CIBC Wood Gundy Account Information and Disclosures Booklet

WELCOME TO CIBC WOOD GUNDY

CIBC Wood Gundy account information and disclosures booklet

This booklet contains the terms of your agreements with us, and disclosures about our products and services and our relationship with you. Please read it carefully and keep it for your records.

June 2021 Welcome to CIBC Wood Gundy. We’re pleased that you’ve chosen to work with us, and we’re committed to helping you meet your long-term financial goals. Together, we’ll develop a plan that takes into account who you are today, and what you want for your family and wealth tomorrow.

Our integrated wealth management approach brings together Wood Gundy, CIBC Private Banking, CIBC Private Investment Counsel and CIBC Trust to help make your ambitions a reality. That means your Investment Advisor or Portfolio Manager can provide you with a full range of personalized financial, estate, insurance and retirement planning solutions.

Our service commitment also includes delivering timely information about your investments, like this package. It contains important details about your CIBC Wood Gundy accounts. Please read it and keep it for future reference.

If you have any questions about the information in this package, feel free to call your Investment Advisor or Portfolio Manager. You can also contact Client Relations at 1 800 563-3193, or visit www cibcwoodgundy.com.

Once again, welcome to CIBC Wood Gundy.

Sincerely,

Ed Dodig Executive Vice-President and Head CIBC Private Wealth Management Canada and CIBC Wood Gundy

How to reach us Phone Client Relations 1 800 563-3193 (English) 1 866 392-5203 (French) Email [email protected] Web www.cibcwoodgundy.com Mail CIBC Wood Gundy c/o CIBC World Markets Inc. Brookfield Place, PO Box 500

A degree higher of personal commitment Toronto, Ontario, Canada M5J 2S8 Please include your full contact details, including your account number and the name of your Investment Advisor if you are already a CIBC Wood Gundy client. CIBC Wood Gundy relationship disclosure 2021-06-29 2:21 PM2021-06-29 2:21 PM 74 23 69 ......

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About this booklet 1 Your agreement with CIBC Wood Gundy Everyone shouldread this section. for non-personal use. or organizations that open accounts groups businesses, of kinds other and estates trusts, partnerships, Entities personal use. accountsfor for themselves, their Individuals are clients who open applysections thatRead to you. the Everyone shouldread this section. invest inoptions. Read 1.4.4if you plan to that applies to your account. also seePart 2andread the section registered account, you should chosen. If your cashaccount isa of accounts andfeatures you’ve about thetypes sections Read the or Portfolio Manager. questions about your accounts or your relationship with us,pleasespeak to your Investment Advisor It’s important that you read this information carefully andkeep it for your records. If you stillhave We’ve organized itinto four sections–use this guide to find and read thesections that apply to you. services andinformation aboutour relationship with you. This bookletcontains the terms of your agreements with us,disclosures aboutour accounts and are corporations,

1.2 Types of account owners Types account of 1.2 1.4 Account types and features features and types Account 1.4 work accounts your How 1.3 1.1 definitions and legal Important information 1.1.6 1.1.5 1.1.4 1.1.3 1.1.2 1.1.1 1.2.1.2 1.2.1.4 accounts oint 1.2.1.3 1.2.1.1 1.2.1 Individuals rusts 1.2.2.4 1.2.2.3 1.2.2.2 1.2.2.1 Entities 1.2.2 1 1.4.5 Asset Advantage Accounts Advantage 1.4.5 Asset 1.3.14 1.3.13 1.3.12 1.3.11 1.3.10 1.3.9 1.3.8 1.3.7 1.3.6 1 1.3.2 1.4.4 1.4.4 trading Options and (DAP) payment against 1.4.3 Delivery 1.4.1 accounts Cash account your pening 1.3.4 1.3.3 1.3.1 .3.5 .4.2 Margin and short accounts short and .4.2 Margin

( S b R I J R I E T receipt against payment (RAP) accounts (RAP) payment against receipt O C A M G O F T I St C O Pr M M Definitions B A G O f you owe us money us owe f you or move) outside Canada outside move) or nformal trusts nformal ndividual pension plans (IPP) (IPP) plans pension ndividual reezing or closing your account your closing or reezing hird party demands on your account your on demands party hird losing your account and ending this agreement this ending and account your losing redit and debit balances debit and redit ehalf of minors of ehalf pecial information for clients who live live who clients for information pecial iving us instructions us iving states uying, selling securities and holding uying, overning law overning uthorizing other people to give us instructions us give to people other uthorizing etirement savings plans opened on on opened plans savings etirement etirement compensation arrangements (RCA) etirement compensation arrangements agreement the ssigning ur limitation of liability and your indemnity your and liability of limitation ur ne-time transfers ther terms of your agreement with us with agreement your of terms ther aking changes to the agreement the to changes aking aking withdrawals deposits aking atements, confirmations and notices and confirmations atements, e-authorized transactions ...... 5 ...... 1 ...... ® (AAA) ...... 10 10 10 10 10 10 14 14 12 13 13 13 15 13 13 4 4 6 6 8 8 5 3 5 9 7 2 2 2 2 3 2021-06-29 2:21 PM About this booklet 2021-06-29 2:21 PM2021-06-29 2:21 PM

31 33 26 24 29 30 61 17 17 41 19 35 18 71 54 23 23 22 48 74 76 73 72 72 69 69 93 70 96 99 86 80 105 104 100 ...... nvestor Protection Fund (CIPF) official official (CIPF) Fund Protection nvestor ...... aking a complaint: A guide for investors for guide A aking a complaint: ...... ow can I get my money back? A guide for for guide A back? money my can I get ow ed premises ed IBC Wood Gundy Self-Directed IBC Wood Gundy Self-Directed IBC Wood Gundy Individual Self-Directed IBC Wood Gundy Family Self-Directed ow to make a complaint ow IIROC protects investors IIROC protects ow isk disclosure statement for futures and options futures for statement disclosure isk ower of attorney and trading authority witness authority trading and attorney of ower ecurityholder rights and materials ecurityholder communications trip bonds and strip bond packages information information trip bonds and strip bond packages C C C C C Trust Declaration of Savings Plan Retirement Retirement Income Fund Declaration of Trust Tax-Free Savings Account Declaration of Trust Education Savings Plan Trust Agreement...... Education Savings Plan Trust Agreement...... S P Canadian I P Shar R statement requirements brochure S S H H (IIROC) M (IIROC) H investors

.3 .4 .2 Conflicts of interest .7.2 Fees.7.2 for managed accounts .5.2 Portfolio Partner Service 2.3 2.1 2.2 IBC Wood Gundy Self-Directed 2.4 2.5 brochure (CDIC) Corporation Canada Deposit Insurance 4.13 4.1 4.2 rotecting your privacy 4.10 4.11 4.12 statement disclosure Referral 4.14 4.9 4 4 4.8 4.5 4.6 4.7 1.6.1 Terms that apply to to ICS, AMA accounts AMA-PP and 1.6.3 Additional terms for AMA accounts 1.6.4 Additional terms for AMA-PP accounts Service Portfolio Managed Advisor 1.6.5 1.6.2 Additional terms for ICS accounts 1 1.7.1 Commissions1.7.1 and fees for advisory accounts About1.7.3 fee-based accounts Service1.7.4 fees Asset1.7.5 Advantage Account® (AAA) fees 1.7.6 Registered1.7.6 account fees 3 3.1 Good3.1 faith 3.3 Related and connected issuers 1.5.1 Investment Accounts Investment 1.5.1 1 1.6 Terms for managed accounts managed for Terms 1.6 1.7 Commissions, fees and other charges other and fees Commissions, 1.7 1.5 Terms for advisory for accounts 1.5 Terms ,

Everyone should read this read should Everyone section. Everyone should read 1.7.1 and and 1.7.1 should read Everyone the sections as well as 1.7.4, and features the accounts about chosen. you’ve Everyone should read 4.1 to 4.8, and 4.1 should read Everyone to 4.14. 4.12 to plan you if and 4.10 4.9 Read strip options, in futures, invest strip bond packages. bonds or appointing an you’re if 4.11 Read authority. trading or attorney If you have a registered account, read the sections about the chosen. you’ve accounts Other information and disclosure information Other CIBC Wood Gundy’s role and responsibilities role Gundy’s Wood CIBC Terms for registered accounts registered for Terms If you have account a managed read 1.6.1, as well as the sections about the accounts you’ve chosen. If your managed account is a registered account, you should also see Part 2 and read the section that applies to account. your , account an advisory have you If the read sections the about your you’ve chosen. If accounts is a registered account advisory see should also you account, section the 2 and read Part account. your to applies that 3 2 4 WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 3WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 3 WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 4

