IIROC Rules and IIROC Acceptable Practices each set out detailed requirements and expectations relating to leverage and margin for offerings of foreign exchange contracts. The degree of leverage may be amended in accordance with IIROC Rules and IIROC Acceptable Practices as may be established from time to time.

18. Pursuant to Section 13.12 Restriction on lending to clients of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations which came into force as of September 28, 2009, only those firms that are registered as investment dealers (a condition of which is to be a member of IIROC) may lend money, extend credit or provide margin to a client.

Online Trading Platform

19. Interactive Brokers has developed a module of Interactive Brokers' TWS on-line trading platform to specifically allow IB Forex transactions called FXTrader® (FXTrader), that offers clients direct access to interbank prices and dealing for orders as small as 25,000 USD (or equivalent), and up to 10 million USD, or more. FXTrader provides best-execution functionality and a transparent pricing structure. The Filer offers trading in 16 currencies with market spreads as small as 1/2 PIP. The tight spreads and substantial liquidity are a result of combining quotation streams from 12 of the world's largest foreign exchange dealers which provide, directly or indirectly, more than half of the momentary capital available in the global interbank market.

20. FXTrader provides an optimized trading interface, with Interactive Broker-designed tools to trade the forex markets. The price display emphasizes the critical portion of the bid/ask, and conveys price movement at a glance by showing an increasing price in green and decreasing price in orange. Each currency pair occupies its own "cell," complete with market data and order information, where a client can create, transmit and cancel orders with a single click. Overall order, trade and portfolio information is displayed along the top of the currency pairs grid.

21. Key features of the FXTrader platform includes:

August 30, 2018 (2018), 41 OSCB 6845

Decisions, Orders and Rulings

 Interbank-quality spreads allow clients to trade the best bid and ask from multiple liquidity providers with spreads as low as 1/2 pip;

 The ability to review order details and margin implications before a client transmits;

 Instantaneous transmission to transmit a client’s orders with one click on the bid or ask;

 FXTrader supports over 15 risk-mitigation order types including trailing stop limits, brackets, limit if touched, OCA (one cancels all) and IOC (immediate or cancel);

 The functionality of the Order Book icon which appears when the small-order book has a better price available for the currency pair; and

 The ability of a client to customize the trading cell display to show position, average cost and profit and loss date.

22. Clients conduct IB Forex transactions through the Filer's TWS on-line trading platform. The Filer's on-line platform is similar to those developed for on-line brokerages and day-trading in that the client trades without other communication with, or advice from, the dealer. The FXTrader® module is not a "marketplace" as defined in National Instrument 21- 101 Marketplace Operation since a marketplace is any facility that brings together multiple buyers and sellers by matching orders in fungible contracts in a nondiscretionary manner. FXTrader® does not bring together multiple buyers and sellers; rather it offers clients direct access to interbank prices.

IB Forex Transactions in the Applicable Jurisdictions

23. Foreign exchange contracts and similar OTC derivative transactions, including IB Forex transactions, when offered to investors in Canada, may be considered to be "securities" under securities legislation of the Applicable Jurisdictions.

24. Investors wishing to enter into IB Forex transactions must open an account with the Filer.

25. Prior to a client's first IB Forex transaction and as part of the account opening process, the Filer will provide the client with a separate risk disclosure document that clearly explains, in plain language, the transaction and the risks associated with the transaction (the risk disclosure document). The risk disclosure document includes the required risk disclosure set forth in Schedule A to the Regulations to the QDA and leverage risk disclosure required under the IIROC Rules. The risk disclosure document contains disclosure that is substantially similar to the risk disclosure statement required for recognized options in OSC Rule 91-502 Trades in Recognized Options (OSC Rule 91-502) (which provides both registration and prospectus exemptions) and the regime for OTC derivatives contemplated by OSC Staff Notice 91-702 Offerings of Contracts for Difference and Foreign Exchange Contracts to Investors in Ontario (OSC SN 91-702) and proposed OSC Rule 91-504 OTC Derivatives (which was not adopted) (Proposed Rule 91- 504). The Filer will ensure that, prior to a client's first trade in an IB Forex transaction, a complete copy of the risk disclosure document provided to that client has been delivered, or has previously been delivered, to the Principal Regulator.

26. Prior to the client's first IB Forex transaction and as part of the account opening process, the Filer will obtain a written or electronic acknowledgement from the client confirming that the client has received, read and understood the risk disclosure document. Such acknowledgment will be separate and prominent from other acknowledgements provided by the client as part of the account opening process.

27. As customary in the industry, and due to the fact that this information is subject to factors beyond the control of the Filer (such as changes in IIROC Rules), information such as the margin or leverage rates would not be disclosed in the risk disclosure document but are part of a client's account opening package and are available on both the Filer's website and on FXTrader®.

Satisfaction of the Registration Requirement

28. The role of the Filer as it relates to the IB Forex transactions will be limited to acting as an execution-only dealer. In this role, the Filer will, among other things, be responsible to approve all marketing, for holding of clients funds, and for client approval (including the review of know-your-client (KYC) due diligence and account opening suitability assessments).

29. IIROC Rules exempt member firms that provide execution-only services such as discount brokerages from the obligation to determine whether each trade is suitable for the client. However, IIROC has exercised its discretion to

August 30, 2018 (2018), 41 OSCB 6846

Decisions, Orders and Rulings

impose additional requirements on members proposing to trade in foreign exchange contracts and requires, among other things, that:

(a) Applicable risk disclosure documents and client suitability waivers provided must be in a form acceptable to IIROC;

(b) The Filer's policies and procedures, amongst other things, require the Filer to assess the depth of investment knowledge and trading experience of the client to assess whether the product is appropriate for the client before an account is approved to be opened. This account opening suitability process includes an assessment of the client's investment knowledge and trading experience, client identification, screening applicants and customers against lists of prohibited/blocked persons, and detecting and reporting suspicious trading and potential terrorist financing and money laundering activities to applicable enforcement authorities;

(c) The Filer's registered dealing representatives, as well as their registered supervisors who oversee the KYC and initial product suitability analysis will meet, or be exempt from, the proficiency requirements for futures trading and will be registered with IIROC as Investment Representative for retail customers in the product category of Futures Contracts and Futures Contract Options (IR). In addition, the Filer must have a fully qualified Supervisor for such products; and

(d) Cumulative loss limits for each client's account must be established (this is a measure normally applied by IIROC in connection with futures trading accounts).

30. The IB Forex transactions are offered in compliance with applicable IIROC Rules and other IIROC Acceptable Practices, as applicable.

31. The Requested Relief, if granted, would substantially harmonize the position of the regulators in the Applicable Jurisdictions on the offering of foreign exchange contracts to investors in the Applicable Jurisdictions with how those products are offered to investors in Quebec under the QDA. The QDA provides a legislative framework to govern derivatives activities within the province. Among other things, the QDA requires such products to be offered to investors through an IIROC member and the distribution of a standardized risk disclosure document rather than a prospectus in order to distribute foreign exchange contracts to investors resident in Quebec.

32. The Requested Relief, if granted, would be consistent with the guidelines articulated by Staff of the Principal Regulator in OSC SN 91-702. OSC SN 91-702 provides guidance with regards to the distributions of CFDs, foreign exchange contracts (forex or FX contracts) and similar OTC derivative products to investors in the Jurisdiction.

33. The Principal Regulator has previously recognized that the prospectus requirement may not be well suited for the distribution of certain derivative products to investors in the Jurisdiction, and that alternative requirements, including requirements based on clear and plain language risk disclosure, may be better suited for certain derivatives. In Ontario, both OSC Rule 91-502 and OSC Rule 91-503 Trades in Commodity Futures Contracts and Commodity Futures Options Entered into on Commodity Futures Exchanges Situate Outside of Ontario (OSC Rule 91-503) provide for a prospectus exemption for the trading of derivative products to clients. The Requested Relief is consistent with the principles and requirements of OSC Rule 91-502, OSC Rule 91-503 and Proposed Rule 91-504.

34. The Filer also submits that the Requested Relief, if granted, would harmonize the Principal Regulator's position on the offering of foreign exchange contracts with certain other foreign jurisdictions that have concluded that a clear, plain language risk disclosure document is appropriate for retail clients seeking to trade in foreign exchange contracts.

35. The Filer is of the view that requiring compliance with the prospectus requirement in order to enter into IB Forex transactions with clients in the Jurisdiction would not be appropriate since the disclosure of a great deal of the information required under the prospectus and under the reporting issuer regime is not material to a client seeking to enter into an IB Forex transaction. The information to be given to such a client should principally focus on enhancing the client's appreciation of product risk including counterparty risk. In addition, most IB Forex transactions are of short duration (positions are generally opened and closed on the same day and are in any event marked to market and cash settled daily).

36. The Filer is regulated by IIROC which has a robust compliance regime including specific requirements to address market, capital and operational risks pursuant to the IIROC Rules and the IIROC Acceptable Practices.

37. The Filer submits that the regulatory regimes developed by the AMF and IIROC for foreign exchange contracts, including IB Forex transactions, adequately addresses issues relating to the potential risk to the client of the Filer acting as counterparty. In view of these regulatory regimes, investors would receive little or no additional benefit from requiring the Filer to also comply with the prospectus requirement.

August 30, 2018 (2018), 41 OSCB 6847

Decisions, Orders and Rulings

38. The Requested Relief in respect of each Applicable Jurisdiction is conditional on the Filer being registered as an investment dealer with the securities regulator in such Applicable Jurisdiction and maintaining its membership with IIROC and that all IB Forex transactions be conducted pursuant to IIROC Rules and in accordance with IIROC Acceptable Practices, as applicable.

Decision

The Principal Regulator is satisfied that the test set out in the Legislation to make the Decision is met.

The Decision of the Principal Regulator is that the Requested Relief is granted provided that:

(a) The Filer shall not rely on the August 8, 2014 Order and the notice provided thereunder;

(b) all IB Forex transactions with residents in the Applicable Jurisdictions shall be distributed through the Filer;

(c) with respect to residents of an Applicable Jurisdiction, the Filer remains registered as a dealer in the category of investment dealer with the Principal Regulator and each securities regulatory authority in such Applicable Jurisdiction and a member of IIROC;

(d) all IB Forex transactions with clients resident in the Applicable Jurisdictions shall be conducted pursuant to IIROC Rules imposed on members seeking to trade in foreign exchange contracts and in accordance with IIROC Acceptable Practices, as applicable and as amended from time to time;

(e) if the Filer continues to offer IB Forex transactions to residents of Québec, all IB Forex transactions with clients resident in the Applicable Jurisdictions be conducted pursuant to the rules and regulations of the QDA and the AMF, as amended from time to time, unless and to the extent there is a conflict between i) the rules and regulations of the QDA and the AMF, and ii) the requirements of the securities laws of the Applicable Jurisdictions, the IIROC Rules and IIROC Acceptable Practices, in which case the latter shall prevail;

(f) prior to a client first entering into an IB Forex transaction, the Filer has provided to the client the risk disclosure document described in paragraph 25 and has delivered, or has previously delivered, a copy of the risk disclosure document provided to that client to the Principal Regulator;

(g) prior to a client's first IB Forex transaction and as part of the account opening process, the Filer has obtained a written or electronic acknowledgement from the client, as described in paragraph 26, confirming that the client has received, read and understood the risk disclosure document;

(h) the Filer has furnished to the Principal Regulator the name and principal occupation of its officers or directors, together with either the personal information form and authorization of indirect collection, use and disclosure of personal information provided for in National Instrument 41-101 General Prospectus Requirements or the registration information form for an individual provided for in Form 33-109F4 of National Instrument 33-109 Registration Information Requirements completed by any officer or director;

(i) the Filer shall promptly inform the Principal Regulator in writing of any material change affecting the Filer, being any change in the business, activities, operations or financial results or condition of the Filer that may reasonably be perceived by a counterparty to a derivative to be material;

(j) the Filer shall promptly inform the Principal Regulator in writing if a self-regulatory organization or any other regulatory authority or organization initiates proceedings or renders a judgment related to disciplinary matters against the Filer concerning the conduct of activities with respect to IB Forex transactions;

(k) within 90 days following the end of its financial year, the Filer shall submit to IIROC and the Principal Regulator the audited annual financial statements of the Filer; and

(l) the Requested Relief shall immediately expire upon the earliest of

(i) four years from the date that this Decision is issued;

(ii) in respect of a subject Applicable Jurisdiction or Quebec, the issuance of an order or decision by a court, the securities regulatory authority in such Applicable Jurisdiction, the AMF (in respect of Quebec) or other similar regulatory body that suspends or terminates the ability of the Filer to offer foreign exchange contracts to clients in such Applicable Jurisdictions; and

August 30, 2018 (2018), 41 OSCB 6848

Decisions, Orders and Rulings

(iii) with respect to an Applicable Jurisdiction, the coming into force of legislation or a rule by its securities regulatory authority regarding the distribution of OTC derivatives to investors in such Applicable Jurisdiction (the Interim Period)”.

“Cecilia Williams” “Peter Currie” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission

August 30, 2018 (2018), 41 OSCB 6849

Decisions, Orders and Rulings

2.1.8 Asanko Gold Inc. et al.

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Application for exemptive relief to permit issuer and underwriters, acting as agents for the issuer, to enter into equity distribution agreements to make "at the market" (ATM) distributions of common shares over the facilities of the TSX, NYSE or other marketplace – ATM distributions to be made pursuant to shelf prospectus procedures in Part 9 of NI 44-102Shelf Distributions – issuer will issue a press release and file agreements on SEDAR – application for relief from prospectus delivery requirement – delivery of prospectus not practicable in circumstances of an ATM distribution – relief from prospectus delivery requirement has effect of removing two-day right of withdrawal and remedies of rescission or damages for non-delivery of the prospectus – application for relief from certain prospectus form requirements – relief granted to permit modified forward-looking certificate language – relief granted on terms and conditions set out in decision document – decision will terminate 25 months after the issuance of a receipt for the shelf prospectus. Decision and application also held in confidence by decision makers until the earlier of the entering into of an equity distribution agreement, waiver of confidentiality or 90 days from the date of the decision

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c.S.5, as am., ss. 71 and 147.

Applicable Ontario Rules

National Instrument 44-101 Short Form Prospectus Distributions, s.8.1 and Item 20 of Form 44-101F1. National Instrument 44-102 Shelf Distributions,s. 6.7, Part 9, s 11.1, s. 5.5 items 2 and 3, section 2.2 of Part 2 of Appendix A. National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.

April 20, 2018

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 ASANKO GOLD INC. (the Issuer), BMO NESBITT BURNS INC. (the Canadian Agent), BMO CAPITAL MARKETS CORP. (the US Agent) (collectively, the Agents and together with the Issuer, the Filers)

DECISION

Background

1 The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application (the Application) from the Filers for a decision under the securities legislation of the Jurisdictions (the Legislation) for the following relief (the Exemption Sought):

(a) that the requirement that a dealer, not acting as agent of the purchaser who receives an order or subscription for a security offered in a distribution to which the prospectus requirement applies, send or deliver to the purchaser or its agent the latest prospectus (including the applicable prospectus supplement) and any amendment to the prospectus (the Prospectus Delivery Requirement) does not apply to the Agents or any other registered investment dealer acting on behalf of the Agents as a selling agent (a Selling Agent) in connection with the at-the-market distribution (the ATM Distribution) as defined in National Instrument 44-102 Shelf Distributions (NI 44-102) made by the Issuer pursuant

August 30, 2018 (2018), 41 OSCB 6850

Decisions, Orders and Rulings

to an equity distribution agreement to be entered into between the Issuer and the Agents (the Equity Distribution Agreement);

(b) that the requirements (collectively, the Prospectus Form Requirements) to include in a prospectus supplement:

(i) a forward-looking issuer certificate in the form specified in section 2.1 of Appendix A to NI 44-102; and

(ii) a forward-looking underwriter certificate in the form specified in section 2.2 of Appendix A to NI 44-102,

do not apply to a prospectus supplement (the Prospectus Supplement), to be filed in respect of the sale of common shares of the Issuer (the Common Shares) pursuant to ATM Distributions.

The Decision Makers have also received a request from the Filers for a decision that the Application and this decision (the Confidential Material) be kept confidential and not made public until the earliest of (i) the date on which the Issuer and the Agents enter into the Equity Distribution Agreement, (ii) the date on which the Filers advise the Decision Maker that there is no longer any need for the Confidential Material to remain confidential; and (iii) the date that is 90 days after the date of this decision (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, Manitoba, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador; 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 or MI 11-102 have the same meanings if used in this decision, unless otherwise defined herein.

Representations

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

Asanko Gold Inc.

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

2. the Issuer is a reporting issuer or the equivalent under the securities legislation of each province of Canada, other than Quebec, and is not in default of any requirements under applicable securities legislation in any of the jurisdictions of Canada;

3. the Common Shares are listed on the Toronto Stock Exchange (TSX) and the NYSE American LLC (NYSE American);

4. the Issuer filed a final short form base shelf prospectus dated January 16, 2018 for the distribution of Common Shares, warrants, subscription receipts, units and debt securities in each of the provinces of Canada, except Quebec (the Shelf Prospectus and, together with the Prospectus Supplement, the Prospectus);

The Agents

5. BMO Nesbitt Burns Inc., the Canadian Agent, is a corporation incorporated under the laws of Canada with its head office in Toronto, Canada;

August 30, 2018 (2018), 41 OSCB 6851

Decisions, Orders and Rulings

6. the Canadian Agent is registered as an investment dealer under applicable securities legislation of each of the provinces and territories of Canada, is a member of the Investment Industry Regulatory Organization of Canada, and is a participating organization of the TSX;

7. BMO Capital Markets Corp., the US Agent, is a corporation incorporated under the laws of Delaware with its head office in New York, New York;

8. the U.S. Agent is a broker-dealer registered with the SEC under the Securities Exchange Act of 1934, as amended (the 1934 Act);

9. none of the Agents is in default of any requirements under applicable securities legislation in any jurisdiction of Canada;

Proposed ATM Distribution

10. the Filers will enter into the Equity Distribution Agreement relating to an ATM Distribution by the Issuer under the shelf prospectus procedures prescribed by Part 9 of NI 44-102;

11. prior to making an ATM Distribution, the Issuer will have filed in each of the provinces of Canada, other than Quebec, and the SEC in connection with the ATM Distribution the Prospectus Supplement, which will describe the terms of the ATM Distribution, including the terms of the Equity Distribution Agreement and otherwise supplementing the disclosure in the Shelf Prospectus;

12. upon entering into the Equity Distribution Agreement, the Issuer will immediately:

(a) issue and file a news release pursuant to section 3.2 of NI 44-102 which will (i) disclose that the Equity Distribution Agreement has been entered into, (ii) indicate that the Shelf Prospectus and the Prospectus Supplement have been filed on SEDAR, and (iii) specify where and how purchasers may obtain a copy of the Shelf Prospectus and the Prospectus Supplement; and

(b) file the Equity Distribution Agreement on SEDAR;

13. the Equity Distribution Agreement will limit the number of Common Shares that the Issuer may issue and sell pursuant to any ATM Distribution thereunder to an amount not to exceed 10% of the aggregate market value of the outstanding Common Shares calculated in accordance with section 9.2 of NI 44-102;

14. the Issuer will conduct ATM Distributions through the Agents, as underwriters, directly or through a Selling Agent, through the facilities of the TSX, the NYSE American, or any other “marketplace” (as defined in National Instrument 21-101 Marketplace Operation) in Canada or the United States (each a Marketplace);

15. the Canadian Agent will act as the sole underwriter on behalf of the Issuer in connection with an ATM Distribution on the TSX or any other Marketplace in Canada (a Canadian Marketplace) directly by the Agents or through one or more Selling Agents and will be paid an underwriting fee or commission by the Issuer in connection with such sales; If sales are effected through a Selling Agent, the Selling Agent will be paid a seller's commission for effecting the trade on behalf of the Canadian Agent;

16. the Agents will sign an underwriter’s certificate in the Prospectus Supplement;

17. the Agents will effect the ATM Distribution on a Canadian Marketplace either themselves or through one or more Selling Agents; if the sales are effected through a Selling Agent, the Selling Agent will be paid a seller’s commission for effecting the trades on behalf of the Agent; a purchaser’s rights and remedies under Canadian securities legislation against the Agents, as underwriters of an ATM Distribution, through a Canadian Marketplace will not be affected by a decision to effect the sale directly or through a Selling Agent;

18. the aggregate number of Common Shares sold on one or more Canadian Marketplaces pursuant to an ATM Distribution on any trading day will not exceed 25% of the trading volume of the Common Shares on all Canadian Marketplaces on that day;

19. the Equity Distribution Agreement will provide that, at the time of each ATM Distribution, the Issuer will represent to the Agents that the Prospectus (which shall include any news release that has been designated and filed as Designated News Release as outlined below) contains full, true and plain disclosure of all material facts relating to the Issuer and Common Shares being distributed; the Issuer will, therefore, be unable to

August 30, 2018 (2018), 41 OSCB 6852

Decisions, Orders and Rulings

proceed with sales pursuant to an ATM Distribution when it is in possession of undisclosed information that would constitute a material fact or a material change in respect of the Issuer or the Common Shares;

20. after the date of the Prospectus Supplement and before the termination of any ATM Distribution, if the Issuer disseminates a news release disclosing information that, in the Issuer's determination, constitutes a "material fact" (as such term is defined in the Legislation), the Issuer will identify such news release as a "designated news release" for the purposes of the Prospectus; this designation will be made on the face page of the version of such news release filed on SEDAR (any such news release, a Designated News Release); the Prospectus Supplement will provide that any such Designated News Release will be deemed to be incorporated by reference into the Base Shelf Prospectus; a Designated News Release will not be used to update disclosure in the Prospectus by the Issuer in the event of a "material change" (as such term is defined in the Legislation);

21. if, after the Issuer delivers a sell notice to the Agents directing the Agents to sell Common Shares on the Issuer's behalf pursuant to an Equity Distribution Agreement (a Sell Notice), the sale of Common Shares specified in the Sell Notice, taking into consideration prior sales under all previous ATM Distributions, would constitute a material fact or material change, the Issuer will suspend sales under the Equity Distribution Agreement until either:

(a) it has disseminated and filed a Designated News Release, in the case of a material fact, or has filed a material change report or amended the Prospectus, in the case of a material change, or

(b) circumstances have changed such that a sale would no longer constitute a material fact or material change;

22. in determining whether the sale of Common Shares specified in a Sell Notice would constitute a material fact or a material change, the Issuer will take into account a number of factors, including, without limitation: (i) the parameters of the Sell Notice including the number of Common Shares to be sold and any price or timing restrictions that the Issuer may impose with respect to the particular ATM Distribution; (ii) the percentage of the outstanding Common Shares that number represents; (iii) sales under earlier Sell Notices; (iv) trading volume and volatility of the Common Shares; (v) recent developments in the business, operations or capital of the Issuer; and (vi) prevailing market conditions generally;

23. in addition, the Agents will monitor closely the market's reaction to trades made under the ATM Distribution in order to evaluate the likely market impact of future trades; the Agents have experience and expertise in managing sell orders to limit downward pressure on the trading price of the Common Shares; if any of the Agents have concerns as to whether a particular sell order placed by the Issuer may have a significant effect on the market price of the Common Shares, that Agent will recommend against effecting the trade at that time; it is in the interest of both the Issuer and the Agents to minimize the market impact of sales under the ATM Distribution;

Disclosure of Sales in Monthly Report and Interim Report

24. within seven calendar days after the end of each calendar month during which the Issuer conducts an ATM Distribution, the Issuer will disclose in a report filed on SEDAR the number and average selling price of the Common Shares distributed through an ATM Distribution, and the commission and gross and net proceeds for such sales; furthermore, for each financial period in which the Issuer conducts an ATM Distribution, it will disclose in its financial statements and related management discussion and analysis filed on SEDAR the number and average selling price of the Common Shares distributed pursuant to the ATM Distribution, and the commission and gross and net proceeds for such sales;

Prospectus Delivery Requirement

25. under the Prospectus Delivery Requirement, a dealer effecting a trade of securities offered under a prospectus is required to deliver a copy of the prospectus (including the applicable prospectus supplement(s) in the case of a base shelf prospectus) to the purchaser within prescribed time limits;

26. delivery of a prospectus is not practicable in the circumstances of an ATM Distribution as the Agents or any Selling Agent, as applicable, effecting the trade may not know the identity of the purchasers;

27. the Prospectus (together with all its documents incorporated by reference) will be filed and readily available electronically via SEDAR to all purchasers under ATM Distributions; as stated in paragraph 12 above, the Issuer will issue a news release that specifies where and how copies of the Prospectus can be obtained;

August 30, 2018 (2018), 41 OSCB 6853

Decisions, Orders and Rulings

28. the liability of an issuer or an underwriter (or others) for a misrepresentation in a prospectus pursuant to the civil liability provisions of the Legislation will not be affected by the grant of an exemption from the Prospectus Delivery Requirement because purchasers of securities offered by a prospectus during the period of distribution have a right of action for damages or rescission without regard to whether the purchaser relied on the misrepresentation or in fact received a copy of the prospectus;

Withdrawal Right and Rescission or Damages for Non-Delivery

29. pursuant to the Legislation, an agreement to purchase securities is not binding on the purchaser if a dealer receives, not later than midnight on the second day exclusive of Saturdays, Sundays and holidays, after receipt by the purchaser of the latest prospectus or any amendment to the prospectus, a notice in writing that the purchaser does not intend to be bound by the agreement of purchase (the Withdrawal Right);

30. pursuant to the Legislation, a purchaser of securities to whom a prospectus was required to be sent or delivered in compliance with the Prospectus Delivery Requirement, but was not so sent or delivered, has a right of action for rescission or damages against a dealer who did not comply with the Prospectus Delivery Requirement (the Right of Action for Non-Delivery);

31. neither the Withdrawal Right nor the Right of Action for Non-Delivery is workable in the context of an ATM Distribution because of the impracticability of delivering the Prospectus to a purchaser of Common Shares under the Prospectus;

Prospectus Form Requirements

32. to reflect the fact that an ATM Distribution is a continuous distribution, the Prospectus Supplement will include the following issuer certificate:

“This short form prospectus, as supplemented by the foregoing, together with the documents incorporated in the prospectus by reference as of the date of a particular distribution of securities offered by the prospectus, will, as of that date, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces of Canada, other than Quebec.”

33. to reflect the fact that an ATM Distribution is a continuous distribution, the Prospectus Supplement will include the following underwriter certificate:

“To the best of our knowledge, information and belief, the short form prospectus, as supplemented by the foregoing, together with the documents incorporated in the prospectus by reference as of the date of a particular distribution of securities offered by the prospectus, will, as of that date, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus, as required by the securities legislation of each province of Canada, other than Quebec.”

34. a different statement of purchasers’ rights than that required by the Legislation is necessary in order to allow the Prospectus to accurately reflect the relief granted from the Prospectus Delivery Requirement; accordingly, the Prospectus Supplement will state the following, with the date reference completed:

“Securities legislation in certain of the provinces of Canada provide purchasers with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revision of the price, or damages if the prospectus, prospectus supplements relating to the securities purchased by a purchaser and any amendment are not delivered to the purchaser, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. However, purchasers of the Common Shares under an at-the-market distribution will not have any right to withdraw from an agreement to purchase the Common Shares and will not have remedies of rescission or, in some jurisdictions, revision of the price or damages for non-delivery of the prospectus because the prospectus, prospectus supplements relating to the Common Shares purchased by the purchaser and any amendment related to Common Shares purchased by such purchaser will not be delivered as permitted under a decision document dated March •, 2018 and granted pursuant to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.

Securities legislation in certain of the provinces of Canada also provides purchasers with remedies for rescission or, in some jurisdictions, revision of the price, or damages if the prospectus, prospectus supplements relating to the securities purchased by a purchaser and any amendment contain a misrepresentation, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation in the jurisdictions that a purchaser of the

August 30, 2018 (2018), 41 OSCB 6854

Decisions, Orders and Rulings

Common Shares under an at-the-market distribution may have against us or the Agents for rescission, or in some jurisdictions, revision of the price, or damages if the prospectus, prospectus supplements relating to the securities purchased by a purchaser or any amendment contain a misrepresentation remain unaffected by the non-delivery of the prospectus and the decision referred to above.

Purchasers should refer to the applicable provisions of the securities legislation and the decision document referred to above for the particulars of their rights or consult with a legal advisor.”

35. the Prospectus Supplement will disclose that, in respect of ATM Distributions under the Prospectus Supplement, the statement prescribed in paragraph 34 above supersedes the statement of purchaser’s rights in the Shelf Prospectus; and

36. the Filers will not make a public announcement of their intention to conduct ATM Distributions prior to the execution of the Equity Distribution 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 a decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted provided that:

(a) the Issuer makes the disclosure described in sections 24, 32, 33, 34 and 35; and

(b) the Issuer complies with the representations in sections 2, 10, 11, 12, 13, 14, 18, 19, 20, 21, 22 and 36 and the Agents comply with the representations in sections 6, 9, 10, 13, 14, 15, 16, 17, 18, 23 and 36.

This decision will terminate 25 months after the issuance of the receipt for the Shelf Prospectus.

The further decision of the Decision Makers is that the Confidentiality Relief is granted.

“John Hinze” Director, Corporate Finance British Columbia Securities Commission

August 30, 2018 (2018), 41 OSCB 6855

Decisions, Orders and Rulings

2.1.9 Oncolytics Biotech Inc. and Canaccord Genuity Corp.

Headnote

National Policy 11-203 Process For Exemptive Relief Applications in Multiple Jurisdictions – Application for exemptive relief to permit issuer and underwriter, acting as agent for the issuer, to enter into an equity distribution agreement to make “at the market” (ATM) distributions of common shares over the facilities of the TSX or other Canadian marketplace – ATM distributions to be made pursuant to shelf prospectus procedures in Part 9 of NI 44-102Shelf Distributions – issuer will issue a press release and file agreements on SEDAR – application for relief from prospectus delivery requirement – delivery of prospectus not practicable in circumstances of an ATM distribution – relief from prospectus delivery requirement has effect of removing two-day right of withdrawal and remedies of rescission or damages for non-delivery of the prospectus – application for relief from certain prospectus form requirements – relief granted to permit modified forward-looking certificate language – relief granted on terms and conditions set out in decision document – decision will terminate 25 months from the date of the receipt for the base shelf prospectus. Decision and application also held in confidence by decision makers until the earlier of the entering into of an equity distribution agreement, waiver of confidentiality or 90 days from the date of the decision.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c.S.5, as am., ss. 71 and 147.

Applicable National Instruments

Item 20 of Form 44-101F1 Short Form Prospectus and section 8.1 of National Instrument 44-101 Short Form Prospectus Distributions. Paragraphs 5.5 2. and 3., section 2.2 of Part 2 of Appendix A and section 11.1 of National Instrument 44-102 Shelf Distributions.

April 23, 2018

IN THE MATTER OF THE SECURITIES LEGISLATION OF ALBERTA AND ONTARIO (the Jurisdictions)

AND

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

AND

IN THE MATTER OF ONCOLYTICS BIOTECH INC. (the Issuer)

AND

CANACCORD GENUITY CORP. (the Agent and, together with the Issuer, the Filers)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received an application (the Application) from the Filers for a decision under the securities legislation of the Jurisdictions (the Legislation) for the following relief (the Exemption Sought):

(a) that the requirement that a dealer, not acting as agent of the purchaser, who receives an order or subscription for a security offered in a distribution to which the prospectus requirement applies, send or deliver to the purchaser the latest prospectus (including the applicable prospectus supplement(s) in the case of a base shelf prospectus) and any amendment to the prospectus (the Prospectus Delivery Requirement) does not apply to the Agent or any other registered investment dealer acting on behalf of the Agent as a selling agent (each a

August 30, 2018 (2018), 41 OSCB 6856

Decisions, Orders and Rulings

Selling Agent) in connection with any at-the-market distribution (ATM Distribution) of common shares (Common Shares) of the Issuer in Canada pursuant to the Prospectus (as defined below) and an equity distribution agreement (the Equity Distribution Agreement) to be entered into between the Filers;

(b) that the requirement to include a forward-looking underwriter certificate in the form specified by section 2.2 of Appendix A to National Instrument 44-102 Shelf Distributions (NI 44-102) does not apply to the Prospectus Supplement (as defined below); and

(c) that the requirement to include the statements specified by items 2 and 3 of section 5.5 of NI 44-102 does not apply to the Base Shelf Prospectus.

The Decision Makers have also received a request from the Filers for a decision that the Application and this decision (together, the Confidential Material) be held in confidence and not be made public until the earliest of (i) the date on which the Filers enter into the Equity Distribution Agreement, (ii) the date on which any of the Filers advise the Decision Makers that there is no longer any need for the Confidential Material to remain confidential, and (iii) the date that is 90 days after the date of this decision (the Confidentiality Relief).

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

(a) the Alberta Securities Commission is the principal regulator for the Application;

(b) the Filers have provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in British Columbia, Saskatchewan, Manitoba, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, Nunavut and the Yukon Territory; and

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

Interpretation

Terms defined in National Instrument 14-101 Definitions, National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR), MI 11-102 or NI 44-102 have the same meaning if used in this decision, unless otherwise defined herein.

Representations

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

The Issuer

1. The Issuer is a corporation incorporated under the Business Corporations Act (Alberta). The head office of the Issuer is in Calgary, Alberta.

2. The Issuer is a reporting issuer in each province and territory of Canada and is not in default of securities legislation in any jurisdiction of Canada, except that the statements required by items 2 and 3 of section 5.5 of NI 44-102 to be included in a prospectus were modified in the final short form base shelf prospectus of the Issuer filed on May 4, 2018 (the Base Shelf Prospectus) in the manner described in paragraph 34 below without exemptive relief having first been obtained.

3. The Common Shares are listed on the Toronto Stock Exchange (TSX) and additionally trade on the OTCQX Best Market.

4. The Base Shelf Prospectus provides for the distribution from time to time of Common Shares. The Issuer included in the Base Shelf Prospectus a forward-looking certificate of the Issuer in the form prescribed by Appendix A to NI 44- 102.

The Agent

5. The Agent is a corporation continued under the laws of Ontario with its head office in Vancouver, British Columbia.

August 30, 2018 (2018), 41 OSCB 6857

Decisions, Orders and Rulings

6. The Agent is registered as an investment dealer under the securities legislation in each province and territory of Canada, is a member of the Investment Industry Regulatory Organization of Canada, and is a participating organization of the TSX.

7. The Agent is not in default of securities legislation in any jurisdiction of Canada.

Proposed ATM Distribution

8. Subject to mutual agreement on terms and conditions, the Filers propose to enter into the Equity Distribution Agreement for the purpose of one or more ATM Distributions involving the periodic sale of Common Shares by the Issuer through the Agent, as agent, under the shelf prospectus procedures prescribed by Part 9 of NI 44-102.

9. Prior to making an ATM Distribution, the Issuer will have filed in each province and territory of Canada a prospectus supplement describing the terms of the ATM Distribution, including the terms of the Equity Distribution Agreement and otherwise supplementing the disclosure in the Base Shelf Prospectus (the Prospectus Supplement, and together with the Base Shelf Prospectus as supplemented or amended and including any documents incorporated by reference therein (which shall include any Designated News Release as defined below), the Prospectus).

10. If the Equity Distribution Agreement is entered into, the Issuer will immediately do both of the following:

(a) issue and file a news release announcing the Equity Distribution Agreement and indicating that the Base Shelf Prospectus and the Prospectus Supplement have been filed on SEDAR and specifying where and how purchasers of Common Shares under an ATM Distribution may obtain copies of each; and

(b) file the Equity Distribution Agreement on SEDAR.

11. Under the proposed Equity Distribution Agreement the Issuer may conduct one or more ATM Distributions, subject to the 10% limitation set out in subsection 9.1(1) of NI 44-102.

12. The Issuer will conduct ATM Distributions only through the Agent (as agent) directly or via a Selling Agent, and only through the TSX or another marketplace in Canada as defined in National Instrument 21-101 Marketplace Operation upon which the Common Shares are listed, quoted or otherwise traded (each a Marketplace).

13. The Agent will act as the sole agent of the Issuer in connection with an ATM Distribution directly or through one or more Selling Agents on the TSX or any other Marketplace, and will be paid an agency fee or commission by the Issuer in connection with such sales. If sales are effected through a Selling Agent, the Selling Agent will be paid a seller's commission for effecting the trades on behalf of the Agent. The Agent will sign an underwriter’s certificate, in the form set out in paragraph 31 below, in the Prospectus Supplement.

14. A purchaser's rights and remedies under applicable securities legislation against the Agent, as agents of an ATM Distribution through a Marketplace, will not be affected by a decision to effect the sale directly or through a Selling Agent.

15. The aggregate number of Common Shares sold on one or more Marketplaces pursuant to an ATM Distribution on any trading day will not exceed 25% of the trading volume of the Common Shares on all Marketplaces on that day.

16. The Equity Distribution Agreement will provide that, at the time of each Sell Notice (as defined below), the Issuer will represent to the Agent that the Prospectus contains full, true and plain disclosure of all material facts relating to the Issuer and Common Shares being distributed. The Issuer will, therefore, be unable to proceed with sales pursuant to an ATM Distribution when it is in possession of undisclosed information that would constitute a material fact or a material change in respect of the Issuer or the Common Shares.

17. After the date of the Prospectus Supplement and before the termination of any ATM Distribution, if the Issuer disseminates a news release disclosing information that, in the Issuer's determination, constitutes a "material fact" (as such term is defined in the Legislation), the Issuer will identify such news release as a "designated news release" for the purposes of the Prospectus. This designation will be made on the face page of the version of such news release filed on SEDAR (any such news release, a Designated News Release). The Prospectus Supplement will provide that any such Designated News Release will be deemed to be incorporated by reference into the Base Shelf Prospectus. A Designated News Release will not be used to update disclosure in the Prospectus by the Issuer in the event of a "material change" (as such term is defined in the Legislation).

18. If, after the Issuer delivers a sell notice to the Agent directing the Agent to sell Common Shares on the Issuer's behalf pursuant to the Equity Distribution Agreement (a Sell Notice), the sale of Common Shares specified in the Sell Notice,

August 30, 2018 (2018), 41 OSCB 6858

Decisions, Orders and Rulings

taking into consideration prior sales under all previous ATM Distributions, would constitute a material fact or material change, the Issuer will suspend sales under the Equity Distribution Agreement until either (i) it has filed a Designated News Release or material change report, as applicable, or amended the Prospectus, or (ii) circumstances have changed such that a sale would no longer constitute a material fact or material change.

19. In determining whether the sale of the number of Common Shares specified in a Sell Notice would constitute a material fact or material change, the Issuer will take into account a number of factors, including, without limitation:

(a) the parameters of the Sell Notice, including the number of Common Shares proposed to be sold and any price or timing restrictions that the Issuer may impose with respect to the particular ATM Distribution;

(b) the percentage of the outstanding Common Shares that the number of Common Shares proposed to be sold pursuant to the Sell Notice represents;

(c) sales under earlier Sell Notices;

(d) trading volume and volatility of the Common Shares;

(e) recent developments in the business, operations or capital of the Issuer; and

(f) prevailing market conditions generally.

20. It is in the interest of the Issuer and the Agent to minimize the market impact of sales under an ATM Distribution. Therefore, the Agent will closely monitor the market's reaction to trades made on any Marketplace pursuant to an ATM Distribution in order to evaluate the likely market impact of future trades. The Agent has experience and expertise in managing sell orders to limit downward pressure on trading prices. If the Agent has concerns as to whether a particular sell order placed by the Issuer may have a significant effect on the market price of the Common Shares, the Agent will recommend against effecting the sell order at that time.

Disclosure of Common Shares Sold in ATM Distribution

21. Within seven calendar days after the end of any calendar month during which the Issuer conducts an ATM Distribution, the Issuer will file on SEDAR and make publicly available as a notice of proceeds, a report disclosing in respect of such ATM Distribution, the number and average price of Common Shares distributed, gross proceeds, commissions and net proceeds.

22. The Issuer will disclose the number and average price of Common Shares sold pursuant to ATM Distributions, as well as gross proceeds, commissions and net proceeds, in its annual and interim financial statements and management discussion and analysis filed on SEDAR.

Prospectus Delivery Requirement

23. Pursuant to the Prospectus Delivery Requirement, a dealer effecting a trade of securities offered under a prospectus is required to deliver a copy of the prospectus (including the applicable prospectus supplement(s) in the case of a base shelf prospectus) to the purchaser within prescribed time limits.

24. Delivery of a prospectus is not practicable in the circumstances of an ATM Distribution, because neither the Agent nor a Selling Agent effecting the trade will know the identity of the purchasers.

25. The Prospectus will be filed and readily available electronically via SEDAR to all purchasers under ATM Distributions. As stated in paragraph 10 above, the Issuer will issue a news release that specifies where and how copies of the Base Shelf Prospectus and the Prospectus Supplement may be obtained.

26. The liability of an issuer or an underwriter (or others) for a misrepresentation in a prospectus pursuant to the civil liability provisions of the Legislation will not be affected by the grant of an exemption from the Prospectus Delivery Requirement, because purchasers of securities offered by a prospectus during the period of distribution have a right of action for damages or rescission without regard to whether or not the purchaser relied on the misrepresentation or in fact received a copy of the prospectus.

Withdrawal Right and Right of Action for Non-Delivery

27. Pursuant to the Legislation, an agreement to purchase a security in respect of a distribution to which the prospectus requirement applies is not binding on the purchaser if the dealer receives, not later than midnight on the second day

August 30, 2018 (2018), 41 OSCB 6859

Decisions, Orders and Rulings

(exclusive of Saturdays, Sundays and holidays) after receipt by the purchaser of the latest prospectus or any amendment to the prospectus, a notice in writing that the purchaser does not intend to be bound by the agreement of purchase (the Withdrawal Right).

28. Pursuant to the Legislation, a purchaser of a security to whom a prospectus was required to be, but was not in fact, sent or delivered in compliance with the Prospectus Delivery Requirement has a right of action for rescission or damages against the dealer who did not comply with the Prospectus Delivery Requirement (the Right of Action for Non-Delivery).

29. Neither the Withdrawal Right nor the Right of Action for Non-Delivery is workable in the context of an ATM Distribution because of the impracticability of delivering the Prospectus to a purchaser of Common Shares thereunder.

Modified Certificates and Statements

30. To reflect the fact that an ATM Distribution is a continuous distribution, the Prospectus Supplement will include the following issuer certificate:

The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, as of the date of a particular distribution of securities under the prospectus, will, as of that date, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada.

31. The Prospectus Supplement will include the following underwriter certificate:

To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, as of the date of a particular distribution of securities under the prospectus, will, as of that date, constitute full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada.

32. A different statement of purchasers’ rights than that required by the Legislation is necessary so that the Prospectus will accurately reflect the relief granted from the Prospectus Delivery Requirement. Accordingly, the Prospectus Supplement will state the following, with the date reference completed:

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities and with remedies for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment are not delivered to the purchaser, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. However, purchasers of Common Shares under an at-the-market distribution by the Issuer will not have the right to withdraw from an agreement to purchase the Common Shares and will not have remedies of rescission or, in some jurisdictions, revisions of the price or damages for non-delivery of the prospectus, because the prospectus, prospectus supplements relating to the Common Shares purchased by the purchaser and any amendment relating to Common Shares purchased by such purchaser will not be delivered as permitted under a decision dated ?, 2018 and granted pursuant to National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.

Securities legislation in certain of the provinces and territories of Canada further provides purchasers with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment contains a misrepresentation, provided that the remedies are exercised by the purchaser within the time limit prescribed by securities legislation. Any remedies under securities legislation that a purchaser of Common Shares under an at-the-market distribution by the Issuer may have against the Issuer or the Agent for rescission or, in some jurisdictions, revisions of the price, or damages if the prospectus, prospectus supplements relating to securities purchased by a purchaser and any amendment contain a misrepresentation remain unaffected by the non-delivery and the decision referred to above.

A purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory and the decision referred to above for the particulars of these rights or consult with a legal adviser.

August 30, 2018 (2018), 41 OSCB 6860

Decisions, Orders and Rulings

33. The Prospectus Supplement will disclose that, in respect of ATM Distributions under the Prospectus Supplement, the statement prescribed in paragraph 32 above supersedes the statement of purchaser’s rights in the Base Shelf Prospectus.

34. The statements required by items 2 and 3 of section 5.5 of NI 44-102 included in the Base Shelf Prospectus have been qualified by the additional words, “except in cases where an exemption from such delivery requirement has been obtained”.

Decision

Each of the Decision Makers is satisfied that this decision satisfies 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 the Exemption Sought is granted provided that:

(a) the Issuer complies with the disclosure requirements set out in paragraphs 21, 22, 30, 31, 32, 33 and 34 above; and

(b) the Issuer and Agent respectively comply with the representations made in paragraphs 10, 12, 13, 15, 16, 17, 18, 19 and 20 above.

This decision will terminate 25 months from the date of the receipt for the Base Shelf Prospectus.

The further decision of the Decision Makers is that the Confidentiality Relief is granted.

For the Commission:

“Tom Cotter” “Kari Horn” Vice-Chair Vice-Chair

August 30, 2018 (2018), 41 OSCB 6861

Decisions, Orders and Rulings

2.1.10 Knowledge First Financial Inc. and Heritage  sections 2.3, 2.5, 3.2 and 4.2 of National Education Funds Inc. Instrument 33-109 Registration Information (“NI 33-109”), pursuant to Headnote section 7.1 of NI 33-109, to allow the bulk transfer of all of the registered individuals Multilateral Instrument 11-102 Passport System – National and all of the business locations of each Policy 11-203 Process for Exemptive Relief Applications in of Knowledge First Financial Inc. Multiple Jurisdictions – National Instrument 33-109 (“Knowledge First”) and Heritage Registration Information (NI 33-109) – National Instrument Education Funds Inc. (“Heritage”) to a 31-103 Registration Requirements, Exemptions and new amalgamated entity Knowledge First Ongoing Registrant Obligations (NI 31-103) – Relief from Financial Inc. (the “Bulk Transfer”), on or certain filing requirements of NI 33-109 in connection with a about August 28, 2018, in accordance bulk transfer of registered individuals and business with section 3.4 of the Companion Policy locations pursuant to an amalgamation in accordance with to NI 33-109; and section 3.4 of the Companion Policy to NI 33-109 – Relief from providing clients written notice of the amalgamation  the requirement under section 14.11 of and the right to close their account under section 14.11 of National Instrument 31-103 Registration NI 31-103 – Investors exiting the scholarship plan would Requirements, Exemptions and Ongoing not be in their best interest given the plans features and Registrant Obligations (”NI 31-103”), would give rise to investor detriment. pursuant to section 15.1 of NI 31-103, to provide a written explanation of the Applicable Legislative Provisions proposed amalgamation of Knowledge First and Heritage under the Canada Multilateral Instrument 11-102 Passport System. Business Corporations Act (the National Policy 11-203 Process for Exemptive Relief “Amalgamation”) to clients and to inform Applications in Multiple Jurisdictions. clients of their right to close their National Instrument 31-103 Registration Requirements, accounts (the “Section 14.11 Notice”) Exemptions and Ongoing Registrant Obligations. National Instrument 33-109 Registration Information. (collectively, the “Exemptions Sought”). Companion Policy to National Instrument 33-109 Registration Information. Under the Process for Exemptive Relief Applications in Multiple Jurisdictions, August 28, 2018 (a) the Ontario Securities Commission is the principal IN THE MATTER OF regulator for this application, and THE SECURITIES LEGISLATION OF ONTARIO (b) the Filers have provided notice that section 4.7(1) (the “Jurisdiction”) of Multilateral Instrument 11-102 Passport System (“MI 11-102”) is intended to be relied upon by the AND Filers in each of the provinces and territories of Canada outside of Ontario (the “Passport IN THE MATTER OF Jurisdictions”, and together with the Jurisdiction, THE PROCESS FOR EXEMPTIVE RELIEF the “Jurisdictions”). APPLICATIONS IN MULTIPLE JURISDICTIONS INTERPRETATION

AND Terms defined in National Instrument 14-101 – Definitions and MI 11-102 have the same meaning in this decision, IN THE MATTER OF unless otherwise defined. KNOWLEDGE FIRST FINANCIAL INC. AND HERITAGE EDUCATION FUNDS INC. REPRESENTATIONS (collectively, the “Filers”) This decision is based on the following facts represented DECISION by the Filers:

BACKGROUND Background

The principal regulator in the Jurisdiction has received an 1. Knowledge First is a corporation incorporated application from the Filers for a decision under the under the Canada Business Corporations Act. The securities legislation of the Jurisdiction of the principal head office of Knowledge First is in Ontario. regulator (the “Legislation”) for relief from: Knowledge First is a subsidiary of the Knowledge First Foundation.

August 30, 2018 (2018), 41 OSCB 6862

Decisions, Orders and Rulings

2. Knowledge First is registered as a scholarship securities legislation in Ontario, Quebec, and plan dealer under applicable securities legislation Newfoundland and Labrador. in each province and territory of Canada. Knowledge First is also registered as an 12. KFFI will carry on the same business operations, investment fund manager under applicable including the role of the investment fund manager, securities legislation in Ontario, Quebec and in of Heritage and Knowledge First in substantially Newfoundland and Labrador. the same manner with essentially the same personnel. 3. As of the date hereof, Knowledge First has approximately 380 registered representatives in 13. The head office of KFFI will be Knowledge First’s one or more of the Jurisdictions and 49 business current head office location, which is located at locations in one or more of the Jurisdictions. Suite 1000, 50 Burnhamthorpe Road West, Mississauga, Ontario, L5B 4A5. 4. Knowledge First is not in default of the securities legislation in any of the Jurisdictions. 14. The registered representatives transferred to KFFI will carry on the same registerable activities at 5. Heritage is a corporation incorporated under the KFFI as they conducted at Knowledge First or Canada Business Corporations Act. Heritage is a Heritage, as applicable. wholly-owned subsidiary of Knowledge First. The head office of Heritage is in Ontario. 15. Heritage and Knowledge First do not anticipate that there will be any disruption in the ability of 6. Heritage is registered as a scholarship plan dealer Heritage and/or Knowledge First to trade on and investment fund manager under applicable behalf of their respective clients, and KFFI should securities legislation in each province and territory be able to trade immediately after the of Canada. amalgamation.