Account opening documents or Portfolio Manager if you have questions. The following isalistof our standard documents,but we may provide others. Pleaseask your Investment Advisor choose, and the kindof client you are. The documents you receive when you openanaccount with usdependon the accounts and features you

1.Everyone gets this 4. If you have oneof these 3. If you have oneof these . f o oe oe f these of one open you If 5. 2. Everyone gets a . I yu pn n con for account an open you If 6. booklet information anddisclosures CIBC Wood Gundy account Client Profile you’ll get these additionalforms. managed accounts or services, you’ll get these additionalforms. advisory accounts or services, get these additionalforms. accounts,individual you’ll Client Profile. accounts, you’ll get more than one If you have individual andentity get these additionalforms. one of these entities, you’ll

• Associated party profile Formalor testamentary trust • Associated party profile Estate • Guarantee agreement (if required) • Corporate resolution • Associated party profile Corporation or similar entity • Partnership authorization Partnership • Account AmendingAgreement (LIRA, LRSP, RLSP, LIF, LRIF, PRIF or RLIF) Locked-in registered account • Guarantee agreement Account for asoleproprietorship • Investment Policy Statement • Advisor Managed Account /Portfolio Partner (AMA-PP) Advisor Managed Account /Portfolio • Portfolio Partner Portfolio Partner Service • aprofile that includes your own For individuals • the Declarations of Trust and Trust Agreements that govern • your agreement with CIBC Wood Gundy, which governs allof This bookletincludes: Partner (AMA-PP) Program Application Service Application proprietorship or informal trust person, andaccounts for your sole accounts you holdjointly with another personal accounts, as well asany any registered accounts you may have. the accounts you have with us • Associated party profile arrangement (RCA) Retirement compensation • Statement of investment policies • Associated party profile Individual pensionplan(IPP) • Investment clubauthorization • Associated party profile Investment club • additionaldocumentation and Asset Advantage Account(AAA) • CanadaEducations Savings Grant Education savings plan • Investment Policy Statement Service Advisor Managed Portfolio • Investment Policy Statement Advisor Managed Account (AMA) • aprofile that includesonly For entities and procedures (CESG)Form Application entity accountsbelong tothe that forms fromCIBC 2021-06-29 2:21 PM 1

The documents you receive when you open an account with us depend on the accounts and features you choose, and the kind of client you are. The following is a list of our standard documents, but we may provide others. Please ask your Investment Advisor or Portfolio Manager if you have questions. 1 1. Everyone gets this This booklet includes: Your agreement with CIBC Wood Gundy CIBC Wood Gundy account • your agreement with CIBC Wood Gundy, which governs all of information and disclosures the accounts you have with us This part of the booklet constitutes your agreement with CIBC Wood Gundy for all of the accounts listed in the Client Profile booklet • the Declarations of Trust and Trust Agreements that govern you signed. any registered accounts you may have. It takes effect on the day you sign your Client Profile, conditional on your managed accounts being approved (if applicable), and cancels and replaces any previous agreement you have with us for those accounts. 2. Everyone gets a For individuals For entities It represents your entire agreement with us with respect to its subject matter, except for registered accounts (Retirement Client Profile • a profile that includes your own • a profile that includes only Savings Plans, Retirement Income Funds, Tax-Free Savings Accounts and Education Savings Plans). Registered accounts are If you have individual and entity personal accounts, as well as any accounts that belong to the entity also governed by a Declaration of Trust or Trust Agreement, which you can find in Part 2 – Terms for registered accounts. accounts, you’ll get more than one accounts you hold jointly with another If there’s a conflict or inconsistency between the terms of this agreement and the terms in the Declaration of Trust or Trust Client Profile. person, and accounts for your sole Agreement, the terms in the Declaration of Trust or Trust Agreement will govern. proprietorship or informal trust There are no representations, warranties or collateral agreements, whether express, implied or statutory, other than as expressly set out in this agreement and in the Declarations of Trust and Trust Agreements. 3. If you have one of these Portfolio Partner Service You have asked us to give you this agreement and any other advisory accounts or services, • Portfolio Partner If you have questions about the information in this agreement or documents relating to it in English. Vous reconnaissez avoir you’ll get these additional forms. Service Application about your accounts, please contact your Investment Advisor or Portfolio Manager. exigé que ce contrat, ainsi que tout document s’y rattachant, soient rédigés en langue anglaise. CIBC Wood Gundy does not give tax or estate planning advice. If you have 4. If you have one of these Advisor Managed Account / Portfolio Advisor Managed Account (AMA) any questions about your tax status, please speak to your personal tax managed accounts or services, Partner (AMA-PP) • Investment Policy Statement advisor. you’ll get these additional forms. • Advisor Managed Account / Portfolio Advisor Managed Portfolio Partner (AMA-PP) Program Application Service • CIBC Wood Gundy is a division of CIBC World Markets Inc., • Investment Policy Statement • Investment Policy Statement 1.1 Important definitions and legal information a subsidiary of CIBC Terms about our accounts 5. If you open one of these Account for a sole proprietorship Education savings plan 1.1.1 Definitions...... 1 • Client Profile is the document you sign when you open or update individual accounts, you’ll • Guarantee agreement • Canada Educations Savings Grant 1.1.2 Governing law...... 2 your account get these additional forms. Locked-in registered account (CESG) Application Form 1.1.3 Making changes to this agreement...... 2 • registered account means a CIBC Wood Gundy Self-Directed (LIRA, LRSP, RLSP, LIF, LRIF, PRIF or RLIF) Asset Advantage Account (AAA) 1.1.4 Assigning the agreement...... 2 Retirement Savings Plan (RSP), Retirement Income Fund (RIF), • Account Amending Agreement • additional documentation and Tax-Free Savings Account (TFSA) or Education Savings Plan (ESP) 1.1.5 Closing your account and ending this agreement...... 2 forms from CIBC • AAA means CIBC Wood Gundy Asset Advantage Account 1.1.6 Other terms of your agreement with us...... 3 • AMA means CIBC Wood Gundy Advisor Managed Account • AMA-PP means CIBC Wood Gundy Advisor Managed Account/ 6. If you open an account for Partnership Investment club Portfolio Partner one of these entities, you’ll • Partnership authorization • Associated party profile 1.1.1 DEFINITIONS • ICS means CIBC Wood Gundy Investment Consulting Service get these additional forms. Corporation or similar entity • Investment club authorization The following is a list of some important terms used in this • Investment Advisor means an advisor who requires your • Associated party profile Individual pension plan (IPP) agreement and in your Client Profile. You’ll find other terms defined instructions before buying, selling, exchanging, converting or • Corporate resolution • Associated party profile where they’re used in the booklet. otherwise trading in your account • Guarantee agreement (if required) • Statement of investment policies • Portfolio Manager means an Investment Advisor who is approved Terms about you and us Estate and procedures by IIROC to exercise discretion over investments in your accounts. • you and your mean: • Associated party profile Retirement compensation Portfolio Managers are responsible for investment decisions in Formal or testamentary trust arrangement (RCA) • for individual clients – any or all of the individual account owners AMA and AMA-PP accounts, and do not require your instructions • Associated party profile • Associated party profile that sign the Client Profile. You’ll find more information about before buying, selling, exchanging, converting or otherwise trading individual clients in 1.2.1 Individuals in your account • for entity clients – any or all of the signing authorities or trustees • Investment Manager means a third party advisor responsible for that sign the Client Profile. You’ll find more information about investment decisions in ICS accounts. Unless you have enrolled in entity clients in 1.2.2 Entities our Advisor Managed Portfolio Service, you select the Investment • for retirement accounts opened on behalf of a minor – the parent, Manager for your ICS account. Investment Managers do not legal guardian or tutor who opens the account. You’ll find more require your instructions before buying, selling, exchanging, information in 1.2.1.3 Retirement savings plans opened on behalf converting or otherwise trading in your account of minors • Program Manager is the program manager for the assets in • we, us and our mean CIBC Wood Gundy and its employees, including ICS accounts. The Program Manager hires and supervises the its Investment Advisors and Portfolio Managers, except where we Investment Managers who make the investment decisions for indicate otherwise ICS accounts • IIROC means the Investment Industry Regulatory Organization Terms about CIBC of Canada • CIBC means Canadian Imperial Bank of Commerce • CIBC Group includes CIBC and its Canadian affiliates that offer deposits, loans, mutual funds, securities trading, portfolio management, investment counseling, mortgages, credit cards, trust services, insurance and other products and services

Section 1 | Your agreement with CIBC Wood Gundy 1

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 1 2021-06-29 2:21 PM 1 Terms found in this agreement Terms”) (including fees, charges or other amounts required to be paid • estate representative means by you under the AAA Terms) or replace the AAA Terms with another • the person who has demonstrated, with evidence satisfactory agreement, at any time. CIBC will give you notice of the change at least to us (which may include letters probate or other court 30 days before the change is stated to come into effect by: documentation), your death and that this person is the legal • sending you a notice in writing personal representative of your estate, including the executor, • providing the notice by electronic means (including posting a notice trustee or liquidator of your estate, and in CIBC Online Banking) • if there is more than one estate representative, all of these • posting the change in the CIBC branch that’s listed on your representatives collectively AAA cheques, or • legal representative means • any other method allowed by law. • the person who has demonstrated, with evidence satisfactory to You may refuse the change by closing your AAA chequing account us (which may include court documentation), their authority to act without cost, penalty or cancellation indemnity by notifying us within for you regarding your property while you are alive, including with 30 days of the effective date of the change. respect to any particular transaction, and • if there is more than one legal representative, all of these 1.1.4 ASSIGNING THE AGREEMENT representatives collectively You need our written consent before you can assign or transfer any of • securities means securities and other investment products, and your rights or obligations under this agreement to another party. We generally includes: may withhold consent at our discretion. • common and preferred shares • private placements We can assign or transfer this agreement, any part of it, or any of our • ETFs • commodities, commodity rights, obligations and duties under it, to another party by notifying • closed-end funds futures you in writing 30 days before the assignment or transfer. The assignee • mutual funds and other • contracts and commodity or transferee will be bound by, and we will be released from our investment funds futures options obligations under, this agreement. You have the right to close your • units • T-Bills and other government account within the 30 days before the change goes into effect. • strip and convertible bonds securities 1.1.5 CLOSING YOUR ACCOUNT AND • debentures • structured products ENDING THIS AGREEMENT • corporate notes and bonds • commercial paper, including If you or we close any of your accounts with us, this agreement will • warrants, rights or variants on fixed income securities remain in full force and effect for any accounts that remain open, and equities maturing in 90 days or less will end for any accounts that are closed. • options (equity, equity-index • bankers acceptances and currency) and other • municipal bonds Ending this agreement does not release you from any liabilities instruments • asset-backed securities or obligations that existed before the agreement was ended. For • limited partnership shares • GICs and cash (Canadian example, you must still pay us any amount you owe us, including fees or units and foreign) and money to cover pending transactions. Terms in this agreement related to liability, limitations of liability and indemnification survive • days means calendar days, except for ICS and AMA accounts. For after the agreement ends. See 1.3.14 Our limitation of liability and your these accounts, days means days that the Toronto Stock Exchange indemnity for more information. and the New York Stock Exchange are open for trading 1.1.5.1 If you close your account • business day means a weekday (Monday through Friday) when You can end this agreement and close your account at any time by banks are open for business in the jurisdiction where the account is notifying us in writing, unless we have frozen your account (see 1.3.13 administered, and does not include statutory holidays Freezing or closing your account). Unless we indicate otherwise in • know your client information means information you give us when this agreement, we’ll close your account as of the day we receive your you open an account about your personal circumstances, financial notice. situation, investment knowledge and experience, risk tolerance, When you close your account, you must give us written instructions investment objectives and time horizon for the assets in the account. Some of the assets can only be redeemed, 1.1.2 GOVERNING LAW and you may be charged fees or commissions for their redemption. Units of certain investment funds, for example, cannot be transferred This agreement is governed by, construed and enforced according to to another account or dealer. We’ll complete any transactions that are the laws of the jurisdiction in Canada where the branch maintaining open on the day the account is closed, and keep enough money in your your account is located and by the laws of Canada that apply in that account to pay for them. jurisdiction. You irrevocably submit to the exclusive jurisdiction of the courts of the province or territory where the branch maintaining your If you close your AAA account, you can make arrangements to change account is located for any matter relating to this agreement. your AAA securities account to a regular investment account, at our discretion. The terms in this agreement (including terms relating to For AAA accounts margin accounts) will still apply. Sections of this agreement that relate to AAA chequing accounts are governed by the laws of Ontario and the Canadian laws that apply. You 1.1.5.2 If you close a managed account irrevocably submit to the exclusive jurisdiction of the courts of Ontario We require written notice from you to close a managed account. We’ll regarding any matter relating to AAA chequing accounts. close your account as of the day we receive your notice, except that we’ll complete any transactions that are open on the day the account is closed. 1.1.3 MAKING CHANGES TO THE AGREEMENT When you close your account, you must tell us whether to sell the assets We may make changes to this agreement by giving you notice in or transfer them to another managed or advisory account. If you don’t tell writing, stating when the changes will take effect. If you continue to us what to do with your assets, we’ll transfer them to an advisory account. use or hold funds or securities in your account once the change is in If you ask us to transfer your assets to an advisory account, you’ll be effect, you are deemed to have agreed with the change. responsible for making investment decisions for the account. Neither For AAA chequing accounts we nor any Investment Manager will exercise any discretion over CIBC may propose to change, either permanently or temporarily, any the advisory account your assets are transferred to. We are also not terms of this agreement that relates to AAA chequing accounts (“AAA obligated to recommend any action to you or to sell any assets. We’ll

2 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 2 2021-06-29 2:21 PM 1 keep enough cash in your managed account to complete any pending 1.1.6.3 Waiving terms trades before transferring or selling the remaining assets. Only an authorized officer of CIBC Wood Gundy (or CIBC, for AAA 1.1.5.3 If you close a registered accounts chequing accounts) can waive a term of this agreement, and the waiver If you close a registered account, we may have to deduct withholding must be in writing. If at any time we don’t require you to abide by any taxes. See the Declaration of Trust or Trust Agreement for your term of this agreement, we still have the right to require you to do so registered account for more information, in Part 2 – Terms for in the future and all of our other rights will remain the same. Waiving registered accounts. a breach of any term of this agreement does not mean we are waiving the term itself. 1.1.5.4 If we close your account We (or CIBC, for AAA chequing accounts) may close your account by 1.1.6.4 Conflicts with other agreements notifying you in writing 30 days in advance. The 30 days will begin as If there’s a conflict or inconsistency between the terms of this of the date of our notice, whether or not you actually receive it. Our agreement and the terms of any other agreement that applies to your records will be conclusive evidence that we sent you the notice. accounts with us, the terms of this agreement will govern, unless it’s a registered account. We’ll complete any transactions that are open on the day the account is closed, and keep enough money in your account to pay for them. The terms of a registered account’s Declaration of Trust or Trust Agreement will always govern your registered account (see Part 2 – If we close your AAA securities account, you can make arrangements Terms for registered accounts). to convert it to another type of account, at our discretion. The terms in this agreement (including terms relating to margin accounts) will 1.1.6.5 Binding still apply. This agreement is binding on you, your heirs, successors, estate representatives, personal and legal representatives and any person We also have the right to freeze or close your account in certain you assign your rights and obligations to with our consent. other situations. See 1.3.13 Freezing or closing your account for more information. 1.1.6.6 Counterparts This agreement may be signed in counterparts. 1.1.5.5 If you die, or become disabled, incompetent or incapable of administering property 1.2 Types of account owners This agreement does not automatically end, but will continue to apply if you die or become disabled, incompetent or incapable of administering your property. 1.2.1 Individuals 1.2.1.1 Joint accounts...... 3 If you have a managed account, we’ll continue to act on the account according to the know your client information and Investment Policy 1.2.1.2 Informal trusts...... 4 Statement that were in place before your incapacity or death, until 1.2.1.3 Retirement savings plans opened on behalf we receive written instructions from your legal representative or of minors...... 4 estate representative. See 1.6 Terms for managed accounts for more 1.2.1.4 Special information for clients who live (or move) information. outside Canada...... 5 We may ask for evidence to our satisfaction of your death, disability, 1.2.2 Entities incompetence or incapacity, and of the authority of your legal 1.2.2.1 Trusts...... 5 representative or estate representative, but we’re not required to. 1.2.2.2 Estates...... 5 If there’s a dispute or uncertainty about who is legally allowed to act 1.2.2.3 Individual pension plans (IPP) ...... 6 on your account, we may: 1.2.2.4 Retirement compensation arrangements (RCA) ...... 6 • apply to the courts for direction • pay some or all of the account assets to the courts and be discharged of our obligations • recover any legal costs we incur from your account. 1.2.1 INDIVIDUALS Individuals are clients who open accounts for themselves, for their If you die, we may take any action we consider necessary to protect personal use. us from taxes, liabilities, penalty or loss under present or future laws or otherwise (including taking proceedings, requiring documentation, 1.2.1.1 Joint accounts retaining a portion of the account and/or restricting transactions in the If two or more people open an account together, it is a joint account, account). and you are each joint account owners. We do not provide legal or tax advice about joint accounts, and recommend you seek legal and tax If you have a joint account, special rules apply. See 1.2.1.1.4 When one advice about whether opening a joint account is appropriate for you. of you dies and 1.2.1.1.5 If one of you becomes bankrupt, mentally incompetent or incapable of administering property for more 1.2.1.1.1 Giving instructions for joint accounts information. We can accept instructions for a joint account from any one joint 1.1.5.6 If you become bankrupt account owner, without having to inform the other joint account This agreement does not automatically end if you become bankrupt. owners, including instructions to: • buy, sell, trade in or exercise any right related to securities (including 1.1.6 OTHER TERMS OF YOUR AGREEMENT WITH US short sales and options), and carry out other transactions in the 1.1.6.1 Headings account Headings and sections are part of this agreement and affect its • withdraw or transfer money or securities from the account interpretation. • deliver any payment, securities and other property to an account 1.1.6.2 Severability other than the joint account If a court of competent jurisdiction determines that any part of • redirect statements to another address this agreement is invalid, illegal or unenforceable, that part of the • change the address for receiving information we send to you agreement will be severed, and the rest of the agreement will remain • settle, compromise, adjust and give releases for any and all claims, in full force and effect, so long as the economic or legal substance of demands, disputes or controversies relating to the account this agreement is not affected in any way that is materially adverse to • respond to requests and demands for payment or securities due, you or us. notices of intention to sell or purchase and other notices and demands.