7. As of the date hereof, Heritage has approximately 16. Given the significant number of registered 1,386 registered representatives in one or more of individuals and locations of Heritage and the Jurisdictions and 75 business locations in one Knowledge First, it would be extremely difficult to or more of the Jurisdictions. transfer each individual and location to KFFI in accordance with the requirements of NI 33-109 if 8. Heritage is not in default of the securities the Exemption Sought is not granted. legislation in any of the Jurisdictions. 17. The bulk transfer will ensure that the transfer of 9. Knowledge First acquired Heritage and Heritage the affected registered individuals and business Educational Foundation on January 2, 2018 (the locations occur on or about August 28, 2018, in “Heritage Acquisition”) and intends to order to ensure that there is no interruption in amalgamate Knowledge First’s and Heritage’s registration and service to clients. business operations, including the role of the investment fund manager, by way of a corporate 18. The Exemption Sought in respect of the Bulk amalgamation under the Canada Business Transfer complies with the requirements of and Corporations Act on or about August 28, 2018, the reasons for, a bulk transfer as set out in into an amalgamated entity named Knowledge section 3.4 of the Companion Policy to NI 33-109 First Financial Inc. (“KFFI”). and Appendix C thereto.

Exemption Under NI 33-109 Exemption Under NI 31-103

10. Effective on or about August 28, 2018, all of the 19. A press release will be issued immediately after current registrable activities of Heritage and the Amalgamation to confirm such change. In the Knowledge First will be transferred to KFFI. KFFI Spring 2019, a notice will be included in the will assume responsibility for all of the existing statement of account mailing to clients of registrations and approvals for all of the registered Knowledge First and Heritage, confirming that the individuals and all of the business locations of Amalgamation occurred and how the operations of Heritage and Knowledge First. Heritage and Knowledge First will be integrated over the following months. 11. KFFI will continue to be registered in the same categories of registration as Heritage and 20. The above press release and notice will be in Knowledge First, and will continue to be registered addition to the public disclosure, prospectus as a scholarship plan dealer under applicable amendments and communication to the plan securities legislation in each province and territory holders of the Heritage Plans and Impression Plan of Canada as well as will continue to be registered (the “Heritage Plan Holders”), the two as an investment fund manager under applicable scholarship plans currently distributed by Heritage,

August 30, 2018 (2018), 41 OSCB 6863

Decisions, Orders and Rulings

already made in connection with the Heritage First and Heritage to issue a notice to Heritage Acquisition. Plan Holders informing them of a right to close their accounts would not be in the best interests of 21. The Amalgamation will not affect the ability of the clients. Heritage Plan Holders to terminate their plans in accordance with the terms of those plans. General

22. In particular, those clients who entered into plan 28. The Exemptions Sought will not be prejudicial to agreements within the 60-day period prior to the the public interest and will have no negative effective date of the Amalgamation (the “60-Day consequences on the ability of KFFI to comply Heritage Subscribers”) will be able to withdraw with all applicable regulatory requirements or the from those plans and receive back all monies paid ability to satisfy any obligations in respect of the following the effective date of the Amalgamation in clients of Heritage and Knowledge First. accordance with those plans. DECISION 23. Knowledge First will provide the Section 14.11 Notice to these 60-Day Heritage Subscribers who The principal regulator is satisfied that the decision meets will receive the notice within the period in which the test set out in the Legislation for the principal regulator they can withdraw from the plans and receive to make the decision. back all monies paid. This will not include 60-Day Heritage Subscribers who are in the final 10 to 14 The decision of the principal regulator under the Legislation days of their 60-day withdrawal period (the is that the Exemptions Sought are granted provided that “Excluded 60-Day Heritage Subscribers”) the Filers: because Knowledge First will require 10 to 14 days from the effective date of Amalgamation to (i) make acceptable arrangements with pull data from its information systems to identify CDS Inc. for the payment of the costs associated those 60-day Heritage Subscribers, to finalize with the Bulk Transfer; communication to and make arrangements for email and mail deployment, and for the 60-Day (ii) make such payment in advance of the Heritage Subscribers to receive the Section 14.11 Bulk Transfer; and Notice. Those Excluded 60-Day Heritage Subscribers who fall within the 10 to 14 days (iii) provide the Section 14.11 Notice to the required for Knowledge First to carry out this 60-Day Heritage Subscribers, excluding activity will not receive the notice in sufficient time the Excluded 60-Day Heritage to withdraw and therefore, Knowledge First will not Subscribers. send a Section 14.11 Notice to them. “Elizabeth King” 24. Receipt of the notice required by section 14.11 of Deputy Director, Compliance & Registrant Regulation NI 31-103 by Heritage Plan Holders could result in Branch Heritage Plan Holders seeking to terminate their Ontario Securities Commission plans.

25. The premature termination of those plans would not be in the financial interests of the Heritage Plan Holders, both in the short term or the long term, due to plan features such as a) loss of all fees and costs paid, b) loss of government grants, c) loss of accumulated earnings on contributions and government grants, d) prejudice to financial capacity to fund future post-secondary education needs, and e) disruption of the intended long-term savings and investment behaviour promoted by those plans.

26. The notice would not be in the financial best interest of Heritage Plan Holders due to the potential detriment if Heritage Plan Holders seek to exit the plans prior to maturity.

27. In view of previous disclosure with respect to the Heritage Acquisition and the potential for detriment if Heritage Plan Holders seek to exit their plans prior to maturity, to require Knowledge

August 30, 2018 (2018), 41 OSCB 6864

Decisions, Orders and Rulings

2.2 Orders Territory, Northwest Territories and Nunavut (collectively with Ontario, the Jurisdictions). 2.2.1 Trillium Credit Card Trust II Interpretation Headnote Terms defined in National Instrument 14-101 Definitions National Policy 11-206 Process for Cease to be a and MI 11-102 have the same meaning if used in this Reporting Issuer Applications– issuer of credit card order, unless otherwise defined herein. receivables backed notes deemed to no longer be a reporting issuer under securities legislation – issuer has Representations debt securities outstanding – issuer has more than 50 securityholders worldwide, but less than 51 securityholders 1. The Filer was originally established under a in Canada – notes issued in Canada to accredited declaration of trust on February 26, 2016 (the investors pursuant to prospectus exemption – issuer to Declaration of Trust). The Declaration of Trust is continue to make investor monthly portfolio report governed by the laws of the Province of Ontario. summaries and credit card portfolio data available to BNY Trust Company of Canada is the trustee (in investors. such capacity, the Issuer Trustee) of the Filer and is a trust company established under the laws of Applicable Legislative Provisions Canada and is licensed to carry on business as a trustee in all provinces and territories of Canada. Securities Act, R.S.O. 1990, c. S.5, as am., s.1(10)(a)(ii). The head office of the Issuer Trustee is c/o BNY Trust Company of Canada at 1 York Street, 9th IN THE MATTER OF Floor, Toronto, Ontario M5J 0B6. THE SECURITIES LEGISLATION OF ONTARIO 2. The Filer is a special purpose entity that (the Jurisdiction) purchases from The Bank of Nova Scotia (BNS), from time to time, undivided co-ownership AND interests in a revolving pool of credit card receivables and issues credit card receivables IN THE MATTER OF backed notes to fund such purchases. THE PROCESS FOR CEASE TO BE A REPORTING ISSUER APPLICATIONS 3. The Filer is a reporting issuer in each of the Jurisdictions and is a “venture issuer” as defined AND in National Instrument 51-102 Continuous Disclosure Obligations. IN THE MATTER OF TRILLIUM CREDIT CARD TRUST II 4. The Filer filed a short form base shelf prospectus (the Filer) dated April 21, 2016 (the Base Shelf Prospectus) pursuant to National Instrument 44-102 Shelf ORDER Distributions. No securities of the Filer have been distributed by way of a public offering pursuant to Background the Base Shelf Prospectus. The Base Shelf Prospectus has now lapsed. The principal regulator in the Jurisdiction has received an application from the Filer for an order under the securities 5. The Filer is not in default of any of the legislation of the Jurisdiction (the Legislation) that the Filer requirements of the securities legislation in any of has ceased to be a reporting issuer in all the jurisdictions of the Jurisdictions. The Filer filed its annual financial Canada in which it is a reporting issuer (the Order Sought). statements and MD&A for the fiscal year ended December 31, 2017 with the Canadian securities Under the Process for Cease to be a Reporting Issuer administrators in each of the Jurisdictions on April Applications (for a passport application): 30, 2018, and its quarterly financial statements and MD&A for the first quarter ended March 31, (a) the Ontario Securities Commission (OSC) is the 2018 on May 30, 2018. principal regulator for this application; and 6. The Filer has no issued and outstanding common (b) the Filer has provided notice that subsection shares. 4C.5(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon 7. Pursuant to an offering memorandum dated in each of the Provinces of British Columbia, March 7, 2018 (the Offering Memorandum), the Alberta, Saskatchewan, Manitoba, Quebec, New Filer issued in the United States Brunswick, Nova Scotia, Prince Edward Island U.S.$600,000,000 credit card receivables backed and Newfoundland and Labrador, the Yukon Class A floating rate notes, series 2018-1 (the Class A Notes), and by way of private placement

August 30, 2018 (2018), 41 OSCB 6865

Decisions, Orders and Rulings

in Canada, the Filer concurrently issued financial position of the Trust and within 60 days CDN$67,300,000 3.875% credit card receivables after the end of each fiscal quarter, other than the backed Class B notes, series 2018-1 (the Class B fiscal quarter of the Trust ending on the fiscal year Notes and, collectively with the Class A Notes, the end of the Trust, unaudited financial statements of Notes) solely to BNS, each with an expected the Trust for such fiscal quarter of the Trust, principal payment date of February 26, 2020. The including the balance sheet and statements of Class A Notes were not offered for sale to income, retained earnings and changes in purchasers located in Canada. The entire amount financial position of the Trust. of the Class A Notes were initially sold to “qualified institutional buyers” in the United States in 13. The implementation of the Amendment had the reliance on the exemption under Rule 144A of the effect of eliminating the contractual obligation of U.S. Securities Act of 1933 (the Securities Act), the Filer to provide periodic financial or other and therefore none of the Class A Notes were reports to the Indenture Trustee and the Rating initially sold to non-U.S. persons in reliance on the Agencies at any time during which it was not a exemption under Regulation S under the reporting issuer in any jurisdiction in Canada. As a Securities Act. result, the Indenture does not require ongoing reporting to the Indenture Trustee or to holders of 8. As of June 8, 2018, no other securities of the Filer Notes once the Filer is no longer subject to other than the Notes are outstanding. reporting requirements under applicable Canadian securities legislation. 9. The Notes were issued pursuant to a trust indenture made as of April 8, 2016 (the Indenture) 14. The Notes are issued in book-entry form and are between the Filer and Computershare Trust represented by global certificates registered in a Company of Canada as indenture trustee (the nominee name of The Depositary Trust Company Indenture Trustee). (DTC), in the case of Class A Notes (the DTC Notes), and CDS Clearing and Depository 10. The Notes are not convertible or exchangeable Services Inc. (CDS), in the case of the Class B into common shares. The Class A Notes were Notes issued in Canada and purchased by BNS initially issued on a private placement basis in the (the BNS CDS Notes), with beneficial interests United States pursuant to exemptions from the therein recorded in records maintained by DTC or registration requirements of the United States CDS, as the case may be, and their respective Securities Act of 1933, while the Class B Notes participants as financial intermediaries that hold were purchased by BNS pursuant to a private securities on behalf of their clients. placement in Canada. The Notes have not been listed for trading on any stock exchange or 15. BNS continues to hold all of the Class B Notes marketplace. and has no present intention of disposing of the Class B Notes. 11. On May 31, 2018, the Filer and the Indenture Trustee amended the Indenture with respect to 16. In accordance with industry practice and custom, the delivery of financial statements (the the Filer has obtained from Broadridge Financial Amendment). As required pursuant to the Solutions Inc. (Broadridge) a geographic survey of Indenture, the rating agencies rating the Notes beneficial holders of Notes as of May 3, 2018 (the (the Rating Agencies) provided confirmation that Geographic Report), which provides information the Amendment would not result in a reduction or as to the number of noteholders and Notes held in withdrawal of the ratings of the Notes in effect each jurisdiction of Canada and in the United immediately before the implementation of the States and other foreign jurisdictions. Broadridge Amendment, and the Filer confirmed to the advises that its reported information is based on Indenture Trustee that it was of the opinion that securityholder addresses of record identified in the the Amendment would not be prejudicial to the files provided to it by the financial intermediaries rights and interests of the Specified Creditors (as holding Notes. The Geographic Report does not defined in the Indenture and which includes the cover the BNS CDS Notes and does not cover holders of the Notes). any DTC Notes that are held by broker/dealers in inventory. 12. Prior to the implementation of the Amendment, Section 6.1(j) of the Indenture required that, 17. The Geographic Report covers approximately unless such financial statements have been 62% of the outstanding principal amount of DTC publicly filed on www.sedar.com, the Filer deliver Notes for a total of US$372,510,000 and reports a or cause to be delivered to the Indenture Trustee total of 64 beneficial holders residing in the United and each of the Rating Agencies within 140 days States holding US$372,510,000 principal amount after the end of each fiscal year audited financial of DTC Notes. statements of the Trust for the fiscal year, including the balance sheet and statements of 18. Broadridge has confirmed that its searches are income, retained earnings and changes in unable to report on 100% of the geographic

August 30, 2018 (2018), 41 OSCB 6866

Decisions, Orders and Rulings

ownership of the DTC Notes. A security position card receivables in which the Filer purchases co- was obtained through Broadridge which indicated ownership interests, the level of enhancement the position of each financial intermediary holding provided by the reserve account established for DTC Notes as of May 3, 2018 (the DTC Report), each series of co-ownership interest and, in the being the same currency date as the Geographic case of the Class A Notes, the subordination of Report. Three financial intermediaries located in the payments on the Class B Notes to the prior the United States were identified in the DTC payment of amounts payable on the Class A Report. These financial intermediaries do not Notes, rather than by any independent report to Broadridge with respect to the underlying assessment of the condition and performance, beneficial holders of the related DTC Notes and, financial or otherwise, of the Filer. The Filer has accordingly, the Filer was unable to conclusively confirmed that the Notes will continue to be rated determine the location of the underlying beneficial by at least one recognized rating agency upon the owners of such DTC Notes. The Filer reasonably cessation by the Filer of its reporting under inquired with the Indenture Trustee as to the Canadian securities laws for the foreseeable holders of the Notes not covered by the future. Geographic Report, and was informed by the Indenture Trustee that the unreported noteholders 23. There is no obligation or covenant in the are likely objecting beneficial holders who do not Indenture, the Notes or the Offering Memorandum want their name, mailing address or amount of for the Filer to maintain its status as a reporting DTC Notes held by them disclosed. The Filer issuer or the equivalent in any jurisdiction of believes it is reasonable to conclude that these Canada or to file financial statements or any other entities hold such DTC Notes directly and, continuous disclosure documentation on SEDAR. accordingly, all of the DTC Notes are held by No financial statements or any other continuous residents of the United States. disclosure documentation was included or incorporated by reference in the Offering 19. The Indenture Trustee has subsequently Memorandum. The investors to whom the Notes confirmed to the Filer that all of the DTC Notes were placed were sophisticated investors who had continue to be held under the Rule 144A CUSIP in the opportunity to negotiate for such disclosure or DTC and that no transfers have been made from filing obligations under the Indenture, the Notes or such CUSIP to the Reg S CUSIP in DTC, and the Offering Memorandum as they saw fit. Such accordingly no transfers of DTC Notes have been investors have determined that they did not made to any non-U.S. Person or person located require the Filer to maintain reporting issuer status outside of the United States (such persons being in Canada for the term of the Notes. No those who would need to hold such DTC Notes continuous disclosure of financial statements, under a Reg S CUSIP). The Filer believes this management discussion and analysis or annual provides further evidence that all of the DTC information forms is required under the United Notes remain held by “qualified institutional States securities laws under which the Class A buyers” located in the United States. Notes were issued in the United States and no continuous disclosure of such materials would 20. The Filer is not eligible to surrender its status as a have been required in Canada in connection with reporting issuer in British Columbia pursuant to securities issued under the prospectus British Columbia Instrument 11-502 Voluntary exemptions under which the Class B Notes were Surrender of Reporting Issuer Status because the issued to BNS. Filer may have more than 50 securityholders, being the holders of the Notes. Similarly, and 24. The Filer issued a news release on July 27, 2018 because the Notes may be beneficially owned, announcing that it has applied to the OSC, as directly or indirectly, by more than 50 principal regulator, for a decision that it has securityholders worldwide, the Filer is not eligible ceased to be a reporting issuer in all jurisdictions to file under the simplified procedure under of Canada and, if that decision is granted, the Filer National Policy 11-206 Process for Cease to be a will no longer be a reporting issuer in any Reporting Issuer Applications. jurisdiction of Canada.

21. The only securities issued by the Filer are the 25. No securities of the Filer, including debt securities, Notes. The Notes entitle the holders only to the are listed, traded or quoted in Canada or another payment of principal and interest, and do not country on a marketplace (as defined in National entitle the holders to receive or to convert into Instrument 21-101 Marketplace Operation) or any other common shares (or any other equity other facility for bringing together buyers and securities), or to otherwise participate in the sellers of securities where trading data is publicly distribution of the assets of the Filer upon a reported. The Filer has no current intention to liquidation or winding up. distribute any securities by way of a public offering of securities in Canada and does not intend to 22. The Notes are rated by the Rating Agencies renew the Base Shelf Prospectus. based primarily on the credit underlying the credit

August 30, 2018 (2018), 41 OSCB 6867

Decisions, Orders and Rulings

26. The Filer will continue to make investor monthly 2.2.2 Muchoki Fungai Simba portfolio report summaries and credit card portfolio data available to investors. FILE NO.: 2018-6 27. Upon granting of the Order Sought, the Filer will not be a reporting issuer or the equivalent in any IN THE MATTER OF jurisdiction of Canada. MUCHOKI FUNGAI SIMBA (also previously known as Henderson MacDonald Order Alexander Butcher)

The principal regulator is satisfied that the order meets the D. Grant Vingoe, Vice-Chair and Chair of the Panel test set out in the Legislation for the principal regulator to make the order. August 27, 2018

The decision of the principal regulator under the Legislation ORDER is that the Order Sought is granted. WHEREAS the Ontario Securities Commission DATED at Toronto, Ontario on this 17th day of (Commission) held a hearing in writing; August, 2018. ON READING the submissions of Staff of the “Deborah Leckman” Commission (Staff); no one appearing for Muchoki Fungai Commissioner Simba (Simba), although properly served; Ontario Securities Commission IT IS ORDERED THAT: “Philip Anisman” Commissioner 1. The hearing on sanctions and costs shall Ontario Securities Commission be conducted in writing;

2. Staff shall serve and file written submissions and materials no later than October 9, 2018;

3. Simba shall serve and file written submissions and materials, if any, no later than October 23, 2018;

4. Staff shall serve and file reply written submissions and materials, if any, no later than October 30, 2018.

“D. Grant Vingoe”

August 30, 2018 (2018), 41 OSCB 6868

Decisions, Orders and Rulings

2.4 Rulings

2.4.1 PFL Futures Limited – s. 38 of the CFA

Headnote

Application for a ruling pursuant to section 38 of the Commodity Futures Act granting relief from the dealer registration requirement set out in section 22 of the CFA and the trading restrictions in section 33 of the CFA in connection with certain trades in Exchange-Traded Futures on Non-Canadian Exchanges where the Filer is acting as principal or agent in such trades to, from or on behalf of Permitted Clients – relief subject to sunset clause.

Statutes Cited

Commodity Futures Act, R.S.O. 1990, c. C.20. as am., ss. 22 and 38.

August 17, 2018

IN THE MATTER OF THE COMMODITY FUTURES ACT, R.S.O. 1990, c. C. 20, AS AMENDED (the CFA)

AND

IN THE MATTER OF PFL FUTURES LIMITED

RULING (Section 38 of the CFA)

UPON the application (the Application) of PFL Futures Limited (the Filer) to the Ontario Securities Commission (the Commission) for:

(a) a ruling of the Commission, pursuant to section 38 of the CFA, that the Filer is not subject to the dealer registration requirement in the CFA (as defined below) or the trading restrictions in the CFA (as defined below) in connection with trades in Exchange-Traded Futures (as defined below) on exchanges located outside of Canada (Non-Canadian Exchanges) where the Filer is acting as principal or agent in such trades to, from or on behalf of Permitted Clients (as defined below); and

(b) a ruling of the Commission, pursuant to section 38 of the CFA, that a Permitted Client is not subject to the dealer registration requirement in the CFA or the trading restrictions in the CFA in connection with trades in Exchange-Traded Futures on Non-Canadian Exchanges, where the Filer acts in respect of trades in Exchange-Traded Futures on behalf of the Permitted Client pursuant to the above ruling;

AND WHEREAS for the purposes of this ruling (collectively, the Decision):

(a) the following terms shall have the following meanings:

“CFTC” means the United States Commodity Futures Trading Commission;

“dealer registration requirement in the CFA” means the provisions of section 22 of the CFA that prohibit a person or company from trading in Exchange-Traded Futures unless the person or company satisfies the applicable registration provisions of section 22 of the CFA;

“Exchange-Traded Futures” means commodity futures contracts or commodity futures options that trade on one or more organized exchanges located outside of Canada and that are cleared through one or more clearing corporations located outside of Canada;

“IB” means an Introducing Broker registered with the CFTC;

“NFA” means the National Futures Association in the United States;

August 30, 2018 (2018), 41 OSCB 6869

Decisions, Orders and Rulings

“NI 31-103” means National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations;

“Permitted Client” means a client in Ontario that is a “permitted client” as that term is defined in section 1.1 of NI 31-103;

“SEC” means the United States Securities and Exchange Commission;

“specified affiliate” has the meaning ascribed to that term in Form 33-109F6 to National Instrument 33-109 Registration Information; and

“trading restrictions in the CFA” means the provisions of section 33 of the CFA that prohibit a person or company from trading in Exchange-Traded Futures unless the person or company satisfies the applicable provisions of section 33 of the CFA; and

(b) terms used in the Decision that are defined in the Securities Act (Ontario) (OSA), and not otherwise defined in the Decision or in the CFA, shall have the same meaning as in the OSA, unless the context otherwise requires;

AND UPON considering the Application and the recommendation of staff of the Commission;

AND UPON the Filer having represented to the Commission as follows:

1. The Filer is a company formed under the laws of the state of Florida of the United States of America. The head office of the Filer is located in Naples, Florida, United States of America.

2. The Filer is a privately held entity owned directly and indirectly by its two principals, Curtis Chandler and Jacob Macleod.

3. The Filer is not a reporting issuer in any jurisdiction in Canada.

4. The Filer is not registered in any capacity under the CFA or the OSA and does not rely on any exemption from registration in Canada.

5. The Filer is registered as an IB with the CFTC and is a member of the NFA.

6. The Filer is not a broker-dealer registered with the SEC and does not conduct a securities business in the U.S.

7. The Filer is an IB for CME Group (CME, CBOT, NYMEX, COMEX), ICE (ICE Futures US and ICE Futures Europe), Nodal Exchange, Nasdaq Futures Exchange, and NGX.

8. The Filer is not in default of securities or commodity futures legislation in any jurisdiction in Canada. The Filer is in compliance in all material respects with U.S. commodity futures laws.

Activities

9. The Filer solicits and accepts orders for trades in Exchange-Traded Futures and either: (a) introduces them to another broker for execution and clearing or (b) executes (under a sponsored access arrangement) and submits for clearing trades in Exchange-Traded Futures for customers on exchanges globally through affiliated or unaffiliated member firms on other exchanges.

10. Pursuant to its registrations and memberships, the Filer is authorized to solicit, accept, and execute customer orders, and otherwise act as a futures execution-only broker, in the United States. The Filer is also authorized to solicit and accept customer orders and introduce them to an executing broker registered as a futures commission merchant in the United States. Rules of the CFTC and NFA require the Filer to maintain adequate capital levels, make and keep specified types of records relating to customer accounts and transactions including confirmations and statements, and comply with other forms of customer protection rules including rules respecting: know-your-customer obligations, account opening requirements, suitability requirements, anti-money laundering checks and best execution. These rules do not permit the Filer to treat Permitted Clients materially differently from the Filer’s United States customers. In respect of Exchange-Traded Futures, the Filer does not provide clearing services nor is authorised to receive or hold client money in any jurisdiction.

August 30, 2018 (2018), 41 OSCB 6870

Decisions, Orders and Rulings

11. The Filer proposes to offer certain of its Permitted Clients in Ontario the ability to trade in Exchange-Traded Futures through the Filer, in its role as introducing broker.

12. The Filer will solicit and accept orders for trades in Exchange-Traded Futures on behalf of Permitted Clients in Ontario in the same manner that it solicits and accepts orders for Exchange-Traded Futures on behalf of its United States clients, all of which are “Eligible Contract Participants” as defined in the United States Commodity Exchange Act. The Filer will follow the same know-your-customer procedures and order handling that it follows in respect of its United States clients. Permitted Clients will be afforded the benefits of compliance by the Filer with the statutory and other requirements of applicable securities regulators, self-regulatory organizations and exchanges located in the United States. Permitted Clients in Ontario will have the same contractual rights against the Filer as United States clients of the Filer.

13. The Filer will not maintain an office, sales force or physical place of business in Ontario.

14. The Filer will solicit and accept orders for trades in Exchange-Traded Futures in Ontario only from persons who qualify as Permitted Clients.

15. The Filer will only offer Permitted Clients in Ontario the ability to effect trades in Exchange-Traded Futures on Non-Canadian Exchanges.

16. The Exchange-Traded Futures to be traded by Permitted Clients will include, but will not be limited to, Exchange-Traded Futures for equity index, interest rate, energy, currency, bond, agricultural and other commodity products.

17. Permitted Clients of the Filer in Ontario will be able to trade Exchange-Traded Futures through the Filer by communicating with the Filer’s authorized Representatives or via the Filer’s proprietary electronic order routing system. Permitted Clients may also be able self-execute trades in Exchange-Traded Futures electronically via an independent service vendor and/or other electronic trading order routing systems.

18. The Filer may execute a customer’s order on the relevant Non-Canadian Exchange in accordance with the rules and customary practices of the exchange, or engage an executing broker registered as a futures commission merchant to assist in the execution of orders. The Filer will remain responsible for all executions. As the Filer will only perform the execution of a Permitted Client’s contract order and “give-up” the transaction for clearance to the Permitted Client’s carrying broker or clearing broker (each, a Clearing Broker), such broker will also be required to comply with any relevant regulatory requirements, including requirements under the CFA as applicable. Each Clearing Broker will represent to the Filer in an industry standard give-up agreement that it will perform its obligations in accordance with applicable laws, governmental, regulatory, self-regulatory, exchange and clearing house rules and the customs and usages of the exchange or clearing house on which the relevant Permitted Client’s orders will be executed and/or cleared. The Filer will not enter into a give-up agreement with any carrying broker or clearing broker located in the United States unless such broker is registered with the CFTC and SEC.

19. As is customary for all trades in Exchange-Traded Futures, a clearing corporation appointed by the exchange or clearing division of the exchange is substituted as a universal counterparty on all trades in Exchange-Traded Futures and Permitted Client orders submitted to the exchange in the name of the Clearing Broker or the Filer or, on exchanges where the Filer is not a member, in the name of another carrying broker. The Permitted Client of the Filer is responsible to the Clearing Broker for payment of daily mark-to-market variation margin and/or proper margin to carry open positions and the Clearing Broker is in turn responsible to the clearing corporation/division for payment.

20. Permitted Clients will pay commissions for trades to the Filer for its role as introducing broker and Permitted Clients shall be responsible to pay any commissions to their Clearing Broker directly, if applicable.

21. Absent this Decision, the trading restrictions in the CFA apply unless, among other things, an Exchange-Traded Future is traded on a recognized or registered commodity futures exchange and the form of the contract is approved by the Director. To date, no Non-Canadian Exchanges have been recognized or registered under the CFA.

22. If the Filer were registered under the CFA as a “futures commission merchant”, it could rely upon certain exemptions from the trading restrictions in the CFA to effect trades in Exchange-Traded Futures to be entered into on certain Non-Canadian Exchanges.

AND UPON the Commission being satisfied that it would not be prejudicial to the public interest to do so;

August 30, 2018 (2018), 41 OSCB 6871

Decisions, Orders and Rulings

IT IS RULED, pursuant to section 38 of the CFA, that the Filer is not subject to the dealer registration requirement in the CFA or the trading restrictions in the CFA in connection with trades in Exchange-Traded Futures on Non-Canadian Exchanges where the Filer is acting as principal or agent in such trades to, from or on behalf of Permitted Clients provided that:

(a) each customer effecting trades of Exchange-Traded Futures is a Permitted Client;

(b) the executing broker and the clearing broker have each represented and covenanted to the Filer, and the Filer has taken reasonable steps to verify, that the broker is or will be appropriately registered under the CFA, or has been granted exemptive relief from registration under the CFA, in connection with the Permitted Client effecting trades in Exchange-Traded Futures;

(c) the Filer only introduces and/or executes trades in Exchange-Traded Futures for Permitted Clients on Non-Canadian Exchanges;

(d) at the time trading activity is engaged, the Filer:

(i) has its head office or principal place of business in the United States;

(ii) is registered as an IB with the CFTC;

(iii) is a member of the NFA; and

(iv) engages in the business of an IB in Exchange-Traded Futures in the United States;

(e) the Filer has provided to the Permitted Client the following disclosure in writing:

(i) a statement that the Filer is not registered in Ontario to trade in Exchange-Traded Futures as principal or agent;

(ii) a statement specifying the location of the Filer’s head office or principal place of business;

(iii) a statement that all or substantially all of the Filer’s assets may be situated outside of Canada;

(iv) a statement that there may be difficulty enforcing legal rights against the Filer because of the above; and

(v) the name and address of the Filer’s agent for service of process in Ontario;

(f) the Filer has submitted to the Commission a completed Submission to Jurisdiction and Appointment of Agent for Service in the form attached as Appendix A;

(g) the Filer notifies the Commission of any regulatory action initiated after the date of this ruling in respect of the Filer, or any predecessors or specified affiliates of the Filer, by completing and filing with the Commission Appendix B hereto within ten days of the commencement of any such action; provided that, the Filer may satisfy this condition by filing with the Commission (A) a copy of any notice filed by the Filer pursuant to CFTC Regulation 1.12(k), (l) or (m) at the same time such notice is filed with the CFTC and the NFA, and (B) on a quarterly basis, (1) a copy of the regulatory actions appearing on the Filer’s NFA Background Affiliation Status Information Center (BASIC) page and (2) a copy of any disclosures that would be required to be reported by the Filer in the Regulatory Disclosures section of the Filer’s Annual Registration Update to the NFA;

(h) if the Filer does not rely on the international dealer exemption in section 8.18 of NI 31-103 (the IDE), by December 31st of each year, the Filer pays a participation fee based on its specified Ontario revenues for its previous financial year in compliance with the requirements of Part 3 and section 6.4 of OSC Rule 13-502 Fees, as if the Filer relied on the IDE;

(i) by December 1st of each year, the Filer notifies the Commission of its continued reliance on the exemption from the dealer registration requirement granted pursuant to this Decision; and

(j) this Decision shall terminate on the earliest of:

(i) the expiry of any such transition period as may be provided by law, after the effective date of the repeal of the CFA;

August 30, 2018 (2018), 41 OSCB 6872

Decisions, Orders and Rulings

(ii) six months, or such other transition period as may be provided by law, after the coming into force of any amendment to Ontario commodity futures law (as defined in the CFA) or Ontario securities law (as defined in the OSA) that affects the dealer registration requirements in the CFA or the trading restrictions in the CFA; and

(iii) five years after the date of this Decision.

AND IT IS FURTHER RULED, pursuant to section 38 of the CFA, that a Permitted Client is not subject to the dealer registration requirement in the CFA or the trading restrictions in the CFA in connection with trades in Exchange-Traded Futures on Non-Canadian Exchanges where the Filer acts in connection with trades in Exchange-Traded Futures on behalf of the Permitted Clients pursuant to the above ruling.

“Deborah Leckman” Commissioner

“Philip Anisman” Commissioner

August 30, 2018 (2018), 41 OSCB 6873

Decisions, Orders and Rulings

APPENDIX “A”

SUBMISSION TO JURISDICTION AND APPOINTMENT OF AGENT FOR SERVICE

INTERNATIONAL DEALER OR INTERNATIONAL ADVISER EXEMPTED FROM REGISTRATION UNDER THE COMMODITY FUTURES ACT, ONTARIO

1. Name of person or company ("International Firm"):

2. If the International Firm was previously assigned an NRD number as a registered firm or an unregistered exempt international firm, provide the NRD number of the firm:

3. Jurisdiction of incorporation of the International Firm:

4. Head office address of the International Firm:

5. The name, e-mail address, phone number and fax number of the International Firm's individual(s) responsible for the supervisory procedure of the International Firm, its chief compliance officer, or equivalent.

Name: E-mail address: Phone: Fax:

6. The International Firm is relying on an exemption order under section 38 or section 80 of the Commodity Futures Act (Ontario) that is similar to the following exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (the "Relief Order"):

Section 8.18 [international dealer]

Section 8.26 [international adviser]

Other [specify]:

7. Name of agent for service of process (the "Agent for Service"):

8. Address for service of process on the Agent for Service:

9. The International Firm designates and appoints the Agent for Service at the address stated above as its agent upon whom may be served a notice, pleading, subpoena, summons or other process in any action, investigation or administrative, criminal, quasi-criminal or other proceeding (a "Proceeding") arising out of or relating to or concerning the International Firm's activities in the local jurisdiction and irrevocably waives any right to raise as a defence in any such proceeding any alleged lack of jurisdiction to bring such Proceeding.

10. The International Firm irrevocably and unconditionally submits to the non-exclusive jurisdiction of the judicial, quasi- judicial and administrative tribunals of the local jurisdiction in any Proceeding arising out of or related to or concerning the International Firm's activities in the local jurisdiction.

11. Until 6 years after the International Firm ceases to rely on the Relief Order, the International Firm must submit to the regulator

a. a new Submission to Jurisdiction and Appointment of Agent for Service in this form no later than the 30th day before the date this Submission to Jurisdiction and Appointment of Agent for Service is terminated;

b. an amended Submission to Jurisdiction and Appointment of Agent for Service no later than the 30th day before any change in the name or above address of the Agent for Service;

c. a notice detailing a change to any information submitted in this form, other than the name or above address of the Agent for Service, no later than the 30th day after the change.

12. This Submission to Jurisdiction and Appointment of Agent for Service is governed by and construed in accordance with the laws of the local jurisdiction.

August 30, 2018 (2018), 41 OSCB 6874

Decisions, Orders and Rulings

Dated: ______

______(Signature of the International Firm or authorized signatory)

______(Name of signatory)

______(Title of signatory)

August 30, 2018 (2018), 41 OSCB 6875

Decisions, Orders and Rulings

Acceptance

The undersigned accepts the appointment as Agent for Service of ______[Insert name of International Firm] under the terms and conditions of the foregoing Submission to Jurisdiction and Appointment of Agent for Service.

Dated: ______

______(Signature of the Agent for Service or authorized signatory)

______(Name of signatory)

______(Title of signatory)

This form, and notice of a change to any information submitted in this form, is to be submitted through the Ontario Securities Commission’s Electronic Filing Portal:

https://www.osc.gov.on.ca/filings

August 30, 2018 (2018), 41 OSCB 6876

Decisions, Orders and Rulings

APPENDIX “B”

NOTICE OF REGULATORY ACTION

1. Has the firm, or any predecessors or specified affiliates1 of the firm entered into a settlement agreement with any financial services regulator, securities or derivatives exchange, SRO or similar agreement with any financial services regulator, securities or derivatives exchange, SRO or similar organization?

Yes _____ No _____

If yes, provide the following information for each settlement agreement:

Name of entity

Regulator/organization

Date of settlement (yyyy/mm/dd)

Details of settlement

Jurisdiction

2. Has any financial services regulator, securities or derivatives exchange, SRO or similar organization:

Yes No

(a) Determined that the firm, or any predecessors or specified affiliates of the firm violated any securities regulations or any rules of a securities or derivatives exchange, SRO or similar organization? ______(b) Determined that the firm, or any predecessors or specified affiliates of the firm made a false statement or omission? ______

(c) Issued a warning or requested an undertaking by the firm, or any predecessors or specified affiliates of the firm? ______

(d) Suspended or terminated any registration, licensing or membership of the firm, or any predecessors or specified affiliates of the firm? ______

(e) Imposed terms or conditions on any registration or membership of the firm, or predecessors or specified affiliates of the firm? ______

(f) Conducted a proceeding or investigation involving the firm, or any predecessors or specified affiliates of the firm? ______

(g) Issued an order (other than an exemption order) or a sanction to the firm, or any predecessors or specified affiliates of the firm for securities or derivatives-related activity (e.g. cease trade order)? ______

If yes, provide the following information for each action:

Name of entity

Type of action

Regulator/organization

Date of action (yyyy/mm/dd) Reason for action

Jurisdiction

1 In this Appendix, the term "specified affiliate" has the meaning ascribed to that term in Form 33-109F6 to National Instrument 33-109 Registration Information.

August 30, 2018 (2018), 41 OSCB 6877

Decisions, Orders and Rulings

3. Is the firm aware of any ongoing investigation of which the firm or any of its specified affiliates is the subject?

Yes _____ No _____

If yes, provide the following information for each investigation:

Name of entity Reason or purpose of investigation

Regulator/organization

Date investigation commenced (yyyy/mm/dd)

Jurisdiction

Name of firm:

Name of firm’s authorized signing officer or partner

Title of firm’s authorized signing officer or partner

Signature

Date (yyyy/mm/dd)

Witness

The witness must be a lawyer, notary public or commissioner of oaths.

Name of witness

Title of witness

Signature

Date (yyyy/mm/dd)

This form is to be submitted through the Ontario Securities Commission’s Electronic Filing Portal: https://www.osc.gov.on.ca/filings

August 30, 2018 (2018), 41 OSCB 6878

Chapter 4

Cease Trading Orders

4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Date of Temporary Date of Date of Company Name Date of Hearing Order Permanent Order Lapse/Revoke

THERE IS NOTHING TO REPORT THIS WEEK.

Failure to File Cease Trade Orders

Company Name Date of Order Date of Revocation

Border Petroleum Limited 03 August 2018 21 August 2018

4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date of Order Date of Lapse

THERE IS NOTHING TO REPORT THIS WEEK.

4.2.2 Outstanding Management & Insider Cease Trading Orders

Date of Date of Order or Date of Date of Issuer Company Name Date of Hearing Temporary Order Permanent Order Lapse/ Expire Temporary Order

Performance Sports 19 October 2016 31 October 2016 31 October 2016 Group Ltd.

Company Name Date of Order Date of Lapse

Katanga Mining Limited 15 August 2017

August 30, 2018 (2018), 41 OSCB 6879

Cease Trading Orders

This page intentionally left blank

August 30, 2018 (2018), 41 OSCB 6880

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.

August 30, 2018 (2018), 41 OSCB 6881

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed 66 Resources Corp. Common Shares Dake, Michael R. 4, 5 09/08/2018 10 0.15 1,001,000 1,000 Absolute Software Rights Restricted Share Chronert, Todd 5 23/08/2018 56 56,049 566 Corporation Unit Absolute Software Rights Restricted Share Covell, Christopher Kerry 5 23/08/2018 56 22,641 229 Corporation Unit Absolute Software Rights Restricted Share Coza, Dean 5 23/08/2018 56 87,915 887 Corporation Unit Absolute Software Rights Phantom Share de Geest, Oliver 7 23/08/2018 56 243 3 Corporation Units Absolute Software Rights Restricted Share de Geest, Oliver 7 23/08/2018 56 9,144 92 Corporation Unit Absolute Software Rights Deferred Share Giffen, J. Ian 4 23/08/2018 56 46,306 467 Corporation Unit Absolute Software Rights Restricted Share Grace, Mark 5 23/08/2018 56 28,804 290 Corporation Unit Absolute Software Rights Restricted Share Laforce, Marcel Armand 5 23/08/2018 56 36,487 368 Corporation Unit Absolute Software Rights Restricted Share Mallow, Amanda 7 23/08/2018 56 40,759 411 Corporation Unit Absolute Software Rights Performance maxwell, sean 5 23/08/2018 56 16,343 165 Corporation Share Unit Absolute Software Rights Restricted Share maxwell, sean 5 23/08/2018 56 197,156 1,989 Corporation Unit Absolute Software Rights Restricted Share Meanchoff, Matthew 5 23/08/2018 56 17,088 172 Corporation Unit Absolute Software Rights Deferred Share Mesher, Arthur 4 23/08/2018 56 46,089 464 Corporation Unit Absolute Software Rights Deferred Share Monahan, Gregory Rush 4 23/08/2018 56 42,750 431 Corporation Unit Absolute Software Rights Restricted Share Munford, Stephen 5 23/08/2018 56 102,178 1,031 Corporation Unit Absolute Software Rights Performance Olsen, Errol 5 23/08/2018 56 33,855 341 Corporation Share Unit Absolute Software Rights Phantom Share Olsen, Errol 5 23/08/2018 56 11,707 125 Corporation Units Absolute Software Rights Restricted Share Olsen, Errol 5 23/08/2018 56 52,248 527 Corporation Unit Absolute Software Rights Restricted Share Oneal, Pamela Hester 5 23/08/2018 56 42,361 427 Corporation Unit Absolute Software Rights Restricted Share Ramsden, Leigh Palmer 5 23/08/2018 56 10,835 109 Corporation Unit Absolute Software Rights Deferred Share Rosenfeld, Eric Stuart 4 23/08/2018 56 42,750 431 Corporation Unit Absolute Software Rights Deferred Share Ryan, Daniel 4 23/08/2018 56 42,750 431 Corporation Unit Absolute Software Rights Deferred Share Vejvoda, Josef 4 23/08/2018 56 45,991 465 Corporation Unit Absolute Software Rights Deferred Share Visca, Salvatore Anthony 4 23/08/2018 56 45,612 460 Corporation Unit Absolute Software Rights Phantom Share Wakerley, Todd 5 23/08/2018 56 7,548 80 Corporation Units Absolute Software Rights Restricted Share Wakerley, Todd 5 23/08/2018 56 60,084 606 Corporation Unit Absolute Software Rights Deferred Share Watzinger, Gerhard 4 23/08/2018 56 42,750 431 Corporation Unit Acasta Enterprises Inc. Deferred Share Units Beattie, William Geoffrey 4 29/03/2018 56 29,680 16,604 Acasta Enterprises Inc. Deferred Share Units Beattie, William Geoffrey 4 29/05/2018 56 53,240 23,560 Acasta Enterprises Inc. Deferred Share Units Beattie, William Geoffrey 4 29/06/2018 56 78,964 25,724 Acasta Enterprises Inc. Deferred Share Units KIDSON, IAN 5 02/03/2017 00 Acasta Enterprises Inc. Deferred Share Units KIDSON, IAN 5 29/05/2018 56 296,862 296,862 Acasta Enterprises Inc. Deferred Share Units Schwartz, Robert William 4 29/03/2018 56 29,680 16,604 Acasta Enterprises Inc. Deferred Share Units Schwartz, Robert William 4 29/05/2018 56 41,460 11,780 Acasta Enterprises Inc. Deferred Share Units Schwartz, Robert William 4 29/06/2018 56 67,184 25,724 Acasta Enterprises Inc. Deferred Share Units Swartz, Jay 4 29/03/2018 56 29,680 16,604 Acasta Enterprises Inc. Deferred Share Units Swartz, Jay 4 29/05/2018 56 41,460 11,780

August 30, 2018 (2018), 41 OSCB 6882

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Acasta Enterprises Inc. Deferred Share Units Swartz, Jay 4 29/06/2018 56 67,184 25,724 Acerus Pharmaceuticals Common Shares Gregory, Stephen Robert 4 17/08/2018 10 0.27 1,035,627 35,000 Corporation Acerus Pharmaceuticals Common Shares Gregory, Stephen Robert 4 21/08/2018 10 0.24 1,077,627 42,000 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 01/05/2018 00 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 15/08/2018 10 0.22 176,000 176,000 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 16/08/2018 10 0.2339 1,160,000 984,000 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 17/08/2018 10 0.2803 1,929,500 769,500 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 20/08/2018 10 0.2691 2,116,000 186,500 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 21/08/2018 10 0.2814 2,561,000 445,000 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 21/08/2018 10 0.29 3,311,000 750,000 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 22/08/2018 10 0.2871 3,807,500 496,500 Corporation Acerus Pharmaceuticals Common Shares Gudaitis, Edward Joseph 4, 5 23/08/2018 10 0.2864 4,089,000 281,500 Corporation Acerus Pharmaceuticals Options Gudaitis, Edward Joseph 4, 5 01/05/2018 00 Corporation Acerus Pharmaceuticals Options Gudaitis, Edward Joseph 4, 5 15/08/2018 50 1,000,000 1,000,000 Corporation AcuityAds Holdings Inc. Rights DSU Dent, Roger 4 17/08/2018 56 52,348 13,673 AcuityAds Holdings Inc. Rights DSU Mayer, Igal 4 17/08/2018 56 0.96 109,893 13,673 AcuityAds Holdings Inc. Rights DSU Pollack, Sheldon M. 4 17/08/2018 56 0.96 109,893 13,673 AcuityAds Holdings Inc. Rights DSU Waxman, Yishay 4 17/08/2018 56 0.96 98,557 10,938 AEX Gold Inc. Options Fowlie, George Robertson 4, 5 22/08/2018 50 0.45 450,000 250,000 AEX Gold Inc. Options MARTIN, INGRID 5 22/08/2018 50 0.45 200,000 100,000 AEX Gold Inc. Options Matusevicius, Justinas 5 22/08/2018 50 0.45 350,000 200,000 AEX Gold Inc. Options MΘnard, Robert 4 22/08/2018 50 0.45 250,000 150,000 AEX Gold Inc. Options Olafsson, Eldur 4, 6, 5 22/08/2018 50 0.45 1,050,000 550,000 AEX Gold Inc. Options Plant, Joan Maria 5 22/08/2018 50 0.45 200,000 100,000 AEX Gold Inc. Options Quenby, Georgia Margaret 4 22/08/2018 50 0.45 250,000 150,000 AEX Gold Inc. Options Stewart, Graham Duncan 4 22/08/2018 50 0.45 250,000 150,000 Affinor Growers Inc. Options Boyco, Alan 4 24/08/2018 50 0.115 700,000 200,000 Affinor Growers Inc. Options Easthom, Fredrick Graham 4 24/08/2018 50 0.115 700,000 200,000 Affinor Growers Inc. Options Mack, David B. 4 24/08/2018 50 0.115 600,000 200,000 AGF Management Limited Common Shares Class B MCCREADIE, KEVIN 5 24/08/2018 10 6.22 175,000 5,000 ANDREW Agility Health, Inc. Options Cockburn, Wayne 5 08/03/2017 00 Agility Health, Inc. Options Cockburn, Wayne 5 16/08/2018 50 0.05 1,000,000 1,000,000 Agility Health, Inc. Options Gagnon, Pierre Gaston 4 10/03/2017 00 Agility Health, Inc. Options Gagnon, Pierre Gaston 4 16/08/2018 50 0.05 150,000 150,000 Agility Health, Inc. Options Herr, Robert Lynn 4 16/08/2018 50 0.05 340,000 150,000 Agility Health, Inc. Options Howling, Kenneth George 4 20/06/2018 00 Agility Health, Inc. Options Howling, Kenneth George 4 16/08/2018 50 0.05 150,000 150,000 Agility Health, Inc. Options John, Renee Alisa 5 10/03/2017 00 Agility Health, Inc. Options John, Renee Alisa 5 16/08/2018 50 0.05 650,000 650,000 Agility Health, Inc. Options Scholten, Kenneth Edward 3, 4, 5 16/08/2018 50 0.05 450,000 150,000 Air Canada Class B Voting Shares Pugliese, Ferio 5 20/08/2018 00 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 51 12.27 254,449 180,000 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 10 26.815 74,449 -180,000 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 51 5.39 84,671 10,222 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 10 26.9 74,449 -10,222 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 51 12.64 82,073 7,624 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 10 26.87 74,449 -7,624 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 51 9.23 104,693 30,244

August 30, 2018 (2018), 41 OSCB 6883

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 10 26.85 74,449 -30,244 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 51 13.69 86,057 11,608 Air Canada Class B Voting Shares Smith, Benjamin M. 7 23/08/2018 10 26.826 74,449 -11,608 Air Canada Options (Long-Term Smith, Benjamin M. 7 23/08/2018 51 12.27 768,919 -180,000 Incentive Plan) Air Canada Options (Long-Term Smith, Benjamin M. 7 23/08/2018 51 5.39 758,697 -10,222 Incentive Plan) Air Canada Options (Long-Term Smith, Benjamin M. 7 23/08/2018 51 12.64 751,073 -7,624 Incentive Plan) Air Canada Options (Long-Term Smith, Benjamin M. 7 23/08/2018 51 9.23 720,829 -30,244 Incentive Plan) Air Canada Options (Long-Term Smith, Benjamin M. 7 23/08/2018 51 13.69 709,221 -11,608 Incentive Plan) Alcanna Inc. (formerly Liquor Common Shares Gordey, David Nathan 5 22/08/2018 57 9.48 15,989 5,806 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Rights Restricted Share Gordey, David Nathan 5 22/08/2018 57 9.48 22,859 -5,806 Stores N.A. Ltd.) Units Alcanna Inc. (formerly Liquor Rights Restricted Share Gordey, David Nathan 5 22/08/2018 59 9.48 17,499 -5,360 Stores N.A. Ltd.) Units Alcanna Inc. (formerly Liquor Common Shares Hewson, Matthew 7 22/08/2018 57 9.48 2,716 912 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Rights Restricted Share Hewson, Matthew 7 22/08/2018 57 9.48 2,687 -912 Stores N.A. Ltd.) Units Alcanna Inc. (formerly Liquor Common Shares Proctor, Gerald James 5 22/08/2018 57 9.48 918 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Common Shares Proctor, Gerald James 5 22/08/2018 57 9.48 3,736 918 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Common Shares Proctor, Gerald James 5 22/08/2018 57 9.48 -918 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Common Shares Proctor, Gerald James 5 22/08/2018 57 9.48 -918 Stores N.A. Ltd.) Alcanna Inc. (formerly Liquor Rights Restricted Share Proctor, Gerald James 5 22/08/2018 57 9.48 2,706 -918 Stores N.A. Ltd.) Units Alcanna Inc. (formerly Liquor Common Shares Welshman, Raymond 5 11/07/2016 00 Stores N.A. Ltd.) Harold Alcanna Inc. (formerly Liquor Common Shares Welshman, Raymond 5 23/08/2018 10 9.7183 1,025 Stores N.A. Ltd.) Harold Alcanna Inc. (formerly Liquor Common Shares Welshman, Raymond 5 23/08/2018 10 9.7183 1,025 Stores N.A. Ltd.) Harold Alcanna Inc. (formerly Liquor Common Shares Welshman, Raymond 5 11/07/2016 00 Stores N.A. Ltd.) Harold Alcanna Inc. (formerly Liquor Common Shares Welshman, Raymond 5 23/08/2018 10 9.7183 1,025 1,025 Stores N.A. Ltd.) Harold Algonquin Power & Utilities Common Shares Jarratt, Christopher Kenneth 5 20/08/2018 30 13.488 1,504,512 -3,088 Corp. Algonquin Power & Utilities Common Shares Jarratt, Christopher Kenneth 5 21/08/2018 30 13.353 1,501,424 -3,088 Corp. Algonquin Power & Utilities Common Shares Jarratt, Christopher Kenneth 5 22/08/2018 30 13.319 1,498,336 -3,088 Corp. Algonquin Power & Utilities Common Shares Jarratt, Christopher Kenneth 5 23/08/2018 30 13.299 1,495,248 -3,088 Corp. Algonquin Power & Utilities Common Shares Jarratt, Christopher Kenneth 5 24/08/2018 30 13.272 1,492,160 -3,088 Corp. Algonquin Power & Utilities Common Shares Robertson, Ian Edward 5 20/08/2018 30 13.488 1,704,341 -4,412 Corp. Algonquin Power & Utilities Common Shares Robertson, Ian Edward 5 21/08/2018 30 13.353 1,699,929 -4,412 Corp. Algonquin Power & Utilities Common Shares Robertson, Ian Edward 5 22/08/2018 30 13.319 1,695,517 -4,412 Corp. Algonquin Power & Utilities Common Shares Robertson, Ian Edward 5 23/08/2018 30 13.299 1,691,105 -4,412 Corp. Algonquin Power & Utilities Common Shares Robertson, Ian Edward 5 24/08/2018 30 13.272 1,686,693 -4,412 Corp. Alio Gold Inc. Common Shares BAKER, TIMOTHY CLIVE 4 25/05/2018 00 12,776 Alio Gold Inc. DSU BAKER, TIMOTHY CLIVE 4 25/05/2018 00 Alio Gold Inc. DSU BAKER, TIMOTHY CLIVE 4 23/08/2018 56 1 20,000 20,000

August 30, 2018 (2018), 41 OSCB 6884

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Alio Gold Inc. Options BAKER, TIMOTHY CLIVE 4 25/05/2018 00 38,329 Alio Gold Inc. Options Harcus, Ian Tyler 5 20/08/2018 00 96,867 Alio Gold Inc. PSU Harcus, Ian Tyler 5 20/08/2018 00 23,973 Alio Gold Inc. RSU Harcus, Ian Tyler 5 20/08/2018 00 23,973 Alio Gold Inc. Options Jones, Douglas Matthew 5 23/08/2018 50 1 118,390 70,390 Alio Gold Inc. PSU Jones, Douglas Matthew 5 25/05/2018 00 Alio Gold Inc. PSU Jones, Douglas Matthew 5 23/08/2018 56 1 21,544 21,544 Alio Gold Inc. RSU Jones, Douglas Matthew 5 25/05/2018 00 Alio Gold Inc. RSU Jones, Douglas Matthew 5 23/08/2018 56 1 21,544 21,544 Alio Gold Inc. DSU Mansanti, John Gerard 4 25/05/2018 00 Alio Gold Inc. DSU Mansanti, John Gerard 4 23/08/2018 56 1 20,000 20,000 Alio Gold Inc. Common Shares McCunn, Gregory John 4, 5 23/08/2018 10 0.9499 69,240 5,000 Alliance Growers Corp. Common Shares Lawson, Harvey 5 22/08/2018 46 0.1 232,500 57,500 Almadex Minerals Ltd. Options Brown, Mark Thomas 4 17/08/2018 50 0.32 359,000 155,000 (formerly 1154229 B.C. Ltd.) Almadex Minerals Ltd. Options McCleary, John Daniel 4 17/08/2018 50 0.32 380,000 185,000 (formerly 1154229 B.C. Ltd.) Almadex Minerals Ltd. Options McDonald, Douglas John 4 17/08/2018 50 0.32 350,000 210,000 (formerly 1154229 B.C. Ltd.) Almadex Minerals Ltd. Options Segerstrom, Lawrence 4 17/08/2018 50 0.32 250,000 200,000 (formerly 1154229 B.C. Ltd.) Almadex Minerals Ltd. Common Shares WORRALL, WILLIAM 4 24/08/2018 51 0.05 227,500 70,000 (formerly 1154229 B.C. Ltd.) JOSEPH Almadex Minerals Ltd. Options WORRALL, WILLIAM 4 17/08/2018 50 0.32 420,000 270,000 (formerly 1154229 B.C. Ltd.) JOSEPH Almadex Minerals Ltd. Options WORRALL, WILLIAM 4 24/08/2018 51 0.05 350,000 -70,000 (formerly 1154229 B.C. Ltd.) JOSEPH Almonty Industries Inc. Common Shares D'Amato, Daniel Guy 4 22/08/2018 10 0.8 2,021,900 15,000 Amerigo Resources Ltd Common Shares Toor, Nauman (Nick) 3 20/08/2018 10 0.76 23,751,900 24,000 Amerigo Resources Ltd Common Shares Toor, Nauman (Nick) 3 22/08/2018 10 0.75 23,766,900 15,000 Amerigo Resources Ltd Common Shares Toor, Nauman (Nick) 3 23/08/2018 10 0.74 23,795,400 28,500 Amerigo Resources Ltd Common Shares Toor, Nauman (Nick) 3 24/08/2018 10 0.76 23,807,400 12,000 Anaconda Mining Inc. Common Shares Dufour, Robert 5 22/08/2018 10 0.2909 409,250 35,000 ANB Canada Inc. (formerly Options Larkan, Brent 3, 4, 6, 5 21/08/2018 50 0.15 2,950,000 200,000 Griffin Skye Corporation) ANB Canada Inc. (formerly Options Levesque, Maurice 4 01/10/2016 00 Griffin Skye Corporation) ANB Canada Inc. (formerly Options Levesque, Maurice 4 21/08/2018 50 0.15 200,000 200,000 Griffin Skye Corporation) ANB Canada Inc. (formerly Options Sharpe, Gilbert 4 01/10/2016 00 Griffin Skye Corporation) ANB Canada Inc. (formerly Options Sharpe, Gilbert 4 21/08/2018 50 0.15 200,000 200,000 Griffin Skye Corporation) Anconia Resources Corp. Common Shares clement, denis arthur 4 20/08/2018 36 0.05 3,157,500 1,200,000 Antler Gold Inc. Common Shares Whittaker, Daniel Davies 3, 4, 5 24/08/2018 16 0.165 6,146,241 300,000 ARC Resources Ltd. Common Shares Dielwart, John Patrick 4 22/08/2018 10 14.479 29,555 375 ARC Resources Ltd. Common Shares Dielwart, John Patrick 4 22/08/2018 10 14.477 2,281 150 ARC Resources Ltd. Common Shares Dielwart, John Patrick 4 22/08/2018 10 14.48 2,652 75 ARC Resources Ltd. Common Shares Dielwart, John Patrick 4 22/08/2018 10 14.495 63,584 -6,900 ARC Resources Ltd. Common Shares Dielwart, John Patrick 4 22/08/2018 10 14.493 191,200 6,300 Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 29/03/2017 90 30,443,504 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 01/08/2018 36 -5,880,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 -194,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 -9,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 -82,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 29/03/2017 90 30,443,504 30,443,504 L.P.

August 30, 2018 (2018), 41 OSCB 6885

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 01/08/2018 36 24,563,504 -5,880,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 24,369,504 -194,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 24,360,504 -9,000 L.P. Aritzia Inc. Multiple Voting Shares Canada Retail Holdings, 3 08/08/2018 90 24,278,504 -82,000 L.P. Aritzia Inc. Subordinate Voting Canada Retail Holdings, 3 01/08/2018 36 5,880,000 Shares L.P. Aritzia Inc. Subordinate Voting Canada Retail Holdings, 3 07/08/2018 15 16.55 -5,880,000 Shares L.P. Aritzia Inc. Subordinate Voting Canada Retail Holdings, 3 01/08/2018 36 5,880,000 5,880,000 Shares L.P. Aritzia Inc. Subordinate Voting Canada Retail Holdings, 3 07/08/2018 15 16.55 0 -5,880,000 Shares L.P. Armor Minerals Inc. Common Shares Pirooz, Robert Pirooz 4 17/08/2018 10 0.3194 12,567,053 -119,000 Armor Minerals Inc. Common Shares Pirooz, Robert Pirooz 4 22/08/2018 10 0.34 12,552,053 -15,000 ATCO LTD. Common Shares Class II Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.84 42,200 2,000 ATCO LTD. Common Shares Class II Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.85 48,400 6,200 ATCO LTD. Common Shares Class II Southern, Nancy C. 4, 6, 7, 5 23/08/2018 10 39.85 50,400 2,000 ATCO LTD. Common Shares Class II Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.76 8,200 -2,000 ATCO LTD. Common Shares Class II Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.79 0 -8,200 ATCO LTD. Non-Voting Shares Class Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.86 -1,600 I ATCO LTD. Non-Voting Shares Class Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.86 -1,600 I ATCO LTD. Non-Voting Shares Class Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.83 166,010 1,600 I ATCO LTD. Non-Voting Shares Class Southern, Nancy C. 4, 6, 7, 5 22/08/2018 10 39.86 0 -1,600 I Atlantic Gold Corporation Common Shares Beedie, Ryan K 3, 4 16/08/2018 10 1.567 65,043,276 85,600 (previously Spur Ventures Inc.) Atlantic Gold Corporation Common Shares Beedie, Ryan K 3, 4 17/08/2018 10 1.5985 65,153,276 110,000 (previously Spur Ventures Inc.) Atlas Blockchain Group Inc. Common Shares Stearman, Fred 4, 5 16/08/2018 10 0.15 1,370,000 209,000 Aura Minerals Inc. Common Shares Barbosa, Rodrigo Cardoso 5 03/10/2016 00 Aura Minerals Inc. Common Shares Barbosa, Rodrigo Cardoso 5 21/08/2018 10 1.43 600 600 Aura Minerals Inc. Common Shares de Brito, Paulo Carlos 3, 4 20/08/2018 10 1.67 24,549,870 25,000 Aura Minerals Inc. Common Shares de Brito, Paulo Carlos 3, 4 20/08/2018 10 1.6 24,570,070 20,200 Aura Minerals Inc. Common Shares de Brito, Paulo Carlos 3, 4 20/08/2018 10 1.65 24,599,670 29,600 Aura Minerals Inc. Common Shares de Brito, Paulo Carlos 3, 4 22/08/2018 10 1.75 24,614,670 15,000 Aura Minerals Inc. Common Shares de Brito, Paulo Carlos 3, 4 23/08/2018 10 1.75 24,629,670 15,000 Aura Minerals Inc. Common Shares Northwestern Enterprises 3 20/08/2018 10 1.67 24,549,870 25,000 Ltd. Aura Minerals Inc. Common Shares Northwestern Enterprises 3 20/08/2018 10 1.6 24,570,070 20,200 Ltd. Aura Minerals Inc. Common Shares Northwestern Enterprises 3 20/08/2018 10 1.65 24,599,670 29,600 Ltd. Aura Minerals Inc. Common Shares Northwestern Enterprises 3 22/08/2018 10 1.75 24,614,670 15,000 Ltd. Aura Minerals Inc. Common Shares Northwestern Enterprises 3 23/08/2018 10 1.75 24,629,670 15,000 Ltd. Aura Silver Resources Inc. Warrants McNeice, John Darin 5 09/07/2018 55 0.05 0 -1,000,000 Aurania Resources Ltd. Common Shares Kaiser, Marvin Kent 4 16/08/2018 10 2.09 97,500 -2,500 Aurania Resources Ltd. Common Shares Kaiser, Marvin Kent 4 21/08/2018 10 2.13 95,000 -2,500 Aurania Resources Ltd. Common Shares Kaiser, Marvin Kent 4 22/08/2018 10 2.27 92,500 -2,500 Aurora Cannabis Inc. Common Shares Dobler, Stephen 4 10/08/2018 22 20,849 20,722 Aurora Cannabis Inc. Warrants Dobler, Stephen 4 09/12/2014 00 10,361 Aurora Cannabis Inc. Common Shares Mayerson, Christopher 7 08/08/2018 22 1,849,084 31,084 Aurora Cannabis Inc. Common Shares Mayerson, Christopher 7 08/08/2018 53 9.3717 1,864,626 15,542 Aurora Cannabis Inc. Common Shares Singer, Michael 4 24/08/2018 51 0.46 121,329 100,000

August 30, 2018 (2018), 41 OSCB 6886

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Aurora Cannabis Inc. Common Shares Singer, Michael 4 24/08/2018 10 21,329 -100,000 Aurora Cannabis Inc. Options Singer, Michael 4 24/08/2018 51 1,344,527 -100,000 Auryn Resources Inc. Common Shares Goldcorp Inc. 3 16/08/2018 16 1.3 11,124,228 490,000 Australis Capital Inc. Common Shares Aurora Cannabis Inc 3 16/08/2018 00 26,802,364 Australis Capital Inc. Warrants Aurora Cannabis Inc 3 16/08/2018 00 26,802,364 Australis Capital Inc. Common Shares Birge, William Campbell 5 16/08/2018 00 1,125,000 Australis Capital Inc. Options Birge, William Campbell 5 16/08/2018 00 200,000 Australis Capital Inc. Common Shares Booth, Terry 6 16/08/2018 00 1,125,000 Australis Capital Inc. Common Shares Cleiren, Allan John 6 16/08/2018 00 500,000 Australis Capital Inc. Common Shares Dickinson, Arlene 4 16/08/2018 00 1,625,000 Australis Capital Inc. Options Dickinson, Arlene 4 16/08/2018 00 900,000 Australis Capital Inc. Common Shares Dover, John David 4 16/08/2018 00 1,125,000 Australis Capital Inc. Options Dover, John David 4 16/08/2018 00 900,000 Australis Capital Inc. Common Shares Dowty, Michael Scott 4, 5 16/08/2018 00 1,125,000 Australis Capital Inc. Options Dowty, Michael Scott 4, 5 16/08/2018 00 2,500,000 Australis Capital Inc. Common Shares Dyck, Jason Ronald Bradley 6 17/08/2018 00 1,125,000 Australis Capital Inc. Common Shares Singer, Michael 6 18/08/2018 00 Australis Capital Inc. Common Shares Singer, Michael 6 18/08/2018 11 0.2 875,000 875,000 Australis Capital Inc. Common Shares Swainson, Roger Irving 4 16/08/2018 00 500,000 Australis Capital Inc. Options Swainson, Roger Irving 4 16/08/2018 00 900,000 Australis Capital Inc. Common Shares Szweras, Adam Kelley 6 16/08/2018 00 250,000 Australis Capital Inc. Options Szweras, Adam Kelley 6 16/08/2018 00 Australis Capital Inc. Warrants Szweras, Adam Kelley 6 16/08/2018 00 AutoCanada Inc. Common Shares Antony, Paul 4 04/05/2018 00 AutoCanada Inc. Common Shares Antony, Paul 4 04/05/2018 00 AutoCanada Inc. Common Shares Antony, Paul 4 16/08/2018 10 11.435 143,600 143,600 AutoCanada Inc. Common Shares Antony, Paul 4 16/08/2018 10 11.1 277,200 133,600 AutoCanada Inc. Common Shares Antony, Paul 4 20/08/2018 10 11.268 437,700 160,500 AutoCanada Inc. Common Shares Antony, Paul 4 21/08/2018 10 11.902 489,800 52,100 AutoCanada Inc. Common Shares Antony, Paul 4 21/08/2018 10 12.1 514,800 25,000 AutoCanada Inc. Deferred share units Antony, Paul 4 15/08/2018 56 1,201 830 AutoCanada Inc. Options Antony, Paul 4 04/05/2018 00 AutoCanada Inc. Options Antony, Paul 4 14/08/2018 50 10.05 1,000,000 1,000,000 AutoCanada Inc. Deferred share units Barefoot, Gordon Ronald 4, 7 15/08/2018 56 9,937 361 AutoCanada Inc. Common Shares DesRosiers, Dennis 4 14/11/2014 10 55 4,500 1,000 Stephan AutoCanada Inc. Common Shares DesRosiers, Dennis 4 17/08/2018 10 11.227 14,500 10,000 Stephan AutoCanada Inc. Deferred share units DesRosiers, Dennis 4 15/08/2018 56 14,702 830 Stephan AutoCanada Inc. Deferred share units Green, Stephen 4 09/08/2018 00 AutoCanada Inc. Deferred share units Green, Stephen 4 15/08/2018 56 1,487 1,487 AutoCanada Inc. Options Hong, Peter 5 14/08/2018 00 500,000 AutoCanada Inc. Common Shares James, Barry Lee 4 14/08/2018 10 10000 10,000 AutoCanada Inc. Common Shares James, Barry Lee 4 14/08/2018 10 10.25 13,267 10,000 AutoCanada Inc. Deferred share units James, Barry Lee 4 15/08/2018 56 6,415 830 AutoCanada Inc. Options Juneja, Raj 5 14/08/2018 00 600,000 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 14/08/2018 10 8.09 1,000 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 15/08/2018 10 8.09 1,000 1,000 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 20/08/2018 10 8.71 3,000 2,000 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 14/08/2018 10 8.11 3,500 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 15/08/2018 10 8.11 5,000 3,500 AutoCanada Inc. Common Shares Keller, Maryann Natalie 4 20/08/2018 10 8.71 8,000 3,000 AutoCanada Inc. Deferred share units Keller, Maryann Natalie 4 15/08/2018 56 19,357 2,948 AutoCanada Inc. Deferred share units Olmeta, Elias 4 09/08/2018 00 AutoCanada Inc. Deferred share units Olmeta, Elias 4 16/08/2018 56 1,487 1,487 AutoCanada Inc. Common Shares Rawluk, Michael 5 24/07/2018 00 AutoCanada Inc. Common Shares Rawluk, Michael 5 21/08/2018 10 11.701 4,885 4,885 AutoCanada Inc. Common Shares Rawluk, Michael 5 20/08/2018 10 11.2 5,086 5,086

August 30, 2018 (2018), 41 OSCB 6887

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed AutoCanada Inc. Common Shares Rawluk, Michael 5 20/08/2018 10 11.21 5,174 88 AutoCanada Inc. Common Shares Rawluk, Michael 5 21/08/2018 10 12.067 25,849 20,675 AutoCanada Inc. Options Rawluk, Michael 5 24/07/2018 00 AutoCanada Inc. Options Rawluk, Michael 5 14/08/2018 50 10.05 430,000 430,000 Auxico Resources Canada Common Shares Billings, Mark Anthony 4 20/08/2018 11 0.2 550,000 50,000 Inc. Auxico Resources Canada Warrants Billings, Mark Anthony 4 29/08/2017 00 Inc. Auxico Resources Canada Warrants Billings, Mark Anthony 4 20/08/2018 11 0.4 25,000 25,000 Inc. Azarga Uranium Corp. Options Blubaugh, Richard 7, 5 22/08/2018 50 0.24 75,000 20,000 Azarga Uranium Corp. Options Havlin, Joseph 4 22/08/2018 50 0.24 425,000 200,000 Azarga Uranium Corp. Options Jamison, Delos Cy 4 22/08/2018 50 0.24 450,000 150,000 Azarga Uranium Corp. Options MAYS, JOHN 5 22/08/2018 50 0.24 650,000 150,000 Azarga Uranium Corp. Options Meyer, Doris 5 22/08/2018 50 0.24 165,000 165,000 Azarga Uranium Corp. Options O'Brien, Daniel 5 22/08/2018 50 0.24 85,000 85,000 Azarga Uranium Corp. Options O'Kane, Matthew James 6 22/08/2018 50 0.24 448,336 200,000 Gerard Azarga Uranium Corp. Options Steele, Blake Albert 5 22/08/2018 50 0.24 1,682,138 750,000 Aztec Minerals Corp. Common Shares Cooke, Bradford 4 17/08/2018 10 0.16 1,711,583 2,000 Aztec Minerals Corp. Common Shares Cooke, Bradford 4 17/08/2018 10 0.175 1,717,583 6,000 Aztec Minerals Corp. Common Shares Cooke, Bradford 4 17/08/2018 10 0.18 1,764,083 46,500 Aztec Minerals Corp. Common Shares Cooke, Bradford 4 17/08/2018 10 0.195 1,771,083 7,000 Aztec Minerals Corp. Common Shares Cooke, Bradford 4 17/08/2018 10 0.2 1,790,583 19,500 Azucar Minerals Ltd. Stock Options Brown, Mark Thomas 4 17/08/2018 50 0.6 409,000 205,000 (formerly Almadex Minerals Limited) Azucar Minerals Ltd. Stock Options McCleary, John Daniel 4 17/08/2018 50 0.6 430,000 235,000 (formerly Almadex Minerals Limited) Azucar Minerals Ltd. Stock Options McDonald, Douglas John 4 17/08/2018 50 0.6 400,000 260,000 (formerly Almadex Minerals Limited) Azucar Minerals Ltd. Stock Options Segerstrom, Lawrence 4 17/08/2018 50 0.6 450,000 300,000 (formerly Almadex Minerals Limited) Azucar Minerals Ltd. Common Shares WORRALL, WILLIAM 4 24/08/2018 51 0.11 227,500 70,000 (formerly Almadex Minerals JOSEPH Limited) Azucar Minerals Ltd. Stock Options WORRALL, WILLIAM 4 17/08/2018 50 0.6 470,000 320,000 (formerly Almadex Minerals JOSEPH Limited) Azucar Minerals Ltd. Stock Options WORRALL, WILLIAM 4 24/08/2018 51 0.11 400,000 -70,000 (formerly Almadex Minerals JOSEPH Limited) Backstageplay Inc. (formerly Common Shares Hodgins, Sean 5 15/08/2018 51 0.1 355,555 100,000 Oramericas Corp.) Backstageplay Inc. (formerly Options Hodgins, Sean 5 15/08/2018 51 0.1 100,000 Oramericas Corp.) Backstageplay Inc. (formerly Options Hodgins, Sean 5 15/08/2018 51 0.1 100,000 -100,000 Oramericas Corp.) Badger Daylighting Ltd. Common Shares Reiber, Timothy Hammond 5 23/08/2018 10 22.074 1,575 50 Badger Daylighting Ltd. Common Shares Reiber, Timothy Hammond 5 23/08/2018 10 22.05 1,675 100 Barker Minerals Ltd. Common Shares Doyle, Louis Eric 4, 5 16/08/2018 10 0.01 972,047 -40,000 Bausch Health Companies Common Shares Appio, Thomas 5 20/08/2018 57 21.69 58,484 21,247 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Common Shares Appio, Thomas 5 20/08/2018 97 21.69 52,983 -5,501 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Rights Restricted Share Appio, Thomas 5 20/08/2018 57 51,602 -21,247 Inc. (formerly, Valeant Units (RSUs) Pharmaceuticals International, Inc.)

August 30, 2018 (2018), 41 OSCB 6888

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Bausch Health Companies Common Shares Gordon, Joseph 5 02/08/2018 00 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Common Shares Gordon, Joseph 5 02/08/2018 00 13,813 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Options Gordon, Joseph 5 02/08/2018 00 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Options Gordon, Joseph 5 02/08/2018 00 111,456 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Performance Share Units Gordon, Joseph 5 02/08/2018 00 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Performance Share Units Gordon, Joseph 5 02/08/2018 00 10,007 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Rights Restricted Share Gordon, Joseph 5 02/08/2018 00 Inc. (formerly, Valeant Units (RSUs) Pharmaceuticals International, Inc.) Bausch Health Companies Rights Restricted Share Gordon, Joseph 5 02/08/2018 00 26,581 Inc. (formerly, Valeant Units (RSUs) Pharmaceuticals International, Inc.) Bausch Health Companies Common Shares McKenna, Mark 5 02/08/2018 00 224 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Options McKenna, Mark 5 02/08/2018 00 70,526 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Performance Share Units McKenna, Mark 5 02/08/2018 00 6,541 Inc. (formerly, Valeant Pharmaceuticals International, Inc.) Bausch Health Companies Rights Restricted Share McKenna, Mark 5 02/08/2018 00 20,907 Inc. (formerly, Valeant Units (RSUs) Pharmaceuticals International, Inc.) Baytex Energy Corp. Common Shares Gray, Rodney 5 22/08/2018 22 219,272 27,200 Belo Sun Mining Corp. Common Shares Sun Valley Gold LLC 3 20/08/2018 10 0.17 103,825,974 16,700,000 Belo Sun Mining Corp. Common Shares Sun Valley Gold Master 3 20/08/2018 10 0.17 68,980,575 11,706,700 Fund, Ltd. Benchmark Botanics Inc. Common Shares Stowell, Claude Clifford 4 20/08/2018 10 0.67 1,332,600 -2,500 Big Pharma Split Corp. Common Shares Class A Kovacs, Michael 4, 5 17/08/2018 10 13.45 1,500 500 Shares Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 01/01/2011 00 Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 17/08/2018 10 5 6,500 6,500 Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 21/08/2018 10 5.08 13,200 6,700 Big Rock Brewery Inc. Common Shares Kohut, Michael G 4 24/08/2018 10 5.15 24,500 11,300 Biocure Technology Inc. Common Shares Kim, Sang Goo 4 23/08/2018 10 165,723 -6,500 Biocure Technology Inc. Common Shares Kim, Sang Goo 4 24/08/2018 10 164,223 -1,500 Bird Construction Inc. MTIP (Phantom Shares) Bergman, J. Paul 5 20/08/2018 35 17,211 71 Bird Construction Inc. Deferred Share Units Bird, John Richard 4 20/08/2018 35 3,481 14 Bird Construction Inc. MTIP (Phantom Shares) Boyd, Ian Jeffrey 4, 5 20/08/2018 35 48,979 204 Bird Construction Inc. Deferred Share Units Brooks, Karyn Anne 4 20/08/2018 35 14,449 59 Bird Construction Inc. MTIP (Phantom Shares) CAZA, Charles Joseph 5 20/08/2018 35 18,131 76 Bird Construction Inc. Deferred Share Units Charette, Paul Alphonse 4 20/08/2018 35 5,986 24 Bird Construction Inc. Deferred Share Units Doyle, Donald Gregory 4 20/08/2018 35 53,977 223

August 30, 2018 (2018), 41 OSCB 6889

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Bird Construction Inc. Deferred Share Units DuPont, Bonnie Dianne 4 20/08/2018 35 41,831 173 Rose Bird Construction Inc. MTIP (Phantom Shares) GINGRICH, WAYNE 5 20/08/2018 35 11,242 47 RICHARD Bird Construction Inc. Deferred Share Units Messier, Luc Jean-Francois 4 20/08/2018 35 16,460 68 Bird Construction Inc. Deferred Share Units Munkley, Ronald David 4 20/08/2018 35 43,007 178 Bird Construction Inc. Deferred Share Units Raboud, Paul Robert 4 20/08/2018 35 3,091 13 Bird Construction Inc. MTIP (Phantom Shares) ROYER, GILLES GERALD 5 20/08/2018 35 51,645 215 Bird Construction Inc. Deferred Share Units Thorsteinson, Arni Clayton 4 20/08/2018 35 44,760 185 Black Tusk Resources Inc. Common Shares Penn, Richard Ryan 3, 4, 5 22/08/2018 10 0.18 2,434,500 10,000 BlackBerry Limited (formerly Common Shares Chennakeshu, Sandeep 5 20/08/2018 57 832,395 442,478 Research In Motion Limited) BlackBerry Limited (formerly Common Shares Chennakeshu, Sandeep 5 20/08/2018 10 10.091 649,081 -183,314 Research In Motion Limited) BlackBerry Limited (formerly Performance Restricted Chennakeshu, Sandeep 5 20/08/2018 57 95,238 -442,478 Research In Motion Limited) Share Units Blue River Resources Ltd. Common Shares Martin, Stephen Edward 3 16/08/2018 10 0.025 26,055,000 8,000 Blue River Resources Ltd. Common Shares Martin, Stephen Edward 3 17/08/2018 10 0.025 26,125,000 70,000 Blue River Resources Ltd. Common Shares Martin, Stephen Edward 3 21/08/2018 10 0.025 26,132,000 7,000 Boardwalk Real Estate Deferred Units (Convert to DEWALD, James Richard 4 22/08/2018 30 51.45 9,408 -17 Investment Trust TU and/or cash) Boardwalk Real Estate Trust Units DEWALD, James Richard 4 22/08/2018 30 51.45 20,062 17 Investment Trust Boardwalk Real Estate Deferred Units (Convert to Mahajan, Kelly Kulwant 5 22/08/2018 30 51.45 9,237 -851 Investment Trust TU and/or cash) Boardwalk Real Estate Trust Units Mahajan, Kelly Kulwant 5 22/08/2018 30 51.45 3,972 851 Investment Trust Boardwalk Real Estate Deferred Units (Convert to Mix, Helen May 5 22/08/2018 30 51.45 11,635 -1,032 Investment Trust TU and/or cash) Boardwalk Real Estate Trust Units Mix, Helen May 5 22/08/2018 30 51.45 1,032 1,032 Investment Trust Bombardier Inc. Options Allmer, Per 7 23/08/2018 52 1,704,856 -21,000 Bombardier Inc. Options Beaudoin, Pierre 4, 5 23/08/2018 52 6,386,461 -602,000 Bombardier Inc. Options Caza, Franτois 5 23/08/2018 52 915,078 -24,000 Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 253,807 253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 -253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 -253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Caza, Franτois 5 15/08/2018 90 486,736 -253,807 Units/Unites d'actions liees au rendement Bombardier Inc. Options Desjardins, Daniel 5 23/08/2018 52 1,830,154 -63,000 Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 418,782 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 418,782 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 418,782 418,782 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 -418,782 Units/Unites d'actions liees au rendement

August 30, 2018 (2018), 41 OSCB 6890

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 -418,782 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share Desjardins, Daniel 5 15/08/2018 90 973,471 -418,782 Units/Unites d'actions liees au rendement Bombardier Inc. Options Ryan, Michael 5 23/08/2018 52 915,078 -24,000 Bombardier Inc. Options TROGER, Laurent RenΘ 5 23/08/2018 52 4,808,237 -70,000 Octave Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 401,928 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 401,928 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 401,928 401,928 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 -401,928 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 -401,928 Units/Unites d'actions liees au rendement Bombardier Inc. Performance Share VΘronneau, Louis G. 5 15/08/2018 90 973,471 -401,928 Units/Unites d'actions liees au rendement Bonavista Energy Common Shares Skehar, Jason Edward 4, 5 17/08/2018 90 1.4 718,007 -8,000 Corporation Bonavista Energy Common Shares Skehar, Jason Edward 4, 5 17/08/2018 90 1.4 5,190 2,000 Corporation Bonavista Energy Common Shares Skehar, Jason Edward 4, 5 17/08/2018 90 1.4 4,177 2,000 Corporation Bonavista Energy Common Shares Skehar, Jason Edward 4, 5 17/08/2018 90 1.4 6,454 2,000 Corporation Bonavista Energy Common Shares Skehar, Jason Edward 4, 5 17/08/2018 90 1.4 6,475 2,000 Corporation Boralex Inc. Options Options d'achat Aubut, Denis 5 20/08/2018 50 19.04 11,726 2,161 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Aubut, Denis 5 20/08/2018 56 19.04 1,605 865 rendement / Performance share units Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 16 1,816 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 16 1,816 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 8.5 1,000 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 8.5 1,000 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 7.96 2,189 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 7.96 2,189 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 10.29 2,601 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 10.29 2,601 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 12.9 2,843 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 12.9 2,843 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 13.87 2,032 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 13.87 2,032 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 40 18.9 -12,481 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 40 18.9 -12,481 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 16 1,816 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 16 1,816 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 8.5 1,000 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 8.5 1,000 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 7.96 2,189 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 7.96 2,189 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 10.29 2,601 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 10.29 2,601 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 12.9 2,843

August 30, 2018 (2018), 41 OSCB 6891

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 12.9 2,843 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 40 18.9 -8,640 -12,481 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 16 -6,824 1,816 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 8.5 -5,824 1,000 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 7.96 -3,635 2,189 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 10.29 -1,034 2,601 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 12.9 1,809 2,843 Boralex Inc. Common Shares D'Aoust, Guy 5 23/08/2018 51 13.87 3,841 2,032 Boralex Inc. Options Options d'achat D'Aoust, Guy 5 20/08/2018 50 19.04 18,876 1,876 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 16 -1,816 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 16 -1,816 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 8.5 -1,000 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 8.5 -1,000 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 7.96 -2,189 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 7.96 -2,189 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 10.29 -2,601 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 10.29 -2,601 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 12.9 -2,843 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 12.9 -2,843 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 13.87 -2,032 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 13.87 -2,032 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 16 -1,816 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 16 -1,816 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 8.5 -1,000 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 8.5 -1,000 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 7.96 -2,189 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 7.96 -2,189 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 10.29 -2,601 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 10.29 -2,601 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 12.9 -2,843 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 12.9 -2,843 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 13.87 -2,032 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 13.87 -2,032 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 16 17,060 -1,816 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 8.5 16,060 -1,000 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 7.96 13,871 -2,189 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 10.29 11,270 -2,601 d'actions ordinaires

August 30, 2018 (2018), 41 OSCB 6892

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 12.9 8,427 -2,843 d'actions ordinaires Boralex Inc. Options Options d'achat D'Aoust, Guy 5 23/08/2018 51 13.87 6,395 -2,032 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au D'Aoust, Guy 5 20/08/2018 56 19.04 1,392 750 rendement / Performance share units Boralex Inc. Options Options d'achat Decostre, Patrick 7, 5 20/08/2018 50 19.04 44,210 3,946 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Decostre, Patrick 7, 5 20/08/2018 56 19.04 2,507 1,578 rendement / Performance share units Boralex Inc. Options Options d'achat Girardin, Hugues 5 20/08/2018 50 19.04 27,502 3,344 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Girardin, Hugues 5 20/08/2018 56 19.04 2,511 1,338 rendement / Performance share units Boralex Inc. Options Options d'achat Hurtubise, Pascal 5 20/08/2018 50 19.04 4,458 2,390 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Hurtubise, Pascal 5 20/08/2018 56 19.04 1,794 956 rendement / Performance share units Boralex Inc. Options Options d'achat Lemaire, Patrick 4, 7, 5 20/08/2018 50 19.04 407,521 16,597 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Lemaire, Patrick 4, 7, 5 20/08/2018 56 19.04 12,461 6,639 rendement / Performance share units Boralex Inc. Options Options d'achat Ouellet, Gabriel 5 20/08/2018 50 19.04 8,714 941 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Ouellet, Gabriel 5 20/08/2018 56 19.04 698 376 rendement / Performance share units Boralex Inc. Options Options d'achat Thibodeau, Jean-Franτois 7, 5 20/08/2018 50 19.04 92,633 7,147 d'actions ordinaires Boralex Inc. UnitΘs d'action liΘes au Thibodeau, Jean-Franτois 7, 5 20/08/2018 56 19.04 5,366 2,859 rendement / Performance share units BQE Water Inc. Common Shares Kratochvil, David 5 23/08/2018 10 0.08 37,000 2,000 Braille Energy Systems Inc. Common Shares Economo, Gary 3, 4, 5 21/08/2018 10 0.05 2,148,333 65,000 Braille Energy Systems Inc. Common Shares Economo, Gary 3, 4, 5 23/08/2018 10 0.05 2,281,333 133,000 Braille Energy Systems Inc. Common Shares York, Jeffrey 3, 4 17/08/2018 10 0.07 2,097,000 50,000 Braveheart Resources Inc. Common Shares Berzins, Ian Martin 4, 5 21/08/2018 10 0.09 1,218,000 5,000 Braveheart Resources Inc. Common Shares Berzins, Ian Martin 4, 5 21/08/2018 10 0.095 1,221,000 3,000 Brookfield Infrastructure Limited Partnership Units Varma, Danesh Kumar 4 20/08/2018 30 40.33 8,322 788 Partners L.P. Brookfield Property Partners Limited Partnership Units DeNardo, Stephen 4 21/08/2018 10 19.76 23,200 2,500 L.P. Brookfield Property Partners Limited Partnership Units DeNardo, Stephen 4 22/08/2018 10 19.689 24,500 1,300 L.P. Brookfield Property Partners Limited Partnership Units DeNardo, Stephen 4 22/08/2018 10 19.698 16,704 3,700 L.P. Brookfield Property Partners Limited Partnership Units DeNardo, Stephen 4 24/08/2018 10 19.36 18,404 1,700 L.P. Brookfield Property Partners Deferred Units (Global) Liebman, Lance Malcolm 7 21/08/2018 30 47,187 769 L.P. Brookfield Property Partners Deferred Units (Global) Stelzl, Robert L. 7 21/08/2018 30 42,075 686 L.P. Buhler Industries Inc. Common Shares Buhler, John 3, 4 20/08/2018 10 3.6 3,781,386 1,000 Buhler Industries Inc. Common Shares Buhler, John 3, 4 22/08/2018 10 3.6 3,782,486 1,100 C-COM Satellite Systems Common Shares Klein, Leslie 3, 4, 5 17/08/2018 10 1.03 14,237,496 9,000 Inc. C-COM Satellite Systems Common Shares Klein, Leslie 3, 4, 5 21/08/2018 10 1.02 14,239,396 1,900 Inc. C-COM Satellite Systems Common Shares Klein, Leslie 3, 4, 5 22/08/2018 10 1.02 14,246,396 7,000 Inc. C-COM Satellite Systems Common Shares Klein, Leslie 3, 4, 5 23/08/2018 10 1 14,251,396 5,000 Inc.

August 30, 2018 (2018), 41 OSCB 6893

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Cache Exploration Inc. Common Shares Bal, Jatinder Singh 4 23/08/2018 10 0.04 1,820,500 147,000 Canaccord Genuity Group Rights Restricted Share Barlow, Jeffrey Griffin 7 15/08/2018 56 7.21 341,952 67,290 Inc. Units Canaccord Genuity Group Rights Restricted Share de Rosnay, Alexis 7 15/08/2018 56 7.21 313,891 58,891 Inc. Units Canaccord Genuity Group Rights Restricted Share Esfandi, David 7 15/08/2018 56 7.21 423,232 49,076 Inc. Units Canaccord Genuity Group Rights Restricted Share Ghose, Dvaipayan 7 15/08/2018 56 7.21 420,330 39,930 Inc. Units Canaccord Genuity Group Rights Restricted Share MacFayden, Donald 7 15/08/2018 56 7.21 25,881 Inc. Units Duncan Canaccord Genuity Group Rights Restricted Share MacFayden, Donald 7 15/08/2018 56 7.21 25,881 Inc. Units Duncan Canaccord Genuity Group Rights Restricted Share MacFayden, Donald 7 15/08/2018 56 7.21 85,193 25,881 Inc. Units Duncan Canaccord Genuity Group Rights Restricted Share MacLachlan, Martin Lachlan 5 15/08/2018 56 7.21 13,305 2,810 Inc. Units Canaccord Genuity Group Rights Restricted Share Pelosi, Adrian John Ugo 7 15/08/2018 56 7.21 35,811 11,831 Inc. Units Canaccord Genuity Group Rights Restricted Share Russell, Nicholas Brian 7 15/08/2018 56 7.21 15,030 15,030 Inc. Units Canaccord Genuity Group Common Shares Whaling, Mark Driscoll 7 23/08/2018 10 7.2497 201,263 -45,800 Inc. Canada Goose Holdings Inc. Options Black, John 5 21/08/2018 51 0.019 148,365 -28,816 Canada Goose Holdings Inc. Subordinate Voting Black, John 5 21/08/2018 51 0.019 28,816 28,816 Shares Canada Goose Holdings Inc. Subordinate Voting Black, John 5 21/08/2018 10 70.932 0 -28,816 Shares Canada Goose Holdings Inc. Subordinate Voting MacKillop, Kara 5 23/08/2018 10 73 0 -15,000 Shares Canadian Apartment Trust Units Todres, Elaine 4 20/08/2018 10 47.2 5,000 -2,924 Properties Real Estate Investment Trust Canadian Apartment Trust Units Todres, Elaine 4 20/08/2018 10 46.8 2,000 -3,000 Properties Real Estate Investment Trust Canadian Metals Inc. Common Shares 9248-7792 QuΘbec Inc. 3 22/08/2018 97 1,857,684 20,270 Canadian Metals Inc. Common Shares Cantore, Victor 4, 5 22/08/2018 97 0.074 1,544,866 13,514 Canadian Metals Inc. Common Shares Gagnon, Michel 4 22/08/2018 45 0.074 692,859 10,135 Canadian Metals Inc. Common Shares Gagnon, Michel 4 26/08/2018 45 0.074 10,135 Canadian Metals Inc. Common Shares Gagnon, Michel 4 26/08/2018 45 0.074 10,135 Canadian Metals Inc. Common Shares Gagnon, Michel 4 22/08/2018 45 0.074 564,054 14,189 Canadian Metals Inc. Common Shares Gagnon, Michel 4 26/08/2018 45 0.074 14,189 Canadian Metals Inc. Common Shares Gagnon, Michel 4 26/08/2018 45 0.074 14,189 Canadian Metals Inc. Convertible Debentures Leblanc, StΘphane 3, 4, 5 27/07/2015 16 $15,000 Canadian Metals Inc. Convertible Debentures Leblanc, StΘphane 3, 4, 5 27/07/2015 16 0.15 $15,000 Canadian Metals Inc. Convertible Debentures Leblanc, StΘphane 3, 4, 5 27/07/2015 16 $15,000 $15,000 Canadian National Railway Common Shares Finn, Sean 5 17/08/2018 51 67 25,084 11,334 Company Canadian National Railway Common Shares Finn, Sean 5 17/08/2018 10 116.39 13,750 -11,334 Company Canadian National Railway Options Finn, Sean 5 17/08/2018 51 67 175,151 -11,334 Company Canadian Overseas Common Shares Carello, Massimo 4 21/08/2018 10 0.0036 3,958,929 2,000,000 Petroleum Limited Canadian Overseas Common Shares Carello, Massimo 4 24/08/2018 10 0.0034 5,958,929 2,000,000 Petroleum Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 20/08/2018 38 165.83 20,000 20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 20/08/2018 38 0 -20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 21/08/2018 38 165.77 20,000 20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 21/08/2018 38 0 -20,000 Limited A Limited

August 30, 2018 (2018), 41 OSCB 6894

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 22/08/2018 38 164.92 20,000 20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 22/08/2018 38 0 -20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 23/08/2018 38 164.04 20,000 20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 23/08/2018 38 0 -20,000 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 24/08/2018 38 164.2 11,900 11,900 Limited A Limited Canadian Tire Corporation, Non-Voting Shares Class Canadian Tire Corporation, 1 24/08/2018 38 0 -11,900 Limited A Limited Canadian Tire Corporation, Deferred Share Units Wetmore, Stephen Gerald 4, 5 21/08/2018 56 164.43 66,611 2,280 Limited Canadian Tire Corporation, Performance Share Units Wetmore, Stephen Gerald 4, 5 21/08/2018 56 164.43 42,838 2,280 Limited Canadian Tire Corporation, Restricted Share Units Wetmore, Stephen Gerald 4, 5 21/08/2018 56 164.43 27,367 Limited Canadian Tire Corporation, Restricted Share Units Wetmore, Stephen Gerald 4, 5 21/08/2018 56 164.43 27,367 Limited Canadian Tire Corporation, Restricted Share Units Wetmore, Stephen Gerald 4, 5 21/08/2018 56 164.43 27,367 27,367 Limited CANADIAN ZINC Common Shares Cunningham, Trevor Lyn 5 13/08/2018 30 780,000 750,000 CORPORATION CANADIAN ZINC Common Shares Cunningham, Trevor Lyn 5 15/08/2018 10 0.1286 245,000 -535,000 CORPORATION CANADIAN ZINC Rights Restricted Share Cunningham, Trevor Lyn 5 13/08/2018 57 800,000 -750,000 CORPORATION Units CANADIAN ZINC Common Shares MacDonald, Robert John 5 17/08/2018 10 0.125 3,500,000 81,000 CORPORATION CANADIAN ZINC Common Shares MacDonald, Robert John 5 20/08/2018 10 0.12 3,527,000 27,000 CORPORATION CANADIAN ZINC Common Shares MacDonald, Robert John 5 21/08/2018 10 0.12 3,600,000 73,000 CORPORATION CANADIAN ZINC Common Shares MacDonald, Robert John 5 24/08/2018 10 0.115 3,613,000 13,000 CORPORATION Canna 8 Investment Trust Trust Units Cheema, Sundeep 3, 4 10/07/2018 00 400,000 Canna 8 Investment Trust Trust Units Cheema, Sundeep 3, 4 10/07/2018 00 400,000 Canna 8 Investment Trust Trust Units Cheema, Sundeep 3, 4 10/07/2018 00 400,000 Canna 8 Investment Trust Trust Units Dobrijevic, Nebojsa 3, 4, 5 10/07/2018 00 1,800,000 Canna 8 Investment Trust Trust Units Parmar, Deepak 3, 4, 5 10/07/2018 00 300,000 Canna 8 Investment Trust Trust Units Parmar, Deepak 3, 4, 5 10/07/2018 00 300,000 Canna 8 Investment Trust Trust Units Parmar, Deepak 3, 4, 5 10/07/2018 00 300,000 Canna 8 Investment Trust Trust Units Parmar, Deepak 3, 4, 5 10/07/2018 00 300,000 Canna 8 Investment Trust Trust Units Pillai, Gopikannan 3, 4 10/07/2018 00 1,800,000 CannTrust Holdings Inc. Common Shares Forum Financial 5 21/08/2018 10 8.3276 569,460 -330,000 Corporation CannTrust Holdings Inc. Common Shares Forum Financial 5 23/08/2018 10 8.2387 419,460 -150,000 Corporation CannTrust Holdings Inc. Common Shares Forum Financial 5 24/08/2018 10 8.8472 269,460 -150,000 Corporation Cannvas MedTech Inc. Common Shares Moniz, Shawn 3, 4, 5 22/08/2018 10 0.325 4,966,991 10,000 Cannvas MedTech Inc. Common Shares Moniz, Shawn 3, 4, 5 22/08/2018 10 0.3333 4,972,991 6,000 Canopy Growth Corporation Rights Restricted Stock Bell, John K. 4 31/10/2014 00 Units Canopy Growth Corporation Rights Restricted Stock Bell, John K. 4 14/08/2018 56 3,086 3,086 Units Canopy Growth Corporation Rights Restricted Stock Goldman, Murray 4 28/08/2015 00 Units Canopy Growth Corporation Rights Restricted Stock Goldman, Murray 4 14/08/2018 56 3,086 3,086 Units Canopy Growth Corporation Units Restricted Stock Goldman, Murray 4 28/08/2015 00 Units Canopy Growth Corporation Rights Restricted Stock Stringham, Peter 4 15/09/2016 00 Units

August 30, 2018 (2018), 41 OSCB 6895

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Canopy Growth Corporation Rights Restricted Stock Stringham, Peter 4 14/08/2018 56 3,086 3,086 Units CanWel Building Materials Common Shares Doman, Amar 4 17/08/2018 10 6.3098 12,736,270 5,000 Group Ltd. CanWel Building Materials Common Shares Doman, Amar 4 21/08/2018 10 6.37 12,741,270 5,000 Group Ltd. Caribbean Utilities Company, Common Shares Class A Thomson, Peter A. 4 22/08/2018 10 13.201 0 -35,490 Ltd. Ordinary Shares Caribbean Utilities Company, Common Shares Class A Thomson, Peter A. 4 21/08/2018 10 13.2 0 -12,660 Ltd. Ordinary Shares Cartier Iron Corporation Common Shares ESTEPA, JORGE 6, 5 01/08/2018 16 0.125 1,453,591 1,000,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares Langton, John 4, 5 01/08/2018 16 0.125 350,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares Langton, John 4, 5 01/08/2018 16 0.125 350,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 01/08/2018 16 0.125 710,500 350,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 17/08/2018 10 0.17 756,500 45,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 20/08/2018 10 0.065 761,500 5,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 20/08/2018 10 0.07 766,500 5,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 20/08/2018 10 0.075 776,500 10,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares LARSEN, THOMAS 4, 5 20/08/2018 10 0.08 783,500 7,000 (Formerly Northfield Metals Inc.) Cartier Iron Corporation Common Shares NAGAMATSU, MILES 5 01/08/2018 16 0.125 1,157,203 1,000,000 (Formerly Northfield Metals Inc.) Cascades Inc. Common Shares Cascades inc. 1 20/08/2018 38 13.727 10,200 10,200 Cascades Inc. Common Shares Cascades inc. 1 20/08/2018 38 13.727 0 -10,200 Cascades Inc. Common Shares Cascades inc. 1 21/08/2018 38 13.816 15,500 15,500 Cascades Inc. Common Shares Cascades inc. 1 21/08/2018 38 13.816 0 -15,500 Cascades Inc. Common Shares Cascades inc. 1 22/08/2018 38 13.403 29,500 29,500 Cascades Inc. Common Shares Cascades inc. 1 22/08/2018 38 13.403 0 -29,500 Cascades Inc. Common Shares Cascades inc. 1 23/08/2018 38 12.936 37,500 37,500 Cascades Inc. Common Shares Cascades inc. 1 23/08/2018 38 12.936 0 -37,500 Cascades Inc. Common Shares Cascades inc. 1 24/08/2018 38 13.144 16,400 16,400 Cascades Inc. Common Shares Cascades inc. 1 24/08/2018 38 13.144 0 -16,400 Cenovus Energy Inc. Common Shares Kvisle, Harold N. 4 14/08/2018 10 12.67 51,000 5,000 Cenovus Energy Inc. Common Shares MacPhail, Keith A.J. 4 20/08/2018 10 11.99 137,000 12,000 Cenovus Energy Inc. Common Shares MacPhail, Keith A.J. 4 17/08/2018 10 11.8 48,000 12,000 Cequence Energy Ltd. Rights Restricted Share Archibald, Donald 4, 5 21/08/2018 59 0.06 20,000 -29,000 Units Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 09/08/2018 16 3,429,223 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 09/08/2018 16 3,441,528 3,441,528 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 17/08/2018 90 9,192,533 5,751,005 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 22/08/2018 10 0.025 9,926,933 734,400 flow-through shares at $0.035 per share