Section 1 | Your agreement with CIBC Wood Gundy 3

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 3 2021-06-29 2:21 PM 1 We may not verify the purpose or propriety of instructions we receive. deceased joint account owner would have been entitled to, we’ll We may, however, ask for instructions from all joint account owners, at provide the estate representative with those documents or information our discretion. We may refuse to accept instructions if we believe it’s regarding the joint account until (and including) the day the joint necessary for our protection, or for any other reason. account owner died (for joint accounts with right of survivorship). For Joint account owners are responsible for giving us up-to-date accounts without a right of survivorship, we’ll provide information information on anyone who is authorized to give instructions on the about the account for as long as the estate representative has rights to account. We accept instructions from the most current authorized the account. This includes account forms, correspondence, transactions, persons we have on file for the account. We are not liable for any statements, vouchers and balances, among other things. losses that may be incurred in the account if we do not have 1.2.1.1.5 If one of you becomes bankrupt, mentally up-to-date information. See 1.3.14 Our limitation of liability and your incompetent or incapable of administering property indemnity for more information. This agreement will continue to apply when any joint account owner If you have a joint education savings plan, all joint subscribers must becomes bankrupt, incompetent or incapable of administering his or sign the government transfer forms. her property. If you have a AAA account, see 1.4.5 Asset Advantage Accounts (AAA) 1.2.1.1.6 Legal representatives for special rules about joint chequing accounts. A legal representative appointed for a joint account owner (which can include, among others, someone appointed under a power of attorney 1.2.1.1.2 Liability arising from joint accounts You are all individually and jointly responsible (solidarily liable, in or a representative if you’re considered mentally incompetent or Quebec) for any loss, claim, damage, expense or liability resulting from incapable) will have the same rights, responsibilities and obligations as any representations any of you make to us, and for any amounts you the joint account owner, unless we determine otherwise. We may act owe, including any amounts you owe to CIBC for your AAA chequing on instructions we receive from a legal representative who is acting account. See 1.3.14 Our limitation of liability and your indemnity for on behalf of a joint account owner just as we would if we received the more information. instructions directly from the joint account owner. We are not required to recognize any trust intention or trust interest 1.2.1.2 Informal trusts any of you bestow related to the account or any investments in it, When you open an account on behalf of an informal trust, we: ar whether or not you tell us about it. We are explicitly exonerated from • e not bound by and have no responsibility to follow the terms of any claim you or the beneficiary of a trust intention or trust interest any verbal, implied or constructive trust or agency that may exist may make, and this exoneration is binding on your estate and any between you and any beneficiary of the trust or any principal can act on beneficiary of any trust based on your intentions. • your instructions or the instructions of any representative you authorize, but you are responsible and liable for your 1.2.1.1.3 Statements and reporting representative’s actions We’ll send account statements, confirmations, margin calls, notices • will not verify instructions we receive for the account and other information to one of you, and you agree that we’ll be • are not responsible for making sure that investments comply with considered to have delivered them to all of you. If you ask us, we’ll investment restrictions in any trust or agency document, or with deliver a duplicate statement to another joint account owner. We may, federal laws or the laws of any province or territory that apply. however, provide account information including forms, correspondence, We do not provide tax or estate planning advice. We recommend you confirmations, statements, vouchers and balances to any joint owner seek professional legal and tax advice about establishing and operating upon request, including information about the account before the a trust. See 1.3.14 Our limitation of liability and your indemnity for account became a joint account. more information. 1.2.1.1.4 When one of you dies 1.2.1.2.1 Information for tax reporting When a joint account owner dies: We’ll ask you for a social insurance number or trust account number for 1. This agreement will continue to apply. tax reporting for the account. 2. All property in the account, and all income and interest it earns, is If you give us the social insurance number of the account’s beneficiary subject to the right of survivorship, and will automatically become (or principal), you acknowledge that the account is their property and the property of the remaining joint account owners without further that: action. • if the beneficiary (or principal) is a minor, we’ll only deal with them 3. One of the remaining joint account owners must immediately (not you) once they become of legal age. They will have to provide us notify us in writing, with a certified copy of the death certificate with identification and sign our account documentation. or a notarized copy of the relevant letters probate or letters of • if the beneficiary (or principal) is not a minor, we’ll only deal with administration and a letter of direction for the account. them (not you) once they provide us with identification and sign our 4. The estate of the joint account owner who died will be jointly and account documentation. severally responsible (solidarily liable, in Quebec), along with the If you give us your social insurance number, our tax reporting on the remaining joint account owners, for all obligations and liabilities account will be based on that number and we will not change it to any in the account and under this agreement, including any amounts other tax reporting number. owed to us (or CIBC, if you have a AAA account) as a result of If you do not give us a social insurance number or a trust account any transactions in progress before we receive notice of the joint number and choose to provide one later, we will not change any account owner’s death. previous tax reporting. 5. Anyone making a claim against the estate of a deceased account holder must deal directly with the remaining joint account owners. 1.2.1.3 Retirement savings plans opened on behalf of minors You must be the parent, legal guardian or tutor of a minor annuitant to open a registered retirement savings plan account on their behalf. Important to note Right of survivorship does not apply in Quebec. We’ll only accept instructions from you to operate the account until the minor annuitant reaches the age of majority. From that date on, we’ll only accept instructions from the annuitant, who must complete a new If the estate representative of a deceased joint account owner asks Client Profile and enter into an agreement with us for that account. for any documents or other information about the account that the