August 30, 2018 (2018), 41 OSCB 6896

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 17/08/2018 90 0 -5,751,005 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 30/07/2009 00 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 30/07/2009 00 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 09/08/2018 16 12,300 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Archibald, Donald 4, 5 09/08/2018 16 12,300 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights Restricted Share Bannister, Peter 4 21/08/2018 59 0.06 15,000 -24,000 Units Cequence Energy Ltd. Rights Restricted Share Brown, Todd Jason 5 21/08/2018 59 0.06 233,333 -203,333 Units Cequence Energy Ltd. Rights to subscribe for Brown, Todd Jason 5 17/08/2018 10 0.02 223,012 41,000 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights to subscribe for Brown, Todd Jason 5 22/08/2018 10 0.025 957,412 734,400 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights Restricted Share Crone, Howard James 4, 5 21/08/2018 59 0.06 15,000 -24,000 Units Cequence Energy Ltd. Rights to subscribe for Crone, Howard James 4, 5 22/08/2018 10 0.025 8,674,119 734,400 flow-through shares at $0.035 per share Cequence Energy Ltd. Rights Restricted Share Felesky, Brian Arthur 4 21/08/2018 59 0.06 15,000 -24,000 Units Cequence Energy Ltd. Rights Restricted Share Gilbert, Daryl Harvey 4, 6 21/08/2018 59 0.06 15,000 -24,000 Units Cequence Energy Ltd. Rights Restricted Share Robinson, David Priaulx 5 21/08/2018 59 0.06 133,332 -130,001 Units Cequence Energy Ltd. Rights Restricted Share Soby, Christopher Clark 5 21/08/2018 59 0.06 133,332 -130,001 Units Cequence Energy Ltd. Rights Restricted Share Thorson, Erin Patricia 5 21/08/2018 59 0.06 133,332 -119,334 Units CES Energy Solutions Corp. Common Shares Ahrens, Burton Joel 4 22/08/2018 10 5.01 46,519 -2,000 CGX Energy Inc. Options Maraj, Tralisa 5 19/08/2018 52 85,000 -475,000 CGX Energy Inc. Options Mills, Dennis Joseph 4, 6 19/08/2018 52 60,000 -400,000 CGX Energy Inc. Options Narine, Suresh 4, 5 19/08/2018 52 1,090,000 -750,000 Champion Bear Resources Options Kantor, Richard Derrick 3, 4, 5 23/08/2018 52 0.05 2,234,893 -774,000 Ltd. Champion Bear Resources Common Shares Och, Audrey 5 20/08/2018 51 0.05 251,550 50,000 Ltd. Champion Bear Resources Options Och, Audrey 5 20/08/2018 51 0.05 50,000 Ltd. Champion Bear Resources Options Och, Audrey 5 20/08/2018 51 0.05 1,026,318 -50,000 Ltd. Champion Iron Limited Common Shares Ordinary O'Keeffe, William Michael 4 21/08/2018 57 2,751,900 751,900 Shares (as per Australian securities law) Champion Iron Limited Share Rights O'Keeffe, William Michael 4 17/08/2018 56 751,900 751,900 Champion Iron Limited Share Rights O'Keeffe, William Michael 4 21/08/2018 57 0 -751,900 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 21/08/2018 10 0.7333 7,456,633 15,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 21/08/2018 10 0.749 7,461,633 5,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 21/08/2018 10 0.75 7,466,633 5,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 21/08/2018 10 0.75 7,471,633 5,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 22/08/2018 10 0.72 7,491,633 20,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.755 7,501,633 10,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.77 7,506,633 5,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.75 7,516,633 10,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.76 7,531,633 15,000

August 30, 2018 (2018), 41 OSCB 6897

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.7725 7,551,633 20,000 Chemesis International Inc. Common Shares Rae Ventures Inc. 3 23/08/2018 10 0.76 7,561,633 10,000 Chesswood Group Limited Common Shares Obront, David Mitchell 4 15/08/2018 10 12.09 42,800 -1,600 Aaron Chesswood Group Limited Common Shares Obront, David Mitchell 4 21/08/2018 10 12.443 39,800 -3,000 Aaron Chesswood Group Limited Common Shares Obront, David Mitchell 4 22/08/2018 10 12.47 39,300 -500 Aaron Chesswood Group Limited Common Shares Obront, David Mitchell 4 23/08/2018 10 12.45 37,300 -2,000 Aaron Chesswood Group Limited Common Shares Obront, David Mitchell 4 24/08/2018 10 12.44 35,300 -2,000 Aaron China Minerals Mining Options Yuan, Ke Feng (Andrea) 5 01/05/2017 00 Corporation China Minerals Mining Options Yuan, Ke Feng (Andrea) 5 24/08/2018 50 0.2 150,000 150,000 Corporation Chorus Aviation Inc. Class B Voting Shares FLYNN, Rick 5 17/08/2018 51 4.5 563,420 20,000 Chorus Aviation Inc. Class B Voting Shares FLYNN, Rick 5 22/08/2018 47 544,420 -19,000 Chorus Aviation Inc. Options FLYNN, Rick 5 17/08/2018 51 4.5 330,000 -20,000 CI Financial Corp. Common Shares Ratnavel, Roy 7 20/08/2018 10 21.55 145,000 10,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 17/08/2018 10 0.83 5,931,347 15,500 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 17/08/2018 10 0.83 1,026,500 13,500 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 20/08/2018 10 0.8193 1,040,000 13,500 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 22/08/2018 10 0.78 1,042,000 2,000 CIBT Education Group Inc. Common Shares CIBT Education Group Inc 1 23/08/2018 10 0.8 1,055,500 13,500 Cipher Pharmaceuticals Inc. Common Shares Beaudet, Mark 4 15/08/2018 30 2.59 73,555 2,083 Cipher Pharmaceuticals Inc. Common Shares Godin, Christian 4 15/08/2018 30 2.59 36,710 326 Cipher Pharmaceuticals Inc. Common Shares Lemieux, Stephen 5 15/08/2018 30 2.59 20,787 488 Cipher Pharmaceuticals Inc. Options Terrisse-Rulleau, Laurence 4 11/05/2018 00 Cipher Pharmaceuticals Inc. Options Terrisse-Rulleau, Laurence 4 14/08/2018 50 3.04 20,000 20,000 Cipher Pharmaceuticals Inc. Restricted Share Units Terrisse-Rulleau, Laurence 4 11/05/2018 00 Cipher Pharmaceuticals Inc. Restricted Share Units Terrisse-Rulleau, Laurence 4 14/08/2018 56 1,500 1,500 Cipher Pharmaceuticals Inc. Common Shares Watters, Chris 5 15/08/2018 30 2.59 857 193 Cipher Pharmaceuticals Inc. Common Shares Wolkin, Harold Morton 4 15/08/2018 30 2.59 173,975 1,399 Clarke Inc. Common Shares Clarke Inc. 1 21/08/2018 10 12.5 127,500 35,000 Clearwater Seafoods Common Shares Cunningham, Roy 5 09/11/2017 00 Incorporated MacGregor Clearwater Seafoods Common Shares Jabbour, Tony 5 15/08/2018 10 5.44 2,064 900 Incorporated Clearwater Seafoods Common Shares Jabbour, Tony 5 14/11/2017 00 Incorporated Clearwater Seafoods Common Shares Jabbour, Tony 5 16/08/2018 10 5.5 1,000 1,000 Incorporated Cliffmont Resources Ltd. Common Shares Tindale, Darren 5 03/08/2018 16 2,600,000 Cliffmont Resources Ltd. Common Shares Tindale, Darren 5 03/08/2018 16 2,600,000 Cliffmont Resources Ltd. Warrants Tindale, Darren 5 03/08/2018 53 0.005 1,300,000 Cliffmont Resources Ltd. Warrants Tindale, Darren 5 03/08/2018 53 0.005 1,300,000 Cliffmont Resources Ltd. Common Shares Tindale, Jeffery 4 03/08/2018 15 0.0037 32,985,967 32,171,467 Cliffmont Resources Ltd. Warrants Tindale, Jeffery 4 03/08/2018 15 0.005 16,263,734 16,085,734 COLLIERS Subordinate Voting McLernon, C.R. 2 24/08/2018 10 106 92,207 -4,990 INTERNATIONAL GROUP Shares INC. Commerce Acquisition Corp. Common Shares Mitchell, David 4 28/02/2018 00 250,000 Commerce Acquisition Corp. Options Mitchell, David 4 28/02/2018 00 Commerce Acquisition Corp. Options Mitchell, David 4 07/05/2018 50 0.2 250,000 250,000 Computer Modelling Group Common Shares Balic, Sandra 5 21/08/2018 57 8.8 54,413 813 Ltd. Computer Modelling Group Rights Restricted Share Balic, Sandra 5 21/08/2018 56 9,195 4,500 Ltd. Units Computer Modelling Group Rights Restricted Share Balic, Sandra 5 21/08/2018 57 8.8 7,630 -1,565 Ltd. Units Computer Modelling Group Rights Restricted Share Dedeluk, Kenneth Michael 4 21/08/2018 59 8.8 4,695 -2,347 Ltd. Units

August 30, 2018 (2018), 41 OSCB 6898

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Computer Modelling Group Common Shares Eastick, Robert Roy 5 21/08/2018 57 8.8 109,003 813 Ltd. Computer Modelling Group Rights Restricted Share Eastick, Robert Roy 5 21/08/2018 56 9,195 4,500 Ltd. Units Computer Modelling Group Rights Restricted Share Eastick, Robert Roy 5 21/08/2018 57 8.8 7,630 -1,565 Ltd. Units Computer Modelling Group Common Shares Kumar, Anjani 5 21/08/2018 57 8.8 39,883 813 Ltd. Computer Modelling Group Rights Restricted Share Kumar, Anjani 5 21/08/2018 56 9,195 4,500 Ltd. Units Computer Modelling Group Rights Restricted Share Kumar, Anjani 5 21/08/2018 57 8.8 7,630 -1,565 Ltd. Units Computer Modelling Group Common Shares Nghiem, Long X 5 21/08/2018 57 8.8 817,613 813 Ltd. Computer Modelling Group Rights Restricted Share Nghiem, Long X 5 21/08/2018 56 9,195 4,500 Ltd. Units Computer Modelling Group Rights Restricted Share Nghiem, Long X 5 21/08/2018 57 8.8 7,630 -1,565 Ltd. Units Computer Modelling Group Common Shares SCHNEIDER, RYAN 4, 5 21/08/2018 57 8.8 61,337 1,627 Ltd. NICOLAS Computer Modelling Group Common Shares SCHNEIDER, RYAN 4, 5 21/08/2018 10 8.66 17,889 3,385 Ltd. NICOLAS Computer Modelling Group Rights Restricted Share SCHNEIDER, RYAN 4, 5 21/08/2018 56 18,389 9,000 Ltd. Units NICOLAS Computer Modelling Group Rights Restricted Share SCHNEIDER, RYAN 4, 5 21/08/2018 57 8.8 15,259 -3,130 Ltd. Units NICOLAS Computer Modelling Group Options Smith, Robert Frederick 4 15/08/2018 52 12.2 57,850 -12,500 Ltd. Morrison Constantine Metal Common Shares Tognetti, John 3 23/08/2018 10 0.61 5,799,088 500 Resources Ltd. Constantine Metal Common Shares Williams, Richard 4 19/07/2018 00 Resources Ltd. Constantine Metal Options Williams, Richard 4 19/07/2018 00 Resources Ltd. Constantine Metal Warrants Williams, Richard 4 19/07/2018 00 Resources Ltd. Coronado Resources Ltd. Common Shares Garnot, Ashley 4 20/08/2018 37 56,238 28,119 Coronado Resources Ltd. Common Shares Guidi, Alex P. 3 20/08/2018 37 1,215,426 607,713 Coronado Resources Ltd. Common Shares Loretto, David 4 20/08/2018 37 3,362 1,681 Coronado Resources Ltd. Common Shares MacNeil, Barry Alan Brent 5 20/08/2018 37 12,316 6,158 Coronado Resources Ltd. Common Shares Perone, Giuseppe (Pino) 5 20/08/2018 37 36,360 18,180 Coronado Resources Ltd. Common Shares Vaccaro, John 4 20/08/2018 37 2,144 1,072 Correvio Pharma Corp. Common Shares McMasters, David D. 5 16/08/2018 10 4.98 29,093 -10,000 Corridor Resources Inc. Common Shares Creemer, Andrea Anita 5 21/08/2018 10 0.71 93,444 -5,000 Corridor Resources Inc. Deferred Share Unit Foster, John Douglas 4 12/11/2003 00 (DSU) Corridor Resources Inc. Deferred Share Unit Foster, John Douglas 4 15/08/2018 46 0.65 37,951 37,951 (DSU) Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.01 -7,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.01 -7,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.01 127,131 -7,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.02 125,131 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.025 124,831 -300 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.026 119,631 -5,200 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.03 117,631 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.034 115,631 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.04 113,631 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.04 109,631 -4,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.05 107,631 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.053 103,131 -4,500 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.054 101,131 -2,000 Cott Corporation Common Shares Halperin, Stephen 4 20/08/2018 10 21.072 100,000 -1,131 Crew Energy Inc. Common Shares Taylor, James A 5 17/08/2018 10 1.94 23,000 10,000

August 30, 2018 (2018), 41 OSCB 6899

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Crown Capital Partners Inc. Convertible Debentures Roane, Glen Dawson 4 30/06/2015 00 Crown Capital Partners Inc. Convertible Debentures Roane, Glen Dawson 4 30/06/2015 00 Crown Capital Partners Inc. Convertible Debentures Roane, Glen Dawson 4 16/08/2018 10 13.71 $107,000 $107,000 Crown Capital Partners Inc. Convertible Debentures Roane, Glen Dawson 4 30/06/2015 00 Crown Capital Partners Inc. Convertible Debentures Roane, Glen Dawson 4 23/08/2018 10 13.7 $125,000 $125,000 Crystal Peak Minerals Inc. Common Shares Voting Basse, Daniel William 4 17/08/2018 10 0.31 1,398,793 100,000 Crystal Peak Minerals Inc. Common Shares Voting Basse, Daniel William 4 22/08/2018 10 0.31 1,498,793 100,000 Crystal Peak Minerals Inc. Common Shares Voting Mansanti, John Gerard 4, 5 22/08/2018 10 0.249 184,000 49,000 Crystal Peak Minerals Inc. Common Shares Voting Mansanti, John Gerard 4, 5 23/08/2018 10 0.2531 213,000 29,000 Crystal Peak Minerals Inc. Common Shares Voting Mansanti, John Gerard 4, 5 23/08/2018 10 0.253 214,000 1,000 Cuda Oil and Gas Inc. Common Shares Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Bushell, Timothy 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Common Shares DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Options DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Options DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Warrants DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Warrants DAWSON, ROBERT 4 22/08/2018 00 GLENN Cuda Oil and Gas Inc. Common Shares Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Options Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Options Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Frommer, Richard Neil 4 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Options Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Options Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Lawrence, Bruce 4 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Purvis, Ronald 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Options Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Warrants Schneider, Terrence 5 22/08/2018 00 Cuda Oil and Gas Inc. Common Shares Bushell, Timothy 5 14/08/2018 22 43,027 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Bushell, Timothy 5 14/08/2018 22 208,862 208,862 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Bushell, Timothy 5 14/08/2018 22 4.18 43,027 43,027 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Bushell, Timothy 5 14/08/2018 22 4 24,273 24,273 (formerly Junex Inc.)

August 30, 2018 (2018), 41 OSCB 6900

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Cuda Oil and Gas Inc. Common Shares Dawson, Alan Scott 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Dawson, Alan Scott 4 14/08/2018 22 138,942 138,942 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Dawson, Alan Scott 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Dawson, Alan Scott 4 14/08/2018 22 4.18 10,757 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Dawson, Alan Scott 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Dawson, Alan Scott 4 14/08/2018 22 4 13,282 13,282 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares DAWSON, ROBERT 4 14/08/2018 22 578,178 578,178 (formerly Junex Inc.) GLENN Cuda Oil and Gas Inc. Options DAWSON, ROBERT 4 14/08/2018 22 4.18 53,784 53,784 (formerly Junex Inc.) GLENN Cuda Oil and Gas Inc. Warrants DAWSON, ROBERT 4 14/08/2018 22 4 67,193 67,193 (formerly Junex Inc.) GLENN Cuda Oil and Gas Inc. Common Shares Frommer, Richard Neil 4 14/08/2018 22 138,942 138,942 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Frommer, Richard Neil 4 14/08/2018 22 4.18 10,757 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Frommer, Richard Neil 4 14/08/2018 22 4 16,147 16,147 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 14/08/2018 22 80,257 80,257 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 22/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 14/08/2018 22 10,327 10,327 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 22/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 14/08/2018 22 484,056 484,056 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Gutor, Chad 5 22/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Gutor, Chad 5 14/08/2018 22 4.18 43,027 43,027 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Gutor, Chad 5 22/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Gutor, Chad 5 14/08/2018 22 4 66,782 66,782 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Gutor, Chad 5 22/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Hirst, Edward Raye 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Hirst, Edward Raye 4 14/08/2018 22 249,343 249,343 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Hirst, Edward Raye 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Hirst, Edward Raye 4 14/08/2018 22 4.18 10,757 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Hirst, Edward Raye 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Hirst, Edward Raye 4 14/08/2018 22 4 28,977 28,977 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lavoie, Jean-Yves 4 14/08/2018 37 22,875 -205,871 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lavoie, Jean-Yves 4 14/08/2018 37 600 -5,400 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lavoie, Jean-Yves 4 14/08/2018 37 711,680 -6,405,120 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Jean-Yves 4 14/08/2018 37 -337,500 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Jean-Yves 4 14/08/2018 37 537,500 -337,500 (formerly Junex Inc.)

August 30, 2018 (2018), 41 OSCB 6901

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Cuda Oil and Gas Inc. Options Lavoie, Jean-Yves 4 14/08/2018 37 357,500 -180,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Jean-Yves 4 21/08/2018 37 87,500 -270,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lavoie, Mathieu 5 14/08/2018 37 284 -2,556 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lavoie, Mathieu 5 14/08/2018 37 450 -4,050 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Mathieu 5 23/10/2012 52 275,000 -30,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Mathieu 5 15/11/2012 50 475,000 200,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Mathieu 5 14/08/2018 37 367,500 -67,500 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Mathieu 5 14/08/2018 37 187,500 -180,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lavoie, Mathieu 5 14/08/2018 37 43,500 -144,000 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lawrence, Bruce A. 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Lawrence, Bruce A. 4 14/08/2018 22 80,676 80,676 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 22 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 22 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 22 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Lawrence, Bruce A. 4 14/08/2018 00 10,757 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Lawrence, Bruce A. 4 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Lawrence, Bruce A. 4 14/08/2018 22 16,147 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Lawrence, Bruce A. 4 14/08/2018 22 16,147 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Lawrence, Bruce A. 4 14/08/2018 22 9,376 9,376 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Purvis, Ronald 5 14/08/2018 22 44,820 44,820 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Purvis, Ronald 5 14/08/2018 22 4.18 17,928 17,928 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Purvis, Ronald 5 14/08/2018 22 4 5,209 5,209 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Saucier, Guylaine 4 14/08/2018 37 17,500 -157,500 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Schneider, Terrence Allan 5 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Common Shares Schneider, Terrence Allan 5 14/08/2018 22 495,112 495,112 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Schneider, Terrence Allan 5 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Options Schneider, Terrence Allan 5 14/08/2018 22 4.18 43,027 43,027 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Schneider, Terrence Allan 5 14/08/2018 00 (formerly Junex Inc.) Cuda Oil and Gas Inc. Warrants Schneider, Terrence Allan 5 14/08/2018 22 4 57,539 57,539 (formerly Junex Inc.) Current Water Technologies Common Shares Shelp, Gene Sidney 4, 5 20/08/2018 10 0.095 4,506,074 30,000 Inc. CWC Energy Services Corp. Common Shares CWC Energy Services 1 22/08/2018 10 0.19 453,500 100,000 Corp.

August 30, 2018 (2018), 41 OSCB 6902

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed CWC Energy Services Corp. Common Shares CWC Energy Services 1 22/08/2018 10 0.19 503,500 50,000 Corp. CWC Energy Services Corp. Common Shares CWC Energy Services 1 23/08/2018 10 0.18 522,500 19,000 Corp. CWC Energy Services Corp. Common Shares CWC Energy Services 1 23/08/2018 10 0.18 523,500 1,000 Corp. CWC Energy Services Corp. Common Shares CWC Energy Services 1 23/08/2018 10 0.19 543,500 20,000 Corp. DataWind Inc. Common Shares grostern, morton 4 22/08/2018 10 0.065 1,000 -9,000 DealNet Capital Corp. Common Shares Koshan, Michael 4 18/05/2018 00 DealNet Capital Corp. Common Shares Koshan, Michael 4 24/08/2018 10 0.08 62,000 62,000 DECISIVE DIVIDEND Options Campbell, Michael Bruce 4 21/08/2018 50 4.35 66,500 25,000 CORPORATION DECISIVE DIVIDEND Options Conway, Michael 4 21/08/2018 50 4.35 73,000 25,000 CORPORATION DECISIVE DIVIDEND Options Edwards, Gerald Terence 4, 5 20/08/2018 50 105,000 25,000 CORPORATION DECISIVE DIVIDEND Options Jeffrey, Peter Dudley 4 21/08/2018 50 4.35 66,500 25,000 CORPORATION DECISIVE DIVIDEND Options Louie, Robert 4 21/08/2018 50 4.35 66,500 25,000 CORPORATION DECISIVE DIVIDEND Options Matheos, Warren Frederick 4 20/08/2018 50 66,500 25,000 CORPORATION DECISIVE DIVIDEND Options Paterson, James Andrew 4, 5 21/08/2018 50 4.35 145,000 65,000 CORPORATION DECISIVE DIVIDEND Options Pirie, Timothy James 4 21/08/2018 50 4.35 49,500 25,000 CORPORATION DECISIVE DIVIDEND Options Redekop, David 4, 5 21/08/2018 50 4.35 121,500 65,000 CORPORATION Declan Resources Inc. Options Chin, Kelsey 5 04/10/2016 00 Declan Resources Inc. Options Chin, Kelsey 5 20/08/2018 50 0.39 250,000 250,000 Declan Resources Inc. Options Clark, James Garnet 4 11/09/2012 50 0.16 600,000 (Garry) Declan Resources Inc. Options Clark, James Garnet 4 11/09/2012 50 0.16 600,000 (Garry) Declan Resources Inc. Options Clark, James Garnet 4 07/10/2013 50 0.09 250,000 (Garry) Declan Resources Inc. Options Clark, James Garnet 4 07/10/2013 50 0.09 250,000 (Garry) Declan Resources Inc. Options Clark, James Garnet 4 20/08/2018 50 0.39 600,000 600,000 (Garry) Declan Resources Inc. Options Gahagan, Michelle 4, 5 07/10/2013 50 0.09 250,000 Declan Resources Inc. Options Gahagan, Michelle 4, 5 07/10/2013 50 0.09 250,000 Declan Resources Inc. Options Gahagan, Michelle 4, 5 02/11/2011 00 8,333 Declan Resources Inc. Options Gahagan, Michelle 4, 5 20/08/2018 50 0.39 608,333 600,000 Declan Resources Inc. Options Tisdale, Bryce 4 17/12/2015 00 Declan Resources Inc. Options Tisdale, Bryce 4 20/08/2018 50 0.39 200,000 200,000 Declan Resources Inc. Options Tisdale, Wayne 4, 5 11/09/2012 50 0.16 1,000,000 Declan Resources Inc. Options Tisdale, Wayne 4, 5 11/09/2012 50 0.16 1,000,000 Declan Resources Inc. Options Tisdale, Wayne 4, 5 07/10/2013 50 0.09 250,000 Declan Resources Inc. Options Tisdale, Wayne 4, 5 07/10/2013 50 2.7 8,333 8,333 Declan Resources Inc. Options Tisdale, Wayne 4, 5 23/02/2012 00 Declan Resources Inc. Options Tisdale, Wayne 4, 5 20/08/2018 50 0.39 600,000 600,000 Deer Horn Capital Inc. Common Shares Docherty, Tyrone Mark 4 02/08/2018 10 0.39 1,977,790 1,000 (Formerly Deer Horn Metals Inc.) Deer Horn Capital Inc. Common Shares Docherty, Tyrone Mark 4 02/08/2018 10 0.4 1,980,290 2,500 (Formerly Deer Horn Metals Inc.) Desert Mountain Energy Common Shares Olian, Irwin Alois 3, 4, 5 21/08/2018 10 0.16 3,887,125 10,000 Corp. Desert Mountain Energy Common Shares Olian, Irwin Alois 3, 4, 5 22/08/2018 10 0.16 3,897,125 10,000 Corp. Detour Gold Corporation Options Gaborit, Laurence 5 13/08/2018 52 66,421 -12,500 Detour Gold Corporation Options Galloway, Julie 5 13/08/2018 52 163,128 -20,000

August 30, 2018 (2018), 41 OSCB 6903

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed DiaMedica Therapeutics Inc. Options Alcorn, Harry 4 06/08/2018 00 DiaMedica Therapeutics Inc. Options Alcorn, Harry 4 23/08/2018 50 0.52 500,000 500,000 Dream Global Real Estate Rights Deferred Trust DREAM Unlimited Corp. 3 22/08/2018 57 797,992 -8,728 Investment Trust Units Dream Global Real Estate Units DREAM Unlimited Corp. 3 22/08/2018 57 297,609 8,728 Investment Trust DREAM Unlimited Corp. Subordinate Voting MacIndoe, Karine 7 17/05/2018 00 Shares Class A DREAM Unlimited Corp. Subordinate Voting MacIndoe, Karine 7 21/08/2018 10 8.36 6,940 6,940 Shares Class A Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 17/08/2018 10 9.65 14,300 -1,900 Investment Corporation Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 20/08/2018 10 9.65 12,700 -1,600 Investment Corporation Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 20/08/2018 10 9.7 11,700 -1,000 Investment Corporation Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 21/08/2018 10 9.7 9,200 -2,500 Investment Corporation Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 22/08/2018 10 9.75 4,500 -4,700 Investment Corporation Eclipse Residential Mortgage Common Shares Hoffmann, Christopher 4 23/08/2018 10 9.75 4,300 -200 Investment Corporation ECN Capital Corp. Common Shares ECN CAPITAL CORP. 1 20/08/2018 38 3.7748 2,900,335 315,847 ECN Capital Corp. Common Shares ECN CAPITAL CORP. 1 21/08/2018 38 3.868 3,216,182 315,847 ECN Capital Corp. Common Shares ECN CAPITAL CORP. 1 22/08/2018 38 3.9099 4,472,282 1,256,100 ECN Capital Corp. Common Shares ECN CAPITAL CORP. 1 23/08/2018 38 3.8693 4,788,129 315,847 ECN Capital Corp. Common Shares ECN CAPITAL CORP. 1 24/08/2018 38 3.9095 5,103,976 315,847 Edgewater Wireless Systems Common Shares Imrie, Brian Crompton 4 21/08/2018 11 0.16 943,136 314,298 Inc. Edgewater Wireless Systems Common Shares McGillivray, Christopher 4 20/08/2018 16 0.16 167,250 31,250 Inc. Richard Edgewater Wireless Systems Warrants McGillivray, Christopher 4 20/08/2018 16 0.25 76,250 31,250 Inc. Richard Eguana Technologies Inc. Warrants DHCT II Luxembourg 3 27/12/2017 55 625,000 -1,250,000 S.a.r.l. Eguana Technologies Inc. Warrants DHCT II Luxembourg 3 22/08/2018 16 1,863,095 1,238,095 S.a.r.l. Eldorado Gold Corporation Options Ower, Lisa Marie 5 08/08/2018 00 Eldorado Gold Corporation Options Ower, Lisa Marie 5 20/08/2018 50 1.23 48,076 48,076 Eldorado Gold Corporation Performance Share Units Ower, Lisa Marie 5 08/08/2018 00 Eldorado Gold Corporation Performance Share Units Ower, Lisa Marie 5 20/08/2018 56 37,616 37,616 Eldorado Gold Corporation Restricted Share Units Ower, Lisa Marie 5 08/08/2018 00 Eldorado Gold Corporation Restricted Share Units Ower, Lisa Marie 5 20/08/2018 56 19,379 19,379 Enbridge Inc. Common Shares Shamla, Bradley Francis 5 17/08/2018 51 19.805 50,153 5,000 Enbridge Inc. Common Shares Shamla, Bradley Francis 5 17/08/2018 38 47.05 48,048 -2,105 Enbridge Inc. Common Shares Shamla, Bradley Francis 5 17/08/2018 10 47.05 45,153 -2,895 Enbridge Inc. Options $19.805 ($39.61) Shamla, Bradley Francis 5 17/08/2018 51 19.805 5,000 -5,000 - February 25, 2019 Encana Corporation Options Suttles, Douglas James 4, 5 20/08/2018 52 18 3,626,797 -534,189 Endurance Gold Corporation Common Shares Boyd, Robert T. 4, 5 16/08/2018 10 0.055 1,439,000 4,000 Endurance Gold Corporation Common Shares Boyd, Robert T. 4, 5 17/08/2018 10 0.06 1,442,000 3,000 Enerflex Ltd. Options Goertzen, John Blair 4, 5 20/08/2018 50 16.12 1,609,497 305,283 Enerflex Ltd. Rights Performance Goertzen, John Blair 4, 5 20/08/2018 56 194,048 75,636 Share Units Enerflex Ltd. Options Harbilas, James 5 20/08/2018 50 16.12 680,803 105,248 Enerflex Ltd. Rights Performance Harbilas, James 5 20/08/2018 56 70,174 26,055 Share Units Enerflex Ltd. Options Martinez, Patricia 5 20/08/2018 50 16.12 379,008 98,254 Enerflex Ltd. Rights Performance Martinez, Patricia 5 20/08/2018 56 62,055 24,323 Share Units Enerflex Ltd. Common Shares Paravi, Anna 7 20/08/2018 51 11.66 22,406 5,000 Enerflex Ltd. Common Shares Paravi, Anna 7 20/08/2018 10 16 17,406 -5,000 Enerflex Ltd. Options Paravi, Anna 7 20/08/2018 51 11.66 0 -5,000

August 30, 2018 (2018), 41 OSCB 6904

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Enerflex Ltd. Rights Cash Performance Paravi, Anna 7 01/06/2011 00 Target Plan 2018 Enerflex Ltd. Rights Cash Performance Paravi, Anna 7 20/08/2018 56 3,152 3,152 Target Plan 2018 Enerflex Ltd. Rights Performance Pyle, Phillip 5 20/08/2018 56 26,632 8,656 Share Units Enerflex Ltd. Rights Phantom Share Pyle, Phillip 5 20/08/2018 56 16.12 139,687 34,966 Entitlement Enerflex Ltd. Options Rossiter, Marc Edward 5 20/08/2018 50 16.12 523,936 159,606 Enerflex Ltd. Rights Performance Rossiter, Marc Edward 5 20/08/2018 56 82,571 39,511 Share Units Enerflex Ltd. Options Stewart, Gregory Dean 5 20/08/2018 50 16.12 392,937 95,764 Enerflex Ltd. Rights Performance Stewart, Gregory Dean 5 20/08/2018 56 46,952 23,707 Share Units Engagement Labs Inc. Restricted Share Award Brown, Steven 5 23/12/2017 00 (RSA) Engagement Labs Inc. Restricted Share Award Brown, Steven 5 23/08/2018 56 0.04 500,000 500,000 (RSA) Engagement Labs Inc. Common Shares Lev, Bruce 3, 4, 6 17/08/2018 16 0.05 19,733,847 6,540,500 Engagement Labs Inc. Warrants Lev, Bruce 3, 4, 6 17/08/2018 16 0.08 19,547,500 3,270,250 Engagement Labs Inc. Common Shares Loeb Holding Corporation 3 17/08/2018 16 0.05 19,733,847 6,540,500 Engagement Labs Inc. Warrants Loeb Holding Corporation 3 17/08/2018 16 0.08 19,547,500 3,270,250 Engagement Labs Inc. Common Shares Paterson, G. Scott 4 17/08/2018 15 0.05 9,765,390 4,000,000 Engagement Labs Inc. Warrants Paterson, G. Scott 4 17/08/2018 15 0.08 3,475,608 2,000,000 Enterprise Group, Inc. Common Shares JAROSZUK, LEONARD 4, 5 20/08/2018 10 0.4 4,119,777 10,000 Enterprise Group, Inc. Common Shares JAROSZUK, LEONARD 4, 5 21/08/2018 10 0.39 4,132,277 12,500 Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 22/08/2018 38 2.44 5,201 100 Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 23/08/2018 38 2.5743 8,001 2,800 Equinox Gold Corp. (formerly Common Shares Heffernan, Robert Scott 5 15/08/2018 57 256,901 15,254 Trek Mining Inc.) Equinox Gold Corp. (formerly Rights Restricted Share Heffernan, Robert Scott 5 15/08/2018 57 142,887 -30,387 Trek Mining Inc.) Units - Time Based Equinox Gold Corp. (formerly Common Shares Milau, Christian 4, 5 15/08/2018 57 1,135,099 27,736 Trek Mining Inc.) Equinox Gold Corp. (formerly Rights Restricted Share Milau, Christian 4, 5 15/08/2018 57 194,000 -55,250 Trek Mining Inc.) Units - Time Based Equitable Group Inc. Common Shares Leland, Brian 7 22/08/2018 51 36.11 2,868 2,538 Equitable Group Inc. Common Shares Leland, Brian 7 22/08/2018 10 64.27 330 -2,538 Equitable Group Inc. Options Options granted Leland, Brian 7 22/08/2018 51 36.11 12,271 -2,538 Equitable Group Inc. Common Shares Wilson, Timothy James 5 17/08/2018 51 27.23 4,018 2,000 Equitable Group Inc. Common Shares Wilson, Timothy James 5 17/08/2018 10 63.5 2,018 -2,000 Equitable Group Inc. Common Shares Wilson, Timothy James 5 21/08/2018 51 27.23 4,018 2,000 Equitable Group Inc. Common Shares Wilson, Timothy James 5 21/08/2018 10 64.67 2,018 -2,000 Equitable Group Inc. Options Options granted Wilson, Timothy James 5 17/08/2018 51 27.23 73,402 -2,000 Equitable Group Inc. Options Options granted Wilson, Timothy James 5 21/08/2018 51 27.23 71,402 -2,000 European Focused Dividend Trust Units European Focused 1 16/08/2018 38 8.722 625,600 6,600 Fund Dividend Fund European Focused Dividend Trust Units European Focused 1 17/08/2018 38 8.7464 627,800 2,200 Fund Dividend Fund European Focused Dividend Trust Units European Focused 1 20/08/2018 38 8.725 629,400 1,600 Fund Dividend Fund European Focused Dividend Trust Units European Focused 1 21/08/2018 38 8.7179 637,000 7,600 Fund Dividend Fund European Focused Dividend Trust Units European Focused 1 22/08/2018 38 8.6974 640,500 3,500 Fund Dividend Fund exactEarth Ltd. Rights DSU Evans, William MacDonald 4 21/08/2018 56 34,640 6,265 ('Mac') exactEarth Ltd. Rights DSU Kloske, Dennis Edward 4 21/08/2018 56 58,006 6,265 exactEarth Ltd. Rights DSU Panadero, Miguel Angel 4 21/08/2018 56 83,321 4,557 Panduro exactEarth Ltd. Rights DSU Primo, Miguel Angel Garcia 4 21/08/2018 56 83,321 4,557 exactEarth Ltd. Rights DSU Rein, Harvey 4 21/08/2018 56 30,434 6,835 exactEarth Ltd. Rights DSU Zahler, Eric 4 21/08/2018 56 124,983 6,835

August 30, 2018 (2018), 41 OSCB 6905

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Excellon Resources Inc. Common Shares McFarland, Alan Roberts 4 17/08/2018 51 0.57 297,704 50,000 Excellon Resources Inc. Options McFarland, Alan Roberts 4 17/08/2018 51 50,000 -50,000 Excelsior Mining Corp. Common Shares Axcell, Stephen 4 20/08/2018 00 Excelsior Mining Corp. Options Incentive Stock Axcell, Stephen 4 20/08/2018 00 Excelsior Mining Corp. Rights Restricted Share Goodgame, Roland 5 14/10/2010 00 Units Excelsior Mining Corp. Rights Restricted Share Goodgame, Roland 5 21/08/2018 56 75,000 75,000 Units Excelsior Mining Corp. Rights Restricted Share Twyerould, Stephen 4, 5 14/10/2010 00 Units Excelsior Mining Corp. Rights Restricted Share Twyerould, Stephen 4, 5 21/08/2018 56 100,000 100,000 Units EXPLOR RESOURCES INC. Options Carter, Geoffrey Stovold 4 16/08/2018 52 300,000 -120,000 EXPLOR RESOURCES INC. Options Dupont, Chris 4, 5 16/08/2018 52 0.5 5,300,000 -1,000,000 Fairfax India Holdings Subordinate Voting Fairfax India Holdings 1 22/08/2018 38 16 294,600 294,600 Corporation Shares Corporation Fairfax India Holdings Subordinate Voting Fairfax India Holdings 1 24/08/2018 38 0 -294,600 Corporation Shares Corporation Fennec Pharmaceuticals Inc. Common Shares Raykov, Rostislav Christov 4, 5 20/08/2018 51 1.44 2,217,050 17,050 Fennec Pharmaceuticals Inc. Options Raykov, Rostislav Christov 4, 5 20/08/2018 51 1.44 20,422,623 -17,050 Filo Mining Corp. Options McRae, Paul 4 14/08/2018 50 2.2 260,000 110,000 Filo Mining Corp. Common Shares STOKKE KEMP, JULIE 5 23/08/2018 51 0.65 25,000 25,000 ANN Filo Mining Corp. Options STOKKE KEMP, JULIE 5 23/08/2018 51 0.65 275,000 -25,000 ANN Firm Capital American Realty Common Shares Dadouch, Eli 4 20/08/2018 10 7 267,028 2,000 Partners Corp. (formerly Delavaco Residential Properties Corp.) Firm Capital American Realty Common Shares DiCapo, Pasquale 3, 4 20/08/2018 10 7.05 144,668 3,000 Partners Corp. (formerly Delavaco Residential Properties Corp.) First Majestic Silver Corp. Common Shares Anthony, Todd Olson 5 23/08/2018 10 6.9 75,000 2,500 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 20/08/2018 10 6.93 35,000 -2,000 First Majestic Silver Corp. Common Shares McCallum, Robert A. 4 20/08/2018 10 6.94 33,000 -2,000 First Majestic Silver Corp. Common Shares VanDoorselaere, Dustin 5 21/08/2018 10 7.19 3,400 1,400 Simon First National Financial Preferred Shares Tawse, Moray 4, 7, 5 20/08/2018 10 13.915 9,150 4,800 Corporation FN.PR.A First National Financial Preferred Shares Tawse, Moray 4, 7, 5 23/08/2018 10 13.98 12,150 3,000 Corporation FN.PR.A First National Financial Preferred Shares Tawse, Moray 4, 7, 5 01/01/2011 00 Corporation FN.PR.B First National Financial Preferred Shares Tawse, Moray 4, 7, 5 23/08/2018 10 13.998 1,100 1,100 Corporation FN.PR.B Flow Capital Corp. (formerly Options De Luca, Paul 4 23/08/2018 38 125,000 -200,000 LOGiQ Asset Management Inc.) Forsys Metals Corp Common Shares Leonardo Trust 3 17/08/2018 10 0.22 73,810,001 -43,000 Forsys Metals Corp Common Shares Leonardo Trust 3 22/08/2018 10 0.23 73,785,001 -25,000 Forsys Metals Corp Common Shares Leonardo Trust 3 23/08/2018 10 0.22 73,795,001 10,000 Frontenac Mortgage Common Shares Cruickshank, Kevin 5 02/08/2018 15 30 63 Investment Corporation Frontenac Mortgage Common Shares Cruickshank, Kevin 5 02/08/2018 15 29.87 15,712 64 Investment Corporation Frontenac Mortgage Common Shares REISER, DAWN 5 02/08/2018 15 30 20 Investment Corporation Frontenac Mortgage Common Shares REISER, DAWN 5 02/08/2018 15 29.87 1,583 20 Investment Corporation Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 20/08/2018 10 0.185 11,246,384 10,000 Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 20/08/2018 10 0.18 11,263,884 17,500 Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 21/08/2018 10 0.185 8,500 Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 21/08/2018 10 0.185 11,272,384 8,500 Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 22/08/2018 10 0.185 16,500

August 30, 2018 (2018), 41 OSCB 6906

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Galway Metals Inc. Common Shares Hinchcliffe, Robert 3, 4, 5 22/08/2018 10 0.185 11,288,884 16,500 Gear Energy Ltd. Common Shares O'Connell, John 4 21/08/2018 10 1.14 2,740,427 30,500 Genius Properties Ltd. Common Shares Goulet, Guy 4, 5 20/08/2018 10 0.26 3,013,544 2,000 Genius Properties Ltd. Common Shares Goulet, Guy 4, 5 21/08/2018 10 0.265 3,025,544 12,000 Genius Properties Ltd. Common Shares Goulet, Guy 4, 5 23/08/2018 10 0.27 3,027,544 2,000 GFG Resources Inc. Common Shares Awde, Jonathan Charles 4 17/08/2018 10 0.215 3,811,976 36,500 Timothy GFG Resources Inc. Common Shares Awde, Jonathan Charles 4 17/08/2018 10 0.22 3,875,476 63,500 Timothy Gibson Energy Inc. Common Shares Brown, Sean 5 21/08/2018 10 19.78 32,126 10,527 Gitennes Exploration Inc. Options Matthews, George Robert 4 24/08/2018 52 0.05 700,000 -250,000 Gitennes Exploration Inc. Options Matthews, George Robert 4 24/08/2018 50 0.05 950,000 250,000 Gitennes Exploration Inc. Options Spong, Kerry Melbourne 5 21/08/2018 52 800,000 -350,000 Gitennes Exploration Inc. Options Spong, Kerry Melbourne 5 21/08/2018 50 1,150,000 350,000 Giyani Metals Corp. Common Shares Parnham, Duane 3, 4, 5 16/08/2018 10 0.155 9,443,668 -150,000 Glacier Media Inc. Common Shares Melville, Mark Thomas 5 01/07/2018 00 2,000 Glacier Media Inc. Common Shares Melville, Mark Thomas 5 01/07/2018 00 67,337 Glacier Media Inc. Common Shares Melville, Mark Thomas 5 16/08/2018 10 0.83 73,137 5,800 Glacier Media Inc. Common Shares Melville, Mark Thomas 5 01/07/2018 00 9,450 Glance Technologies Inc. Options Williams, Alexander 5 15/08/2018 00 250,000 (Sascha) Global Innovation Dividend Trust Units Global Innovation Dividend 1 16/08/2018 38 9.7453 265,600 9,900 Fund Fund Global Innovation Dividend Trust Units Global Innovation Dividend 1 17/08/2018 38 9.8 269,400 3,800 Fund Fund Global Innovation Dividend Trust Units Global Innovation Dividend 1 20/08/2018 38 9.8 271,100 1,700 Fund Fund Global Innovation Dividend Trust Units Global Innovation Dividend 1 21/08/2018 38 9.8059 275,000 3,900 Fund Fund Global Innovation Dividend Trust Units Global Innovation Dividend 1 22/08/2018 38 9.8141 277,700 2,700 Fund Fund Globalance Dividend Common Shares Equity Brasseur, Jeremy 6 17/08/2018 10 8.9388 76,200 10,800 Growers Corp. Shares Globalance Dividend Common Shares Equity Brasseur, Jeremy 6 20/08/2018 10 8.85 76,500 300 Growers Corp. Shares Globalance Dividend Common Shares Equity Brasseur, Jeremy 6 23/08/2018 10 8.85 80,000 3,500 Growers Corp. Shares goeasy Ltd. (formerly, Common Shares Ingram, David 4, 5 17/08/2018 10 51.92 1,500 1,000 easyhome Ltd.) Goldcorp Inc. Common Shares Attew, Jason Mark 5 22/08/2018 30 14.52 26,627 485 Goldcorp Inc. Common Shares Garofalo, David 4, 5 17/08/2018 30 14.5 152,976 1,046 Goldeneye Resources Corp. Common Shares Bal, Jatinder Singh 4 20/08/2018 11 5,326,000 500,000 Goldeneye Resources Corp. Common Shares Bal, Jatinder Singh 4 21/08/2018 10 0.11 5,550,000 224,000 GOLDPLAY EXPLORATION Common Shares Fonseca, Marcio Bastos 4 20/08/2018 10 0.2 1,152,556 15,000 LTD. (Formerly: Soleil Capital Corp.) GOLDPLAY EXPLORATION Common Shares Fonseca, Marcio Bastos 4 21/08/2018 10 0.195 1,172,556 20,000 LTD. (Formerly: Soleil Capital Corp.) GoldTrain Resources Inc. Common Shares McGill, Carl John 5 22/08/2018 16 0.08 325,700 275,000 GoldTrain Resources Inc. Common Shares Sheldon, Donald A. 3, 4 10/05/2013 00 GoldTrain Resources Inc. Common Shares Sheldon, Donald A. 3, 4 22/08/2018 16 0.08 22,500 22,500 GoldTrain Resources Inc. Common Shares Sheldon, Donald A. 3, 4 22/08/2018 16 0.08 1,840,582 1,821,832 Gratomic Inc. (formerly CKR Common Shares Inwentash, Sheldon 4, 5 16/08/2018 10 0.1207 6,850,000 -582,000 Carbon Corporation) Great Bear Resources Ltd. Options McAndless, Patrick Michael 4 15/04/2014 38 1.5 -15,000 Great Bear Resources Ltd. Options McAndless, Patrick Michael 4 15/04/2014 38 1.5 120,000 -15,000 GreenSpace Brands Inc. Common Shares Guyatt, Gregory 5 24/08/2018 10 0.88 65,000 5,000 (formerly Aumento IV Capital Corporation) GrowMax Resources Corp. Common Shares Van Brunt, John M. 4 28/06/2017 00 GrowMax Resources Corp. Common Shares Van Brunt, John M. 4 28/12/2017 10 0.108 400,000 400,000 Guyana Goldfields Inc. Common Shares Caldwell, Scott Andrew 4 16/08/2018 10 2.92 524,357 30,000

August 30, 2018 (2018), 41 OSCB 6907

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Guyana Goldfields Inc. Common Shares Sheridan, Patrick John 4 30/07/2018 10 4.09 3,377,334 -300,000 Guyana Goldfields Inc. Common Shares Sheridan, Patrick John 4 02/08/2018 10 3.96 3,196,384 -180,950 H-SOURCE HOLDINGS Common Shares Hubbes, Martin 4 12/07/2018 11 0.15 1,327,712 166,000 LTD. H-SOURCE HOLDINGS Common Shares Hubbes, Martin 4 12/07/2018 11 0.15 584,000 334,000 LTD. H-SOURCE HOLDINGS Options OVERSTREET, Ronald 4 01/08/2018 50 0.16 220,000 100,000 LTD. Perry H&R Real Estate Investment Restricted Share Units Avery, Alexander Danial 4 30/06/2018 30 7,404 124 Trust H&R Real Estate Investment Restricted Share Units Dickson, Robert Earl 4 30/06/2018 30 16,023 269 Trust H&R Real Estate Investment Restricted Share Units Fried, Cheryl 5 30/06/2018 30 17,803 298 Trust H&R Real Estate Investment Performance Share Units Froom, Larry 5 30/06/2018 30 31,230 523 Trust H&R Real Estate Investment Restricted Share Units Froom, Larry 5 30/06/2018 30 43,924 736 Trust H&R Real Estate Investment Restricted Share Units Gilbert, Edward Allen 4 30/06/2018 30 16,023 269 Trust H&R Real Estate Investment Performance Share Units Hofstedter, Thomas J. 4, 5 30/06/2018 30 78,078 1,309 Trust H&R Real Estate Investment Restricted Share Units Hofstedter, Thomas J. 4, 5 30/06/2018 30 78,077 1,309 Trust H&R Real Estate Investment Restricted Share Units Kestenberg, Robyn 5 30/06/2018 30 54,589 642 Trust H&R Real Estate Investment Restricted Share Units Lapointe, Philippe 5 30/06/2018 30 21,846 366 Trust H&R Real Estate Investment Restricted Share Units Lebovic, Laurence A. 4 30/06/2018 30 16,025 269 Trust H&R Real Estate Investment Restricted Share Units Morrow, Juli 4 30/06/2018 30 7,404 124 Trust H&R Real Estate Investment Restricted Share Units Rutman, Ronald C. 4 30/06/2018 30 16,023 269 Trust H&R Real Estate Investment Restricted Share Units Sender, Stephen 4 30/06/2018 30 9,920 166 Trust H&R Real Estate Investment Restricted Share Units Sullivan, Patrick James 5 30/06/2018 30 30,277 507 Trust H&R Real Estate Investment Restricted Share Units Uhr, Nathan 5 30/06/2018 30 8,544 143 Trust Happy Creek Minerals Ltd. Common Shares blann, David 5 21/08/2018 10 0.15 4,604,001 10,000 Happy Creek Minerals Ltd. Common Shares blann, David 5 21/08/2018 10 0.145 4,614,001 10,000 Happy Creek Minerals Ltd. Common Shares blann, David 5 23/08/2018 10 0.15 4,624,001 10,000 Happy Creek Minerals Ltd. Common Shares Happy Creek Minerals Ltd. 1 21/08/2018 38 0.145 363,000 10,000 Happy Creek Minerals Ltd. Common Shares Happy Creek Minerals Ltd. 1 23/08/2018 38 0.145 370,500 7,500 Hardwoods Distribution Inc. Common Shares Blanco, Lance Richard 4, 5 20/08/2018 10 17 96,417 -15,000 Havilah Mining Corporation Common Shares Haggarty, James (Jamie) 4 20/07/2018 00 Havilah Mining Corporation Common Shares Haggarty, James (Jamie) 4 20/07/2018 00 19,661 Havilah Mining Corporation Common Shares Morris, Brian Wayne 4 03/05/2018 00 Havilah Mining Corporation Common Shares Morris, Brian Wayne 4 03/05/2018 00 23,797 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 03/05/2018 00 31,375 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 25/07/2018 11 0.47 281,375 250,000 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 03/05/2018 00 125 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 03/05/2018 00 24,875 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 03/05/2018 00 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 03/05/2018 00 31,654 Havilah Mining Corporation Common Shares Schultz, Blair 4, 5 25/07/2018 11 0.47 250,000 Heroux-Devtek Inc. UnitΘs d'actions Bourque, Nathalie 4 20/08/2018 53 15.64 3,836 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. UnitΘs d'actions Bourque, Nathalie 4 20/08/2018 56 15.64 12,384 3,836 diffΘrΘes/Deferred Share Units

August 30, 2018 (2018), 41 OSCB 6908

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Heroux-Devtek Inc. UnitΘs d'actions DorΘ, Paule 4 20/08/2018 56 15.64 18,545 2,238 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. UnitΘs d'actions Fitzgibbon, Pierre 4 20/08/2018 56 15.64 5,844 3,836 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. Options Langelier, Remy 5 20/08/2018 50 15.77 41,500 6,500 Heroux-Devtek Inc. UnitΘs d'actions Morin, Louis 4 20/08/2018 56 15.64 18,545 2,238 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. UnitΘs d'actions Morris, James John 4 20/08/2018 56 15.64 35,736 7,126 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. UnitΘs d'actions Robbins, Brian Andrew 4 20/08/2018 56 15.64 46,454 7,993 diffΘrΘes/Deferred Share Units Heroux-Devtek Inc. UnitΘs d'actions Stevens, Andrew John 4 20/08/2018 56 15.64 33,055 7,126 diffΘrΘes/Deferred Share Units High Arctic Energy Services Common Shares High Arctic Energy Services 1 02/08/2018 38 3.914 34,059 20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 03/08/2018 38 3.86 21,959 1,000 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 07/08/2018 38 1,000 -20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 07/08/2018 38 3.907 17,559 16,559 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 08/08/2018 38 16,559 -1,000 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 08/08/2018 38 3.86 20,559 4,000 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 09/08/2018 38 4,000 -16,559 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 09/08/2018 38 3.9228 24,959 20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 10/08/2018 38 20,959 -4,000 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 10/08/2018 38 3.8889 41,918 20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 13/08/2018 38 20,959 -20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 13/08/2018 38 3.9022 33,518 12,559 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 14/08/2018 38 12,559 -20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 14/08/2018 38 3.9447 33,518 20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 15/08/2018 38 20,959 -12,559 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 15/08/2018 38 3.9382 41,918 20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 16/08/2018 38 20,959 -20,959 Inc. Inc., High Arctic Energy Services Inc.

August 30, 2018 (2018), 41 OSCB 6909

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed High Arctic Energy Services Common Shares High Arctic Energy Services 1 16/08/2018 38 3.9628 36,159 15,200 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 17/08/2018 38 15,200 -20,959 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 20/08/2018 38 0 -15,200 Inc. Inc., High Arctic Energy Services Inc. High Liner Foods Common Shares Hennigar, Laurie Dean 6 21/08/2018 10 7.308 21,050 10,000 Incorporated HLS Therapeutics Inc. Options Bastien, Yvon 4 22/08/2018 50 8.34 64,979 8,559 HLS Therapeutics Inc. Options Daughtery, Carmel Maria 5 22/08/2018 50 8.34 29,236 21,236 HLS Therapeutics Inc. Options DeGolyer, Donald 4 12/03/2018 00 HLS Therapeutics Inc. Options DeGolyer, Donald 4 22/08/2018 50 8.34 8,559 8,559 HLS Therapeutics Inc. Options Godin, Gilbert 5 22/08/2018 50 8.34 347,420 94,112 HLS Therapeutics Inc. Options Gross, Jason 5 22/08/2018 50 8.34 92,735 16,975 HLS Therapeutics Inc. Options Gubitz, Gregory David 4, 5 22/08/2018 50 8.34 347,420 94,112 HLS Therapeutics Inc. Options Hendrickson, Tim 5 22/08/2018 50 8.34 40,958 28,958 HLS Therapeutics Inc. Options Hill, Rodney Graham 4 12/03/2018 00 HLS Therapeutics Inc. Options Hill, Rodney Graham 4 22/08/2018 50 8.34 8,559 8,559 HLS Therapeutics Inc. Options Lanthier, John Spencer 4 22/08/2018 50 8.34 67,231 10,811 HLS Therapeutics Inc. Options Lennox, Ryan Christopher 5 07/05/2018 00 HLS Therapeutics Inc. Options Lennox, Ryan Christopher 5 22/08/2018 50 8.34 21,605 21,605 HLS Therapeutics Inc. Options Sharma, Sanjiv 5 22/08/2018 50 8.34 60,148 27,027 HLS Therapeutics Inc. Options Tasse, Daniel 4 12/03/2018 00 HLS Therapeutics Inc. Options Tasse, Daniel 4 22/08/2018 50 8.34 8,559 8,559 HLS Therapeutics Inc. Options Varghese, Hemanth Jacob 5 22/08/2018 50 8.34 41,605 21,605 HLS Therapeutics Inc. Options Wells, William M. 4, 5 22/08/2018 50 8.34 309,003 55,695 Hoist Capital Corp. Common Shares Macdonald, Greg 4 16/08/2018 00 1,300,000 Hoist Capital Corp. Options Macdonald, Greg 4 16/08/2018 00 168,000 Hoist Capital Corp. Common Shares MacLeod, Joel 3 16/08/2018 00 Hoist Capital Corp. Common Shares MacLeod, Joel 3 16/08/2018 00 2,000,000 Hoist Capital Corp. Common Shares Shivji, Arif 4 16/08/2018 00 800,000 Hoist Capital Corp. Options Shivji, Arif 4 16/08/2018 00 504,000 Hoist Capital Corp. Common Shares Williams, Jarvis 4 16/08/2018 00 1,500,000 Hoist Capital Corp. Options Williams, Jarvis 4 16/08/2018 00 168,000 Home Capital Group Inc. Common Shares Bissada, Yousry 4, 5 23/08/2018 10 14.577 37,000 10,000 Home Capital Group Inc. Common Shares Kotush, Bradley William 5 21/08/2018 10 14.662 26,500 10,000 Horizonte Minerals PLC Common Shares Walker, Allan Michael 4 17/08/2018 10 0.0365 705,479 205,479 Hudbay Minerals Inc. Common Shares HOLMES, WILLIAM 4 22/08/2018 10 6.24 20,000 10,000 (formerly HudBay Minerals WARREN Inc.) Hudbay Minerals Inc. Common Shares Osborne, Colin 4 20/08/2018 10 6.2097 25,000 15,000 (formerly HudBay Minerals Inc.) Hydro One Limited Common Shares Cowper-Smith, Garth Blair 4 13/08/2018 00 Hydro One Limited Common Shares Sheffield, William H. 4 13/08/2018 00 99 HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 250,000 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 2,924,951 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 CryptoGlobal Corp.) HyperBlock Inc. (formerly, Common Shares Spoehel, Ronald Ross 4 10/07/2018 00 CryptoGlobal Corp.) IAMGOLD Corporation Common Shares Snow, Jeffery Alexander 5 24/01/2018 10 7.85 -15,524

August 30, 2018 (2018), 41 OSCB 6910

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed IAMGOLD Corporation Common Shares Snow, Jeffery Alexander 5 24/01/2018 38 7.85 -15,524 IAMGOLD Corporation Common Shares Snow, Jeffery Alexander 5 24/01/2018 57 7.85 232,280 -15,524 IBC Advanced Alloys Corp. Common Shares Hampson, Christopher 4 20/08/2018 11 167,483 132,496 Geoffrey IBC Advanced Alloys Corp. Common Shares Hampson, Christopher 4 20/08/2018 11 258,529 40,529 Geoffrey IBI Group Inc. Common Shares Richmond, Dale Elson 4 17/08/2018 10 5.75 25,600 -5,400 iFabric Corp. Common Shares Karon, Hylton 5 17/08/2018 10 1.98 9,578,125 1,000 iFabric Corp. Common Shares Karon, Hylton 5 20/08/2018 10 1.967 9,579,625 1,500 iFabric Corp. Common Shares Karon, Hylton 5 22/08/2018 10 2.05 9,581,125 1,500 IMAX Corporation Common Shares IMAX Corporation 1 21/08/2018 30 214,351 -217 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 15/08/2018 38 40.83 555,192,620 -112,001 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 16/08/2018 38 40.65 555,080,619 -112,001 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 17/08/2018 38 40.48 554,968,618 -112,001 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 20/08/2018 38 40.6 554,856,617 -112,001 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 21/08/2018 38 40.5 554,744,616 -112,001 Imperial Oil Limited Common Shares Exxon Mobil Corporation 3 22/08/2018 38 41.15 554,632,615 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/08/2018 38 41.217 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/08/2018 38 41.217 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/08/2018 38 40.83 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 15/08/2018 38 40.83 0 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/08/2018 38 40.875 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/08/2018 38 40.875 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/08/2018 38 40.65 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 16/08/2018 38 40.65 0 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 17/08/2018 38 40.472 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 17/08/2018 38 40.472 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 17/08/2018 38 40.48 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 17/08/2018 38 40.48 0 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/08/2018 38 40.616 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/08/2018 38 40.616 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/08/2018 38 40.6 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 20/08/2018 38 40.6 0 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 21/08/2018 38 40.86 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 21/08/2018 38 40.86 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 21/08/2018 38 40.5 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 21/08/2018 38 40.5 0 -112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 22/08/2018 38 41.17 48,920 48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 22/08/2018 38 41.17 0 -48,920 Imperial Oil Limited Common Shares Imperial Oil Limited 1 22/08/2018 38 41.15 112,001 112,001 Imperial Oil Limited Common Shares Imperial Oil Limited 1 22/08/2018 38 41.15 0 -112,001 IMV Inc. (formerly Common Shares Smithers, Alfred 4 13/08/2018 47 6.71 23,850 -200 Immunovaccine Inc.) Inca One Gold Corp. Common Shares Equinox Gold Corp 3 21/08/2018 00 51,269,708 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 20/08/2018 10 0.74 274,286 -40,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 20/08/2018 10 0.75 264,286 -10,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 20/08/2018 10 0.76 244,286 -20,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 20/08/2018 10 0.77 243,786 -500 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 21/08/2018 10 0.73 235,286 -8,500 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 22/08/2018 10 0.73 233,786 -1,500 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 22/08/2018 10 0.74 212,286 -21,500 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 23/08/2018 10 0.77 192,786 -19,500 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 23/08/2018 10 0.8 172,786 -20,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 23/08/2018 10 0.78 162,786 -10,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 23/08/2018 10 0.81 152,786 -10,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 24/08/2018 10 0.84 132,786 -20,000 InMed Pharmaceuticals Inc. Common Shares Garner, William James 4 24/08/2018 10 0.82 102,786 -30,000 Input Capital Corp. Common Shares Burgess, James 5 21/08/2018 10 1 15,000 -85,000 Input Capital Corp. Common Shares Burgess, James 5 21/08/2018 10 1 2,500 -106,000

August 30, 2018 (2018), 41 OSCB 6911

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Input Capital Corp. Common Shares Burgess, James 5 21/08/2018 10 0.99 0 -2,500 InterRent Real Estate Instalment Receipts Awrey, Brian 5 20/08/2018 36 62,500 -15,000 Investment Trust InterRent Real Estate Options Awrey, Brian 5 15/08/2018 51 5.65 30,000 -17,800 Investment Trust InterRent Real Estate Options Awrey, Brian 5 15/08/2018 51 5.81 0 -30,000 Investment Trust InterRent Real Estate Trust Units Awrey, Brian 5 15/08/2018 51 5.65 116,091 17,800 Investment Trust InterRent Real Estate Trust Units Awrey, Brian 5 15/08/2018 51 5.81 146,091 30,000 Investment Trust InterRent Real Estate Trust Units Awrey, Brian 5 20/08/2018 36 161,091 15,000 Investment Trust Intrinsyc Technologies Common Shares Bird, Michael William 4 15/08/2018 10 1.6 54,420 -8,600 Corporation Inventronics Limited Common Shares MONETTE, SERGE 3 21/08/2018 10 0.07 502,000 5,000 Invictus MD Strategies Corp. Common Shares DIXON, Brenda Mae 7 22/06/2018 10 1.75 50,000 Invictus MD Strategies Corp. Common Shares DIXON, Brenda Mae 7 22/06/2018 10 1.75 9,200,000 -50,000 Invictus MD Strategies Corp. Common Shares DIXON, Brenda Mae 7 20/08/2018 10 1.38 8,967,400 -29,000 Invictus MD Strategies Corp. Common Shares DIXON, Brenda Mae 7 21/08/2018 10 1.35 8,942,400 -25,000 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 15/08/2018 10 0.56 430,000 5,000 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 15/08/2018 10 0.55 440,000 10,000 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 16/08/2018 10 0.55 445,000 5,000 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 16/08/2018 10 0.52 474,500 29,500 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 16/08/2018 10 0.5195 484,500 10,000 Itasca Capital Ltd. Common Shares Powell, Richard Michael 4 17/08/2018 10 0.52 500,000 15,500 Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.305 620,700 700 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.31 638,100 17,400 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.315 655,800 17,700 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.32 695,070 39,270 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.325 726,870 31,800 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.33 775,300 48,430 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.335 783,900 8,600 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.34 788,000 4,100 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.345 794,800 6,800 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A de Selliers de Moranville, 4 22/08/2018 10 2.35 820,000 25,200 Guy Jacques Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 21/08/2018 51 1.45 125,000 125,000 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 21/08/2018 10 2.2548 75,000 -50,000 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 21/08/2018 10 2.24 50,300 -24,700 Ivanhoe Mines Ltd. Common Shares Class A Makhesha, Setha Patricia 7 21/08/2018 10 2.2301 0 -50,300 Ivanhoe Mines Ltd. Options Makhesha, Setha Patricia 7 21/08/2018 51 1.45 325,000 -125,000 Ivanhoe Mines Ltd. Common Shares Class A Watum, Louis Kabamba 7 17/08/2018 51 0.99 100,000 100,000 Ivanhoe Mines Ltd. Common Shares Class A Watum, Louis Kabamba 7 17/08/2018 10 2.04 0 -100,000 Ivanhoe Mines Ltd. Options Watum, Louis Kabamba 7 17/08/2018 51 0.99 300,000 -100,000 Jaguar Mining Inc. Common Shares Miraglia, Luis Ricardo 4 27/09/2012 00 Jaguar Mining Inc. Common Shares Miraglia, Luis Ricardo 4 21/08/2018 10 0.19 10,000 10,000 Jourdan Resources Inc. Options Bharti, Rene 4 26/02/2018 00 Jourdan Resources Inc. Options Bharti, Rene 4 13/06/2018 50 0.08 450,000 450,000 Just Energy Group Inc. Common Shares Joyce, Ron 3 22/08/2018 10 3.7811 17,756,051 100,000 Kelso Technologies Inc. Options Andrukaitis, Anthony 4, 5 20/08/2018 50 0.5 300,000 100,000 Kelso Technologies Inc. Options Bond, James Richard 4, 5 20/08/2018 50 0.5 300,000 100,000 Kelso Technologies Inc. Options Cass, Edward Paul 4 20/08/2018 50 0.5 300,000 50,000 Kelso Technologies Inc. Options Crews, Jesse Van 4 20/08/2018 50 0.5 250,000 50,000

August 30, 2018 (2018), 41 OSCB 6912

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Kelso Technologies Inc. Options Dyer, Phil 4 20/08/2018 50 0.5 300,000 50,000 Kelso Technologies Inc. Options Hughes, Peter Robert 4 20/08/2018 50 0.5 150,000 50,000 Kelso Technologies Inc. Options Lee, Richard Manning 5 24/08/2018 50 0.5 400,000 100,000 Kelso Technologies Inc. Options Love, Kathy 5 20/08/2018 50 0.5 325,000 25,000 Kelso Technologies Inc. Options Roach, Laura 4 20/08/2018 50 0.5 300,000 50,000 Kelt Exploration Ltd. Common Shares Lalani, Sadiq 5 23/08/2018 10 9.33 1,530,000 -30,000 Kelt Exploration Ltd. Common Shares Van Brunschot, Carolyn 5 17/08/2018 57 8.64 10,300 7,500 Kelt Exploration Ltd. Common Shares Van Brunschot, Carolyn 5 17/08/2018 10 8.64 6,453 -3,847 Kelt Exploration Ltd. Rights Restricted Share Van Brunschot, Carolyn 5 17/08/2018 57 8.64 9,500 -7,500 Units Keyera Corp. Common Shares Freeman, Michael Andrew 5 21/08/2018 10 37.23 77,152 -3,200 Kinaxis Inc. Options Monkman, Richard George 5 20/08/2018 50 95.7 181,500 10,000 Kinaxis Inc. Rights Restricted Share Monkman, Richard George 5 20/08/2018 56 33,533 5,200 Units Kirkland Lake Gold Ltd. Rights Performance Kallio, Eric 5 01/08/2018 00 Share Units Kirkland Lake Gold Ltd. Rights Performance Kallio, Eric 5 23/08/2018 56 25.39 5,859 5,859 Share Units Kirkland Lake Gold Ltd. Rights Restricted Share Kallio, Eric 5 01/08/2018 00 Units Kirkland Lake Gold Ltd. Rights Restricted Share Kallio, Eric 5 23/08/2018 56 25.39 5,859 5,859 Units Kontrol Energy Corp. Common Shares Ghezzi, Paul 6 17/08/2018 10 0.65 11,674,000 2,000 Kontrol Energy Corp. Common Shares Lavereau, Kristian 5 17/08/2018 10 0.68 550,667 1,500 KP Tissue Inc. Common Shares Korenberg, Michael 4 09/08/2016 00 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.74 300 300 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.75 600 300 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.77 700 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.91 2,000 1,300 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.76 2,100 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.78 2,300 200 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.8 2,400 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.82 2,500 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.84 2,600 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.86 2,700 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.88 2,800 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.9 2,900 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.92 3,000 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.93 3,300 300 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 9.94 3,400 100 KP Tissue Inc. Common Shares Korenberg, Michael 4 20/08/2018 10 10 5,000 1,600 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 06/12/2012 00 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.08 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.081 1,000 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.03 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.033 2,000 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.03 100 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.03 3,000 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 9.99 4,000 1,000 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 9.982 4,500 500 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 9.978 5,000 500 KP Tissue Inc. Common Shares Kruger II, Joseph 3, 6, 7 21/08/2018 10 10.09 5,500 500 Kutcho Copper Corp. Common Shares Duncan, Robert Andrew 5 20/08/2018 10 0.3 782,675 40,000 (formerly Desert Star Resources Ltd.) KWG Resources Inc. Multiple Voting Shares Hodgman, Bruce Ronald 5 20/08/2018 10 4.47 1,168 -900 Lakeside Minerals Inc. Options Szweras, Adam Kelley 5 20/12/2016 52 -50,000 (formerly Grasslands Entertainment Inc.)

August 30, 2018 (2018), 41 OSCB 6913

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Lakeside Minerals Inc. Options Szweras, Adam Kelley 5 20/12/2016 52 -50,000 (formerly Grasslands Entertainment Inc.) Laramide Resources Ltd. Common Shares Henderson, Marc Charles 4, 5 16/08/2018 10 0.29 12,234,497 50,000 Largo Resources Ltd. Options Abraham, Sam 4 17/08/2018 50 240,000 40,000 Largo Resources Ltd. Options Arias, J. Alberto 4 17/08/2018 50 438,000 40,000 Largo Resources Ltd. Options Beeck, Alberto Luis 4 16/08/2018 50 240,000 40,000 Largo Resources Ltd. Options BRACE, DAVID WALLACE 4 16/08/2018 50 438,000 40,000 Largo Resources Ltd. Restricted Share Units Campbell, Robert Anderson 5 07/03/2005 00 Largo Resources Ltd. Restricted Share Units Campbell, Robert Anderson 5 17/08/2018 56 45,833 45,833 Largo Resources Ltd. Restricted Share Units Chaves, Nilson Luciano 7 23/01/2013 00 Helio Largo Resources Ltd. Restricted Share Units Chaves, Nilson Luciano 7 17/08/2018 56 136,005 136,005 Helio Largo Resources Ltd. Restricted Share Units Cleave, Ernest Michael 5 03/09/2013 00 Largo Resources Ltd. Restricted Share Units Cleave, Ernest Michael 5 17/08/2018 56 183,333 183,333 Largo Resources Ltd. Restricted Share Units Misk, Paulo 7 04/04/2016 00 Largo Resources Ltd. Restricted Share Units Misk, Paulo 7 17/08/2018 56 195,968 195,968 Largo Resources Ltd. Options Mitchell, Robert Ian 5 16/08/2018 50 425,000 125,000 Largo Resources Ltd. Restricted Share Units Smith, Mark 5 01/04/2015 00 Largo Resources Ltd. Restricted Share Units Smith, Mark 5 17/08/2018 56 582,444 582,444 Largo Resources Ltd. Options Tellechea Salido, Daniel 4 16/08/2018 50 2.4 240,000 40,000 Largo Resources Ltd. Options Yamamoto, Koko 4 16/08/2018 50 240,000 40,000 Libero Copper Corporation Common Shares Slater, Ian 4, 5 22/08/2018 10 0.09 1,891,000 175,000 (Formerly Libero Mining Corporation) Libero Copper Corporation Common Shares Slater, Ian 4, 5 23/08/2018 10 0.09 1,921,000 30,000 (Formerly Libero Mining Corporation) Liberty Gold Corp. (formerly Common Shares Everett, Calvin Clovis 5 23/08/2018 10 0.405 4,210,500 22,000 Pilot Gold Inc.) Liberty One Lithium Corp. Options Steinke, Nathan 5 16/08/2018 50 0.155 1,000,000 1,000,000 Liberty One Lithium Corp. Options Whibley, Patrick Kenneth 4 16/08/2018 38 0 -1,100,000 Linamar Corporation Common Shares Wright, Elaine 8 17/08/2018 10 54.86 150 30 Linamar Corporation Common Shares Wright, Elaine 8 17/08/2018 10 54.8 200 50 Lithium Americas Corp. Rights Deferred Share Cohn, Gary Michael 4 28/06/2017 00 Units Lithium Americas Corp. Rights Deferred Share Cohn, Gary Michael 4 21/08/2018 56 4,500 Units Lithium Americas Corp. Rights Deferred Share Cohn, Gary Michael 4 21/08/2018 56 4,500 4,500 Units Lithium Americas Corp. Rights Deferred Share Cohn, Gary Michael 4 21/08/2018 56 4,549 Units Lithium Americas Corp. Rights Deferred Share Cohn, Gary Michael 4 21/08/2018 56 9,049 4,549 Units Lithium Americas Corp. Rights Restricted Share Epshtein, Eduard 5 22/08/2018 56 3.92 163,173 15,944 Units Lithium Americas Corp. Rights Restricted Stock Epshtein, Eduard 5 16/07/2008 00 Unit Lithium Americas Corp. Rights Restricted Stock Epshtein, Eduard 5 21/08/2018 56 3.92 36,438 36,438 Unit Lithium Americas Corp. Common Shares Evans, Jonathan David 4 23/08/2018 10 4.1 35,000 15,000 Lithium Americas Corp. Rights Deferred Share Evans, Jonathan David 4 21/08/2018 56 2,134 Units Lithium Americas Corp. Rights Deferred Share Evans, Jonathan David 4 21/08/2018 56 4,772 2,134 Units Lithium Americas Corp. Rights Deferred Share Evans, Jonathan David 4 21/08/2018 56 2,157 Units Lithium Americas Corp. Rights Deferred Share Evans, Jonathan David 4 21/08/2018 56 6,929 2,157 Units Lithium Americas Corp. Rights Restricted Stock Evans, Jonathan David 4 07/06/2017 00 Unit Lithium Americas Corp. Rights Restricted Stock Evans, Jonathan David 4 21/08/2018 56 77,972 Unit

August 30, 2018 (2018), 41 OSCB 6914

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Lithium Americas Corp. Rights Restricted Stock Evans, Jonathan David 4 21/08/2018 56 77,972 77,972 Unit Lithium Americas Corp. Rights Restricted Stock Evans, Jonathan David 4 21/08/2018 56 86,636 Unit Lithium Americas Corp. Rights Restricted Stock Evans, Jonathan David 4 21/08/2018 56 164,608 86,636 Unit Lithium Americas Corp. Rights Deferred Share Fraser, Jean Margaret 4 21/08/2018 56 3,692 Units Lithium Americas Corp. Rights Deferred Share Fraser, Jean Margaret 4 21/08/2018 56 4,570 3,692 Units Lithium Americas Corp. Rights Deferred Share Fraser, Jean Margaret 4 21/08/2018 56 3,732 Units Lithium Americas Corp. Rights Deferred Share Fraser, Jean Margaret 4 21/08/2018 56 8,302 3,732 Units Lithium Americas Corp. Rights Restricted Stock Hodgson, William Thomas 4 21/08/2018 56 89,184 Unit Lithium Americas Corp. Rights Restricted Stock Hodgson, William Thomas 4 21/08/2018 56 2,179,763 89,184 Unit Lithium Americas Corp. Rights Restricted Stock Hodgson, William Thomas 4 22/08/2018 56 2,224,406 44,643 Unit Lithium Americas Corp. Rights Deferred Share Ireland, George R. 4, 6 21/08/2018 56 4,077 Units Lithium Americas Corp. Rights Deferred Share Ireland, George R. 4, 6 21/08/2018 56 10,656 4,077 Units Lithium Americas Corp. Rights Deferred Share Ireland, George R. 4, 6 21/08/2018 56 4,121 Units Lithium Americas Corp. Rights Deferred Share Ireland, George R. 4, 6 21/08/2018 56 14,777 4,121 Units Lithium Americas Corp. Common Shares Kanellitsas, John 4 22/08/2018 10 4.15 88,445 20,000 Lithium Americas Corp. Rights Restricted Stock Kanellitsas, John 4 21/08/2018 56 89,184 Unit Lithium Americas Corp. Rights Restricted Stock Kanellitsas, John 4 21/08/2018 56 479,543 89,184 Unit Lithium Americas Corp. Rights Restricted Stock Kanellitsas, John 4 22/08/2018 56 524,186 44,643 Unit Lithium Americas Corp. Rights Deferred Share Kovavisarach, Chaiwat 4 21/08/2018 56 2,215 Units Lithium Americas Corp. Rights Deferred Share Kovavisarach, Chaiwat 4 21/08/2018 56 4,889 2,215 Units Lithium Americas Corp. Rights Deferred Share Kovavisarach, Chaiwat 4 21/08/2018 56 2,239 Units Lithium Americas Corp. Rights Deferred Share Kovavisarach, Chaiwat 4 21/08/2018 56 7,128 2,239 Units Lithium Americas Corp. Options LeBlanc, Rene James 5 21/08/2018 00 100,000 William Lithium Americas Corp. Rights Restricted Stock LeBlanc, Rene James 5 21/08/2018 00 50,000 Unit William Lithium Americas Corp. Rights Restricted Stock LeBlanc, Rene James 5 21/08/2018 56 81,851 31,851 Unit William Lithium Americas Corp. Rights Common Shares Manternach, Myron 5 11/08/2016 00 Lithium Americas Corp. Rights Common Shares Manternach, Myron 5 17/08/2018 56 10,000 10,000 Lithium Americas Corp. Rights Restricted Stock Meikle, Alexander Hamilton 5 21/08/2018 56 300,481 25,481 Unit Lithium Americas Corp. Rights Restricted Stock Meikle, Alexander Hamilton 5 22/08/2018 56 319,614 19,133 Unit Lithium Americas Corp. Rights Restricted Stock Mignacco, Franco 4, 7 04/09/2015 00 Unit Lithium Americas Corp. Rights Restricted Stock Mignacco, Franco 4, 7 21/08/2018 56 41,407 Unit Lithium Americas Corp. Rights Restricted Stock Mignacco, Franco 4, 7 21/08/2018 56 41,407 41,407 Unit Lithium Americas Corp. Rights Restricted Stock Mignacco, Franco 4, 7 22/08/2018 56 60,540 19,133 Unit Lithium Americas Corp. Common Shares Rubacha, Gabriel 4, 5 17/08/2018 10 4 187,400 10,000 Lithium Americas Corp. Common Shares Rubacha, Gabriel 4, 5 17/08/2018 10 4.0494 197,400 10,000

August 30, 2018 (2018), 41 OSCB 6915

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Lithium Americas Corp. Rights Restricted Stock Rubacha, Gabriel 4, 5 30/03/2016 00 Unit Lithium Americas Corp. Rights Restricted Stock Rubacha, Gabriel 4, 5 21/08/2018 56 61,155 Unit Lithium Americas Corp. Rights Restricted Stock Rubacha, Gabriel 4, 5 21/08/2018 56 61,155 61,155 Unit Lithium Americas Corp. Rights Restricted Stock Rubacha, Gabriel 4, 5 22/08/2018 56 91,767 30,612 Unit Lithium Americas Corp. Rights Deferred Share Wang, Xiaoshen 4 21/08/2018 56 2,769 Units Lithium Americas Corp. Rights Deferred Share Wang, Xiaoshen 4 21/08/2018 56 6,262 2,769 Units Lithium Americas Corp. Rights Deferred Share Wang, Xiaoshen 4 21/08/2018 56 2,799 Units Lithium Americas Corp. Rights Deferred Share Wang, Xiaoshen 4 21/08/2018 56 9,061 2,799 Units Lithium Americas Corp. Rights Restricted Stock Zawadzki, Alexi Illya 5 21/08/2018 56 61,155 Unit Lithium Americas Corp. Rights Restricted Stock Zawadzki, Alexi Illya 5 21/08/2018 56 337,345 61,155 Unit Loblaw Companies Limited Common Shares Columb, Kieran Barry 5 16/08/2018 51 34.93 25,440 21,523 Loblaw Companies Limited Common Shares Columb, Kieran Barry 5 16/08/2018 10 69.059 3,917 -21,523 Loblaw Companies Limited Options Columb, Kieran Barry 5 16/08/2018 51 34.93 321,594 -21,523 Loblaw Companies Limited Common Shares Motz, Michael James 7 17/08/2018 51 32.47 47,947 5,000 Loblaw Companies Limited Common Shares Motz, Michael James 7 17/08/2018 10 69.258 42,947 -5,000 Loblaw Companies Limited Options SDM Roll-over Motz, Michael James 7 17/08/2018 51 32.47 36,576 -5,000 Loblaw Companies Limited Common Shares Senecal, Garry 5 15/08/2018 10 67.8 6,921 -6,900 Loblaw Companies Limited Common Shares Senecal, Garry 5 16/08/2018 10 69.2 3,421 -3,500 Lomiko Metals Inc. Common Shares Gill, Amrit Paul Singh 5 16/08/2018 10 0.05 1,752,610 50,000 Lomiko Metals Inc. Common Shares Gill, Amrit Paul Singh 5 16/08/2018 10 0.055 1,761,610 9,000 LXRandCo, Inc. (formerly Class B Shares Mannella, Frederick 4 17/08/2018 10 0.2953 3,766,384 -210,000 Gibraltar Growth Corporation) Lydian International Limited Rights Restricted Stock Ball, Russell David 4 28/06/2018 00 195,116 Unit M.P.V.Explorations Inc. Common Shares Kopas, Ron 3 26/07/2018 00 10,000 M.P.V.Explorations Inc. Common Shares Kopas, Ron 3 26/07/2018 00 850,030 M.P.V.Explorations Inc. Warrants Kopas, Ron 3 26/07/2018 00 850,030 M.P.V.Explorations Inc. Common Shares Perras, Jean-Francois 4, 5 17/08/2018 10 0.165 643,170 20,000 Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 20/08/2018 10 3.36 7,484,317 -400 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 20/08/2018 10 3.35 7,484,117 -200 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 20/08/2018 10 3.3 7,469,117 -15,000 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 20/08/2018 10 3.27 7,465,717 -3,400 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 21/08/2018 10 3.3 7,464,417 -1,300 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 21/08/2018 10 3.27 7,459,417 -5,000 Inc. C Madison Pacific Properties Non-Voting Shares Class Heung, Raymond 3 21/08/2018 10 3.26 7,450,717 -8,700 Inc. C Magellan Aerospace Common Shares Gowan, Bruce William 4 24/08/2018 10 16.21 6,423 -1,000 Corporation Mainstreet Equity Corp. Common Shares Amantea, Joe 4 22/08/2018 10 46.1 21,683 -300

August 30, 2018 (2018), 41 OSCB 6916

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Manulife Financial Common Shares Dabarno, Susan Fay 4 16/08/2018 48 - 24.54 250 250 Corporation Acqui sition by inherit ance or dispo sition by beque st Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 17/08/2018 38 31.287 40,000 40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 17/08/2018 38 0 -40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 20/08/2018 38 31.415 40,000 40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 20/08/2018 38 0 -40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 21/08/2018 38 31.361 40,000 40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 21/08/2018 38 0 -40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 22/08/2018 38 31.551 40,000 40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 22/08/2018 38 0 -40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 23/08/2018 38 31.551 40,000 40,000 Maple Leaf Foods Inc. Common Shares Maple Leaf Foods Inc. 1 23/08/2018 38 0 -40,000 Matica Enterprises Inc. Options Deol, Gurcharn 4 23/08/2018 50 0.175 2,000,000 1,000,000 MAYA GOLD & SILVER INC. Common Shares Taub, Robert 3, 4 21/08/2018 10 2.2886 4,434,837 13,000 MAYA GOLD & SILVER INC. Common Shares Taub, Robert 3, 4 22/08/2018 10 2.3992 4,471,837 37,000 MAYA GOLD & SILVER INC. Common Shares Taub, Robert 3, 4 23/08/2018 10 2.4 4,501,837 30,000 MAYA GOLD & SILVER INC. Common Shares Taub, Robert 3, 4 23/08/2018 10 2.3639 4,521,837 20,000 MBN Corporation Units MBN Corporation 1 16/08/2018 38 6.66 2,000 2,000 MBN Corporation Units MBN Corporation 1 16/08/2018 38 0 -2,000 MBN Corporation Units MBN Corporation 1 20/08/2018 38 6.56 100 100 MBN Corporation Units MBN Corporation 1 20/08/2018 38 0 -100 MBN Corporation Units MBN Corporation 1 22/08/2018 38 6.604 500 500 MBN Corporation Units MBN Corporation 1 22/08/2018 38 0 -500 MCAN Mortgage Corporation Restricted Share Units Bouganim, Jeffrey Joseph 5 21/08/2018 59 18.473 0 -7,561 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/03/2018 30 17.698 7,465 49 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/03/2018 30 17.698 7,532 67 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/03/2018 30 17.698 7,571 39 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/06/2018 30 18.064 7,620 49 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/06/2018 30 18.064 7,687 67 MCAN Mortgage Corporation Performance Share Units Brown, Carl Scott 5 29/06/2018 30 18.064 7,726 39 MCAN Mortgage Corporation Restricted Share Units Brown, Carl Scott 5 21/08/2018 59 18.473 0 -2,052 MCAN Mortgage Corporation Restricted Share Units Horton, Robert 5 29/06/2018 30 18.064 1,280 26 MCAN Mortgage Corporation Restricted Share Units Horton, Robert 5 21/08/2018 59 18.473 0 -1,280 MCAN Mortgage Corporation Restricted Share Units Jandrisits, William John 4, 7, 5 21/08/2018 59 18.473 0 -13,328 MCAN Mortgage Corporation Restricted Share Units Patel, Dipti 5 21/08/2018 30 19.17 -1,358 MCAN Mortgage Corporation Restricted Share Units Patel, Dipti 5 21/08/2018 30 18.473 0 -1,358 MCAN Mortgage Corporation Restricted Share Units Pinto, Sylvia 5 21/08/2018 59 18.473 0 -1,589 MCAN Mortgage Corporation Restricted Share Units Tyas, John 5 29/06/2018 30 18.064 5,695 115 MCAN Mortgage Corporation Restricted Share Units Tyas, John 5 21/08/2018 38 18.473 -1,688 MCAN Mortgage Corporation Restricted Share Units Tyas, John 5 21/08/2018 59 18.473 4,007 -1,688 Medicenna Therapeutics Common Shares Panchal, Chandra 4 22/08/2018 10 1 1,500 500 Corp. Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 01/11/2010 00 Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 23/08/2018 90 14.69 1,600 1,600 Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 22/08/2018 90 14.65 5,000 -1,000 Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 23/08/2018 90 14.69 3,400 -1,600 Melcor Developments Ltd. Common Shares Stefura, Naomi Marie 5 22/08/2018 90 14.65 2,600 1,000 Melcor Real Estate Trust Units Stefura, Naomi Marie 6 22/08/2018 10 8.18 6,060 500 Investment Trust Melcor Real Estate Trust Units Stefura, Naomi Marie 6 22/08/2018 10 8.176 3,500 500 Investment Trust Melior Resources Inc. Options Lloyd, George Alfred 4 22/06/2018 00

August 30, 2018 (2018), 41 OSCB 6917

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Melior Resources Inc. Options Lloyd, George Alfred 4 01/07/2018 00 Melior Resources Inc. Options Lloyd, George Alfred 4 01/07/2018 00 Melior Resources Inc. Options Lloyd, George Alfred 4 12/07/2018 50 0.8 125,000 125,000 Memex Inc. Options Brennan, Joseph Douglas 4 17/08/2018 50 740,330 500,000 Memex Inc. Options Christiansen, Michael 4 14/06/2018 00 Memex Inc. Options Christiansen, Michael 4 17/08/2018 50 500,000 500,000 Memex Inc. Options Kaplanis, Spiros (Scott) 4 17/08/2018 50 0.055 740,330 500,000 Michael Metalla Royalty & Streaming Common Shares Heath, Brett 4, 5 20/08/2018 10 0.69 2,941,000 1,000 Ltd. Metalla Royalty & Streaming Common Shares Tucker, E.B. 4 20/08/2018 10 0.5377 799,000 2,065 Ltd. Metalla Royalty & Streaming Common Shares Tucker, E.B. 4 22/08/2018 10 0.5172 801,000 2,000 Ltd. Metalla Royalty & Streaming Common Shares Tucker, E.B. 4 23/08/2018 10 0.4839 802,000 1,000 Ltd. Metalla Royalty & Streaming Common Shares Tucker, E.B. 4 24/08/2018 10 0.5008 806,000 4,000 Ltd. Metallic Minerals Corp. Common Shares Johnson, Gregory Shawn 4, 5 31/07/2018 16 0.33 3,270,000 150,000 Metalo Manufacturing Inc. Common Shares Hennigar, David John 4, 5 03/06/2003 00 (formerly Muskrat Minerals Incorporated) Metalo Manufacturing Inc. Common Shares Hennigar, David John 4, 5 17/08/2018 10 0.33 7,500 7,500 (formerly Muskrat Minerals Incorporated) Metalo Manufacturing Inc. Common Shares Hennigar, David John 4, 5 20/08/2018 10 0.33 17,500 10,000 (formerly Muskrat Minerals Incorporated) Methanex Corporation Common Shares ABRARY, NOJAN 7 22/08/2018 10 97.13 5,125 -11,000 Methanex Corporation Rights Share Appreciation Boyd, Bradley 5 23/08/2018 59 38.24 50,700 -9,000 Rights Methanex Corporation Common Shares Floren, John 4, 5 24/08/2018 10 97 47,627 -10,000 Methanex Corporation Rights Share Appreciation Floren, John 4, 5 23/08/2018 59 34.59 388,334 -65,666 Rights Metron Capital Corp. Common Shares Sangha, Gurminder Singh 4 24/08/2018 10 0.05 332,000 2,000 Microbix Biosystems Inc. Common Shares Gastle, William John 3, 4, 5 20/08/2018 10 0.26 5,383,836 5,000 Midas Gold Corp. Options Doores, Brad Leslie 4 08/08/2018 00 Midas Gold Corp. Options Doores, Brad Leslie 4 13/08/2018 50 0.88 80,000 80,000 Middlefield Healthcare & Life Trust Units Middlefield Healthcare & 1 16/08/2018 38 10.476 1,035,600 700 Sciences Dividend Fund Life Sciences Dividend Fund Middlefield Healthcare & Life Trust Units Middlefield Healthcare & 1 20/08/2018 38 10.543 1,035,900 300 Sciences Dividend Fund Life Sciences Dividend Fund Middlefield Healthcare & Life Trust Units Middlefield Healthcare & 1 21/08/2018 38 10.504 1,037,500 1,600 Sciences Dividend Fund Life Sciences Dividend Fund Middlefield Healthcare & Life Trust Units Middlefield Healthcare & 1 22/08/2018 38 10.501 1,040,500 3,000 Sciences Dividend Fund Life Sciences Dividend Fund Middlefield Healthcare & Trust Units Middlefield Healthcare & 1 16/08/2018 38 10.59 5,171,559 200 Wellness Dividend Fund Wellness Dividend Fund Middlefield Healthcare & Trust Units Middlefield Healthcare & 1 17/08/2018 38 10.655 5,174,859 3,300 Wellness Dividend Fund Wellness Dividend Fund Middlefield Healthcare & Trust Units Middlefield Healthcare & 1 20/08/2018 38 10.643 5,180,859 6,000 Wellness Dividend Fund Wellness Dividend Fund Middlefield Healthcare & Trust Units Middlefield Healthcare & 1 21/08/2018 38 10.646 5,186,859 6,000 Wellness Dividend Fund Wellness Dividend Fund Middlefield Healthcare & Trust Units Middlefield Healthcare & 1 22/08/2018 38 10.67 5,193,859 7,000 Wellness Dividend Fund Wellness Dividend Fund Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 21/08/2018 99 0 -100,000 Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 21/08/2018 99 487,206 100,000 Millrock Resources Inc. Common Shares Beischer, Gregory Allan 5 21/08/2018 99 415,306 -71,900 Minera Alamos Inc. Common Shares Koningen, Darren 4 16/08/2018 10 0.125 6,287,070 300,000 Minera Alamos Inc. Common Shares Koningen, Darren 4 17/08/2018 10 0.135 6,337,070 50,000

August 30, 2018 (2018), 41 OSCB 6918

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Minera Alamos Inc. Common Shares Koningen, Darren 4 20/08/2018 10 0.135 6,387,070 50,000 Minera Alamos Inc. Common Shares Ramshaw, Douglas William 4, 5 21/08/2018 10 0.135 2,297,700 30,500 Minera Alamos Inc. Common Shares Ramshaw, Douglas William 4, 5 22/08/2018 10 0.135 2,367,200 69,500 Minera Alamos Inc. Common Shares Ramshaw, Douglas William 4, 5 23/08/2018 10 0.13 2,417,200 50,000 Minera Alamos Inc. Common Shares Ramshaw, Douglas William 4, 5 24/08/2018 10 0.125 2,567,200 150,000 Minsud Resources Corp. Common Shares Massa, Carlos 8, 4, 5 17/08/2018 90 0 -3,250,000 Minsud Resources Corp. Warrants Massa, Carlos 8, 4, 5 17/08/2018 55 0 -350,000 Minsud Resources Corp. Warrants Orcoyen, Alberto 4 17/08/2018 55 0 -805,264 Minsud Resources Corp. Warrants Perazzo, Diego Eduardo 4 17/08/2018 55 0 -100,000 Mitel Networks Corporation Common Shares Abbott, Todd 5 06/08/2018 10 11.01 10,000 Mitel Networks Corporation Common Shares Abbott, Todd 5 06/08/2018 57 11.01 10,000 10,000 Mitel Networks Corporation Common Shares Abbott, Todd 5 07/08/2018 10 11.01 -2,448 Mitel Networks Corporation Common Shares Abbott, Todd 5 07/08/2018 10 11.01 7,552 -2,448 Mitel Networks Corporation Common Shares Ball, Benjamin 4, 6 06/08/2018 10 11.01 1,637 Mitel Networks Corporation Common Shares Ball, Benjamin 4, 6 06/08/2018 57 11.01 28,216 1,637 Mitel Networks Corporation Options Bellomo, Anthony John 5 07/08/2018 51 4 7,000 Mitel Networks Corporation Options Bellomo, Anthony John 5 07/08/2018 51 4 8,300 -7,000 Mitel Networks Corporation Options Bellomo, Anthony John 5 07/08/2018 51 3.8 5,000 Mitel Networks Corporation Options Bellomo, Anthony John 5 07/08/2018 51 3.8 3,300 -5,000 Mitel Networks Corporation Common Shares Charbonneau, Peter D. 4 07/08/2018 10 11.01 49,886 -10,460 Mitel Networks Corporation Options Charbonneau, Peter D. 4 07/08/2018 10 11.01 -10,460 Mitel Networks Corporation Options Charbonneau, Peter D. 4 07/08/2018 10 11.01 -10,460 Mogo Finance Technology Common Shares Feller, David Marshall 3, 4, 5 20/08/2018 57 1,751,636 2,500 Inc. Mogo Finance Technology Restricted Share Units Feller, David Marshall 3, 4, 5 20/08/2018 57 2,500 Inc. Mogo Finance Technology Restricted Share Units Feller, David Marshall 3, 4, 5 20/08/2018 57 32,500 -2,500 Inc. Mogo Finance Technology Common Shares Feller, Erin 7 20/08/2018 57 59,070 312 Inc. Mogo Finance Technology Restricted Share Units Feller, Erin 7 20/08/2018 57 312 Inc. Mogo Finance Technology Restricted Share Units Feller, Erin 7 20/08/2018 57 3,938 -312 Inc. Mogo Finance Technology Common Shares Feller, Gregory Dean 4, 5 20/08/2018 57 755,203 2,500 Inc. Mogo Finance Technology Restricted Share Units Feller, Gregory Dean 4, 5 20/08/2018 57 32,500 -2,500 Inc. Mogo Finance Technology Common Shares Groh, Thomas 5 20/08/2018 57 18,228 781 Inc. Mogo Finance Technology Restricted Share Units Groh, Thomas 5 20/08/2018 57 781 Inc. Mogo Finance Technology Restricted Share Units Groh, Thomas 5 20/08/2018 57 1,563 -781 Inc. Mogo Finance Technology Convertible Debentures Wekerle, Michael A. 3 20/08/2018 10 103.69 $1,706,000 -$94,000 Inc. Mogo Finance Technology Convertible Debentures Wekerle, Michael A. 3 21/08/2018 10 103 $1,703,000 -$3,000 Inc. Mogo Finance Technology Convertible Debentures Wekerle, Michael A. 3 22/08/2018 10 102 $1,550,000 -$153,000 Inc. Mongolia Growth Group Ltd. Common Shares Kupperman, Harris 3, 4, 5 20/08/2018 10 0.3 6,000,000 24,000 Montego Resources Inc. Common Shares Jackson, Anthony 4 20/08/2018 10 0.265 25,000 20,000 Montego Resources Inc. Common Shares Jackson, Anthony 4 23/08/2018 10 0.24 32,000 7,000 Morguard Real Estate Units Walker, Timothy James 4 24/08/2018 10 12.36 39,000 -1,000 Investment Trust Morneau Shepell Inc. Common Shares Branker, Nigel Bernard 5 16/07/2018 00 88 Morneau Shepell Inc. Rights 2011 RSU Branker, Nigel Bernard 5 16/07/2018 00 Morneau Shepell Inc. Rights 2011 RSU Branker, Nigel Bernard 5 22/08/2018 99 8,291 8,291 Morneau Shepell Inc. Rights Retirement DSU Branker, Nigel Bernard 5 16/07/2018 00 15,624 Namaste Technologies Inc. Common Shares Sidhu, Kiranjit Singh 4 20/08/2018 10 1.47 12,500 -50,000 (formerly Next Gen Metals Inc.)