4 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 4 2021-06-29 2:21 PM 1 You’re liable to us under this agreement personally, not as a trustee. 1.2.2.1 Trusts We do not provide tax advice and did not solicit the opening of the The terms in this section also apply to individual pension plans and account. retirement compensation arrangements. See 1.3.14 Our limitation of liability and your indemnity for more We offer accounts for three kinds of formal trusts: information. • formal inter-vivos trusts 1.2.1.4 Special information for clients who live (or move) • testamentary trusts outside Canada • blind trusts It’s our policy not to ask clients who reside outside Canada to open We are not bound by and have no responsibility to follow the terms accounts with us. of the trust or any verbal, implied or constructive trust or agency that If you’ve opened an account with us and live outside Canada, you agree may exist between you and any beneficiary of the trust. that your account agreement is governed by the laws of the Canadian Blind trusts province or territory where the branch administering your account is A blind trust is a discretionary account set up for individuals who, as a located, not by the laws of the country you reside in. result of their employment, may find themselves in a potential conflict The country you live in may require you to withhold tax on any interest of interest situation. The beneficiary cannot make any investment payments you make to us: decisions or know any information about the contents of the account • If you’re required to withhold tax from your interest payments to other than the account value. A trustee is appointed to have full us, you must immediately pay the amount you have deducted to the authority over the account on behalf of the beneficiary. relevant tax authorities and gross up or pay an additional amount to 1.2.2.1.1 Instructions us to ensure that the full amount of interest charged has been paid. We may act on your instructions or the instructions of any • If we’re assessed tax, interest or a penalty on interest payments representative authorized in writing in accordance with the trust. you owe us, you must immediately pay us the full amount of the tax, You and the trust are responsible and liable for the actions of any interest or penalty assessed. representatives. If you move outside of Canada, even temporarily, we may not be We will not verify the instructions we receive, and we are not permitted to provide services to you, or the services we are permitted responsible for making sure that investments comply with the to provide you may be limited, and you may have to close your investment restrictions in any trust or agency document, or with accounts. You’re responsible for any withholding taxes that may arise. federal laws or the laws of any province or territory that apply. 1.2.2 ENTITIES If the account is a managed account, we’ll comply with the investment restrictions you’ve identified. Entity clients are businesses or other kinds of entities. We’ll open accounts for: 1.2.2.1.2 Your responsibility • corporations and similar • estates It’s your responsibility to make sure: entities • individual pension plans (IPP) • the account is operated according to the terms of the trust • partnerships • retirement compensation • any services we provide (including opening a managed account, • investment clubs arrangements (RCA) engaging an Investment Advisor, Portfolio Manager or Investment • trusts Manager, extending margin or allowing option trades) are permitted About signing authorities by the terms of the trust There must be one or more signing authorities (including partners, • charges we or other parties apply are allowed by the terms of trustees or estate representatives) listed for the entity’s accounts. the trust Signing authorities are listed on the entity’s Client Profile. You confirm • you’ve been authorized by the terms of the trust to enter into this that the entity or its governing documents have authorized you to agreement. open accounts and enter this agreement with us and you’ve signed or When you open an account for a trust (and enter this agreement), you given us documentation to this effect. You also confirm that all signing confirm that you have fulfilled your responsibilities under the trust. authorities have received a copy of, and have read, understood and 1.2.2.1.3 Our duties and responsibilities for trust accounts agreed to the terms in this booklet. Our duties and responsibilities are limited to those described in this Instructions agreement. We are not the trustee, or an agent for the trustee or for We may act on instructions from the entity’s signing authorities any beneficiary of the trust, and we are not liable if you fail to carry out regarding all aspects of the entity’s accounts. This includes delivering any obligations under the trust. any payment, securities and other property to an account other than 1.2.2.2 Estates the entity’s accounts, and redirecting statements to another address. The terms in this section apply if you’re an estate representative that We may not verify the purpose or propriety of instructions we receive. has opened an account on behalf of an estate. We may, however, refuse to accept the instructions if we believe it’s necessary for our protection, or for any other reason. We may also ask 1.2.2.2.1 Instructions for instructions from all signing authorities together for any reason. We may act on your instructions, or the instructions of any representative authorized in writing in accordance with the will or You’re responsible for giving us up-to-date information about other estate document, and the laws governing the administration signing authorities for the entity’s accounts (the corporation has this of the estate. You’re responsible and liable for the actions of any responsibility if the entity is a corporation). We accept instructions representatives. from the most current signing authorities we have on file. We are not liable for any losses that may be incurred in the account when we act We will not verify the instructions we receive, and we are not on a signing authority’s instructions, or if we do not have up-to-date responsible for making sure that investments comply with investment information. See 1.3.14 Our limitation of liability and your indemnity for restrictions in the will or other estate documents, or with federal laws more information. or the laws of any province or territory that apply. If the account is a managed account, we’ll comply with the investment restrictions you’ve identified.

Section 1 | Your agreement with CIBC Wood Gundy 5

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 5 2021-06-29 2:21 PM 1 1.2.2.2.2 Your responsibility 1.2.2.3.3 Structure and administration It’s your responsibility to make sure: You confirm that the trust and the plan were formed in compliance • the account is operated according to the terms of the will or other with, registered in accordance with, are administered under, and will estate document and the laws that apply continue to comply with the terms of the trust, and all applicable laws, • any services we provide (including opening a managed account, regulations, rules, orders, directions or guidelines of all applicable engaging an Investment Advisor, Portfolio Manager or Investment government bodies or authorities of Canada and each province and Manager, extending margin or allowing option trades) are permitted territory, including tax authorities. by the terms of the will or other estate document • charges we or other parties apply are allowed by the terms of the You agree that you or the plan’s administrator have retained someone will or other estate document other than us to advise you on the following: • you’ve been authorized in accordance with the will or other estate • registration document to enter into this agreement • administration • if the succession of the estate representatives changes, you’ve • actuarial funding policy provided us with appropriate documentation to establish the • documentation authority of the successor estate representative. • regulatory and tax filings • compliance with applicable laws. 1.2.2.2.3 Our duties and responsibilities for estate accounts We do not provide legal or other advice on these matters. Our duties and responsibilities are limited to those described in this agreement. We do not act as an estate representative or an agent for 1.2.2.3.4 Our duties and responsibilities the estate or for any beneficiary of the estate, and we are not liable if You acknowledge that our duties and responsibilities are limited to you fail to carry out any obligations under the estate. those set out in this agreement. We are not the plan’s trustee, or an agent for the plan’s administrators or for any employee for whom 1.2.2.3 Individual pension plans (IPP) When you open an account on behalf of an individual pension plan, the the plan has been established, and we are not liable if the plan’s terms in this section and 1.2.2.1 Trusts apply. administrator fails to carry out any obligations to you or the plan’s beneficiaries. When you open an account on behalf of an individual pension plan (the plan), you’re responsible for ensuring that the account’s assets are 1.2.2.4 Retirement compensation arrangements (RCA) invested according to the CIBC Wood Gundy Individual Pension Plan When you open an account on behalf of a retirement compensation 1.2.2.1 Trusts Statement of Investment Policies and Procedures, and the pension arrangement, the terms in this section and apply. legislation that applies. You confirm that you’re authorized to open the 1.2.2.4.1 Your role and responsibilities account and to give us instructions for the plan’s assets. You’re the RCA’s custodian as defined under “retirement compensation If you have an ICS or AMA account, you acknowledge that any arrangement” in subsection 248(1) of the Income Tax Act (Canada). discretion you have granted us to manage all or part of the account You and the RCA’s administrator are responsible for: may be delegated to an Investment Manager or Portfolio Manager, • ensuring the RCA qualifies as a “retirement compensation including one who is affiliated with or related to us. See 1.6.1 Terms that arrangement” under the Income Tax Act (Canada) apply to ICS, AMA and AMA-PP accounts for more information. • making contributions to the RCA, and ensuring contributions are If there’s a change in pension legislation or in the plan’s investment “reasonable” (ensuring the RCA isn’t reclassified by tax authorities mandate that makes a fund or ICS or AMA strategy no longer an as a “salary deferral arrangement”, which could have substantial eligible investment, you must tell us to switch the plan’s assets to a negative tax consequences) different fund or strategy. • deducting and remitting taxes to the Canadian tax authorities • withholding income taxes 1.2.2.3.1 Reporting • filingtax returns for distributions and filing any other returns or We do not provide tax reporting for the account or for any filings forms with the Canadian tax authorities the plan is required to make. You authorize us to share information • getting independent legal and tax advice about the RCA and your about the account (including monthly account statements) with the account with us. plan’s actuary, to be used to monitor contributions, withdrawals and investments. The actuary is listed in the plan’s Client Profile. 1.2.2.4.2 Our duties and responsibilities You’re retaining us to open an account for the RCA. Our duties 1.2.2.3.2 Plan funding and responsibilities are limited to trading, securities safekeeping The plan’s administrator and you as trustee – and not CIBC Wood and investment services. We are not the RCA’s custodian or its Gundy – are responsible for making sure the required contributions administrator. are made to fund the plan, without exceeding the maximum amount allowed by law.