August 30, 2018 (2018), 41 OSCB 6919

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 20/08/2018 10 0.96 5,995,500 1,000 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 22/08/2018 10 0.96 5,996,500 1,000 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 22/08/2018 10 0.94 5,997,000 500 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 23/08/2018 10 0.95 5,997,500 500 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 23/08/2018 10 0.95 5,998,000 500 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 23/08/2018 10 0.95 5,998,500 500 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 24/08/2018 10 0.96 5,999,000 500 Hayward Nanotech Security Corp. Common Shares Blakeway, Douglas 3, 4, 5 24/08/2018 10 0.96 6,000,000 1,000 Hayward Neptune Technologies & Common Shares Brouillette, Franτois-Karl 5 23/08/2018 10 4.5 250,852 -40,400 Bioressources Inc. Neptune Technologies & Common Shares Denis, Ronald 4 13/02/2018 10 4.07 65,955 -21,960 Bioressources Inc. Neptune Technologies & Common Shares Denis, Ronald 4 16/07/2018 10 4.12 49,455 -16,500 Bioressources Inc. Neptune Technologies & Common Shares Denis, Ronald 4 19/07/2018 10 3.92 0 -49,455 Bioressources Inc. Neptune Technologies & Common Shares Fortin, HΘlΦne 4 15/08/2018 00 100 Bioressources Inc. Neptune Technologies & Deferred Share Units Fortin, HΘlΦne 4 15/08/2018 00 Bioressources Inc. Neptune Technologies & Deferred Share Units Fortin, HΘlΦne 4 17/08/2018 56 3.79 6,596 6,596 Bioressources Inc. Neptune Technologies & Options Fortin, HΘlΦne 4 15/08/2018 00 Bioressources Inc. Neptune Technologies & Options Fortin, HΘlΦne 4 17/08/2018 50 3.79 40,761 40,761 Bioressources Inc. Neptune Technologies & Deferred Share Units Timperio, Michel 5 17/08/2018 56 3.79 41,268 13,192 Bioressources Inc. Nevada Exploration Inc. Common Shares Buskard, James Livingstone 5 21/06/2007 00 Nevada Exploration Inc. Common Shares Buskard, James Livingstone 5 23/08/2018 90 40,000 40,000 New Gold Inc. Rights Deferred Share Gowans, James Kitchener 4 09/07/2018 00 Units (DSU) New Gold Inc. Rights Deferred Share Gowans, James Kitchener 4 31/07/2018 56 41,274 41,274 Units (DSU) New Millennium Iron Corp. Common Shares Leckie, William Scott 4 23/06/2016 00 2,400 New Millennium Iron Corp. Common Shares Leckie, William Scott 4 17/08/2018 97 -118,828 New Millennium Iron Corp. Common Shares Leckie, William Scott 4 17/08/2018 97 3,400 -120,428 New Millennium Iron Corp. Common Shares Leckie, William Scott 4 21/08/2018 90 1,000 -2,400 Newstrike Brands Ltd. Common Shares Morgan, John Paul 7 17/08/2018 10 0.51 10,005,151 -160,000 (formerly, Newstrike Resources Ltd.) NexGen Energy Ltd. Options Howlett, Karri Lynn 4 21/08/2018 00 NexGen Energy Ltd. Options Howlett, Karri Lynn 4 21/08/2018 50 2.49 300,000 300,000 NexGen Energy Ltd. Options Veenman, Sybil Elsa 4 21/08/2018 00 NexGen Energy Ltd. Options Veenman, Sybil Elsa 4 21/08/2018 50 2.49 300,000 300,000 NextSource Materials Inc. Common Shares Yarie, Quentin 4 17/08/2018 11 0.07 531,500 71,500 NextSource Materials Inc. Warrants Yarie, Quentin 4 17/08/2018 53 35,750 35,750 Nighthawk Gold Corp. Common Shares Cudney, Robert Douglas 3 17/08/2018 10 0.305 29,824,689 25,000 Nighthawk Gold Corp. Common Shares Cudney, Robert Douglas 3 21/08/2018 10 0.295 29,829,689 5,000 Nighthawk Gold Corp. Common Shares Howlett, Brian 4 20/08/2018 10 0.305 1,155,000 5,000 Nighthawk Gold Corp. Common Shares Prychidny, Morris 4 21/08/2018 10 0.325 664,975 13,500 Noront Resources Ltd. Common Shares Baker, Mark 5 22/08/2018 51 0.17 243,500 150,000 Noront Resources Ltd. Options common shares Baker, Mark 5 22/08/2018 51 0.17 733,981 -150,000 North American Construction Common Shares Ferron, Martin Robert 4, 5 17/08/2018 10 9.4 1,658,307 1,000 Group Ltd. Northern Dynasty Minerals Common Shares Dickinson, Robert Allan 3, 4 16/08/2018 10 0.81 -38,857 Ltd.

August 30, 2018 (2018), 41 OSCB 6920

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Northern Dynasty Minerals Common Shares Dickinson, Robert Allan 3, 4 16/08/2018 10 0.78 2,593,087 -38,857 Ltd. Northern Dynasty Minerals Common Shares Snyman, Marchand 5 16/08/2018 10 0.81 -62,857 Ltd. Northern Dynasty Minerals Common Shares Snyman, Marchand 5 16/08/2018 10 0.78 271,857 -62,857 Ltd. Northern Dynasty Minerals Common Shares Thiessen, Ronald William 4 16/08/2018 10 0.81 -115,657 Ltd. Northern Dynasty Minerals Common Shares Thiessen, Ronald William 4 16/08/2018 10 0.78 3,330,090 -115,657 Ltd. Northern Superior Resources Common Shares murdy, arthur william 4 21/08/2018 46 0.05 1,218,000 200,000 Inc. Northern Superior Resources Common Shares Perron, Franτois 4 17/08/2018 46 0.05 875,000 250,000 Inc. Nouveau Monde Graphite Common Shares Jodoin, Nathalie 4 13/08/2018 54 0.2 470,000 100,000 Inc. (auparavant Nouveau Monde Mining Enterprises Inc.) Nouveau Monde Graphite Warrants Jodoin, Nathalie 4 13/08/2018 54 0.2 120,000 -100,000 Inc. (auparavant Nouveau Monde Mining Enterprises Inc.) NSX Silver Inc. Common Shares Nicoll, James David 4, 5 23/08/2018 97 0.12 1,562,332 150,000 NSX Silver Inc. Common Shares Nicoll, James David 4, 5 08/09/2015 00 NSX Silver Inc. Common Shares Nicoll, James David 4, 5 23/08/2018 46 0.12 230,000 230,000 Nutrien Ltd. Common Shares Martell, Keith 4 17/08/2018 10 73.262 3,800 -500 Obsidian Energy Ltd. Common Shares Cormier Jackson, Maureen 4 20/08/2018 10 1.29 35,200 200 Ellen Obsidian Energy Ltd. Common Shares Cormier Jackson, Maureen 4 20/08/2018 10 1.3 135,000 99,800 Ellen OceanaGold Corporation Common Shares Holmes, Michael Harvy Lou 5 21/08/2018 10 4.02 163,453 -20,000 OceanaGold Corporation Common Shares Wilkes, Michael Francis 4 23/08/2018 10 4.04 636,045 -43,000 OceanaGold Corporation Options Wilkes, Michael Francis 4 26/08/2018 99 0 -246,880 OceanaGold Corporation Options Wilkes, Michael Francis 4 26/08/2018 99 3,023,585 809,825 Olympia Financial Group Inc. Common Shares Skauge, Rick 3, 4, 5 22/08/2018 10 42.26 16,299 626 ONEX CORPORATION Options Govan, Christopher Allan 5 17/08/2018 59 23.35 260,000 -10,000 ONEX CORPORATION Options Motamedi, Amir Hossein 5 22/08/2018 59 33.11 117,500 -15,000 Open Text Corporation Common Shares OTEX Duggan, Paul Michael 5 23/08/2018 51 32.86 17,353 15,000 Common Open Text Corporation Common Shares OTEX Duggan, Paul Michael 5 23/08/2018 10 38.807 2,353 -15,000 Common Open Text Corporation Common Shares OTEX Duggan, Paul Michael 5 23/08/2018 51 33.48 17,353 15,000 Common Open Text Corporation Common Shares OTEX Duggan, Paul Michael 5 23/08/2018 10 38.807 2,353 -15,000 Common Open Text Corporation Options All OTEX Option Duggan, Paul Michael 5 23/08/2018 51 32.86 115,010 -15,000 Plans Open Text Corporation Options All OTEX Option Duggan, Paul Michael 5 23/08/2018 51 33.48 100,010 -15,000 Plans Open Text Corporation Common Shares OTEX Jenkins, P. Thomas 4 09/08/2018 10 39.5 2,091,648 -8,352 Common Open Text Corporation Common Shares OTEX Jenkins, P. Thomas 4 09/08/2018 10 39.5 -8,352 Common Orefinders Resources Inc. Common Shares Stewart, Stephen Alexander 4 23/08/2018 10 0.07 1,058,000 45,000 Nelson Organto Foods Inc. Common Shares Bromley, Steven 4 13/08/2018 11 0.08 2,682,102 1,540,500 Organto Foods Inc. Warrants Bromley, Steven 4 13/08/2018 11 0.08 1,436,917 770,250 Organto Foods Inc. Common Shares Gianulis, Peter Lawrence 6 17/08/2018 16 0.08 3,038,793 677,900 Organto Foods Inc. Common Shares Langner, Ralf 5 01/01/2018 00 Organto Foods Inc. Common Shares Langner, Ralf 5 17/08/2018 16 0.08 567,650 Organto Foods Inc. Common Shares Langner, Ralf 5 17/08/2018 16 0.08 317,650 317,650 Organto Foods Inc. Common Shares Langner, Ralf 5 17/08/2018 16 0.08 313,000 250,000 Organto Foods Inc. Common Shares Langner, Ralf 5 20/08/2018 11 0.0625 1,013,000 700,000 Organto Foods Inc. Warrants Langner, Ralf 5 01/01/2018 00 Organto Foods Inc. Warrants Langner, Ralf 5 17/08/2018 16 158,825 158,825

August 30, 2018 (2018), 41 OSCB 6921

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Organto Foods Inc. Warrants Langner, Ralf 5 01/01/2018 00 Organto Foods Inc. Warrants Langner, Ralf 5 17/08/2018 16 125,000 125,000 Organto Foods Inc. Common Shares Thibaudier, Peter 5 01/02/2018 00 Organto Foods Inc. Common Shares Thibaudier, Peter 5 22/08/2018 16 0.08 375,000 375,000 Organto Foods Inc. Warrants Thibaudier, Peter 5 01/02/2018 00 Organto Foods Inc. Warrants Thibaudier, Peter 5 22/08/2018 16 187,500 187,500 Park Lawn Corporation Restricted Share Units Dodds, Jay Dallas 5 01/05/2018 00 Park Lawn Corporation Restricted Share Units Dodds, Jay Dallas 5 21/08/2018 56 9,716 9,716 Park Lawn Corporation Restricted Share Units Green, James Bradley 5 07/05/2018 00 Park Lawn Corporation Restricted Share Units Green, James Bradley 5 21/08/2018 56 9,716 9,716 Park Lawn Corporation Restricted Share Units Harlow, William Clark 5 21/08/2018 00 Park Lawn Corporation Restricted Share Units Harlow, William Clark 5 21/08/2018 56 4,494 4,494 Park Lawn Corporation Restricted Share Units Johnson, Lorie Jane 5 09/05/2018 00 Park Lawn Corporation Restricted Share Units Johnson, Lorie Jane 5 21/08/2018 56 4,494 4,494 Pathfinder Income Fund Trust Units Pathfinder Convertible 1 21/08/2018 38 8.1775 11,152,398 1,200 Debenture Fund Peak Positioning Common Shares BOLDUC, Laval 4, 5 20/08/2018 10 0.05 5,026,600 66,600 Technologies Inc. Peak Positioning Common Shares JOSEPH, Johnson 4, 5 20/08/2018 10 0.055 7,170,107 45,000 Technologies Inc. Peak Positioning Common Shares Landreville, Jean 5 20/08/2018 10 0.05 128,000 60,000 Technologies Inc. Peak Positioning Common Shares Liang, Qiu 3, 4 20/08/2018 10 0.055 27,665,000 40,000 Technologies Inc. Peak Positioning Common Shares Tessier, Charles-AndrΘ 4 20/08/2018 10 0.055 1,014,980 36,000 Technologies Inc. Pembina Pipeline Options Andersen, Harold 5 24/08/2018 50 46.27 125,525 10,606 Corporation Pembina Pipeline Common Shares Arnell, Douglas James 4 02/10/2017 00 Corporation Pembina Pipeline Common Shares Arnell, Douglas James 4 22/08/2018 10 46 150 150 Corporation Pembina Pipeline Common Shares Arnell, Douglas James 4 02/10/2017 00 Corporation Pembina Pipeline Common Shares Arnell, Douglas James 4 22/08/2018 10 46 40 40 Corporation Pembina Pipeline Common Shares Arnell, Douglas James 4 22/08/2018 10 46 1,500 200 Corporation Pembina Pipeline Options Balfour, Carl Ian 5 22/08/2018 50 46.27 38,256 2,525 Corporation Pembina Pipeline Options Burrows, J. Scott 5 22/08/2018 50 46.27 174,419 15,152 Corporation Pembina Pipeline Options Charlesworth, Allan 5 22/08/2018 50 46.27 81,570 4,202 Corporation Pembina Pipeline Options Croney, Craig 5 22/08/2018 50 46.27 44,387 2,525 Corporation Pembina Pipeline Options D'Orazio, Claudia 5 22/08/2018 50 46.27 89,974 4,202 Corporation Pembina Pipeline Options Day, Craig 5 22/08/2018 50 46.27 44,690 2,626 Corporation Pembina Pipeline Options De la Mare, John 5 22/08/2018 50 46.27 42,256 2,525 Corporation Pembina Pipeline Options Dilger, Michael H. 5 22/08/2018 50 46.27 1,073,023 74,243 Corporation Pembina Pipeline Options Eastman, Paul 5 22/08/2018 50 46.27 15,675 4,005 Corporation Pembina Pipeline Options Goldade, Cameron 5 22/08/2018 50 46.27 33,857 2,525 Corporation Pembina Pipeline Options Hecker, Tracy Krista 5 22/08/2018 50 46.27 44,387 2,525 Corporation Pembina Pipeline Options Jones, Robert M. 5 22/08/2018 50 46.27 85,044 4,793 Corporation Pembina Pipeline Options Kohlsmith, Brad 5 22/08/2018 50 46.27 42,222 2,525 Corporation

August 30, 2018 (2018), 41 OSCB 6922

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Pembina Pipeline Options Lunt, Laura 5 22/08/2018 50 46.27 41,650 2,323 Corporation Pembina Pipeline Options Marine, Darren 5 22/08/2018 50 46.27 17,094 4,333 Corporation Pembina Pipeline Options Murphy, Paul John 5 22/08/2018 50 46.27 252,804 15,152 Corporation Pembina Pipeline Options Scherman, Chris 5 22/08/2018 50 46.27 40,387 2,525 Corporation Pembina Pipeline Options Smith, Brad 5 22/08/2018 50 46.27 61,436 3,515 Corporation Pembina Pipeline Options Sprott, Jaret 5 22/08/2018 50 46.27 82,784 9,546 Corporation Pembina Pipeline Options Taylor, Stuart 5 22/08/2018 50 46.27 261,804 15,152 Corporation Pembina Pipeline Options Walsh, Patrick Scott 5 22/08/2018 50 46.27 13,574 3,414 Corporation Pembina Pipeline Options Wiun, Jason Travis 5 22/08/2018 50 46.27 100,618 9,546 Corporation Pembina Pipeline Options Young, John 5 22/08/2018 50 46.27 39,840 2,323 Corporation Pengrowth Energy Common Shares Schulich, Seymour 3 27/04/2018 10 1.1168 34,000,000 4,000,000 Corporation Pengrowth Energy Common Shares Schulich, Seymour 3 02/05/2018 10 1.1168 4,000,000 Corporation Pennine Petroleum Common Shares Gertz, Raymond H 4 23/08/2018 10 0.03 1,583,000 30,000 Corporation People Corporation Common Shares Anderson, Scott Cameron 4 22/08/2018 10 7.95 185,000 10,000 People Corporation Common Shares Kaufman, Celia 5 24/08/2018 10 8 11,216 -4,000 Permex Petroleum Common Shares Ehsan, Mehran 4, 5 20/08/2018 10 0.3998 86,800 38,000 Corporation Permex Petroleum Common Shares Whelan, Barry Leslie 4, 5 20/08/2018 10 0.4 394,000 15,500 Corporation Francis Permex Petroleum Common Shares Whelan, Barry Leslie 4, 5 21/08/2018 10 0.41 401,000 7,000 Corporation Francis Permex Petroleum Common Shares Whelan, Barry Leslie 4, 5 21/08/2018 10 0.42 411,000 10,000 Corporation Francis Permex Petroleum Common Shares Whelan, Barry Leslie 4, 5 22/08/2018 10 0.41 412,000 1,000 Corporation Francis Permex Petroleum Common Shares Whelan, Barry Leslie 4, 5 22/08/2018 10 0.415 417,500 5,500 Corporation Francis Perpetual Energy Inc. Options Green, Jeff 5 18/08/2018 52 5.97 405,750 -11,000 Perpetual Energy Inc. Options Maitland, Robert A. 4 18/08/2018 52 5.97 81,500 -1,500 Perpetual Energy Inc. Options McKean, Linda Lee 5 18/08/2018 52 5.97 520,750 -11,000 Perpetual Energy Inc. Options Merritt, Geoffrey Craig 4 18/08/2018 52 5.97 81,500 -1,500 Perpetual Energy Inc. Options Nelson, Donald J. 4 18/08/2018 52 5.97 81,500 -1,500 Perpetual Energy Inc. Options Rapini, Marcello 5 18/08/2018 52 5.97 562,500 -13,000 Perpetual Energy Inc. Options Riddell Rose, Susan 4, 5 18/08/2018 52 5.97 1,127,500 -28,000 Perpetual Energy Inc. Options Riddell, Clayton H. 3, 4 18/08/2018 52 5.97 153,000 -3,000 Perpetual Energy Inc. Options Ward, Howard 4 18/08/2018 52 5.97 81,500 -1,500 PetroShale Inc. Common Shares Chernoff, M. Bruce 3, 4 17/08/2018 36 47,147,203 2,702,703 PetroShale Inc. Subscription Rights Chernoff, M. Bruce 3, 4 17/08/2018 36 0 -2,702,703 Subscription Receipts PetroShale Inc. Common Shares FR XIII PetroShale Holdings 3 25/01/2018 00 L.P. PetroShale Inc. Common Shares FR XIII PetroShale Holdings 3 17/08/2018 36 2,702,702 2,702,702 L.P. PetroShale Inc. Subscription Rights FR XIII PetroShale Holdings 3 17/08/2018 36 0 -2,702,702 Subscription Receipts L.P. PetroShale Inc. Common Shares Herman, Brett 4 17/08/2018 36 1.85 330,924 54,000 PetroShale Inc. Subscription Rights Herman, Brett 4 17/08/2018 15 1.85 0 -54,000 Subscription Receipts PetroShale Inc. Common Shares Wood, Mike 5 17/08/2018 36 404,615 20,000 PetroShale Inc. Subscription Rights Wood, Mike 5 17/08/2018 36 0 -20,000 Subscription Receipts Petrus Resources Ltd. Common Shares Gray, Don 4 17/08/2018 10 1 6,914,202 35,000

August 30, 2018 (2018), 41 OSCB 6923

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Petrus Resources Ltd. Common Shares Gray, Don 4 20/08/2018 10 1 6,930,602 16,400 Petrus Resources Ltd. Common Shares Gray, Don 4 21/08/2018 10 1.05 7,003,602 73,000 Petrus Resources Ltd. Common Shares Gray, Don 4 22/08/2018 10 1.05 7,028,602 25,000 Petrus Resources Ltd. Common Shares Gray, Don 4 23/08/2018 10 1.05 7,041,202 12,600 Pinnacle Renewable RSU MacDiarmid, John Hugh 4 30/01/2018 00 Holdings Inc. Pinnacle Renewable RSU MacDiarmid, John Hugh 4 02/08/2018 56 1,203 1,203 Holdings Inc. Pinnacle Renewable RSU O'Hagan, Jane 4 03/01/2018 00 Holdings Inc. Pinnacle Renewable RSU O'Hagan, Jane 4 02/08/2018 56 1,203 1,203 Holdings Inc. Pivit Exploration Inc. Common Shares Kalt, Ryan 3 20/08/2018 00 1,450,000 PJX Resources Inc. Options Brennan, Linda 4, 5 20/08/2018 50 0.25 1,460,000 300,000 PJX Resources Inc. Options Clare, James 5 20/08/2018 50 850,000 250,000 PJX Resources Inc. Options Del Campo, Joseph 4 20/08/2018 50 0.25 905,000 275,000 PJX Resources Inc. Options Keating, John 4, 5 20/08/2018 50 0.25 1,755,000 300,000 PJX Resources Inc. Options Pearson, Kent 4 20/08/2018 50 850,000 250,000 Plateau Energy Metals Inc. Common Shares Disbrow, Robert 3 21/08/2018 10 1.1505 4,142,667 21,000 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 17/08/2018 00 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 17/08/2018 00 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 17/08/2018 00 280,000 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 21/08/2018 10 1.2 305,000 25,000 Plateau Energy Metals Inc. Common Shares Holmes, Alexander 4, 5 17/08/2018 00 120,000 Plateau Energy Metals Inc. Options Holmes, Alexander 4, 5 17/08/2018 00 Plateau Energy Metals Inc. Options Holmes, Alexander 4, 5 17/08/2018 00 500,000 Plateau Energy Metals Inc. Warrants Holmes, Alexander 4, 5 17/08/2018 00 140,000 Plateau Energy Metals Inc. Warrants Holmes, Alexander 4, 5 17/08/2018 00 60,000 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 24/08/2018 10 1.191 5,548,944 10,000 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 24/08/2018 10 1.2 5,553,944 5,000 Plateau Energy Metals Inc. Common Shares Relling, Thomas Peter Max 3 17/08/2018 10 1.26 2,058,858 158 Platinex Inc. Options BURDEN, LORNE 4 17/08/2018 50 0.07 1,000,000 200,000 DONALD Platinex Inc. Options Hussey, Tom 4 01/07/2018 00 Platinex Inc. Options Hussey, Tom 4 17/08/2018 50 0.07 200,000 200,000 Platinex Inc. Options Paradis, Lori 5 17/08/2018 50 0.07 350,000 100,000 Platinex Inc. Options TRUSLER, JAMES 3, 4, 5 17/08/2018 50 0.07 1,200,000 150,000 RICHARD Platinum Group Metals Ltd. Common Shares Hosken Consolidated 3 20/08/2018 10 0.0976 42,772,855 17,145 Investments Limited Platinum Group Metals Ltd. Common Shares Hosken Consolidated 3 21/08/2018 10 0.1 43,089,720 316,865 Investments Limited Points International Ltd. Common Shares Doulas, Peter 5 16/08/2018 10 21.12 20,059 -3,468 Points International Ltd. Common Shares Lockhard, Peter 5 17/08/2018 10 21.25 8,811 -200 Points International Ltd. Common Shares Lockhard, Peter 5 20/08/2018 10 21.15 8,611 -200 Points International Ltd. Common Shares Lockhard, Peter 5 21/08/2018 10 15.573 8,211 -400 Points International Ltd. Common Shares Lockhard, Peter 5 23/08/2018 10 19.58 7,911 -300 Points International Ltd. Common Shares Lockhard, Peter 5 23/08/2018 10 14.9 6,911 -1,000 Points International Ltd. Common Shares Lockhard, Peter 5 23/08/2018 10 14.95 6,511 -400 Points International Ltd. Common Shares MacLean, Robert 4, 5 16/08/2018 51 235,646 43,322 Points International Ltd. Common Shares MacLean, Robert 4, 5 16/08/2018 10 16.115 217,746 -17,900 Points International Ltd. Common Shares MacLean, Robert 4, 5 17/08/2018 10 16.189 201,146 -16,600 Points International Ltd. Options ESOP MacLean, Robert 4, 5 16/08/2018 51 12.34 37,305 -104,001 PPX Mining Corp. Warrants Navarro Grau, FΘlix 4 10/07/2018 54 0.075 1,300,000 1,300,000 Predictive Health Analytics Common Shares Birch, Ronnie Floyd 4 13/08/2018 00 100,000 Inc. Predictive Health Analytics Common Shares Espley, William Frederick 4, 5 13/08/2018 00 200,000 Inc. Preferred Dental Common Shares Gale, George Henry 4 20/08/2018 16 0.05 600,000 400,000 Technologies Inc. Premier Gold Mines Limited Common Shares Begeman, John A. 4 21/08/2018 51 1.79 564,056 50,000

August 30, 2018 (2018), 41 OSCB 6924

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Premier Gold Mines Limited Options Begeman, John A. 4 21/08/2018 51 1,158,000 -50,000 Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 20/08/2018 10 1.96 3,997,078 4,300 Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 20/08/2018 10 1.97 4,000,278 3,200 Premier Gold Mines Limited Common Shares Drake, Shaun Anthony 5 20/08/2018 51 1.79 20,000 20,000 Premier Gold Mines Limited Common Shares Drake, Shaun Anthony 5 20/08/2018 10 1.96 0 -20,000 Premier Gold Mines Limited Options Drake, Shaun Anthony 5 20/08/2018 51 152,000 -20,000 Premium Brands Holdings Common Shares Zaplatynsky, John 4 22/08/2018 10 97.975 275,207 -458 Corporation PreveCeutical Medical Inc. Options Maher, Khaled 5 26/02/2018 00 125,000 (formerly, Carrara Exploration Corp.) PreveCeutical Medical Inc. Options Maher, Khaled 5 26/04/2018 50 0.5 250,000 125,000 (formerly, Carrara Exploration Corp.) PreveCeutical Medical Inc. Options Maher, Khaled 5 23/05/2018 37 0.1 1,250,000 1,000,000 (formerly, Carrara Exploration Corp.) PreveCeutical Medical Inc. Options Maher, Khaled 5 26/07/2018 50 0.1 500,000 (formerly, Carrara Exploration Corp.) PreveCeutical Medical Inc. Options Maher, Khaled 5 26/07/2018 50 0.1 1,875,000 625,000 (formerly, Carrara Exploration Corp.) Primeline Energy Holdings Convertible Debentures GRF Prime Limited 3 15/08/2018 38 $0 -$10,000,000 Inc. Tranche A Progressive Planet Solutions Options Beggs, Robert Edward 4 13/08/2018 50 0.055 50,000 Inc. Progressive Planet Solutions Options Beggs, Robert Edward 4 14/08/2018 50 0.055 200,000 50,000 Inc. Progressive Planet Solutions Common Shares England, Michael Bruno 4 20/08/2018 10 0.055 1,781,877 50,000 Inc. John Franz Progressive Planet Solutions Options Pearce, Stephen 4 14/08/2018 50 0.055 475,000 50,000 Inc. Progressive Planet Solutions Options Pearce, Stephen 4 20/08/2018 52 0.2 340,000 -135,000 Inc. Prophecy Development Common Shares without Fidock, Daniel Colin 4 14/08/2018 00 6,364,280 Corp. par value Prophecy Development Options Fidock, Daniel Colin 4 14/08/2018 00 Corp. Prophecy Development Options Fidock, Daniel Colin 4 14/08/2018 00 550,000 Corp. Prophecy Development Warrants Fidock, Daniel Colin 4 14/08/2018 00 4,864,280 Corp. Prophecy Development Common Shares without Kasimov, Bekzod 5 12/07/2018 10 1.86 20,571 1,000 Corp. par value Prophecy Development Common Shares without Kasimov, Bekzod 5 08/08/2018 37 205,710 185,139 Corp. par value Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 12 60,000 -3,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 1.2 90,000 30,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 10.5 88,000 -2,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 1.05 108,000 20,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 5 104,000 -4,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.5 144,000 40,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.5 184,000 40,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 5 -40,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 5 180,000 -4,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 2 168,000 -12,000 Corp.

August 30, 2018 (2018), 41 OSCB 6925

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.2 288,000 120,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 4.88 278,000 -10,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.48 378,000 100,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 3.3 370,000 -8,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.33 450,000 80,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 3.5 440,000 -10,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.35 540,000 100,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 2.8 530,000 -10,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 08/08/2018 37 0.28 630,000 100,000 Corp. Prophecy Development Options Kasimov, Bekzod 5 16/08/2018 52 1.2 600,000 -30,000 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 19/06/2016 55 10 -1,426 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 19/06/2016 55 10 -1,425 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 19/06/2016 55 10 9,690 -1,427 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 6 9,385 -9,690 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 0.6 106,285 96,900 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 5 98,785 -7,500 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 0.5 173,785 75,000 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 4 171,900 -1,885 Corp. Prophecy Development Warrants Kasimov, Bekzod 5 08/08/2018 37 0.4 190,750 18,850 Corp. Prophecy Development Common Shares without Lee, John 4, 5 17/08/2018 10 0.23 12,521,817 66,500 Corp. par value Prophecy Development Common Shares without Lee, John 4, 5 20/08/2018 10 0.215 12,558,817 37,000 Corp. par value Prophecy Development Common Shares without Lee, John 4, 5 21/08/2018 10 0.21 12,578,817 20,000 Corp. par value Prophecy Development Common Shares without Lee, John 4, 5 22/08/2018 10 0.195 12,613,817 35,000 Corp. par value Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 22/08/2018 10 0.055 2,537,465 10,000 Pure Global Cannabis Inc. Common Shares Panchal, Malay 3, 4, 5 20/08/2018 10 0.295 25,611,809 70,000 (formerly, Royal Sapphire Corp.) Quadron Cannatech Common Shares Kieran, Forristal 7 20/08/2018 10 0.215 2,677,800 -5,000 Corporation (formerly Quadron Capital Corporation) Quadron Cannatech Common Shares Kieran, Forristal 7 24/08/2018 10 0.23 2,667,800 -10,000 Corporation (formerly Quadron Capital Corporation) Quadron Cannatech Common Shares MacDonald, Mike Robert 5 14/08/2018 22 1,164,544 363,360 Corporation (formerly Quadron Capital Corporation) Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 22/08/2018 57 528,799 7,150 Raging River Exploration Inc. Common Shares Beynon, Bruce Michael 5 22/08/2018 57 569,749 40,950 Raging River Exploration Inc. Units Performance Share Beynon, Bruce Michael 5 22/08/2018 57 0 -78,750 Units Raging River Exploration Inc. Units Restricted Share Beynon, Bruce Michael 5 22/08/2018 57 0 -13,750 Units

August 30, 2018 (2018), 41 OSCB 6926

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Raging River Exploration Inc. Units Deferred Share BUGEAUD, GARY 4 22/08/2018 56 5.72 46,585 8,934 Units RONALD JOSEPH Raging River Exploration Inc. Units Deferred Share BUGEAUD, GARY 4 22/08/2018 97 0 -46,585 Units RONALD JOSEPH Raging River Exploration Inc. Common Shares Danku, Terry Ryan 5 22/08/2018 57 287,400 9,916 Raging River Exploration Inc. Common Shares Danku, Terry Ryan 5 22/08/2018 57 345,150 57,750 Raging River Exploration Inc. Units Performance Share Danku, Terry Ryan 5 22/08/2018 57 0 -57,750 Units Raging River Exploration Inc. Units Restricted Share Danku, Terry Ryan 5 22/08/2018 57 0 -9,916 Units Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 22/08/2018 57 25,238 6,630 Raging River Exploration Inc. Common Shares Jaskela, Jason Jowill 5 22/08/2018 57 63,848 38,610 Raging River Exploration Inc. Units Performance Share Jaskela, Jason Jowill 5 22/08/2018 57 0 -74,250 Units Raging River Exploration Inc. Units Restricted Share Jaskela, Jason Jowill 5 22/08/2018 57 0 -12,750 Units Raging River Exploration Inc. Units Deferred Share Pearce, David Lawrence 4 22/08/2018 56 5.72 45,767 8,655 Units Raging River Exploration Inc. Units Deferred Share Pearce, David Lawrence 4 22/08/2018 97 0 -45,767 Units Raging River Exploration Inc. Common Shares ROSZELL, NEIL JACK 4 22/08/2018 57 196,533 66,993 Raging River Exploration Inc. Units Performance Share ROSZELL, NEIL JACK 4 22/08/2018 56 109,125 7,875 Units Raging River Exploration Inc. Units Performance Share ROSZELL, NEIL JACK 4 22/08/2018 57 0 -109,125 Units Raging River Exploration Inc. Units Restricted Share ROSZELL, NEIL JACK 4 22/08/2018 56 19,708 Units Raging River Exploration Inc. Units Restricted Share ROSZELL, NEIL JACK 4 22/08/2018 56 19,708 2,625 Units Raging River Exploration Inc. Units Restricted Share ROSZELL, NEIL JACK 4 22/08/2018 57 -36,791 Units Raging River Exploration Inc. Units Restricted Share ROSZELL, NEIL JACK 4 22/08/2018 57 0 -19,708 Units Raging River Exploration Inc. Common Shares SAPIEHA, JERRY 5 22/08/2018 57 1,408,952 7,683 MICHAEL Raging River Exploration Inc. Common Shares SAPIEHA, JERRY 5 22/08/2018 57 1,450,721 41,769 MICHAEL Raging River Exploration Inc. Units Performance Share SAPIEHA, JERRY 5 22/08/2018 56 80,325 6,075 Units MICHAEL Raging River Exploration Inc. Units Performance Share SAPIEHA, JERRY 5 22/08/2018 57 0 -80,325 Units MICHAEL Raging River Exploration Inc. Units Restricted Share SAPIEHA, JERRY 5 22/08/2018 56 14,775 2,025 Units MICHAEL Raging River Exploration Inc. Units Restricted Share SAPIEHA, JERRY 5 22/08/2018 57 0 -14,775 Units MICHAEL Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 16/08/2018 10 2.69 1,173,891 200 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 16/08/2018 10 2.65 1,174,091 200 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 16/08/2018 10 2.67 1,174,691 600 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 17/08/2018 10 2.7 1,174,791 100 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 21/08/2018 10 2.93 1,174,991 200 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 22/08/2018 10 2.9 1,175,291 300 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 23/08/2018 10 2.85 1,175,791 500 Razor Energy Corp. Common Shares Bailey, Douglas George 4, 5 23/08/2018 10 2.9 1,176,291 500 Razor Energy Corp. Common Shares Muller, Frank Peter 4, 5 17/08/2018 10 2.74 929,586 1,000 Razor Energy Corp. Common Shares Smith, Stanley Thomas 4 09/08/2018 30 3.12 232,547 8,818 Recipe Unlimited Corporation Deferred Share Units Clark, Christy 4 11/05/2018 00 (formerly Cara Operations Limited) Recipe Unlimited Corporation Deferred Share Units Clark, Christy 4 20/08/2018 56 27.39 1,990 1,990 (formerly Cara Operations Limited) Red Eagle Mining Common Shares Liberty Metals & Mining 3 26/04/2018 36 0.21 73,078,010 8,276,340 Corporation Holdings, LLC Red Pine Exploration Inc. Options Dodds, Robert Brian 4 21/08/2018 50 0.06 2,328,000 200,000 Red Pine Exploration Inc. Options Yarie, Quentin 4 21/08/2018 50 1,585,000 500,000

August 30, 2018 (2018), 41 OSCB 6927

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Reitmans (Canada) Limited Common Shares Wait, Richard 5 20/08/2018 00 500 Reitmans (Canada) Limited Non-Voting Shares Wait, Richard 5 20/08/2018 00 35,000 Reitmans (Canada) Limited Options Class A non- Wait, Richard 5 20/08/2018 00 85,000 voting Reitmans (Canada) Limited Performance Share Units Wait, Richard 5 20/08/2018 00 37,500 (PSU) Relevium Technologies Inc. Common Shares Useche Gutierrez, Aurelio 5 24/08/2018 10 0.12 1,849,000 20,000 Antonio Ridgewood Canadian Units Ridgewood Capital Asset 3 21/08/2018 10 15 7,691,556 1,358 Investment Grade Bond Management Fund Ridgewood Canadian Units Ridgewood Capital Asset 3 21/08/2018 10 15 7,691,376 -180 Investment Grade Bond Management Fund Ridgewood Canadian Units Ridgewood Capital Asset 3 22/08/2018 10 15 7,691,770 394 Investment Grade Bond Management Fund Ridgewood Canadian Units Ridgewood Capital Asset 3 23/08/2018 10 15 7,692,262 492 Investment Grade Bond Management Fund RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 20/08/2018 38 24.859 127,617 -127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 20/08/2018 38 25.4 255,234 127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 21/08/2018 38 25.22 127,617 -127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 21/08/2018 38 25.284 255,234 127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 22/08/2018 38 25.4 127,617 -127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 22/08/2018 38 25.301 255,234 127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 23/08/2018 30 25.284 127,617 -127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 23/08/2018 38 25.219 255,234 127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Trust Units RioCan Real Estate 1 24/08/2018 38 25.301 127,617 -127,617 INVESTMENT TRUST Investment Trust RIOCAN REAL ESTATE Restricted Equity Units Sturm, Naftali 8 23/08/2018 30 5,690 145 INVESTMENT TRUST (REUs) RIOCAN REAL ESTATE Restricted Equity Units Sturm, Naftali 8 23/08/2018 57 25.22 3,476 -2,214 INVESTMENT TRUST (REUs) Ritchie Bros. Auctioneers Common Shares Holm, Kieran 5 30/04/2018 00 8,428 Incorporated Ritchie Bros. Auctioneers Common Shares Holm, Kieran 5 22/08/2018 51 38.24 12,048 3,620 Incorporated Ritchie Bros. Auctioneers Common Shares Holm, Kieran 5 22/08/2018 30 38.24 11,248 -800 Incorporated Ritchie Bros. Auctioneers Options Holm, Kieran 5 30/04/2018 00 82,561 Incorporated Ritchie Bros. Auctioneers Options Holm, Kieran 5 22/08/2018 51 38.24 73,961 -8,600 Incorporated Ritchie Bros. Auctioneers Options Holm, Kieran 5 22/08/2018 51 38.24 66,861 -7,100 Incorporated Ritchie Bros. Auctioneers Options Holm, Kieran 5 22/08/2018 51 38.24 3,260 Incorporated Ritchie Bros. Auctioneers Options Holm, Kieran 5 22/08/2018 51 38.24 3,260 Incorporated Ritchie Bros. Auctioneers Rights Performance Holm, Kieran 5 30/04/2018 00 9,213 Incorporated Share Units Ritchie Bros. Auctioneers Rights Restricted Share Holm, Kieran 5 30/04/2018 00 2,204 Incorporated Units Riverside Resources Inc. Common Shares Staude, John-Mark Gardner 5 20/08/2018 10 0.24 1,554,460 6,000 Riverside Resources Inc. Common Shares Staude, John-Mark Gardner 5 21/08/2018 10 0.24 1,555,960 1,500 Rocky Mountain Liquor Inc. Common Shares Battalion Consol Corp. 3 20/08/2018 00 1,691,000 Rocky Mountain Liquor Inc. Common Shares Battalion Consol Corp. 3 20/08/2018 10 0.13 1,862,500 171,500 Rocky Mountain Liquor Inc. Common Shares Battalion Consol Corp. 3 22/08/2018 10 0.13 1,966,000 103,500

August 30, 2018 (2018), 41 OSCB 6928

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Rocky Mountain Liquor Inc. Common Shares Battalion Consol Corp. 3 20/08/2018 00 262,000 Rocky Mountain Liquor Inc. Convertible Debentures Battalion Consol Corp. 3 20/08/2018 00 $624,000 7.75% Rocky Mountain Liquor Inc. Convertible Debentures Battalion Consol Corp. 3 20/08/2018 00 $387,000 7.75% Rocky Mountain Liquor Inc. Convertible Debentures Battalion Consol Corp. 3 20/08/2018 10 76.938 $411,000 $24,000 7.75% Inc. Deferred Share Units McPhail, Graeme Howard 5 09/05/2003 00 Rogers Communications Inc. Deferred Share Units McPhail, Graeme Howard 5 15/08/2018 97 43,123 43,123 Rogers Communications Inc. Options (Non- McPhail, Graeme Howard 5 09/05/2003 00 Performance) Rogers Communications Inc. Options (Non- McPhail, Graeme Howard 5 15/08/2018 97 17,580 17,580 Performance) Rogers Communications Inc. Options (Performance) McPhail, Graeme Howard 5 15/08/2018 97 0 -40,620 Rogers Communications Inc. Performance Restricted McPhail, Graeme Howard 5 09/05/2003 00 Share Units Rogers Communications Inc. Performance Restricted McPhail, Graeme Howard 5 15/08/2018 97 7,825 7,825 Share Units Rogers Communications Inc. Restricted Share Units McPhail, Graeme Howard 5 15/08/2018 97 1,987 -1,613 Rogers Communications Inc. Stock Appreciation Rights McPhail, Graeme Howard 5 09/05/2003 00 (Non-Performance) Rogers Communications Inc. Stock Appreciation Rights McPhail, Graeme Howard 5 15/08/2018 97 17,580 17,580 (Non-Performance) Rogers Communications Inc. Stock Appreciation Rights McPhail, Graeme Howard 5 15/08/2018 97 0 -40,620 (Performance) Rogers Sugar Inc. Common Shares Rogers Sugar Inc 1 17/08/2018 38 5.427 200,000 1,820 Rogers Sugar Inc. Common Shares Rogers Sugar Inc 1 22/08/2018 38 5.4505 239,822 39,822 Rogers Sugar Inc. Common Shares Rogers Sugar Inc 1 23/08/2018 38 5.4206 274,722 34,900 Roxgold Inc. Common Shares Knowles, John Lewis 4 23/08/2018 10 0.94 290,000 25,000 Royal Common Shares Gottschling, Helena 5 22/08/2018 51 35.368 2,444 1,079 Common Shares Gottschling, Helena 5 22/08/2018 10 103.48 1,365 -1,079 Royal Bank of Canada Options Gottschling, Helena 5 22/08/2018 51 35.368 62,279 -1,079 Royal Bank of Canada Common Shares McKay, David Ian 4, 5 22/08/2018 51 35.368 16,155 10,282 Royal Bank of Canada Common Shares McKay, David Ian 4, 5 22/08/2018 10 103.5 5,873 -10,282 Royal Bank of Canada Options McKay, David Ian 4, 5 22/08/2018 51 35.368 866,468 -10,282 Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 22/08/2018 10 0.98 19,698,800 -35,000 Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 23/08/2018 10 0.99 19,683,800 -15,000 Rye Patch Gold Corp. Common Shares BAKER, TIMOTHY CLIVE 4 25/05/2018 97 0 -26,617 Rye Patch Gold Corp. Options BAKER, TIMOTHY CLIVE 4 25/05/2018 97 0 -79,853 Rye Patch Gold Corp. Restricted Share Units BAKER, TIMOTHY CLIVE 4 25/05/2018 97 0 -22,467 SANDSTORM GOLD LTD. Common Shares Watson, Nolan Allan 4, 5 15/08/2018 10 4.8715 1,107,790 41,300 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 51 10.7 700 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 51 10.7 700 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 51 10.7 176,441 93,354 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 10 42 175,741 -700 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 10 41.96 85,341 -90,400 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 10 41.97 83,141 -2,200 Saputo Inc. Common Shares Brockman, Terry 7, 5 16/08/2018 10 41.9 83,087 -54 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -700 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -700 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -700 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -700 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -93,354 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 -93,354 Saputo Inc. Options Brockman, Terry 7, 5 16/08/2018 51 10.7 852,202 -93,354 Saputo Inc. Common Shares Poutchigian, Haig 7 20/08/2018 10 41.77 1,957 375 Saputo Inc. Common Shares Poutchigian, Haig 7 20/08/2018 10 41.78 2,257 300 Saputo Inc. Common Shares Poutchigian, Haig 7 20/08/2018 10 41.8 2,657 400 Saputo Inc. Forward Purchase Saputo inc. 1 23/02/2016 70 1 100000 actions exp. 25 ao√t 2016

August 30, 2018 (2018), 41 OSCB 6929

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Saputo Inc. Forward Purchase Saputo inc. 1 23/02/2016 70 1 100000 actions exp. 25 ao√t 2016 Saputo Inc. Forward Purchase Saputo inc. 1 23/02/2016 70 1 100000 actions exp. 25 ao√t 2016 Saputo Inc. Forward Purchase Saputo inc. 1 23/02/2016 70 1 1 100000 actions exp. 25 ao√t 2016 Sarment Holding Limited Common Shares Chiaguri, Quentin Jean 4, 5 21/08/2018 10 3.2 16,480 100 Ernest Sarment Holding Limited Common Shares Chiaguri, Quentin Jean 4, 5 21/08/2018 10 3.15 198,206 181,726 Ernest Sarment Holding Limited Common Shares Chiaguri, Quentin Jean 4, 5 23/08/2018 10 3.2 200,106 1,900 Ernest Sarment Holding Limited Common Shares Dauphin Estate, Claude 3 21/08/2018 36 3.15 4,580,063 207,383 Sarment Holding Limited Convertible Notes Dauphin Estate, Claude 3 21/03/2018 00 (Convertible Term Notes) Sarment Holding Limited Convertible Notes Dauphin Estate, Claude 3 21/03/2018 00 $207,383 (Convertible Term Notes) Sarment Holding Limited Convertible Notes Dauphin Estate, Claude 3 21/08/2018 36 3.15 $0 -$207,383 (Convertible Term Notes) Sarment Holding Limited Common Shares EL Greco International 3 21/08/2018 10 3.15 414,766 Investments S.r.l. Sarment Holding Limited Common Shares EL Greco International 3 21/08/2018 10 3.15 414,766 Investments S.r.l. Sarment Holding Limited Common Shares EL Greco International 3 21/08/2018 10 3.15 8,758,015 289,555 Investments S.r.l. Sarment Holding Limited Common Shares EL Greco International 3 21/08/2018 36 3.15 9,172,781 414,766 Investments S.r.l. Sarment Holding Limited Convertible Notes EL Greco International 3 09/08/2018 00 $414,766 (Convertible Term Notes) Investments S.r.l. Sarment Holding Limited Convertible Notes EL Greco International 3 21/08/2018 36 3.15 $0 -$414,766 (Convertible Term Notes) Investments S.r.l. Sarment Holding Limited Common Shares Faure Beaulieu, Bertrand 3, 4 21/08/2018 10 3.15 6,586,306 181,726 Didier Sarment Holding Limited Common Shares Faure Beaulieu, Bertrand 3, 4 21/08/2018 10 3.15 6,768,032 181,726 Didier Sarment Holding Limited Common Shares Irwin, Mark Joseph 3, 4 21/08/2018 36 3.15 4,681,463 207,383 Sarment Holding Limited Convertible Notes Irwin, Mark Joseph 3, 4 01/04/2018 00 $207,383 (Convertible Term Notes) Sarment Holding Limited Convertible Notes Irwin, Mark Joseph 3, 4 21/08/2018 36 3.15 $0 -$207,383 (Convertible Term Notes) Sarment Holding Limited Common Shares Wolf, Robert Thomas 4 25/07/2018 00 Sarment Holding Limited Common Shares Wolf, Robert Thomas 4 21/08/2018 10 3.15 27,500 27,500 Savaria Corporation Common Shares Fraser, Alison 7 17/08/2018 51 1.5 146,485 20,000 Savaria Corporation Options Fraser, Alison 7 17/08/2018 51 1.5 105,000 -20,000 Savaria Corporation Common Shares Tremblay, Alain 4 15/08/2018 10 18.02 65,100 -4,000 Savaria Corporation Common Shares Tremblay, Alain 4 15/08/2018 10 18.15 65,000 -100 Savary Gold Corp. Common Shares Dudek, Don 4, 5 20/08/2018 10 0.045 2,348,000 50,000 Seahawk Ventures Inc. Common Shares Lavery, Mitchell Ernest 5 19/04/2018 00 Seahawk Ventures Inc. Common Shares Lavery, Mitchell Ernest 5 21/08/2018 45 0.38 1,650,000 1,650,000 SHAW COMMUNICATIONS Non-Voting Shares Class Yuill, Willard 4 20/08/2018 10 27.116 3,421,712 -100,000 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Yuill, Willard 4 21/08/2018 10 27.001 3,021,712 -400,000 INC. "B" Shopify Inc. Multiple Voting Shares Finkelstein, Harley Michael 5 23/08/2018 51 0.16 1,872 1,872 Class B Multiple Voting Shares Shopify Inc. Multiple Voting Shares Finkelstein, Harley Michael 5 23/08/2018 36 0 -1,872 Class B Multiple Voting Shares Shopify Inc. Options Finkelstein, Harley Michael 5 23/08/2018 51 0.16 253,982 -1,872 Shopify Inc. RSU Finkelstein, Harley Michael 5 24/08/2018 57 51,434 -755

August 30, 2018 (2018), 41 OSCB 6930

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Shopify Inc. Subordinate Voting Finkelstein, Harley Michael 5 23/08/2018 36 2,089 1,872 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Finkelstein, Harley Michael 5 23/08/2018 30 179.53 217 -1,872 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Finkelstein, Harley Michael 5 24/08/2018 57 972 755 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Finkelstein, Harley Michael 5 24/08/2018 10 139.26 555 -417 Shares Class A Subordinate Voting Shares Shopify Inc. RSU Forsyth, Brittany Jean 5 24/08/2018 57 19,664 -503 Shopify Inc. Subordinate Voting Forsyth, Brittany Jean 5 24/08/2018 57 586 503 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Forsyth, Brittany Jean 5 24/08/2018 10 139.26 308 -278 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Lutke, Tobias Albin 4, 5 20/08/2018 90 60,000 -2,000 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Lutke, Tobias Albin 4, 5 20/08/2018 90 2,000 2,000 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Lutke, Tobias Albin 4, 5 20/08/2018 30 135.46 0 -2,000 Shares Class A Subordinate Voting Shares Shopify Inc. RSU Miller, Craig Stuart 5 24/08/2018 57 34,541 -1,257 Shopify Inc. Subordinate Voting Miller, Craig Stuart 5 24/08/2018 57 1,369 1,257 Shares Class A Subordinate Voting Shares Shopify Inc. Subordinate Voting Miller, Craig Stuart 5 24/08/2018 10 139.26 675 -694 Shares Class A Subordinate Voting Shares Sienna Senior Living Inc. Common Shares ANNABLE, MICHAEL 5 17/08/2018 10 17.444 282 -1,719 (formerly Leisureworld Senior Care Corporation) Sienna Senior Living Inc. Common Shares Jourdain Coleman, Paula 4 20/08/2018 10 17.6 381,000 -3,000 (formerly Leisureworld Senior Care Corporation) Sienna Senior Living Inc. Common Shares Jourdain Coleman, Paula 4 21/08/2018 10 17.6 380,700 -300 (formerly Leisureworld Senior Care Corporation) Sienna Senior Living Inc. Common Shares Jourdain Coleman, Paula 4 22/08/2018 10 17.6 375,300 -5,400 (formerly Leisureworld Senior Care Corporation) Sienna Senior Living Inc. Common Shares Jourdain Coleman, Paula 4 22/08/2018 10 17.631 373,600 -1,700 (formerly Leisureworld Senior Care Corporation) Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 17/08/2018 38 19,000 -47,500 Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 20/08/2018 10 19.23 28,500 9,500 Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 21/08/2018 10 19.432 38,000 9,500 Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 22/08/2018 10 19.448 47,500 9,500 Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 23/08/2018 10 19.22 57,000 9,500 Sierra Wireless, Inc. Restricted Share Units Thexton, Kent Paul 4 10/08/2018 57 -23,858 Sierra Wireless, Inc. Restricted Share Units Thexton, Kent Paul 4 10/08/2018 57 47,676 -23,838 Skyharbour Resources Ltd. Options Cates, David Daniel 4, 6 17/08/2018 50 0.42 425,000 150,000 Skyharbour Resources Ltd. Options Chow, Amanda 4 17/08/2018 50 0.42 396,250 125,000