6 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 6 2021-06-29 2:21 PM 1 with the objectives of a specific account, but when considered in the 1.3 1.3 HoHoww youryour accountsaccounts workwork context of all of your accounts together, are suitable for you. Your Investment Advisor will assess whether the investments in your 1.3.1 Opening your account...... 7 account, or, if you have asked for your accounts to be assessed on an 1.3.2 Giving us instructions...... 8 aggregate basis, across all your accounts, are suitable when: • we accept a trade or make a recommendation for you 1.3.3 Authorizing other people to give us instructions...... 8 • securities are transferred or deposited into your account (except 1.3.4 Buying, selling and holding securities...... 9 stock or other in-kind dividends) 1.3.5 Making deposits...... 10 • you have a new Investment Advisor 1.3.6 Making withdrawals...... 10 • you have advised us of a material change in the know your client 1.3.7 Pre-authorized transactions...... 10 information you’ve provided. 1.3.8 One-time transfers...... 10 Significant market fluctuations or other events not listed here will not 1.3.9 Credit and debit balances...... 10 trigger a review of the suitability of your investments. 1.3.10 Statements, confirmations and notices...... 10 Managed accounts 1.3.11 If you owe us money...... 12 For ICS accounts, your Investment Advisor will rely on your know your 1.3.12 Third party demands on your account...... 12 client information to give you advice and recommend an Investment 1.3.13 Freezing or closing your account...... 13 Manager and strategy. The Investment Manager you select will rely 1.3.14 Our limitation of liability and your indemnity...... 13 on the know your client information you’ve provided when making decisions for your accounts. For AMA and AMA-PP accounts, your Portfolio Manager will rely on the 1.3.1 OPENING YOUR ACCOUNT know your client information you’ve provided when making decisions When you open an account with us you intend to use it for buying, for your accounts. selling and trading in securities. We ask you about your financial Investment Advisors, Portfolio Managers and Investment Managers situation, investment knowledge and experience, risk tolerance, are not responsible if they act on information you provide that is investment objectives, time horizon for the account and related incorrect or incomplete. information. This is called know your client information. Securities regulators ask us to collect this information. We use it to determine If you have agreed that suitability for your accounts should be assessed whether investments you want to make or that we may recommend to across all your accounts in aggregate, rather than on an individual, you are suitable. account-by-account basis, we and your Investment Advisor will assess the suitability of transactions for your portfolio as a whole. This means You give us your know your client information when you open your that there may be times where individual transactions are not consistent account. This information appears in your Client Profile and in an with the objectives of a specific account, but when considered in the Investment Policy Statement for AMA and AMA-PP accounts, and context of all of your accounts together, are suitable for you. our Advisor Managed Portfolio Service. You must read and sign your Client Profile when you open your account. You must read and sign Your Investment Advisor or Portfolio Manager will assess whether the the Investment Policy Statement and it must be approved by AMA investments in your account, or, if you have asked for your accounts program management before we can open an AMA or AMA-PP account to be assessed on an aggregate basis, across all your accounts, are or sign you up for our Advisor Managed Portfolio Service. suitable when: • securities are transferred or deposited into your account (except We rely on the information you’ve given us to provide advice and stock or other in-kind dividends) services to you. If any of the information in your Client Profile or • your Portfolio Manager or Investment Manager changes Investment Policy Statement (if you have one) changes, you agree to • you have advised us of a material change in the know your client tell us right away so that we can continue to determine whether your information you’ve provided. investments are suitable. Investment Advisors and Portfolio Managers regularly review the You’ll receive a copy of your Client Profile and your Investment Policy suitability of your investments for your accounts as part of the Statement (if you have one) during the account opening process, managed account services. and receive updated versions whenever your information changes. Please keep them for your records. You also agree to provide us with 1.3.1.2 Insiders and industry professionals additional information we ask for and will sign an updated Client You must tell us if you: Profile or Investment Policy Statement if required. • are, become or stop being an insider of a publicly traded company or of a company that is a reporting issuer under securities laws All of the investment advice and information you receive for your • alone or together with others, hold more than 20% of the shares of a accounts is confidential and for your use only. publicly traded company You must be of legal age to open a CIBC Wood Gundy account. • are, become or stop being an employee, officer, director, shareholder, 1.3.1.1 Determining suitability associate or affiliate of IIROC, an exchange or an exchange’s affiliate. Advisory accounts We need information about your status as an insider so your We and your Investment Advisor rely on the information you’ve Investment Advisor knows whether you may be subject to trading provided to give you advice about investments that are suitable restrictions. You’re responsible for keeping track of your trading for you, but you make your own investment decisions. We and your blackout periods and meeting your obligations to file information about Investment Advisor are not responsible for investment advice given your trades with the relevant securities regulator. or recommendations made based on information you provided that is If you are an insider of a company, you can buy its securities in your incorrect or incomplete. advisory accounts subject to any securities law restrictions on you. If you have agreed that suitability for your accounts should be assessed Your Portfolio Manager or Investment Manager will not, however, buy across all your accounts in aggregate, rather than on an individual, securities of any company you are an insider of if you have managed account-by-account basis, we and your Investment Advisor will assess accounts (see 1.6.1.4 Investment restrictions for more information). the suitability of transactions for your portfolio as a whole. This means that there may be times where individual transactions are not consistent

Section 1 | Your agreement with CIBC Wood Gundy 7

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 7 2021-06-29 2:21 PM 1 with each of them. For example, if you hold accounts at several branches, you must communicate with each branch individually. About being an insider You’re usually considered an insider if you are a director 1.3.2.5 When more than one person can give instructions We can accept instructions for the account from any one joint account or officer of a publicly traded company or have direct or owner without having to inform the other joint account owners. See indirect beneficial ownership or control over 10% or more of 1.2.1.1 Joint accounts for more information about receiving instructions. the company’s voting securities, but you should review the definitions of insider and reporting issuer in the securities We’ll only accept instructions from an entity’s signing authorities, legislation of your province or territory. which are listed in the Client Profile. See 1.2.2 Entities for more information about signing authorities. A company is publicly traded when its securities are traded on a domestic, foreign, exchange-listed or over-the-counter We’ll only accept instructions from other people authorized to give public market. It is not publicly traded if its securities are not instructions on your account as described in the document authorizing freely tradeable. them to act on your behalf (for example, a power of attorney or a trading authorization). See 1.3.3 Authorizing other people to give us instructions for more information about authorized representatives. 1.3.2 GIVING US INSTRUCTIONS 1.3.2.6 Our right to refuse an instruction We’re open for business during regular local business hours. We can, We may refuse to carry out any instruction, including an order to buy however, execute an order to buy or sell securities any time a relevant or sell a security or to deposit or withdraw securities or money from exchange is open for trading, even though we may not be open for your account, without notice to you if we consider it necessary for our other business. protection or for any other reason. You can give instructions in person or by telephone, mail, email or hand We do not have to act on communications from you if: delivery. We can accept instructions from you by fax if you requested • we are not sure if they came from you it when you completed your Client Profile. We may ask you to provide • we are not sure if they are accurate written instructions before we make transactions in your account. • we do not understand them. We do not accept trading instructions by email. Any communication that we accept and act on will be considered 1.3.2.1 By telephone valid even if it did not come from you or your representative, was not You can give instructions to your Investment Advisor or one of our properly understood by us, or was different from a communication other licensed representatives by telephone (including mobile phone). you’ve already sent or you send later. We’ll treat the instructions or information you provide as if you gave 1.3.2.7 Communicating by fax, email, telephone or mobile phone it to us in writing, unless we’ve received a notice in writing telling You understand that communication by fax, email, telephone and us not to accept telephone instructions. Telephone is a non-secure mobile phone is not secure. method of communication. We may ask you to provide us with If you use these methods, you assume full responsibility for the risks of written instructions instead of instructions over the telephone for any doing so, which can include but are not limited to: transaction, at our discretion. We can record our telephone calls with • someone other than the intended recipient receiving, intercepting, you, and you agree that these recordings are admissible in court as reading, retransmitting or altering your messages proof of the information they contain, and may be filed as evidence. • messages lost, delivered late, or not received 1.3.2.2 By fax or email • someone sending unauthorized messages under your name or If you requested it when you completed your Client Profile, you can your identity. fax or email instructions or information to us about your accounts, property, investments or any other services or products we provide. 1.3.3 AUTHORIZING OTHER PEOPLE TO GIVE US We have discretion as to whether we will accept instructions from INSTRUCTIONS you by fax or email. If we accept your instructions or the information We may accept instructions from your legal representative if that you provide by fax or email, we’ll treat them as if you gave them to person shows that he or she is legally authorized to act on your us in writing, unless we’ve received written notice telling us not to account on your behalf, and we are satisfied with this proof. We accept fax or email instructions. Fax and email are non-secure methods may require a court order to prove the person has the appropriate of communication. We may ask you to provide us with written or authority. We may also refuse to act on instructions from your legal oral confirmation of any instructions you send by fax or email, at representative at our discretion. our discretion. You agree that copies of your faxes and emails are Your legal representative includes the person you appointed as admissible in court as proof of the information they contain, and may your attorney for property, your trading authority, your guardian be filed as evidence. We do not accept trading instructions by email. or committee appointed by the court or statute or another duly 1.3.2.3 By mail, courier or hand delivery authorized party. If you appoint an attorney or trading authority, that Any notices or other communications you send us by mail, courier person’s right to act on your behalf will be subject to the conditions or hand delivery must be sent to the branch address on your most or limitations in the power of attorney document or in the trading recent monthly statement. We’ll consider that you have given us the authorization. For example, the person you appoint as trading authority notice or communication when we receive it. If we change our address, will not be permitted to withdraw cash or securities from your account, we’ll let you know in writing. You agree that copies of all written or transfer them to another account that is not in your name. communication you give us are admissible in court as proof of the Unless the document appointing your legal representative specifically information they contain, and may be filed as evidence. states otherwise, your legal representative may provide us with your 1.3.2.4 Communicating with more than one office or branch know your client information and we may rely on that information. All communications from you are only valid at the CIBC Wood Gundy However, we may, at our discretion, require you to provide us with office that receives the communication. If you need to provide your know your client information directly (unless you are incapable). information to more than one of our offices, you must communicate

8 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 8 2021-06-29 2:21 PM 1 If there is a dispute about who is legally allowed to act on your account, We are not required to hold securities that have any kind of trading or we may: transfer restrictions. If we do, it is at our sole discretion and at your risk. • insist on being provided with joint instructions by all parties who We are not liable for any issues that arise from processing or trying to claim they are entitled to act on your account process a restricted security, including a change in market value, even • apply to the courts for direction if the issue results from a delay caused by our negligence or otherwise. • pay some or all of the account assets to the courts and be 1.3.4.3.1 Market value discharged of our obligations The market value of securities in your account on any particular day is • recover any legal costs we incur from your account. calculated in accordance with regulatory requirements. 1.3.4 BUYING, SELLING AND HOLDING SECURITIES 1.3.4.3.2 Depositing securities into your account When we carry out a transaction for your account, we follow the If you deliver a security to us, we may ask you for additional constitutions, by-laws, rules, rulings, regulations, customs and usages documentation, and reserve the right not to accept it. If you deliver a of the exchange or marketplace where the transaction is executed security to us to hold in a managed account, you must be the beneficial (including over-the-counter and broker-to-broker markets), the IIROC owner of the security, and complete a Securities Placed Under and any clearing house and regulatory body that has jurisdiction, as Management form. well as our own internal rules and practices. 1.3.4.3.3 Removing securities from your account These are referred to in this agreement as trading rules. Securities in your account that become defunct or cease to exist because the issuer is wound-up or dissolved may be removed at 1.3.4.1 Buying securities When you buy securities for your account, you need to make sure any time from your account, and will appear as a transaction in your there is enough cash or available margin in your account (if you have statement that month. You may be eligible to claim a disposition for a margin account) on the settlement date to cover the full amount of tax purposes as of the date that they became defunct. If you have the transaction. The settlement date is usually two business days from any questions about the tax implications of defunct securities, please the day you place your order, but it could be sooner. We will not deliver contact your tax advisor. securities you buy into your account until we receive them from the 1.3.4.3.4 Unclaimed property seller. Under applicable legislation, if your account or the assets in it become unclaimed property or you do not claim your account for an extended An important note about leveraging period of time, we may take whatever steps are required under this Using borrowed money to buy securities (called leveraging) is legislation including selling the unclaimed assets and holding the riskier than using cash. If you borrow the money to buy a security, cash proceeds. you have to repay the full amount of the loan, with interest 1.3.4.3.5 Holding securities in AMA and AMA-PP accounts with a third and according to the terms of the loan, even if the value of the party nominee securities you bought goes down. If you arrange with us to have securities in AMA and AMA-PP accounts held by a third party nominee, you agree: 1.3.4.2 Selling securities • to require the nominee to follow our directions at all times, including You can only sell securities that you own or will own on the settlement our instructions to debit the account to pay our management date, unless you have a margin account. If you do not own the fees and to liquidate or redeem investments to pay investment securities you want to sell, you will need to have enough margin management fees available in your account to cover the sale, and tell us that you are • not to withdraw any securities or funds held by a third party making a short sale. See 1.4.2 Margin and short accounts for more nominee without notifying us 10 days in advance. information about margin accounts. 1.3.4.4 Foreign currency transactions When you sell a security, you must provide any documents or Any foreign currency deposited or credited into your account is signatures required by the trading rules. automatically converted to Canadian dollars if your account is a Registered Education Savings Plan. All other accounts have separate 1.3.4.2.1 Delivering securities or share certificates to the buyer components for cash and securities denominated in various currencies. We are not required to deliver the same securities or share certificates Proceeds of sale and security entitlements received, such as dividend you deposited with us or that we received for your account, as long as or interest paid to your account by an issuer of securities, that we deliver the same kind of securities, for the same amount. We cannot are denominated in a currency other than the component of the guarantee delivery of certificates or securities when the transfer agent account in which the applicable security is held will automatically be or registrar cannot provide them. converted into the currency of the component of the account in which If you want to sell securities registered in your name that you hold for the security was or is held. It is your responsibility to tell us to hold safekeeping in another location, sign the certificates and deliver them securities in a particular component of the account, and to convert cash to us, in negotiable form, on or before the settlement date (negotiable between different currency components for purchase transactions. form means transferable by endorsement or delivery). If you do not We will also automatically complete a foreign currency conversion if: deliver the certificates on time, do not properly sign them, or do not • you select a foreign strategy in a managed account that is settled in provide all documents and signatures required to constitute “good a currency other than the currency of the strategy (for example, if delivery” under the trading rules, we can buy or borrow securities of you select a U.S. Large-Cap Equity strategy in a managed account the same kind and amount, deliver them to the buyer instead, and that is denominated in Canadian dollars, you will receive proceeds charge you for our losses and expenses. from the sale of any securities in this strategy in U.S. dollars, but 1.3.4.3 Holding securities they will be automatically converted to Canadian dollars) Unless you tell us otherwise, we’ll hold securities you buy and the • a currency conversion is required for any other reason under the proceeds of securities you sell. We will credit your account with terms in this agreement, including if you owe us money. dividends and interest paid on securities we hold, and with principal CIBC will act as principal in all currency conversions, whether we’re paid on called or matured securities, according to our customary buying currency from you or selling it to you. CIBC will often earn practices. spread-based revenue determined by the difference between the rates at which CIBC buys and sells the currency. These rates are determined