August 30, 2018 (2018), 41 OSCB 6931

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Skyharbour Resources Ltd. Options Chow, Amanda 4 19/08/2018 52 0.4 390,000 -6,250 Skyharbour Resources Ltd. Options Huston, Donald Carl 4 17/08/2018 50 0.42 466,250 125,000 Skyharbour Resources Ltd. Options Huston, Donald Carl 4 19/08/2018 52 0.4 456,250 -10,000 Skyharbour Resources Ltd. Options Kusmirski, Rick T. 4 17/08/2018 50 0.42 583,750 150,000 Skyharbour Resources Ltd. Options PETTIT, JAMES, GAYDON 4 17/08/2018 50 0.42 633,750 150,000 Skyharbour Resources Ltd. Options PETTIT, JAMES, GAYDON 4 19/08/2018 52 0.4 623,750 -10,000 Skyharbour Resources Ltd. Options Trimble, Jordan 4 17/08/2018 50 0.42 652,500 150,000 Skyharbour Resources Ltd. Options Trimble, Jordan 4 19/08/2018 52 0.4 597,500 -55,000 Slate Retail REIT Class B LP 2 Units Altman, Samuel 4 15/04/2014 22 167,671 11,384 Slate Retail REIT Trust Units Class U Units Altman, Samuel 4 12/04/2016 36 13.54 15,000 Slate Retail REIT Trust Units Class U Units Altman, Samuel 4 12/04/2016 36 13.54 42,324 15,831 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 20/07/2015 30 10.84 82,477 405 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 20/08/2015 30 10.84 82,884 407 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 24/09/2015 30 10.46 83,308 424 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 19/10/2015 30 10.61 83,729 421 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 18/11/2015 30 10.3 84,164 435 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 20/01/2016 30 9.23 84,667 503 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 18/02/2016 30 10.09 85,131 464 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 17/03/2016 30 10.97 85,559 428 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 19/04/2016 30 10.65 86,002 443 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 18/05/2016 30 10.52 95,911 451 Slate Retail REIT Trust Units Class U Units Farley, Thomas Fredrick 4 17/06/2016 30 10.69 96,406 495 Slate Retail REIT Trust Units Class U Units Stephen, Andrea 4 20/06/2017 00 10,100 Slate Retail REIT (formerly, Class B LP 2 Units Altman, Samuel 4 15/04/2014 22 30,612 Slate U.S. Opportunity (No. 1) Realty Trust) Slate Retail REIT (formerly, Class B LP 2 Units Altman, Samuel 4 15/04/2014 22 156,287 156,287 Slate U.S. Opportunity (No. 1) Realty Trust) SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 15/08/2018 10 0.08 3,328,000 25,000 miniΦre Vior Inc. SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 15/08/2018 10 0.085 3,346,000 18,000 miniΦre Vior Inc. SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 16/08/2018 10 0.085 3,348,000 2,000 miniΦre Vior Inc. SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 16/08/2018 10 0.09 3,350,000 2,000 miniΦre Vior Inc. SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 17/08/2018 10 0.085 3,354,000 4,000 miniΦre Vior Inc. SociΘtΘ d'exploration Common Shares Fedosiewich, Mark Brian 5 22/08/2018 10 0.085 3,356,000 2,000 miniΦre Vior Inc. Solaris Copper Inc. Common Shares Boggio, Lenard 6 03/08/2018 00 Solaris Copper Inc. Common Shares Boggio, Lenard 6 09/08/2018 35 10,651 10,651 Solaris Copper Inc. Options Boggio, Lenard 6 03/08/2018 00 39,299 Solaris Copper Inc. Rights Restricted Share Boggio, Lenard 6 03/08/2018 00 4,934 Units (Time Based) Solaris Copper Inc. Common Shares Equinox Gold Corp 3 03/08/2018 00 29,775,514 Solaris Copper Inc. Common Shares Hardie, Peter Jeremie 6 03/08/2018 00 Solaris Copper Inc. Common Shares Hardie, Peter Jeremie 6 09/08/2018 35 39,273 39,273 Solaris Copper Inc. Options Hardie, Peter Jeremie 6 03/08/2018 00 21,500 Solaris Copper Inc. Rights Restricted Share Hardie, Peter Jeremie 6 03/08/2018 00 14,733 Units (Performance Based) Solaris Copper Inc. Rights Restricted Share Hardie, Peter Jeremie 6 03/08/2018 00 19,682 Units (Time Based) Solaris Copper Inc. Common Shares Heffernan, Robert Scott 4 23/08/2018 57 0.57 27,202 3,038 Solaris Copper Inc. Rights Restricted Share Heffernan, Robert Scott 4 22/08/2018 57 14,289 -3,038 Units (Time Based) Solaris Copper Inc. Common Shares Koval, Marshall 6 03/08/2018 00 Solaris Copper Inc. Common Shares Koval, Marshall 6 09/08/2018 35 63,368 63,368 Solaris Copper Inc. Options Koval, Marshall 6 03/08/2018 00 23,803

August 30, 2018 (2018), 41 OSCB 6932

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Solaris Copper Inc. Rights Restricted Share Koval, Marshall 6 03/08/2018 00 4,934 Units (Time Based) Solaris Copper Inc. Common Shares McMullen, Jacques 6 03/08/2018 00 Solaris Copper Inc. Common Shares McMullen, Jacques 6 09/08/2018 35 873 873 Solaris Copper Inc. Options McMullen, Jacques 6 03/08/2018 00 39,299 Solaris Copper Inc. Rights Restricted Share McMullen, Jacques 6 03/08/2018 00 4,934 Units (Time Based) Solaris Copper Inc. Common Shares Milau, Christian 6 03/08/2018 00 Solaris Copper Inc. Common Shares Milau, Christian 6 09/08/2018 35 110,736 110,736 Solaris Copper Inc. Common Shares Milau, Christian 6 23/08/2018 57 0.57 116,261 5,525 Solaris Copper Inc. Options Milau, Christian 6 03/08/2018 00 24,000 Solaris Copper Inc. Rights Restricted Share Milau, Christian 6 03/08/2018 00 29,466 Units (Performance Based) Solaris Copper Inc. Rights Restricted Share Milau, Christian 6 03/08/2018 00 24,925 Units (Time Based) Solaris Copper Inc. Rights Restricted Share Milau, Christian 6 22/08/2018 57 19,400 -5,525 Units (Time Based) Sona Nanotech Inc. Common Shares SMITH, ANDREW NEIL 4 08/08/2018 00 487,000 SouthGobi Resources Ltd. Options Guo, Aiming 5 03/07/2018 00 SouthGobi Resources Ltd. Options Guo, Aiming 5 16/08/2018 50 0.13 200,000 200,000 SouthGobi Resources Ltd. Options Snetsinger, Allison 5 16/08/2018 50 0.13 100,000 100,000 SouthGobi Resources Ltd. Options Wang, Shougao 4 03/07/2018 00 SouthGobi Resources Ltd. Options Wang, Shougao 4 16/08/2018 50 0.13 400,000 400,000 SouthGobi Resources Ltd. Options Zhang, Weiguo 5 03/07/2018 00 SouthGobi Resources Ltd. Options Zhang, Weiguo 5 16/08/2018 50 0.13 200,000 200,000 Speakeasy Cannabis Club Warrants Jackson, Anthony 4, 5 04/04/2018 00 Ltd. Speakeasy Cannabis Club Warrants Jackson, Anthony 4, 5 04/04/2018 00 361,000 Ltd. Spectra Inc. Common Shares Campbell, Glen 4 17/08/2018 10 0.35 500,000 -500,000 Spectra Inc. Common Shares Campbell, Glen 4 21/08/2018 10 0.035 400,000 -100,000 Sprott Physical Gold and Trust Units Sprott Inc. 7 20/08/2018 10 11.736 201,200 -20,000 Silver Trust Sprott Physical Gold and Trust Units Sprott Inc. 7 21/08/2018 10 11.799 181,200 -20,000 Silver Trust Sprott Physical Gold and Trust Units Sprott Inc. 7 22/08/2018 10 11.816 161,200 -20,000 Silver Trust Sprott Physical Gold and Trust Units Sprott Inc. 7 23/08/2018 10 11.708 141,200 -20,000 Silver Trust Sprott Physical Gold and Trust Units Sprott Inc. 7 24/08/2018 10 11.865 120,000 -21,200 Silver Trust Sprott Resource Holdings Common Shares Class Boggio, Lenard 4 13/08/2018 37 1,500 -28,500 Inc. (formerly Adriana "A" Resources Inc. ) Sprott Resource Holdings Common Shares Class Harrison, Michael James 4, 5 13/08/2018 37 45,575 -865,925 Inc. (formerly Adriana "A" Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 09/02/2017 00 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 09/02/2017 00 782,970 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 09/02/2017 00 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 09/02/2017 00 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 14/11/2017 56 0.14 357,142 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 06/03/2018 56 0.14 535,715 Inc. (formerly Adriana Resources Inc. )

August 30, 2018 (2018), 41 OSCB 6933

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 14/11/2017 56 0.14 1,140,112 357,142 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 06/03/2018 56 0.14 1,675,827 535,715 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Lyons, Terrence 4 13/08/2018 37 83,791 -1,592,036 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Yuzpe, Stephen Mark 4, 5 15/06/2018 56 0.115 22,316 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Yuzpe, Stephen Mark 4, 5 15/06/2018 56 0.115 3,563,656 30,400 Inc. (formerly Adriana Resources Inc. ) Sprott Resource Holdings EPSP Designation Yuzpe, Stephen Mark 4, 5 13/08/2018 37 183,045 -3,477,863 Inc. (formerly Adriana Resources Inc. ) SQI Diagnostics Inc. Common Shares Beddoe, Clive 4 17/08/2018 16 27,141,067 666,666 SQI Diagnostics Inc. Warrants Beddoe, Clive 4 17/08/2018 16 27,548,649 6,666,667 SQI Diagnostics Inc. Common Shares Connor, Gerald R. 4 17/08/2018 16 28,375,932 6,666,667 SQI Diagnostics Inc. Warrants Connor, Gerald R. 4 17/08/2018 16 12,611,634 6,666,667 SQI Diagnostics Inc. Common Shares Matthews, Wilmot Leslie 4 17/08/2018 16 28,335,128 6,666,667 SQI Diagnostics Inc. Warrants Matthews, Wilmot Leslie 4 17/08/2018 16 24,718,649 6,666,667 Squatex Energy and Common Shares Caron, Jean-claude 3, 4, 5 22/08/2018 45 0.1 22,372,940 18,008,780 Resources Inc. Squire Mining Ltd. Common Shares King, Owen 4 15/08/2018 10 0.55 2,053,500 -46,500 Steppe Gold Ltd. Common Shares LIM Asia Special Situations 3 17/08/2018 10 1.1016 4,965,200 762,100 Master Fund Limited Steppe Gold Ltd. Common Shares Michaels, Patrick 4 21/08/2018 10 1.12 53,500 3,500 Steppe Gold Ltd. Common Shares Michaels, Patrick 4 22/08/2018 10 1.17 57,500 4,000 Steppe Gold Ltd. Common Shares Michaels, Patrick 4 23/08/2018 10 1.17 75,000 17,500 Stingray Digital Group Inc. Subordinate Voting Pathy, Mark 4 17/08/2018 10 8.3966 1,180,150 23,900 Shares Summit Industrial Income Trust Units Morassutti, Lawrence 4 15/08/2018 30 8.39 97,582 497 REIT Summit Industrial Income Trust Units Morassutti, Lawrence 4 15/08/2018 30 8.39 2,966,083 15,123 REIT Superior Plus Corp. Rights Deferred Share BRADEEN, RICHARD 4 16/08/2018 56 34,113 381 Units Superior Plus Corp. Rights Deferred Share Findlay, Randall J. 4 16/08/2018 56 60,600 381 Units Superior Plus Corp. Rights Deferred Share Gottschalk, Patrick Edward 4 16/08/2018 56 10,852 1,002 Units Superior Plus Corp. Rights Deferred Share Jordan, Mary 4 16/08/2018 56 46,023 381 Units Surge Energy Inc. Common Shares Bennett, Michael James 5 15/08/2018 57 2.32 20,478 4,960 Surge Energy Inc. Common Shares Bennett, Michael James 5 15/08/2018 35 2.32 21,251 773 Surge Energy Inc. Rights Restricted Share Bennett, Michael James 5 15/08/2018 57 2.32 7,961 -4,960 Awards Surge Energy Inc. Rights Restricted Share Bennett, Michael James 5 15/08/2018 59 2.32 4,617 -3,344 Awards Surge Energy Inc. Rights Restricted Share Bennett, Michael James 5 15/08/2018 56 2.4 20,242 15,625 Awards Surge Energy Inc. Rights Restricted Share Burnyeat, Marion Louise 4 16/07/2018 00 31,250 Awards Surge Energy Inc. Common Shares Bye, Murray 5 15/08/2018 57 2.32 879,194 408,259 Surge Energy Inc. Common Shares Bye, Murray 5 15/08/2018 35 2.32 942,884 63,690 Surge Energy Inc. Common Shares Bye, Murray 5 15/08/2018 57 2.32 1,028,899 86,015 Surge Energy Inc. Common Shares Bye, Murray 5 15/08/2018 35 2.32 1,036,676 7,777 Surge Energy Inc. Rights Performance Bye, Murray 5 15/08/2018 57 2.32 365,874 -408,259 Share Awards Surge Energy Inc. Rights Performance Bye, Murray 5 15/08/2018 59 2.32 139,337 -226,537 Share Awards Surge Energy Inc. Rights Performance Bye, Murray 5 15/08/2018 56 2.4 404,962 265,625 Share Awards

August 30, 2018 (2018), 41 OSCB 6934

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Surge Energy Inc. Rights Restricted Share Bye, Murray 5 15/08/2018 57 2.32 92,468 -86,015 Awards Surge Energy Inc. Rights Restricted Share Bye, Murray 5 15/08/2018 59 2.32 47,446 -45,022 Awards Surge Energy Inc. Rights Restricted Share Bye, Murray 5 15/08/2018 56 2.4 135,987 88,541 Awards Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 57 2.32 5,186,994 895,535 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 57 2.32 4,291,459 -895,535 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 35 2.32 4,431,167 139,708 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 59 2.32 3,934,250 -496,917 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 57 2.32 4,152,550 218,300 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 57 2.32 3,934,250 -218,300 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 35 2.32 3,953,785 19,535 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 59 2.32 3,839,623 -114,162 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 56 2.4 3,985,456 145,833 Surge Energy Inc. Common Shares Colborne, Paul 4 15/08/2018 56 2.4 4,422,956 437,500 Surge Energy Inc. Common Shares DUCS, JARED ANDREW 5 16/08/2018 00 128,190 RENTON Surge Energy Inc. Rights Performance DUCS, JARED ANDREW 5 15/08/2018 56 2.4 184,286 109,375 Share Awards RENTON Surge Energy Inc. Rights Performance DUCS, JARED ANDREW 5 16/08/2018 00 74,911 Share Awards RENTON Surge Energy Inc. Rights Restricted Share DUCS, JARED ANDREW 5 15/08/2018 56 2.4 77,795 36,458 Awards RENTON Surge Energy Inc. Rights Restricted Share DUCS, JARED ANDREW 5 16/08/2018 00 41,337 Awards RENTON Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 15/08/2018 57 2.32 824,303 408,259 Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 15/08/2018 35 2.32 887,993 63,690 Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 15/08/2018 56 2.32 970,509 82,516 Surge Energy Inc. Common Shares Elekes, Margaret Ann 5 15/08/2018 35 2.32 978,057 7,548 Surge Energy Inc. Rights Performance Elekes, Margaret Ann 5 15/08/2018 57 2.32 334,385 -408,259 Share Awards Surge Energy Inc. Rights Performance Elekes, Margaret Ann 5 15/08/2018 59 2.32 107,848 -226,537 Share Awards Surge Energy Inc. Rights Performance Elekes, Margaret Ann 5 15/08/2018 56 2.4 357,848 250,000 Share Awards Surge Energy Inc. Rights Restricted Share Elekes, Margaret Ann 5 15/08/2018 56 2.32 87,403 -82,516 Awards Surge Energy Inc. Rights Restricted Share Elekes, Margaret Ann 5 15/08/2018 59 2.32 44,170 -43,233 Awards Surge Energy Inc. Rights Restricted Share Elekes, Margaret Ann 5 15/08/2018 56 2.4 127,503 83,333 Awards Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 895,535 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 467,159 331,875 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 35 2.32 512,183 45,024 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 124,070 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 124,070 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 124,070 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 57 2.32 636,253 124,070 Surge Energy Inc. Common Shares Ferguson, Gordon Paul 5 15/08/2018 35 2.32 648,593 12,340 Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 25/09/2015 00 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 25/09/2015 00 449,367 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2017 56 2.13 97,418 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2017 56 2.13 741,621 292,254 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2018 57 2.32 409,746 -331,875 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2018 59 2.32 228,834 -180,912 Share Awards Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2018 57 2.32 104,764 -124,070 Share Awards

August 30, 2018 (2018), 41 OSCB 6935

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Surge Energy Inc. Rights Performance Ferguson, Gordon Paul 5 15/08/2018 59 2.32 39,285 -65,479 Share Awards Surge Energy Inc. Rights Restricted Share Ferguson, Gordon Paul 5 15/08/2018 59 2.32 -180,912 Awards Surge Energy Inc. Common Shares Gilbert, Daryl Harvey 4 15/08/2018 57 2.32 88,605 32,207 Surge Energy Inc. Common Shares Gilbert, Daryl Harvey 4 15/08/2018 35 2.32 91,551 2,946 Surge Energy Inc. Rights Restricted Share Gilbert, Daryl Harvey 4 15/08/2018 57 2.32 34,023 -32,207 Awards Surge Energy Inc. Rights Restricted Share Gilbert, Daryl Harvey 4 15/08/2018 56 2.4 65,273 31,250 Awards Surge Energy Inc. Common Shares Leach, Robert Allen 4 15/08/2018 57 2.32 719,406 32,207 Surge Energy Inc. Common Shares Leach, Robert Allen 4 15/08/2018 35 2.32 722,352 2,946 Surge Energy Inc. Rights Restricted Share Leach, Robert Allen 4 15/08/2018 57 2.32 34,023 -32,207 Awards Surge Energy Inc. Rights Restricted Share Leach, Robert Allen 4 15/08/2018 56 2.4 65,273 31,250 Awards Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 15/08/2018 57 2.32 113,580 32,207 Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 15/08/2018 35 2.32 116,526 2,946 Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 15/08/2018 59 2.32 -17,348 Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 15/08/2018 59 2.32 -17,348 Surge Energy Inc. Common Shares Macdonald, Keith Elliott 4 15/08/2018 10 2.12 98,721 -17,805 Surge Energy Inc. Rights Restricted Share Macdonald, Keith Elliott 4 15/08/2018 57 2.4 34,023 -32,207 Awards Surge Energy Inc. Rights Restricted Share Macdonald, Keith Elliott 4 15/08/2018 59 2.32 16,675 -17,348 Awards Surge Energy Inc. Rights Restricted Share Macdonald, Keith Elliott 4 15/08/2018 56 2.4 47,925 31,250 Awards Surge Energy Inc. Rights Restricted Share Maher, Allison Michelle 4 16/07/2018 00 31,250 Awards Surge Energy Inc. Common Shares Monden, Rod J 5 16/08/2018 00 310,272 Surge Energy Inc. Rights Performance Monden, Rod J 5 15/08/2018 56 2.4 170,709 75,000 Share Awards Surge Energy Inc. Rights Performance Monden, Rod J 5 16/08/2018 00 95,709 Share Awards Surge Energy Inc. Rights Restricted Share Monden, Rod J 5 15/08/2018 56 2.4 73,335 25,000 Awards Surge Energy Inc. Rights Restricted Share Monden, Rod J 5 16/08/2018 00 48,335 Awards Surge Energy Inc. Common Shares O'Neil, Peter Dan 5 15/08/2017 56 2.13 35,211 Surge Energy Inc. Common Shares O'Neil, Peter Dan 5 15/08/2017 56 2.13 35,211 Surge Energy Inc. Common Shares O'Neil, Peter Dan 5 15/08/2017 56 2.13 35,211 Surge Energy Inc. Common Shares O'Neil, Peter Dan 5 15/08/2018 57 2.32 222,316 32,207 Surge Energy Inc. Common Shares O'Neil, Peter Dan 5 15/08/2018 35 2.32 225,262 2,946 Surge Energy Inc. Rights Restricted Share O'Neil, Peter Dan 5 15/08/2017 56 2.13 66,230 35,211 Awards Surge Energy Inc. Rights Restricted Share O'Neil, Peter Dan 5 15/08/2018 57 2.32 34,023 -32,207 Awards Surge Energy Inc. Rights Restricted Share O'Neil, Peter Dan 5 15/08/2018 59 2.32 16,579 -17,444 Awards Surge Energy Inc. Rights Restricted Share O'Neil, Peter Dan 5 15/08/2018 56 2.4 47,829 31,250 Awards Surge Energy Inc. Common Shares Pasieka, James Murray 4 15/08/2018 57 2.32 437,299 42,941 Surge Energy Inc. Common Shares Pasieka, James Murray 4 15/08/2018 35 2.32 441,227 3,928 Surge Energy Inc. Rights Restricted Share Pasieka, James Murray 4 15/08/2018 56 2.32 45,365 -42,941 Awards Surge Energy Inc. Rights Restricted Share Pasieka, James Murray 4 15/08/2018 56 2.4 87,031 41,666 Awards Surge Energy Inc. Common Shares Smith, Murray Douglas 4 15/08/2018 57 2.32 128,899 32,207 Surge Energy Inc. Common Shares Smith, Murray Douglas 4 15/08/2018 35 2.32 131,845 2,946 Surge Energy Inc. Rights Restricted Share Smith, Murray Douglas 4 15/08/2018 57 2.32 34,023 -32,207 Awards Surge Energy Inc. Rights Restricted Share Smith, Murray Douglas 4 15/08/2018 59 2.32 17,148 -16,875 Awards

August 30, 2018 (2018), 41 OSCB 6936

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Surge Energy Inc. Rights Restricted Share Smith, Murray Douglas 4 15/08/2018 56 2.4 48,398 31,250 Awards Tajiri Resources Corp. Common Shares Norman, Anthony Richard 4 03/11/2016 54 0.05 2,000,000 Tajiri Resources Corp. Common Shares Norman, Anthony Richard 4 03/11/2016 54 0.05 2,000,000 Tajiri Resources Corp. Common Shares Norman, Anthony Richard 4 03/11/2016 54 0.05 -2,000,000 Tajiri Resources Corp. Common Shares Norman, Anthony Richard 4 03/11/2016 54 0.05 4,000,000 2,000,000 Tanzanian Royalty Common Shares Harvey, William 4 17/08/2018 10 0.3583 229,924 -500 Exploration Corporation Tanzanian Royalty Common Shares Harvey, William 4 17/08/2018 10 0.3546 220,424 -9,500 Exploration Corporation TELUS Corporation Common Shares French, Douglas 5 08/06/2018 30 9,183 16 TELUS Corporation Common Shares French, Douglas 5 20/08/2018 30 9,240 57 TELUS Corporation Common Shares French, Douglas 5 20/08/2018 10 48.53 8,890 -350 TELUS Corporation Common Shares French, Douglas 5 20/08/2018 10 48.51 9,890 1,000 Teranga Gold Corporation Common Shares Mimran, David Jacques 3, 4 17/08/2018 10 3.5807 23,477,250 85,700 Teranga Gold Corporation Common Shares Tablo Corporation 3 17/08/2018 10 3.5807 23,477,250 85,700 Terra Firma Capital Options Kaplan, John David 3, 4 23/08/2018 50 665,000 400,000 Corporation Terra Firma Capital Common Shares StableView Asset 3 17/08/2018 10 0.623 7,552,918 -30,000 Corporation Management Terra Firma Capital Common Shares Terra Firma Capital 1 09/07/2018 10 0.65 500 500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 09/07/2018 38 0.65 0 -500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 16/07/2018 10 0.65 3,500 3,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 16/07/2018 38 0.65 0 -3,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 17/07/2018 10 0.65 24,000 24,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 17/07/2018 38 0.65 0 -24,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 18/07/2018 10 0.65 6,500 6,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 18/07/2018 38 0.65 0 -6,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 24/07/2018 10 0.65 1,000 1,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 24/07/2018 38 0.65 0 -1,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 26/07/2018 10 0.65 10,000 10,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 26/07/2018 38 0.65 0 -10,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 27/07/2018 10 0.65 3,000 3,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 27/07/2018 38 0.65 0 -3,000 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 31/07/2018 10 0.65 12,500 12,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 31/07/2018 38 0.65 0 -12,500 Corporation Corporation Terra Firma Capital Common Shares Terra Firma Capital 1 24/08/2018 38 0.65 -1,000 Corporation Corporation Tervita Corporation Common Shares Billing, Grant Donald 4 19/07/2018 00 Tervita Corporation Common Shares Billing, Grant Donald 4 23/08/2018 10 9.205 10,000 10,000 TFI International Inc. Common Shares BΘdard, Alain 4, 5 22/08/2018 51 16.46 4,077,791 53,600 TFI International Inc. Common Shares BΘdard, Alain 4, 5 22/08/2018 10 47.57 4,024,191 -53,600 TFI International Inc. Options BΘdard, Alain 4, 5 22/08/2018 51 2,928,662 -53,600 TFI International Inc. Common Shares Rumble, Gregory William 5 20/08/2018 51 24.64 35,828 10,700 TFI International Inc. Common Shares Rumble, Gregory William 5 20/08/2018 10 47.5 25,128 -10,700 TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 51 24.64 51,380 26,252 TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 51 35.022 59,475 8,095 TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 10 47.5 25,128 -34,347

August 30, 2018 (2018), 41 OSCB 6937

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 10 47.5 15,128 -10,000 TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 10 47.55 5,128 -10,000 TFI International Inc. Common Shares Rumble, Gregory William 5 21/08/2018 10 47.6 3 -5,125 TFI International Inc. Options Rumble, Gregory William 5 20/08/2018 51 116,911 -10,700 TFI International Inc. Options Rumble, Gregory William 5 21/08/2018 51 90,659 -26,252 TFI International Inc. Options Rumble, Gregory William 5 21/08/2018 51 82,564 -8,095 THC BIOMED INTL LTD. Options Smitherman, George 4 13/08/2018 10 0.385 130,000 125,000 Fredrick The Hydropothecary Common Shares Ewart, Jason 4 15/03/2017 00 Corporation The Hydropothecary Common Shares Ewart, Jason 4 10/08/2018 51 0.58 15,000 15,000 Corporation The Hydropothecary Common Shares Ewart, Jason 4 21/08/2018 10 4.89 0 -15,000 Corporation The Hydropothecary Options Ewart, Jason 4 10/08/2018 51 0.58 15,000 Corporation The Hydropothecary Options Ewart, Jason 4 10/08/2018 51 0.58 645,000 -15,000 Corporation The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.68 56,600 100 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.7 57,600 1,000 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.74 57,700 100 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.79 57,800 100 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.77 58,000 200 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.83 58,300 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.91 58,600 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36 58,800 200 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.12 59,100 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.14 59,300 200 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.06 59,600 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.22 59,700 100 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.19 60,000 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.1 60,500 500 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 36.03 60,800 300 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.95 61,200 400 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.915 62,200 1,000 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.88 64,600 2,400 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.87 64,700 100 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.89 66,900 2,200 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.85 67,500 600 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.79 67,900 400 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.825 68,400 500 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.81 69,400 1,000 The Stars Group Inc. Common Shares Gadhia, Dave 4, 5 16/08/2018 10 35.8 69,500 100 The Stars Group Inc. Common Shares Hurley, Jr., Alfred F. 4 20/08/2018 10 27.825 2,827 645 The Stars Group Inc. Common Shares Hurley, Jr., Alfred F. 4 20/08/2018 10 27.85 4,182 1,355 The Stars Group Inc. Common Shares Hurley, Jr., Alfred F. 4 24/08/2018 10 27.85 5,182 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 21/06/2017 00 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.33 1,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.19 2,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.14 3,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 35.99 4,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.16 5,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.17 6,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 27.86 7,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.35 8,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.59 9,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.67 10,000 1,000 The Stars Group Inc. Common Shares Turner, Mary Louise 4 17/08/2018 10 36.57 11,000 1,000 The Western Investment Common Shares Mawani, Shafeen Ashraf 5 21/08/2018 10 0.45 372,606 5,000 Company of Canada Limited

August 30, 2018 (2018), 41 OSCB 6938

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed The Wonderfilm Media Common Shares Tam, Alan Shui Yan 4, 5 22/08/2018 10 0.55 296,162 -10,000 Corporation (formerly, Westshire Capital II Corp.) ThreeD Capital Inc.(formerly Common Shares Factor, Lynn 3 23/08/2018 00 3,695,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Common Shares Factor, Lynn 3 23/08/2018 11 0.1 6,195,000 2,500,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Warrants Factor, Lynn 3 23/08/2018 00 6,245,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Warrants Factor, Lynn 3 23/08/2018 11 8,745,000 2,500,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Common Shares Inwentash, Sheldon 4, 6, 5 23/08/2018 11 0.1 7,678,000 2,000,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Warrants Inwentash, Sheldon 4, 6, 5 23/08/2018 11 4,500,000 2,000,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Common Shares LONE, ALLEN 4 23/08/2018 16 0.1 603,666 150,000 Brownstone Energy Inc.) ThreeD Capital Inc.(formerly Warrants LONE, ALLEN 4 23/08/2018 53 0.15 554,000 150,000 Brownstone Energy Inc.) Tidal Royalty Corp. Common Shares rosen, paul 4, 5 20/08/2018 10 0.44 13,028,000 4,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 20/08/2018 10 0.455 13,040,500 12,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 20/08/2018 10 0.445 13,061,000 20,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 20/08/2018 10 0.45 13,093,000 32,000 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 20/08/2018 10 0.46 13,123,500 30,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 22/08/2018 10 0.425 13,132,500 9,000 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 22/08/2018 10 0.415 500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 22/08/2018 10 0.415 13,133,000 500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 22/08/2018 10 0.42 13,208,500 75,500 Tidal Royalty Corp. Common Shares rosen, paul 4, 5 22/08/2018 10 0.41 13,218,500 10,000 Titan Mining Corporation Common Shares Annett, Jerold 5 24/08/2018 10 1.25 556,800 250,000 Titan Mining Corporation Common Shares Warke, Richard William 4 20/08/2018 10 1.265 2,054,833 1,000 Titan Mining Corporation Common Shares Warke, Richard William 4 20/08/2018 10 1.27 2,063,933 9,100 Titan Mining Corporation Common Shares Warke, Richard William 4 20/08/2018 10 1.275 2,064,933 1,000 Titan Mining Corporation Common Shares Warke, Richard William 4 20/08/2018 10 1.28 2,082,233 17,300 Titan Mining Corporation Common Shares Warke, Richard William 4 24/08/2018 10 1.25 2,587,933 505,700 Titan Mining Corporation Common Shares Warke, Richard William 4 24/08/2018 10 1.26 2,588,733 800 Titan Mining Corporation Common Shares Warke, Richard William 4 24/08/2018 10 1.27 2,602,233 13,500 TORC Oil & Gas Ltd. Common Shares Canada Pension Plan 3 15/08/2018 35 307,652 910 Investment Board TORC Oil & Gas Ltd. Common Shares Canada Pension Plan 3 15/08/2018 35 59,067,699 174,826 Investment Board Torq Resources Inc. Common Shares Cook, Steven Mark 4 21/08/2018 10 0.42 748,000 25,000 Total Energy Services Inc. Common Shares Chow, George K. 4 20/08/2018 10 11.5 2,620 820 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 20/08/2018 10 11.504 49,600 4,500 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 21/08/2018 10 11.558 56,100 6,500 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 23/08/2018 10 11.599 65,400 9,300 Total Energy Services Inc. Common Shares Wiswell, Andrew B. 4 21/08/2018 10 11.55 43,558 1,140 Tourmaline Oil Corp. Common Shares Miller, Lucille 4 20/08/2018 10 21.514 6,800 -1,240 TransCanada Corporation Common Shares DAVIS, MARY CATHARINE 7 15/08/2018 51 44.84 2,800 2,800 TransCanada Corporation Common Shares DAVIS, MARY CATHARINE 7 15/08/2018 10 57.45 0 -2,800 TransCanada Corporation Common Shares DAVIS, MARY CATHARINE 7 15/08/2018 51 48.44 57 57 TransCanada Corporation Common Shares DAVIS, MARY CATHARINE 7 15/08/2018 10 57.42 0 -57 TransCanada Corporation Options Granted March DAVIS, MARY CATHARINE 7 15/08/2018 51 14,985 -2,800 22, 2016 @ $48.44 CDN (expire March 22, 2023) TransCanada Corporation Options Granted March DAVIS, MARY CATHARINE 7 15/08/2018 51 14,928 -57 22, 2016 @ $48.44 CDN (expire March 22, 2023) TransCanada Corporation Executive Share Units Straatmann, Wendy 7 10/08/2018 00 TransCanada Corporation Executive Share Units Straatmann, Wendy 7 13/08/2018 56 2,017 2,017 Treasury Metals Inc. Common Shares Ferron, Greg 5 16/08/2018 10 0.35 364,100 7,500 Treasury Metals Inc. Common Shares Ferron, Greg 5 17/08/2018 10 0.35 366,600 2,500

August 30, 2018 (2018), 41 OSCB 6939

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Trez Capital Mortgage Class A Shares Earlston Investments Corp. 3 22/08/2018 00 621,300 Investment Corporation Trez Capital Mortgage Class A Shares Earlston Investments Corp. 3 22/08/2018 10 2.99 1,927,000 1,305,700 Investment Corporation Trez Capital Mortgage Class A Shares Earlston Investments Corp. 3 23/08/2018 10 2.977 1,973,000 46,000 Investment Corporation Trinidad Drilling Ltd. Rights Deferred Share Blocker Jr., John 4 15/08/2018 00 Units Trinidad Drilling Ltd. Rights Deferred Share Blocker Jr., John 4 15/08/2018 56 18,518 18,518 Units Trinidad Drilling Ltd. Common Shares Parent, Ronald 5 10/08/2018 10 1.47 30,847 1,633 TriStar Gold Inc. Warrants Brunsdon, Scott Murdo 5 09/07/2018 38 0.55 0 -57,500 Trisura Group Ltd. Common Shares George, Michael James 7 17/08/2018 10 27.76 180,323 -200 Trisura Group Ltd. Common Shares George, Michael James 7 17/08/2018 10 27.747 176,623 -3,700 TSO3 inc. Common Shares Kayll, Glen 5 23/08/2018 10 0.7 64,717 25,000 TSO3 inc. Common Shares Tessman, Harold Robert 5 17/08/2018 10 0.598 33,000 TSO3 inc. Common Shares Tessman, Harold Robert 5 17/08/2018 10 0.598 33,000 TSO3 inc. Common Shares Tessman, Harold Robert 5 17/08/2018 10 0.598 120,219 33,000 Tucows Inc. Common Shares Karp, Allen 4 22/08/2018 51 8.92 21,412 3,750 Tucows Inc. Common Shares Karp, Allen 4 22/08/2018 97 55.05 20,333 -1,079 Tucows Inc. Options Karp, Allen 4 22/08/2018 51 8.92 173,750 -3,750 TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 04/05/2007 00 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.75 2,000 2,000 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.75 2,089 89 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.72 2,689 600 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.72 3,889 1,200 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.72 4,489 600 Classe B TVA Group Inc. Non-Voting Shares LΘger, Jean-Marc 4 17/08/2018 10 2.72 4,500 11 Classe B TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 20/08/2018 38 12.4 600 600 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 20/08/2018 38 12.4 0 -600 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 22/08/2018 38 12.52 200 200 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 22/08/2018 38 12.52 0 -200 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 23/08/2018 38 12.52 100 100 TWC Enterprises Limited Common Shares TWC Enterprises Limited 1 23/08/2018 38 12.52 0 -100 Unigold Inc. Options Acero, Jose Ignacio 4 03/07/2018 52 300,000 -50,000 Unigold Inc. Options Danis, Daniel 5 03/07/2018 52 300,000 -50,000 Unigold Inc. Options Danis, Daniel 5 13/07/2018 52 -50,000 Unigold Inc. Options Green, John Gordon 5 03/07/2018 52 -75,000 Unigold Inc. Options Green, John Gordon 5 03/07/2018 52 350,000 -75,000 Unigold Inc. Options Hamilton, Joseph Andrew 4 03/07/2018 52 600,000 -35,000 Unigold Inc. Options PAGE, CHARLES ELIJAH 4 03/07/2018 52 300,000 -25,000 Ur-Energy Inc. Options Boberg, Walter William 5 13/08/2018 50 0.93 478,642 55,653 Ur-Energy Inc. Restricted Share Units Boberg, Walter William 5 20/08/2018 56 75,914 13,914 Ur-Energy Inc. Options Bonner, James A. 5 20/08/2018 50 0.93 554,686 53,214 Ur-Energy Inc. Restricted Share Units Bonner, James A. 5 20/08/2018 56 82,500 13,304 Ur-Energy Inc. Options Cash, John William 5 20/08/2018 50 0.93 582,210 59,476 Ur-Energy Inc. Restricted Share Units Cash, John William 5 20/08/2018 56 92,207 14,869 Ur-Energy Inc. Options Chang, Robby Sai Kit 4 20/08/2018 50 0.93 255,653 55,653 Ur-Energy Inc. Restricted Share Units Chang, Robby Sai Kit 4 30/03/2018 00 Ur-Energy Inc. Restricted Share Units Chang, Robby Sai Kit 4 20/08/2018 56 13,914 13,914 Ur-Energy Inc. Options Franklin, James 4 20/08/2018 50 0.93 55,653 Ur-Energy Inc. Options Franklin, James 4 20/08/2018 50 0.93 478,642 55,653 Ur-Energy Inc. Restricted Share Units Franklin, James 4 20/08/2018 56 75,914 13,914 Ur-Energy Inc. Options Goplerud, Penne Ann 5 20/08/2018 50 0.93 709,739 71,211

August 30, 2018 (2018), 41 OSCB 6940

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Ur-Energy Inc. Restricted Share Units Goplerud, Penne Ann 5 20/08/2018 56 110,399 17,803 Ur-Energy Inc. Options Hatten, Steven Marcal 5 20/08/2018 50 0.93 611,445 62,409 Ur-Energy Inc. Restricted Share Units Hatten, Steven Marcal 5 20/08/2018 56 96,755 15,603 Ur-Energy Inc. Options Huber, Gary Chase 4 20/08/2018 50 0.93 589,813 55,653 Ur-Energy Inc. Restricted Share Units Huber, Gary Chase 4 20/08/2018 56 75,914 13,914 Ur-Energy Inc. Options Klenda, Jeffrey T. 5 20/08/2018 50 0.93 1,127,334 111,036 Ur-Energy Inc. Restricted Share Units Klenda, Jeffrey T. 5 20/08/2018 56 172,145 27,759 Ur-Energy Inc. Options Parker, Thomas Howard 4 20/08/2018 50 0.93 478,642 55,653 Ur-Energy Inc. Restricted Share Units Parker, Thomas Howard 4 20/08/2018 56 75,914 13,914 Ur-Energy Inc. Options Smith, Roger L. 5 20/08/2018 50 0.93 789,432 79,206 Ur-Energy Inc. Restricted Share Units Smith, Roger L. 5 20/08/2018 56 122,794 19,802 Ur-Energy Inc. Options Walker, Kathy E. 4 20/08/2018 50 0.93 375,653 55,653 Ur-Energy Inc. Restricted Share Units Walker, Kathy E. 4 20/08/2018 56 43,914 13,914 UrtheCast Corp. Rights Restricted Share Osborne, Donald Freleigh 5 07/05/2018 00 Units UrtheCast Corp. Rights Restricted Share Osborne, Donald Freleigh 5 13/08/2018 56 0.26 986,193 986,193 Units ValGold Resources Ltd. Common Shares Metalla Royalty & 3 31/07/2018 00 9,659,973 Streaming Ltd. Vaxil Bio Ltd. (formerly Common Shares Maresky, Isaac Benjamin 4 17/08/2018 46 1,832,728 960,000 Emerge Resources Corp.) Velocity Minerals Ltd. Common Shares Kopple, Robert Charles 3 23/08/2018 10 0.13 8,317,000 904,000 VersaBank Common Shares George, Patrick 6 24/08/2018 10 6.8699 464,664 8,000 VersaBank Common Shares Taylor, Jonathan Francis 5 17/08/2018 10 6.84 6,929 730 Patrick VersaBank Common Shares Taylor, Jonathan Francis 5 20/08/2018 10 6.84 8,429 1,500 Patrick VersaBank Common Shares Taylor, Jonathan Francis 5 21/08/2018 10 6.89 9,129 700 Patrick Viemed Healthcare, Inc. Rights Restricted Share Dobbs, Randolph Edward 4 21/12/2017 00 Units Viemed Healthcare, Inc. Rights Restricted Share Dobbs, Randolph Edward 4 16/08/2018 56 19,042 19,042 Units Viemed Healthcare, Inc. Rights Restricted Share Frazier, William Dana 4 21/12/2017 00 Units Viemed Healthcare, Inc. Rights Restricted Share Frazier, William Dana 4 16/08/2018 56 19,042 19,042 Units Viemed Healthcare, Inc. Rights Restricted Share Greenstein, Bruce, D 4 16/08/2018 56 19,042 19,042 Units Viemed Healthcare, Inc. Rights Restricted Share Kaushal, Nitin 4 21/12/2017 00 Units Viemed Healthcare, Inc. Rights Restricted Share Kaushal, Nitin 4 16/08/2018 56 19,042 19,042 Units Viemed Healthcare, Inc. Rights Restricted Share Smokoff, Timothy Lee 4 21/12/2017 00 Units Viemed Healthcare, Inc. Rights Restricted Share Smokoff, Timothy Lee 4 16/08/2018 56 19,042 19,042 Units Vigil Health Solutions Inc. Common Shares Brennan, Jacqueline 5 22/08/2018 51 0.2 352,896 40,000 Leanne Vigil Health Solutions Inc. Options Brennan, Jacqueline 5 22/08/2018 51 0.2 120,000 -40,000 Leanne Vigil Health Solutions Inc. Options Brennan, Jacqueline 5 22/08/2018 50 0.48 160,000 40,000 Leanne Vigil Health Solutions Inc. Options Chalmers, Nicola 5 22/08/2018 50 220,000 40,000 Vigil Health Solutions Inc. Common Shares Griffiths, Troy 5 20/08/2018 51 0.2 174,064 62,500 Vigil Health Solutions Inc. Options Griffiths, Troy 5 20/08/2018 51 0.2 480,000 -62,500 Vigil Health Solutions Inc. Options Griffiths, Troy 5 22/08/2018 50 0.48 600,000 120,000 Vigil Health Solutions Inc. Common Shares PEET, GREGORY 4 22/08/2018 57 3,016,950 92,500 Vigil Health Solutions Inc. Common Shares PEET, GREGORY 4 22/08/2018 51 0.2 3,056,950 40,000 Vigil Health Solutions Inc. Deferred Stock Unit PEET, GREGORY 4 22/08/2018 57 0 -92,500 Vigil Health Solutions Inc. Options PEET, GREGORY 4 22/08/2018 51 0.2 160,000 -40,000 Vigil Health Solutions Inc. Options PEET, GREGORY 4 22/08/2018 50 200,000 40,000 Vigil Health Solutions Inc. Options Power, Ian Donald 4 22/08/2018 50 0.48 50,000 25,000

August 30, 2018 (2018), 41 OSCB 6941

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Vigil Health Solutions Inc. Options Ryerson, Lindsay Earl 4 22/08/2018 50 0.48 50,000 25,000 Vigil Health Solutions Inc. Common Shares Smith, Steven Scott 5 20/08/2018 51 0.2 80,000 40,000 Vigil Health Solutions Inc. Options Smith, Steven Scott 5 20/08/2018 51 0.2 160,000 -40,000 Vigil Health Solutions Inc. Options Smith, Steven Scott 5 22/08/2018 50 0.48 200,000 40,000 VIQ Solutions Inc. Common Shares Taylor, Larry Douglas 4 20/08/2018 10 0.15 6,852,200 50,000 Viridium Pacific Group Ltd. Common Shares MacNeil, Sean William 4 16/08/2018 10 0.82 135,201 -5,000 (formerly Morro Bay Peter Resources Ltd.) Viridium Pacific Group Ltd. Common Shares MacNeil, Sean William 4 20/08/2018 10 0.84 137,201 2,000 (formerly Morro Bay Peter Resources Ltd.) Viridium Pacific Group Ltd. Common Shares MacNeil, Sean William 4 20/08/2018 10 0.88 139,701 2,500 (formerly Morro Bay Peter Resources Ltd.) Viridium Pacific Group Ltd. Common Shares MacNeil, Sean William 4 20/08/2018 10 0.87 141,701 2,000 (formerly Morro Bay Peter Resources Ltd.) Vista Gold Corp. Common Shares Clark, John 4 18/08/2018 57 174,134 17,600 Vista Gold Corp. RSU Clark, John 4 18/08/2018 57 41,333 -17,600 Vista Gold Corp. Common Shares Earnest, Frederick H. 5 18/08/2018 57 1,129,406 58,314 Vista Gold Corp. RSU Earnest, Frederick H. 5 18/08/2018 57 355,419 -58,314 Vista Gold Corp. RSU Earnest, Frederick H. 5 18/08/2018 38 0.516 309,600 -45,819 Vista Gold Corp. Common Shares Engele, John 5 18/08/2018 57 413,741 25,049 Vista Gold Corp. RSU Engele, John 5 18/08/2018 57 152,884 -25,049 Vista Gold Corp. RSU Engele, John 5 18/08/2018 38 0.516 133,200 -19,684 Vista Gold Corp. Common Shares Eppler, W. Durand 7 18/08/2018 57 380,545 17,600 Vista Gold Corp. RSU Eppler, W. Durand 7 18/08/2018 57 41,333 -17,600 Vista Gold Corp. Common Shares Ogryzlo, Charles Thomas 4 18/08/2018 57 263,441 17,600 Vista Gold Corp. RSU Ogryzlo, Charles Thomas 4 18/08/2018 57 41,333 -17,600 Vista Gold Corp. Common Shares Richings, Michael 4 18/08/2018 57 332,758 17,600 Vista Gold Corp. RSU Richings, Michael 4 18/08/2018 57 41,333 -17,600 Vista Gold Corp. Common Shares Rozelle, John W. 5 18/08/2018 57 351,941 20,307 Vista Gold Corp. RSU Rozelle, John W. 5 18/08/2018 57 94,426 -20,307 Vista Gold Corp. RSU Rozelle, John W. 5 18/08/2018 38 0.516 86,133 -8,293 Vista Gold Corp. Common Shares Stevenson, Tracy 4 18/08/2018 57 315,265 17,600 Vista Gold Corp. RSU Stevenson, Tracy 4 18/08/2018 57 41,333 -17,600 VIVO Cannabis Inc. Common Shares Mallard, Joel Christopher 5 20/08/2018 00 VIVO Cannabis Inc. Options Mallard, Joel Christopher 5 20/08/2018 00 300,000 Waste Connections, Inc. Common Shares Eddie, David G 5 17/08/2018 10 80.06 36,320 -20,000 (formerly Progressive Waste Solutions Ltd.) Waste Connections, Inc. Performance Share Units Eddie, David G 5 24/02/2018 57 -1,541 (formerly Progressive Waste Solutions Ltd.) Waste Connections, Inc. Performance Share Units Eddie, David G 5 24/02/2018 57 -1,541 (formerly Progressive Waste Solutions Ltd.) West African Resources Options Hopkins, Lyndon George 5 18/08/2018 52 1,000,000 -250,000 Limited West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 16/08/2018 38 86.914 30,328 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 16/08/2018 38 86.914 30,328 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 16/08/2018 38 86.914 385,968 30,328 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 17/08/2018 38 91.843 420,968 35,000 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 17/08/2018 38 136,456 -284,512 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 20/08/2018 38 92.852 170,856 34,400 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 21/08/2018 30 91.563 205,856 35,000 Ltd.

August 30, 2018 (2018), 41 OSCB 6942

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 22/08/2018 38 89.91 276,984 71,128 Ltd. West Fraser Timber Co. Ltd. Common Shares West Fraser Timber Co. 1 23/08/2018 38 88.359 348,112 71,128 Ltd. West Kirkland Mining Inc. Common Shares Jones, R. Michael 4 24/08/2018 10 0.055 2,691,908 30,000 West Kirkland Mining Inc. Options McVey, Sandy 5 08/03/2018 52 0.22 900,000 -500,000 Western Energy Services Rights Restricted Share Balkwill, Peter John 5 23/08/2018 59 20,867 -10,433 Corp. Units Western Energy Services Rights Restricted Share Bowers, Jeffrey Keith 5 23/08/2018 59 39,933 -19,967 Corp. Units Western Energy Services Rights Restricted Share Gartner, Lorne 4 23/08/2018 59 11,667 -5,833 Corp. Units Western Energy Services Rights Restricted Share Harrison, Richard Merle 5 23/08/2018 59 27,267 -13,633 Corp. Units Western Energy Services Rights Restricted Share MacAusland, Alexander 4, 5 23/08/2018 59 55,933 -27,967 Corp. Units Roland Neil Western Energy Services Common Shares Mathison, Ronald 4 20/08/2018 10 0.9 5,728,040 1,074,500 Corp. Western Energy Services Rights Restricted Share Mathison, Ronald 4 23/08/2018 59 14,933 -7,467 Corp. Units Western Energy Services Rights Restricted Share Reinboldt, Darcy Donald 5 23/08/2018 59 27,267 -13,633 Corp. Units Western Energy Services Rights Restricted Share Rooney, John Ross 4 23/08/2018 59 0.8963 11,667 -5,833 Corp. Units Western Energy Services Rights Restricted Share Trann, David George 5 23/08/2018 59 20,867 -10,433 Corp. Units Wheaton Precious Metals Common Shares Gosselin, Chantal 4 20/08/2018 10 24.33 2,449 400 Corp. (formerly Silver Wheaton Corp.) Wolf Acquisition Corp. Options Fulford, Wesley Lloyd 4, 5 03/08/2018 00 Wolf Acquisition Corp. Options Fulford, Wesley Lloyd 4, 5 03/08/2018 00 Wolf Acquisition Corp. Options Fulford, Wesley Lloyd 4, 5 03/08/2018 00 Wolf Acquisition Corp. Options Fulford, Wesley Lloyd 4, 5 20/08/2018 50 0.1 150,000 150,000 Wolf Acquisition Corp. Options Goh, Mark 4 03/08/2018 00 Wolf Acquisition Corp. Options Goh, Mark 4 20/08/2018 50 0.1 45,000 45,000 Wolf Acquisition Corp. Options Hosseinian, Mahbod 5 03/08/2018 00 Wolf Acquisition Corp. Options Hosseinian, Mahbod 5 20/08/2018 50 0.1 140,000 140,000 Wolf Acquisition Corp. Options Lopez, Damian 4, 5 03/08/2018 00 Wolf Acquisition Corp. Options Lopez, Damian 4, 5 20/08/2018 50 0.1 140,000 140,000 Wolf Acquisition Corp. Options Simeon, Peter Emmanouil 4 03/08/2018 00 Wolf Acquisition Corp. Options Simeon, Peter Emmanouil 4 20/08/2018 50 75,000 75,000 Wolfden Resources Common Shares Little, Ron 4, 5 17/08/2018 10 0.275 1,149,500 9,000 Corporation Wolfden Resources Common Shares Little, Ron 4, 5 20/08/2018 10 0.275 1,167,000 17,500 Corporation WPT Industrial Real Estate Deferred Unit Arkema, Milo Dwight 4 17/08/2018 46 45,028 4,023 Investment Trust WPT Industrial Real Estate Deferred LTIP Unit Cimino, Matthew James 5 26/04/2013 00 Investment Trust WPT Industrial Real Estate Deferred LTIP Unit Cimino, Matthew James 5 17/08/2018 56 115,984 115,984 Investment Trust WPT Industrial Real Estate Deferred Unit Cimino, Matthew James 5 17/08/2018 56 122,448 17,216 Investment Trust WPT Industrial Real Estate Deferred Unit Cimino, Matthew James 5 17/08/2018 56 139,664 17,216 Investment Trust WPT Industrial Real Estate Deferred Unit DiNunzio, Luigi Rosario 4 17/08/2018 46 16,615 5,600 Investment Trust WPT Industrial Real Estate Deferred LTIP Unit Frederiksen, Scott 4, 5 26/04/2013 00 Investment Trust WPT Industrial Real Estate Deferred LTIP Unit Frederiksen, Scott 4, 5 17/08/2018 56 135,556 135,556 Investment Trust WPT Industrial Real Estate Deferred Unit Frederiksen, Scott 4, 5 17/08/2018 56 217,254 25,372 Investment Trust WPT Industrial Real Estate Deferred Unit Frederiksen, Scott 4, 5 17/08/2018 56 242,625 25,371 Investment Trust

August 30, 2018 (2018), 41 OSCB 6943

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed WPT Industrial Real Estate Deferred LTIP Unit Gilats, Judd Korey 5 01/07/2017 00 Investment Trust WPT Industrial Real Estate Deferred LTIP Unit Gilats, Judd Korey 5 17/08/2018 56 103,298 103,298 Investment Trust WPT Industrial Real Estate Deferred Unit Gilats, Judd Korey 5 17/08/2018 56 29,787 9,967 Investment Trust WPT Industrial Real Estate Deferred Unit Gilats, Judd Korey 5 17/08/2018 56 39,755 9,968 Investment Trust WPT Industrial Real Estate Deferred Unit Kavanagh, Sarah Baldwin 4 17/08/2018 46 43,644 3,751 Investment Trust WPT Industrial Real Estate Deferred Unit Smith, Stuart H.B. 4 17/08/2018 46 14,363 2,881 Investment Trust WPT Industrial Real Estate Deferred Unit Spackman, Pamela Jean 4 17/08/2018 46 9,659 5,600 Investment Trust WPT Industrial Real Estate Deferred Unit Wolf, Robert Thomas 4 17/08/2018 46 56,737 5,654 Investment Trust Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 87,962,715 Ltd. Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 66,756,241 Ltd. Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 Ltd. Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 Ltd. Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 Ltd. Xanadu Mines Ltd Ordinary Shares Asia Capital & Advisors Pte. 3 14/08/2018 00 Ltd. Xanadu Mines Ltd Ordinary Shares Rozario, Aaron Andrew 6 14/08/2018 00 87,962,715 Xanadu Mines Ltd Ordinary Shares Rozario, Aaron Andrew 6 14/08/2018 00 66,756,241 Xanadu Mines Ltd Ordinary Shares Rozario, Francis Andrew 6 14/08/2018 00 87,962,715 Xanadu Mines Ltd Ordinary Shares Rozario, Francis Andrew 6 14/08/2018 00 66,756,241 Xanadu Mines Ltd Ordinary Shares Shao Ming, Tan 6 14/08/2018 00 87,962,715 Xanadu Mines Ltd Ordinary Shares Shao Ming, Tan 6 14/08/2018 00 66,756,241 Xanadu Mines Ltd Ordinary Shares Welch, Mathew Nevil 6 14/08/2018 00 87,962,715 Xanadu Mines Ltd Ordinary Shares Welch, Mathew Nevil 6 14/08/2018 00 66,756,241 Xanadu Mines Ltd Ordinary Shares Welch, Mathew Nevil 6 14/08/2018 00 1,883,915 XORTX Therapeutics Inc. Common Shares Davidoff, Allen Warren 4, 5 21/08/2018 10 0.2 4,422,077 5,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/05/2018 10 0.2 15,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 14/08/2018 10 0.2 5,000 5,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/08/2018 10 0.2 100,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/08/2018 10 0.2 20,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/08/2018 10 0.2 20,000 15,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/08/2018 10 0.2 15,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 15/08/2018 10 0.2 15,000 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 21/08/2018 10 0.215 30,500 10,500 (formerly: APAC Resources Inc.) XORTX Therapeutics Inc. Common Shares Rowlands, William Bruce 4 21/08/2018 10 0.235 35,500 5,000 (formerly: APAC Resources Inc.)

August 30, 2018 (2018), 41 OSCB 6944

Insider Reporting

Issuer Name Security Insider Name Rel'n Transaction Date T/O Unit Date/Month End Acquired/ Price Holdings Disposed Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 20/08/2018 10 0.07 4,014,000 25,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 20/08/2018 10 0.065 4,019,000 5,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 20/08/2018 10 0.06 4,021,000 2,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 20/08/2018 10 0.05 4,029,000 8,000 Xtierra Inc. Common Shares Gallagher, Timothy David 3, 4, 5 21/08/2018 10 0.05 4,041,000 12,000 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 16/08/2018 10 4.32 584,690 10,000 Yangarra Resources Ltd. Common Shares Bowerman, Gordon 4 24/08/2018 10 4.75 3,420,964 10,000 Yangarra Resources Ltd. Common Shares Evaskevich, James Grant 4, 5 17/08/2018 10 4.35 2,457,118 10,000 Yangarra Resources Ltd. Common Shares Evaskevich, James Grant 4, 5 24/08/2018 10 4.75 2,467,118 10,000 Yangarra Resources Ltd. Common Shares Gill, Gurdeep Singh 5 20/08/2018 10 4.5 44,691 20,000 Yellow Pages Limited Options Cooper, Treena 4 08/08/2018 50 10.472 6,662 Yellow Pages Limited Options Cooper, Treena 4 08/08/2018 50 10.472 6,662 Yellow Pages Limited Options Cooper, Treena 4 20/08/2018 50 10.472 15,746 6,662 Yellow Pages Limited Restricted Share Unit Cooper, Treena 4 08/08/2018 56 10.472 1,028 Yellow Pages Limited Restricted Share Unit Cooper, Treena 4 08/08/2018 56 10.472 1,028 Yellow Pages Limited Restricted Share Unit Cooper, Treena 4 20/08/2018 56 10.472 10,857 1,028 Yellow Pages Limited Options Sciannamblo, Franco 5 08/08/2018 50 10.472 13,207 Yellow Pages Limited Options Sciannamblo, Franco 5 08/08/2018 50 10.472 13,207 Yellow Pages Limited Options Sciannamblo, Franco 5 20/08/2018 50 10.472 47,621 13,207 Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 15/08/2018 30 0.3466 5,237 Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 15/08/2018 30 0.3466 14,033 5,239 Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 16/08/2018 10 0.34 9,033 -5,000 Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 22/08/2018 10 0.35 6,033 -3,000 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 15/08/2018 30 0.3466 1,100,891 5,891 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 22/08/2018 10 0.345 1,020,891 -80,000 Zargon Oil & Gas Ltd. Common Shares Hustad, Christopher 5 15/08/2018 30 0.3466 195,853 4,793 Michael ZCL Composites Inc. Common Shares Morris, Darcy 7 16/08/2018 10 7.5214 1,018,800 9,400 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 31/05/2018 38 10.13 67,600 67,600 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 31/05/2018 38 10.13 0 -67,600 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 29/06/2018 38 9.1 149,500 149,500 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 29/06/2018 38 9.1 0 -149,500 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 31/07/2018 38 8.69 125,100 125,100 ZCL Composites Inc. Common Shares ZCL Composites Inc 1 31/07/2018 38 8.69 0 -125,100 Zedcor Energy Inc. Common Shares Swanberg, Dean Sylvan 3, 4, 5 23/08/2018 11 0.182 10,913,073 57,230 Zenyatta Ventures Ltd. Common Shares Bubar, Donald Stephen 4, 5 02/08/2018 10 0.59 178,330 50,000 Zenyatta Ventures Ltd. Options Bubar, Donald Stephen 4, 5 14/08/2018 52 1.87 250,000 Zenyatta Ventures Ltd. Options Bubar, Donald Stephen 4, 5 14/08/2018 52 1.87 250,000 Zenyatta Ventures Ltd. Options Bubar, Donald Stephen 4, 5 14/08/2018 52 1.87 0 -250,000 Zenyatta Ventures Ltd. Options Bubar, Donald Stephen 4, 5 14/08/2018 50 0.53 250,000 250,000 Zenyatta Ventures Ltd. Options KLEES, FRANK 4 12/07/2018 00 Zenyatta Ventures Ltd. Options KLEES, FRANK 4 13/08/2018 50 0.53 250,000 250,000 Zenyatta Ventures Ltd. Options Wallman, Eric 4 14/08/2018 50 0.53 300,000 50,000

August 30, 2018 (2018), 41 OSCB 6945

Insider Reporting

This page intentionally left blank

August 30, 2018 (2018), 41 OSCB 6946

Chapter 11

IPOs, New Issues and Secondary Financings

INVESTMENT FUNDS

Issuer Name: Issuer Name: 1832 AM Investment Grade U.S. Corporate Bond Pool Aristotle - IG U.S. Small Cap Equity Pool Scotia Aria Equity Build Portfolio BlackRock - IG International Equity Pool Scotia Aria Equity Defend Portfolio Mackenzie - IG Canadian Bond Pool Scotia Aria Equity Pay Portfolio Mackenzie - IG Canadian Equity Pool Scotia Private Diversified International Equity Pool Mackenzie - IG International Equity Pool Scotia Private International Growth Equity Pool Mackenzie - IG Low Volatility U.S. Equity Pool Principal Regulator - Ontario Mackenzie - IG U.S. Equity Pool Type and Date: PIMCO - IG Global Bond Pool Preliminary Simplified Prospectus dated August 24, 2018 Putnam - IG High Yield Income Pool Received on August 27, 2018 T. Rowe Price - IG U.S. Equity Pool Offering Price and Description: Principal Regulator - Manitoba - Type and Date: Underwriter(s) or Distributor(s): Preliminary Simplified Prospectus dated August 21, 2018 Scotia Securities Inc. NP 11-202 Preliminary Receipt dated August 21, 2018 Promoter(s): Offering Price and Description: 1832 Asset Management G.P. Inc. Series P Mutual Fund Units Project #2812894 Underwriter(s) or Distributor(s): Investors Group Financial Inc. and Investors Group ______Securities Inc. Issuer Name: Promoter(s): Balanced 60/40 Fund I.G. Investment Management Ltd. Growth 100 Fund Project #2809230 Income 40/60 Fund Growth 80/20 Fund ______Principal Regulator - Ontario Issuer Name: Type and Date: Cambridge Balanced Yield Pool Amendment #1 to Final Simplified Prospectus dated Principal Regulator - Ontario August 24, 2018 Type and Date: Received on August 24, 2018 Amendment #1 to Final Simplified Prospectus dated Offering Price and Description: August 24, 2018 - Received on August 24, 2018 Underwriter(s) or Distributor(s): Offering Price and Description: N/A - Promoter(s): Underwriter(s) or Distributor(s): SEI Investments Canada Company N/A Project #2775213 Promoter(s): CI Investments Inc. ______Project #2777804

______

August 30, 2018 (2018), 41 OSCB 6947

IPOs, New Issues and Secondary Financings

Issuer Name: IA Clarington Global Multi-Asset Fund (formerly IA Brompton Flaherty & Crumrine Investment Grade Preferred Clarington Global Growth & Income Fund) ETF IA Clarington Global Allocation Fund (formerly IA Brompton Global Dividend Growth ETF Clarington Global Tactical Income Fund) Brompton North American Financials Dividend ETF IA Clarington Global Allocation Class Principal Regulator - Ontario IA Clarington Strategic U.S. Growth & Income Fund Type and Date: IA Clarington Global Equity Fund Preliminary Long Form Prospectus dated August 22, 2018 IA Clarington Global Opportunities Fund NP 11-202 Preliminary Receipt dated August 23, 2018 IA Clarington Global Opportunities Class Offering Price and Description: IA Clarington Global Value Fund Units IA Clarington Inhance Global Equity SRI Class Underwriter(s) or Distributor(s): IA Clarington Focused U.S. Equity Class N/A IA Clarington Sarbit Activist Opportunities Class Promoter(s): IA Clarington Sarbit U.S. Equity Fund Brompton Funds Limited IA Clarington Sarbit U.S. Equity Class (Unhedged)* Project #2809968 IA Clarington U.S. Dividend Growth Fund IA Clarington U.S. Dividend Growth Registered Fund ______Distinction Balanced Class Issuer Name: Distinction Bold Class IA Clarington Money Market Fund Distinction Conservative Class IA Clarington Bond Fund Distinction Growth Class IA Clarington Core Plus Bond Fund Distinction Prudent Class IA Clarington Emerging Markets Bond Fund IA Clarington Balanced Portfolio IA Clarington Global Bond Fund IA Clarington Conservative Portfolio IA Clarington Inhance Bond SRI Fund IA Clarington Growth Portfolio IA Clarington Real Return Bond Fund IA Clarington Maximum Growth Portfolio IA Clarington Short-Term Bond Fund IA Clarington Moderate Portfolio IA Clarington Short-Term Income Class Forstrong Global Strategist Balanced Fund IA Clarington Strategic Corporate Bond Fund Forstrong Global Strategist Growth Fund IA Clarington Strategic Corporate Bond Class Forstrong Global Strategist Income Fund IA Clarington Tactical Bond Fund Principal Regulator - Quebec IA Clarington Tactical Bond Class Type and Date: IA Clarington Floating Rate Income Fund Amended and Restated to Final Simplified Prospectus IA Clarington U.S. Dollar Floating Rate Income Fund dated June 27, 2018 IA Clarington Global Yield Opportunities Fund Received on August 27, 2018 IA Clarington Inhance Monthly Income SRI Fund Offering Price and Description: IA Clarington Monthly Income Balanced Fund - IA Clarington Strategic Income Fund Underwriter(s) or Distributor(s): IA Clarington Strategic Income Class N/A IA Clarington Tactical Income Fund Promoter(s): IA Clarington Tactical Income Class IA Clarington Investments Inc IA Clarington Yield Opportunities Fund Project #2766675 IA Clarington Canadian Balanced Fund IA Clarington Canadian Balanced Class ______IA Clarington Focused Balanced Fund IA Clarington Focused Balanced Class IA Clarington Growth & Income Fund IA Clarington Inhance Balanced SRI Portfolio IA Clarington Inhance Conservative SRI Portfolio IA Clarington Inhance Growth SRI Portfolio IA Clarington Canadian Conservative Equity Fund IA Clarington Canadian Conservative Equity Class IA Clarington Canadian Dividend Fund IA Clarington Canadian Growth Class IA Clarington Canadian Leaders Class IA Clarington Canadian Small Cap Fund IA Clarington Canadian Small Cap Class IA Clarington Dividend Growth Class IA Clarington Focused Canadian Equity Class IA Clarington Inhance Canadian Equity SRI Class IA Clarington North American Opportunities Class IA Clarington Strategic Equity Income Fund IA Clarington Strategic Equity Income Class

August 30, 2018 (2018), 41 OSCB 6948

IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: Global Real Estate & E-Commerce Dividend Fund Manulife Global Thematic Opportunities Class Principal Regulator - Alberta (ASC) Manulife Global Thematic Opportunities Fund Type and Date: Principal Regulator - Ontario Preliminary Long Form Prospectus dated August 24, 2018 Type and Date: NP 11-202 Preliminary Receipt dated August 24, 2018 Preliminary Simplified Prospectus dated August 23, 2018 Offering Price and Description: NP 11-202 Preliminary Receipt dated August 23, 2018 Maximum Offering: $* Units Offering Price and Description: Minimum Offering: $20,000,000 - 2,000,000 Units Advisor Series, Series F, Series FT6 and SeriesT6 Price: $10.00 per Unit Securities Minimum Purchase: 100 Units Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): N/A CIBC World Markets Inc. Promoter(s): RBC Dominion Securities Inc. Manulife Asset Management Limited BMO Nesbitt Burns Inc. Project #2810200 Scotia Capital Inc. TD Securities Inc. ______Canaccord Genuity Corp. Issuer Name: GMP Securities L.P. Ninepoint 2018-II Flow-Through Limited Partnership National Bank Financial Inc. Principal Regulator - Ontario Raymond James Ltd. Type and Date: Industrial Alliance Securities Inc. Preliminary Long Form Prospectus dated August 24, 2018 Manulife Securities Incorporated NP 11-202 Preliminary Receipt dated August 24, 2018 Desjardins Securities Inc. Offering Price and Description: Mackie Research Capital Corporation Maximum Offering: $20,000,000 - 800,000 Limited Middlefield Capital Corporation Partnership Units Promoter(s): Minimum Offering: $5,000,000 - 200,000 Units Middlefield Limited Price per Unit: $25 Project #2811036 Minimum Subscription: $2,500 (100 Units) Underwriter(s) or Distributor(s): ______RBC Dominion Securities Inc. Issuer Name: CIBC World Markets Inc. IG JPMorgan Emerging Markets Fund TD Securities Inc. Investors International Small Cap Fund Scotia Capital Inc. Maestro Income Focus Portfolio BMO Nesbitt Burns Inc. Principal Regulator - Manitoba National Financial Inc. Type and Date: GMP Securities L.P. Preliminary Simplified Prospectus dated August 21, 2018 Manulife Securities Incorporated NP 11-202 Preliminary Receipt dated August 21, 2018 Raymond James Ltd. Offering Price and Description: Canaccord Genuity Corp. Series A, B, C, JDSC, JNL, TDSC, TNL, TC, TJDSC, TJNL, Desjardins Securities Inc. U and TU Units Echelon Wealth Partners Inc. Underwriter(s) or Distributor(s): Industrial Alliance Securities Inc. Investors Group Financial Inc. and Investors Group Promoter(s): Securities Inc. Ninepoint 2018-II Corporation Promoter(s): Project #2811177 N/A Project #2809133 ______

______

August 30, 2018 (2018), 41 OSCB 6949

IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: Horizons Cdn High Dividend Index ETF imaxx Global Fixed Pay Fund (formerly, imaxx Global Horizons Cdn Select Universe Bond ETF Equity Growth Fund) Horizons EURO STOXX 50® Index ETF Principal Regulator - Ontario Horizons Intl Developed Markets Equity Index ETF Type and Date: Horizons NASDAQ-100® Index ETF Amendment #1 to Final Simplified Prospectus dated Horizons S&P 500 CAD Hedged Index ETF August 20, 2018 Horizons S&P 500® Index ETF NP 11-202 Receipt dated August 21, 2018 Horizons S&P/TSX 60 Index ETF Offering Price and Description: Horizons S&P/TSX Capped Energy Index ETF - Horizons S&P/TSX Capped Financials Index ETF Underwriter(s) or Distributor(s): Horizons US 7-10 Year Treasury Bond CAD Hedged ETF N/A Horizons US 7-10 Year Treasury Bond ETF Promoter(s): Principal Regulator - Ontario Foresters Asset Management Inc. Type and Date: Project #2757647 Final Long Form Prospectus dated August 21, 2018 NP 11-202 Receipt dated August 23, 2018 ______Offering Price and Description: Issuer Name: Class A Units Manulife Multifactor Canadian SMID Cap Index ETF Underwriter(s) or Distributor(s): Manulife Multifactor Emerging Markets Index ETF N/A Manulife Multifactor U.S. Small Cap Index ETF Promoter(s): Principal Regulator - Ontario Horizons ETFs Management (Canada) Inc. Type and Date: Project #2799066 Final Long Form Prospectus dated August 20, 2018 NP 11-202 Receipt dated August 21, 2018 ______Offering Price and Description: Issuer Name: Unhedged Units an Unhedged Units Horizons Seasonal Rotation ETF Underwriter(s) or Distributor(s): Principal Regulator - Ontario N/A Type and Date: Promoter(s): Final Long Form Prospectus dated August 21, 2018 Manulife Asset Management Limited NP 11-202 Receipt dated August 23, 2018 Project #2791851 Offering Price and Description: Class E units ______Underwriter(s) or Distributor(s): Issuer Name: N/A ONE Global Equity ETF (formerly, Questrade Global Total Promoter(s): Equity ETF) N/A ONE North American Core Plus Bond ETF Project #2797351 Principal Regulator - Ontario Type and Date: ______Final Long Form Prospectus dated August 13, 2018 NP 11-202 Receipt dated August 24, 2018 Offering Price and Description: Units Underwriter(s) or Distributor(s): N/A Promoter(s): N/A Project #2793825

______

August 30, 2018 (2018), 41 OSCB 6950

IPOs, New Issues and Secondary Financings

Issuer Name: Picton Mahoney Fortified Equity Fund Picton Mahoney Fortified Income Fund Picton Mahoney Fortified Multi-Asset Fund Principal Regulator - Ontario Type and Date: Final Simplified Prospectus dated August 20, 2018 NP 11-202 Receipt dated August 21, 2018 Offering Price and Description: Class A, Class F, Class FT, Class T and Class I Units Underwriter(s) or Distributor(s): N/A Promoter(s): Picton Mahoney Asset Management Project #2796021

______

August 30, 2018 (2018), 41 OSCB 6951

IPOs, New Issues and Secondary Financings

NON-INVESTMENT FUNDS

Issuer Name: Issuer Name: Alexco Resource Corp. Charlotte's Web Holdings, Inc. (formerly Stanley Brothers Principal Regulator - British Columbia Holdings Inc.) Type and Date: Principal Regulator - Ontario Preliminary Shelf Prospectus dated August 24, 2018 Type and Date: NP 11-202 Preliminary Receipt dated August 24, 2018 Amendment #2 dated August 22, 2018 to Preliminary Long Offering Price and Description: Form Prospectus dated June 25, 2018 CDN$50,000,000.00 - Common Shares, Warrants, NP 11-202 Preliminary Receipt dated August 23, 2018 Subscription Receipts, Units Offering Price and Description: Underwriter(s) or Distributor(s): C$100,100,000.00 - 14,300,000 Common Shares Promoter(s): Price: C$7.00 per Offered Share - Underwriter(s) or Distributor(s): Project #2811238 Canaccord Genuity Corp. GMP Securities L.P. ______PI Financial Corporation Issuer Name: Cormark Securities Inc. AmWolf Capital Corp. Promoter(s): Principal Regulator - British Columbia Joel Stanley Type and Date: Jared Stanley Preliminary CPC Prospectus (TSX-V) dated August 24, Jesse Stanley 2018 Josh Stanley Received on August 24, 2018 Jon Stanley Offering Price and Description: Jordan Stanley $350,000.00 - 3,500,000 common shares J. Austin Stanley Price: $0.10 per common share Project #2788631 Underwriter(s) or Distributor(s): Mackie Research Capital Corp. ______Promoter(s): Issuer Name: Tsend Tseren Cinaport Acquisition Corp. III Project #2811677 Principal Regulator - Ontario Type and Date: ______Preliminary CPC Prospectus (TSX-V) dated August 24, Issuer Name: 2018 BRP Inc. NP 11-202 Preliminary Receipt dated August 24, 2018 Principal Regulator - Quebec Offering Price and Description: Type and Date: Offering: $550,000.00 (5,500,000 Common Shares) Preliminary Shelf Prospectus dated August 24, 2018 Price: $0.10 per Common Share NP 11-202 Preliminary Receipt dated August 24, 2018 Underwriter(s) or Distributor(s): Offering Price and Description: Echelon Wealth Partners Inc. $2,500,000,000.00 Promoter(s): Subordinate Voting Shares Donald Wright Preferred Shares John O'Sullivan Debt Securities Avininder Grewal Warrants Project #2811063 Subscription Receipts Units ______Underwriter(s) or Distributor(s): - Promoter(s): - Project #2811105

______

August 30, 2018 (2018), 41 OSCB 6952

IPOs, New Issues and Secondary Financings

Issuer Name: Issuer Name: Intiva BioPharma Inc. Maricann Group Inc. Principal Regulator - Ontario Principal Regulator - Ontario Type and Date: Type and Date: Preliminary Long Form Prospectus dated August 22, 2018 Preliminary Short Form Prospectus dated August 21, 2018 NP 11-202 Preliminary Receipt dated August 22, 2018 NP 11-202 Preliminary Receipt dated August 22, 2018 Offering Price and Description: Offering Price and Description: No securities are being offered pursuant to this Prospectus 23,376,100 Common Shares and 23,376,100 Warrants Underwriter(s) or Distributor(s): issuable upon deemed exercise of 23,376,100 Special - Warrants Promoter(s): Price Per Special Warrant:: $1.60 - Underwriter(s) or Distributor(s): Project #2809626 Canaccord Genuity Corp. GMP Securities L.P. ______Promoter(s): Issuer Name: - Khiron Life Sciences Corp. Project #2809296 Principal Regulator - British Columbia Type and Date: ______Preliminary Short Form Prospectus dated August 20, 2018 Issuer Name: NP 11-202 Preliminary Receipt dated August 21, 2018 Sagittarius Capital Corporation Offering Price and Description: Principal Regulator - Ontario $* Type and Date: * Common Shares Preliminary Long Form Prospectus dated August 22, 2018 $* per Offered Share NP 11-202 Preliminary Receipt dated August 23, 2018 Underwriter(s) or Distributor(s): Offering Price and Description: Canaccord Genuity Corp. Minimum Offering: 8,000,000 Units ($2,000,000.00) GMP Securities L.P. Maximum Offering: Up to 16,000,000 Units (Up to Sprott Private Wealth LP $4,000,000.00) Cormark Securities Inc. Over-Allotment Option: Up to 15% of Maximum, 2,400,000 Promoter(s): Units ($600,000) - Offering Price: $0.25 per Unit Project #2808805 Underwriter(s) or Distributor(s): Leede Jones Gable Inc. ______Promoter(s): Issuer Name: Ohad Haber Khiron Life Sciences Corp. Project #2810334 Principal Regulator - British Columbia Type and Date: ______Amendment dated August 22, 2018 to Preliminary Short Issuer Name: Form Prospectus dated August 20, 2018 Artis Real Estate Investment Trust NP 11-202 Preliminary Receipt dated August 22, 2018 Principal Regulator - Manitoba Offering Price and Description: Type and Date: $11,250,000.00 - 12,500,000 Common Shares Final Shelf Prospectus dated August 23, 2018 $0.90 per Offered Share NP 11-202 Receipt dated August 23, 2018 Underwriter(s) or Distributor(s): Offering Price and Description: Canaccord Genuity Corp. $1,000,000,000.00 - Units , Preferred Units , Debt GMP Securities L.P. Securities , Warrants , Subscription Receipts Sprott Private Wealth LP Underwriter(s) or Distributor(s): Cormark Securities Inc. - Promoter(s): Promoter(s): - - Project #2808805 Project #2804788

______

August 30, 2018 (2018), 41 OSCB 6953

IPOs, New Issues and Secondary Financings

Issuer Name: Seashore Resource Partners Corp. Principal Regulator - British Columbia Type and Date: Amendment dated August 22, 2018 to Final CPC Prospectus (TSX-V) dated May 9, 2018 NP 11-202 Receipt dated August 24, 2018 Offering Price and Description: Minimum of 2,100,000 Common Shares up to a Maximum of 4,000,000 Common Shares (the “Common Shares”) Price: $0.10 per Common Share Minimum of $210,000.00 up to a Maximum of $400,000.00 Underwriter(s) or Distributor(s): Haywood Securities Inc. Promoter(s): Hugh Rogers Chris Beltgens Toby Pierce Alex Langer Project #2727765

______

August 30, 2018 (2018), 41 OSCB 6954

Chapter 12

Registrations

12.1.1 Registrants

Type Company Category of Registration Effective Date From: Exempt Market Dealer, Investment Fund Manager, Portfolio Manager and Commodity Trading Change in Registration MD Financial Management Manager August 23, 2018 Category Inc. To: Investment Fund Manager, Portfolio Manager and Commodity Trading Manager

Investment Fund Manager, Consent to Suspension Sherpa Asset Management Portfolio Manager, Exempt August 24, 2018 (Pending Surrender) Inc. Market Dealer

Voluntary Surrender KingTrade Markets Inc. Exempt Market Dealer August 24, 2018

August 30, 2018 (2018), 41 OSCB 6955

Registrations

This page intentionally left blank

August 30, 2018 (2018), 41 OSCB 6956

Chapter 13

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.2 Marketplaces

13.2.1 Alpha Exchange Inc. – Introduction of Alpha Liquidity Provision Program – Notice of Proposed Fee Changes and Request for Comments

ALPHA EXCHANGE INC.

NOTICE OF PROPOSED FEE CHANGES AND REQUEST FOR COMMENTS

INTRODUCTION OF ALPHA LIQUIDITY PROVISION PROGRAM

Alpha Exchange Inc. (“TSX Alpha”) is publishing this Notice of Proposed Amendments in accordance with the “Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto".

Market participants are invited to provide comments on the proposed changes. Comments should be in writing and delivered by October 1, 2018 to:

Catherine De Giusti Director, Corporate, Securities & Transactions TMX Group 100 Adelaide Street West Toronto, Ontario M5H 1S3 Email: [email protected]

A copy should also be provided to:

Market Regulation Branch Ontario Securities Commission 20 Queen Street West Toronto, Ontario M5H 3S8 Email: [email protected]

Comments will be made publicly available unless confidentiality is requested. Upon completion of the review by Commission staff, and in the absence of any regulatory concerns, notice will be published to confirm completion of Commission staff’s review and the Commission’s approval.

Background

TSX Alpha is planning to introduce the Alpha Liquidity Provision (ALP) program which will provide TSX Alpha Exchange Members with an opportunity to earn reductions in their per share passive fee rate for trading on TSX Alpha when meeting the specified volume thresholds.

It is intended to promote better fill rates, larger fill sizes and lower trading costs for dealers that route their active order flow to TSX Alpha, by incenting quoted liquidity more continuously on TSX Alpha throughout the day and across more symbols.

The ALP program was initially announced on July 24, 2018 via TMX Equities Trading Notice 2018-021. Changes have been made to the proposed ALP program since initially announced. This notice requests comment on the revised details of the ALP program outlined in this document.

Details of proposed ALP program

The ALP program will allow a TSX Alpha Exchange Member (Exchange Member) to receive reductions in trading fees for liquidity provided under its or its clients’ Trader IDs in non-ETFs where the combined passive traded volume in non-ETFs on

August 30, 2018 (2018), 41 OSCB 6957

SROs, Marketplaces, Clearing Agencies and Trade Repositories

TSX Alpha Exchange for the IDs for the month exceeds the specified % of total Canadian continuous traded volume (TCCV), according to the following schedule:

The specific details of the ALP program are as follows:

 Measurement against TCCV targets and the application of rate reductions will be done at the ‘ALP ID Group’ level.

 Each ALP ID Group must be pre-approved by TSX Alpha, and may be comprised of one or more Trader IDs.

 Approval of an ALP ID Group is subject to conformance of the ALP ID Group with the following general conditions:

(a) An Exchange Member may request the grouping of its Trader IDs, with the exception of Trader IDs associated with a routing arrangement (RA) or a direct electronic access (DEA) arrangement with a non-registrant client.

(b) Trader IDs associated with RAs or DEA arrangements referred to in (a) may be grouped together to comprise a single ALP ID Group for an RA or DEA client where that RA or DEA client determines the posting destination for non-marketable orders sent through the respective Trader IDs, or otherwise where the Trader IDs are associated with the same underlying client.

 The applicable reduction rate will be applied against all of the passive board lot volume in non-ETFs by the ALP ID Group for the month (and regardless of whether the traded passive volume was Post Only or non-Post Only).

 Only the ALP ID Group’s passive traded board lot volume in non-ETFs on TSX Alpha Exchange will be used for calculating its % TCCV.

 TCCV is calculated by TSX Alpha and is determined based on combined Canadian continuous passive board lot trading volume in TSX-listed and TSXV-listed securities (other than ETFs, notes and debentures), excluding intentional crosses and opening and closing auctions, during standard continuous trading hours of 9:30 a.m. - 4:00 p.m.

Rationale and analysis

As noted above, the ALP program will provide Exchange Members with an opportunity to earn reductions in their per share passive fee rate for trading on TSX Alpha when meeting the specified volume thresholds.

It is intended to promote better fill rates, larger fill sizes and lower trading costs for dealers that route their active order flow to TSX Alpha, by incenting quoted liquidity more continuously on TSX Alpha throughout the day and across more symbols.

Below we are highlighting some additional considerations, some of which arose in connection with the originally announced proposal.

Accessibility to the program

The originally announced ALP program restricted participation to Trader IDs that were certified as representing the proprietary trading interests of an individual trader or proprietary trading desk of either the Exchange Member or a client. Under the current proposal for which comments are being sought, this restriction has been removed.

The current proposal expands eligibility for participation to all of an Exchange Member’s Trader IDs regardless of the nature of the order flow, subject to certain parameters governing the grouping of IDs for the purposes of measurement and the application of fee reductions. The general objective of the conditions for the grouping of IDs is to allow for participation to be measured at the level at which control over the passive volume is reasonably exercised. The purpose of this is to reasonably align the incentive to provide passive liquidity on TSX Alpha with the level at which control over the posting destination is being exercised.

At the Exchange Member level, we propose to use IDs that are under routing arrangements (RA) or DEA arrangements as a proxy for the IDs over which an Exchange Member would not have control. This means that an Exchange Member may therefore group all of its non-DEA and non-RA IDs together as one Alpha ID Group, but may not include its DEA and RA IDs within that Alpha ID Group.

August 30, 2018 (2018), 41 OSCB 6958

SROs, Marketplaces, Clearing Agencies and Trade Repositories

For the grouping of DEA IDs or IDs under an RA, the same general principle is applied. Trader IDs associated with RAs or DEA arrangements may be grouped together to comprise an ALP ID Group for a RA or DEA client where that RA or DEA client reasonably exercises control over the posting destination, or otherwise where the Trader IDs are associated with the same underlying client.

Exchange Members that wish to have their Trader IDs participate in the program will have to submit a form identifying what IDs it wishes be grouped together, and identifying whether the IDs are under: (1) an RA; (2) a DEA arrangement; or (3) neither. Where the Exchange Member is requesting the grouping together of IDs under an RA or under a DEA arrangement, it must also certify that the RA client or DEA client controls the posting destination for the passive order flow sent through the grouped IDs or that the IDs are associated with the same underlying client.

Impact in the context of industry concerns around segmentation

Any industry concerns regarding the perceived impact to market quality of any segmentation of order flow that might arise from the TSX Alpha trading model are separate and apart from this fee proposal. The extent to which volumes on TSX Alpha might increase under this proposal and exacerbate any such perceptions is not relevant as increased activity on TSX Alpha can arise for any number of reasons – including as a result of a standard fee change, or because of increased interest in the TSX Alpha model (the driver of TSX Alpha’s recent record market share highs).

As it relates specifically to this fee proposal, we do not believe that the model itself is a form of segmentation that raises public interest concerns. Participation in the ALP program is available to all, and participation across Alpha ID Groups is on reasonably similar terms.

Other changes since originally announced proposal

The originally announced ALP program also included a requirement for an agreement to be signed between TSX Alpha and the TSX Alpha Exchange Member. This has been removed. There is no need for any agreement to be signed, as all details related to the program as described in this notice will be included in the publicly available TSX Alpha fee schedule.

Expected Date of Implementation

The proposed ALP program is expected to take effect on November 1, 2018, at the earliest.

Expected Impact

We expect that the ALP program will help to incent quoted liquidity more continuously on TSX Alpha throughout the day and across more symbols. This should translate into better fill rates, larger fill sizes and lower trading costs for dealers that route their active order flow to TSX Alpha.

Expected Impact of Proposed Changes on the Exchange’s Compliance with Ontario Securities Law

The proposed changes will not impact TSX Alpha’s compliance with Ontario securities law and in particular the requirements for fair access and maintenance of fair and orderly markets.

Specifically in the context of fair access requirements, we note that the program is available to all TSX Alpha Exchange Members and the program applies the same principles for the grouping of Trader IDs across and within Exchange Members.

Participation in the program is also optional. Because the program is intended to incent passive liquidity, the discount applies only with respect to passive traded volume. As an inverted venue, passive traded volume on TSX Alpha is charged a fee. Participation in the program therefore first necessitates that an Exchange Member or its client has chosen to post on TSX Alpha and forgo a passive rebate that might otherwise be earned on another market.

Estimated Time Required by Members and Service Vendors to Modify Their Own Systems after Implementation of the Proposed Amendments

Members and service vendors do not need to make any changes to accommodate the proposed fee changes. TSX Alpha will incorporate the program into its billing system so that the fees charged and reported upon in existing billing summaries and detailed reports will reflect the discounted rates.

Do the Changes Currently Exist in Other Markets or Jurisdictions

While examples of liquidity provision incentive programs also exist in the US, we do not believe that commenters would consider these relevant in the context of this proposal.

August 30, 2018 (2018), 41 OSCB 6959

SROs, Marketplaces, Clearing Agencies and Trade Repositories

The closest current example among Canadian equities marketplaces is reflected in the fee schedule applicable to TSX Market Makers. Currently, TSX Market Makers receive a higher passive rebate than applicable to non-Market Makers to help compensate TSX Market Makers for the cost of meeting their quoting obligations. Unrelated to their quoting obligations, TSX Market Makers also have the opportunity to receive a higher rebate (referred to as the Bonus Rate) where their passive traded volume for a symbol exceeds a specified threshold percent of TCCV for that symbol (currently set at 3% for Tier A stock and 8% for Tier B stock). The Bonus Rates provide TSX Market Makers with the opportunity to earn an additional rebate in the range of 3 to 5 mils per share. Although different in how the threshold and discounts are applied, it is worth noting that the ALP program is more broadly accessible than the TSX Market Maker Bonus Rates, which are only available to TSX Market Makers.

TSX also previously offered an Electronic Liquidity Provider program that provided discounted fees / additional rebates to pre- qualified liquidity providers. The TSX Electronic Liquidity Provider program restricted access to proprietary trading activity by traders / trading firms with experience in high frequency trading. It also imposed requirements for volume thresholds across a minimum number of symbols, and for a minimum passive:active ratio to be met in order to receive the preferential rates for the month. By comparison, the ALP program does not impose similar eligibility criteria or the same degree of performance conditions.

Finally, TSX previously offered volume tiering that provided fee discounts / additional rebates that were measured and applied at the Participating Organization (PO) level. In substance, the ALP program is also a volume tiering program available to all Exchange Members, with the primary difference being that the measurement and application of discounts applies at a more granular level – being at the Alpha ID Group level as opposed to the Exchange Member level.

August 30, 2018 (2018), 41 OSCB 6960

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.2.2 CSE – Form 9 Notice of Proposed Issuance of Listed Securities and Policy 6 Distributions – Notice and Request for Comments to Form 9 and Policy 6

CANADIAN SECURITIES EXCHANGE

NOTICE AND REQUEST FOR COMMENTS

FORM 9 NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES AND POLICY 6 DISTRIBUTIONS

CNSX Markets Inc. (“CSE” or the “Exchange”) is publishing proposed amendments (the Amendments) to Form 9 - Notice of Proposed Issuance of Securities and Policy 6 – Distributions in accordance with s. 6(a) of Appendix C (“Process for the Review and Approval of Rules and Information Contained in Form 21-101F1 and the Exhibits Thereto”) of the CSE Recognition Order, as amended (the “Protocol”). The proposed amendments include “Public Interest Rules” being published for comment, and “housekeeping rules” as defined under the Protocol.

The Public Interest Rule amendments will repeal the requirement for CNSX Issuers to post to the CNSX website certain information related to purchasers in an exempt distribution. The Amendments will require that only investors that are Related Persons, as defined in CSE Policy 1, be identified in the Form 9. There are related changes proposed to Policy 6 – Distributions to clarify filing procedures.

A copy of the CSE Notice is published on our website at www.osc.gov.on.ca

August 30, 2018 (2018), 41 OSCB 6961

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.3 Clearing Agencies

13.3.1 CDS – Material Amendments to CDS Participant Rules Related to Lines of Credit Requirements for Non- Contributing Receivers of Credit Making Canadian Dollar Settlements – OSC Staff Notice of Request for Comment

OSC STAFF NOTICE OF REQUEST FOR COMMENT

CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS)

MATERIAL AMENDMENTS TO CDS PARTICIPANT RULES RELATED TO LINES OF CREDIT REQUIREMENTS FOR NON-CONTRIBUTING RECEIVERS OF CREDIT MAKING CANADIAN DOLLAR SETTLEMENTS

The Ontario Securities Commission is publishing for 30 day public comment material amendments to the CDS Rules relating to lines of credit requirements for Non-Contributing Receivers of Credit making Canadian dollar settlements. The purpose of the proposed participant rule amendments is to require each member of the Non-Contributing Receivers (making Canadian dollar Settlement) Category Credit Ring to have at least two committed lines of credit from liquidity providers who are different members of the Extenders Category Credit Ring.

The comment period ends on September 24, 2018.

A copy of the CDS Notice is published on our website at http://www.osc.gov.on.ca.

August 30, 2018 (2018), 41 OSCB 6962

SROs, Marketplaces, Clearing Agencies and Trade Repositories

13.3.2 CDS – Material Amendments to CDS Rules Related to the Removal of the Central Counterparty (CCP) Cap for CDS Participants Who Use the Continuous Net Settlement Service (CNS) – OSC Staff Notice of Request for Comment

OSC STAFF NOTICE OF REQUEST FOR COMMENT

CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS®)

MATERIAL AMENDMENTS TO CDS RULES RELATED TO THE REMOVAL OF THE CENTRAL COUNTERPARTY (CCP) CAP FOR CDS PARTICIPANTS WHO USE THE CONTINUOUS NET SETTLEMENT SERVICE (CNS)

The Ontario Securities Commission is publishing for 30 day public comment material amendments to the CDS Rules relating to the removal of the CCP Cap for CDS participants who use CNS.

The purpose of the proposed rule amendments is align CDS' cash-securities CCP function with the risk management practices of other cash-securities CCPs.

The comment period ends on September 28, 2018.

A copy of the CDS Notice is published on our website at http://www.osc.gov.on.ca.

August 30, 2018 (2018), 41 OSCB 6963

SROs, Marketplaces, Clearing Agencies and Trade Repositories

This page intentionally left blank

August 30, 2018 (2018), 41 OSCB 6964

Index

Alpha Exchange Inc. Interactive Brokers Canada Inc. Marketplaces – Introduction of Alpha Liquidity Decision ...... 6824 Provision Program – Notice of Proposed Fee Decision ...... 6843 Changes and Request for Comments ...... 6957 Katanga Mining Limited Asanko Gold Inc. Cease Trading Order ...... 6879 Decision ...... 6850 KingTrade Markets Inc. BMO Capital Markets Corp. Voluntary Surrender ...... 6955 Decision ...... 6850 Knowledge First Financial Inc. BMO Nesbitt Burns Inc. Decision ...... 6862 Decision ...... 6850 Logiq Advantage Oil & Gas Income Fund Border Petroleum Limited Decision ...... 6831 Cease Trading Order ...... 6879 Logiq Advantage VIP Income Fund Butcher, Henderson MacDonald Alexander Decision ...... 6831 Notice from the Office of the Secretary ...... 6809 Order ...... 6868 Logiq Balanced Monthly Income Class Decision ...... 6831 Canaccord Genuity Corp. Decision ...... 6856 Logiq Global Balanced Income Class Decision ...... 6831 CDS Clearing Agencies – Material Amendments to CDS Logiq Global Opportunities Class Participant Rules Related to Lines of Credit Decision ...... 6831 Requirements for Non-Contributing Receivers of Credit Making Canadian Dollar Settlements – OSC Logiq Global Resource Fund Staff Notice of Request for Comment ...... 6962 Decision ...... 6831 Clearing Agencies – Material Amendments to CDS Rules Related to the Removal of the Central Logiq Growth Fund Counterparty (CCP) Cap for CDS Participants Decision ...... 6831 Who Use the Continuous Net Settlement Service (CNS) – OSC Staff Notice of Request Logiq High Income Fund for Comment ...... 6963 Decision ...... 6831

CSE Logiq Resource Growth and Income Class Marketplaces – Form 9 Notice of Proposed Issuance Decision ...... 6831 of Listed Securities and Policy 6 Distributions – Notice and Request for Comments to Form 9 and Logiq Special Opportunities Class Policy 6 ...... 6961 Decision ...... 6831

Desjardins Financial Security Investments Inc. Logiq Tactical Equity Class Decision ...... 6811 Decision ...... 6831

Fidelity Investments Canada ULC Logiq Total Return Fund Decision ...... 6814 Decision ...... 6831

Global Capital Securities Trust Logiq VIP Income Fund Decision ...... 6831 Decision ...... 6831

Heritage Education Funds Inc. MD Financial Management Inc. Decision ...... 6862 Change in Registration Category ...... 6955

IA Clarington Investments Inc. Oncolytics Biotech Inc. Decision ...... 6838 Decision ...... 6856

August 30, 2018 (2018), 41 OSCB 6965

Index

Performance Sports Group Ltd. Redwood Monthly Income Fund Cease Trading Order ...... 6879 Decision ...... 6831

PFL Futures Limited Redwood Resource Growth & Income Fund Ruling – s. 38 of the CFA ...... 6869 Decision ...... 6831

Psihopedas, Maria Redwood Special Opportunities Fund Notice from the Office of the Secretary ...... 6809 Decision ...... 6831

Purpose Global Innovators Fund Redwood Tactical Equity Fund Decision ...... 6831 Decision ...... 6831

Purpose Global Resource Fund Redwood Total Return Fund Decision ...... 6831 Decision ...... 6831

Purpose Investments Inc. Redwood U.S. Preferred Share Fund Decision ...... 6831 Decision ...... 6831

Purpose Multi-Asset Income Fund Sherpa Asset Management Inc. Decision ...... 6831 Consent to Suspension (Pending Surrender) ...... 6955

Purpose Special Opportunities Fund Simba, Muchoki Fungai Decision ...... 6831 Notice from the Office of the Secretary ...... 6809 Order ...... 6868 Purpose US Preferred Share Fund Decision ...... 6831 State Farm Investor Services (Canada) Co. Decision ...... 6811 Redwood Advantage Monthly Income Fund Decision ...... 6831 Trillium Credit Card Trust II Order ...... 6865 Redwood Balanced Income Fund Decision ...... 6831 Voya Diversified Floating Rate Senior Loan Fund Decision ...... 6831 Redwood Energy Income Fund Decision ...... 6831 Voya Floating Rate Senior Loan Fund Decision ...... 6831 Redwood Floating Rate Bond Fund Decision ...... 6831 Yorkville Asset Management Inc. Decision ...... 6819 Redwood Floating Rate Income Fund Decision ...... 6831

Redwood Global Balanced Income Fund Decision ...... 6831

Redwood Global Financials Income Fund Decision ...... 6831

Redwood Global Innovators Fund Decision ...... 6831

Redwood Global Opportunities Fund Decision ...... 6831

Redwood Global Resource Fund Decision ...... 6831

Redwood Growth Fund Decision ...... 6831

Redwood High Income Fund Decision ...... 6831

August 30, 2018 (2018), 41 OSCB 6966