Section 1 | Your agreement with CIBC Wood Gundy 9

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 9 2021-06-29 2:21 PM 1 by CIBC at its sole discretion at the time of the buy or sell, and CIBC Interest on credit and debit balances is calculated daily. Interest on has no obligation to obtain rates that limit spread-based revenue. Any debit balances is charged to your account monthly, based on the spread-based revenue will be shared between CIBC and us, and will be closing debit balance. in addition to any commission, fee or revenue that you pay us on the We begin calculating interest on debit balances as soon as there is a foreign currency transaction or any fees you pay us for your account or debit balance outstanding in your account (there is no grace period). to the trustee of a registered plan. Interest accrues from the 16th day of the previous month until and We convert the funds on the trade date or the date of the transaction, including the 15th day of the current month, and is posted to your unless we agree to convert on a different date. We can reject a request account the following day. to complete a foreign currency transaction at our discretion. We may transfer or convert currencies between your accounts as we deem The interest rates we use to calculate interest on credit and debit necessary to meet your obligations to us. balances are based on several things, including the current prime rate, prevailing rates in the market, and the revenue we may earn. Some We act as your agent for foreign currency transactions. You’ll find interest rates are subject to minimum balances, as set out above. Our more information about conflicts of interest and foreign currency rates and the terms they are based on may vary according to the size transactions in 3.2.2 Foreign currency transactions. of the debit or credit balance and we may change them from time to 1.3.5 MAKING DEPOSITS time at our sole discretion without further notice to you. You can make deposits to your account at any CIBC Wood Gundy office We’ll provide our interest rates and terms on request free of charge. in Canada. CIBC Wood Gundy branches accept Canadian and U.S. dollar You can access them by asking your Investment Advisor or visiting cheques and other instruments, but do not accept cash. our website (www.cibcwoodgundy.com/wg/cash-and-margin-rates. html). Current interest rates also appear on your monthly statements if You can deposit cash, cheques and other instruments (in Canadian you’ve incurred a charge or received a credit. dollars only) to your AAA chequing account at any CIBC branch in Canada. See 1.4.5 Asset Advantage Accounts (AAA) for more information about making deposits to AAA chequing accounts. You agree that all credit balances, money and other property credited to your non-registered accounts will be considered 1.3.6 MAKING WITHDRAWALS a financial asset under the securities transfer legislation that For managed accounts, we set a minimum amount for withdrawals. applies in each jurisdiction in Canada where we do business. You must give us at least 10 days notice before you make a withdrawal, including a withdrawal of a specific security. We may require more 1.3.10 STATEMENTS, CONFIRMATIONS AND NOTICES notice if market conditions are unusual, or there are redemption restrictions, freezes or pending block trades. 1.3.10.1 Written communication We’ll send written communications, including statements, notices and For registered accounts, we may be required to deduct withholding confirmations, to the most recent address you have given us. We send taxes when you make a withdrawal. See the Declaration of Trust or communications for joint accounts only to the owner listed first on the Trust Agreement for your registered account for more information, statement. in Part 2 – Terms for registered accounts. For accounts enrolled in our Portfolio Partner service or AMA-PP 1.3.7 PRE-AUTHORIZED TRANSACTIONS program, we send notices and any other written communication to the We can set up pre-authorized transactions with other banks or other address you specified on your application. financial institutions you deal with to automatically deposit and We’ll consider that you have received written communications as withdraw money from your bank accounts. Please ask your Investment follows (whether you actually receive them or not): Advisor for more information. • if we send the communication by prepaid mail, on the third business day after the date on the postmark 1.3.8 ONE-TIME TRANSFERS • if we deliver it to you by hand, on the day we deliver it. You can request one-time transfers from your bank account to your Be sure to tell us when you change your address CIBC Wood Gundy account (called on demand transfers) by phone, in You’re responsible for making sure we have your current address. If writing, or online using the CIBC Wood Gundy website. We need your something we send you can’t be delivered and is returned to us, we authorization for each on demand transfer. Transfers may only be won’t send anything else until you give us a current address. made between accounts with the same beneficial owner. Please ask 1.3.10.2 Telephone, fax and email your Investment Advisor for more information. We can communicate with you about your account by telephone, fax 1.3.9 CREDIT AND DEBIT BALANCES and email at any number or electronic address you provide, and you agree that we may send you confidential information by these means. Any cash you hold in your account is your credit balance. In non- We will consider that you received the communication (whether you registered accounts, we do not segregate credit balances or hold them actually received it or not) on the day we sent it, or the next business separately, and we may use them in the normal course of our business. day if we do not send it on a business day. We may contact you outside debit balance Any amount you owe us is your . You cannot have a debit of business hours for time-sensitive matters. balance in a registered account. 1.3.10.3 Statements and other reporting – advisory accounts We may pay you interest on your credit balance, and will charge you We produce and send a comprehensive account statement at the interest on your debit balance. No interest is paid or charged when end of every month you make a transaction, or we have modified the the credit or debit balance is less than $5.00 (less than $1.00 for credit balance of securities or cash in your account, or you request to receive balances only in registered accounts). CIBC will not pay you interest a statement on a monthly basis. Regardless of account activity, we on credit balances or charge interest on debit balances in your AAA produce and send you a statement every quarter. chequing account, because any credit or balance is transferred to your AAA securities account at the end of every business day. See 1.4.5 We send you a trade confirmation every time you make a trade. Asset Advantage Accounts for more information. You’re responsible for reviewing the statements and trade confirmations we send you, and advising us of any errors, omissions or We calculate interest on credit and debit balances separately, using the unauthorized transactions within the time set out on the statement or interest rate tiers we have chosen as our effective rates for calculating trade confirmation. interest for this purpose.

10 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 10 2021-06-29 2:21 PM 1 1.3.10.3.1 Statements and other reporting – AAA accounts We’ll send you a monthly AAA statement that lists activity in your About benchmarks securities and chequing accounts, and a trade confirmation of each It’s important to consider many things when assessing a purchase or sale in your advisory securities account. portfolio’s performance, including its returns, risks, the fees it The statement will show: pays and other things. • all trades in your AAA securities account Benchmarks are frequently used as a standard for evaluating the • interest earned on credit balances performance of a portfolio. A benchmark is one or more indexes • margin loans outstanding at the end of the period, payments that are representative of the asset allocation of the portfolio received and interest charged and the securities it holds. You cannot invest directly in an index, • deposits however, and they do not include fees, expenses, taxes or other • cheques honoured or returned expenses that would otherwise reduce the performance of the • a summary description of other transactions, including draft benchmark. purchases and cash advances • interest and service, transaction, activity and other charges related to AAA. 1.3.10.6 Viewing statements online We automatically mail account statements, but you can ask to view 1.3.10.4 Statements and other reporting – managed accounts them online instead. Please ask your Investment Advisor or Portfolio We produce and send a comprehensive account statement every Manager for more information. month if there is a transaction in your account, or we have modified the balance of securities or cash in your account, or you request to 1.3.10.7 Paperless record-keeping for AAA chequing accounts receive a statement on a monthly basis. Regardless of account activity, If you choose paperless record-keeping for your AAA chequing account, we produce and send you a statement every quarter, as well as the you must sign into online banking, telephone banking or use a CIBC other reports listed below. You agree that you will not be provided automated banking machine (ABM) at least once every 30 days to with trade confirmations unless you ask us in writing. check all chequing account entries and balances. Even if you do not review your transactions, we’ll assume that all transactions are correct You’re responsible for reviewing the statements we send you, and and that you consent to and approve them (except for amounts advising us of any errors, omissions or unauthorized transactions incorrectly credited to your chequing account), unless you send us a within the time set out on the statement (or trade confirmation, if notice in writing to the contrary within 60 days of the date the entry you’ve asked us for them). was (or should have been) posted to your AAA chequing account 1.3.10.4.1 Reports for ICS and AMA accounts according to CIBC’s records. The date an entry is listed on online Quarterly portfolio review banking, telephone banking or a CIBC ABM may be different than the We send a consolidated portfolio review once every calendar quarter. It transaction date. includes a comprehensive review of all of your ICS and AMA accounts, 1.3.10.8 Combining your statements including performance information and commentary provided by the There are two ways to combine statements: by consolidating or Investment Manager for each ICS strategy. householding. Realized gain/loss report Consolidating statements We send a realized gain/loss report once a year. The report for We automatically mail a consolidated portfolio summary of your individual clients, which we send in March, lists all sell transactions in CIBC Wood Gundy accounts, along with a separate statement for your non-registered accounts during the year, and the related gain or each account, to you in a single envelope. The consolidated portfolio loss. The report for entity accounts lists all sell transactions during the summary will include all accounts that have the same accountholder, reporting period, including book values and gain/loss. It’s available on address, social insurance number and language preference for an off-calendar basis for accounts with a year-end other than communication with us, unless you tell us otherwise. December 31. If you own a joint account or informal trust with more than one trustee, Annual fee summary only the person who receives the statement can include it in his or her We send a fee summary once a year, which includes a summary of consolidated portfolio summary. all fees and sales taxes charged or credited in each of your accounts Registered ICS and AMA accounts, corporate accounts, estate accounts during the year. and formal trust accounts cannot be included in the consolidation. 1.3.10.5 Performance reporting Statement householding We’ll provide you with an annual performance report that details the Householding means mailing your account statements along with changes in your account value and the return on your investments. the statements of other people in your household to you in a single If you have questions about the performance of your accounts, speak envelope. We will household statements for the accounts you specify to your Investment Advisor or Portfolio Manager about reports that when you complete your Client Profile. Accounts must have the same can be created for you. address and the same language preference for communication with us. If there’s more than one account owner, all of you must agree to householding in each of your Client Profiles. Registered ICS and AMA account statements are always mailed in a separate envelope. 1.3.10.9 What to do if something isn’t right It’s your responsibility to carefully review all statements, trade confirmations and notices we send you and to advise us of any errors, omissions or unauthorized transactions. You agree that these documents are correct and that you have consented to and approved them (except for securities or amounts incorrectly credited to your account, or to your securities and chequing accounts for AAA) unless you send us notice in writing to the contrary at the branch address found on your account statement: • within 21 days of the date printed on an account statement or notice,

Section 1 | Your agreement with CIBC Wood Gundy 11

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 11 2021-06-29 2:21 PM 1 or the day we consider you to have received it (whichever is earlier), hypothec you are hereby granting us is ten (10) million dollars for and advisory accounts and fifty (50) million dollars for managed accounts. • within 10 days from the settlement date shown on a trade 1.3.11.2 Right to set-off confirmation. We (or CIBC, if you have a AAA chequing account) may use your You will be bound by any communication we send you, even if it’s collateral to pay any amounts you owe us or any member of the CIBC delayed, you do not receive it for any reason (for example, it’s lost in Group without notice to you. We or CIBC may set off any credit balance the mail or in transmission), or, if you selected paperless record keeping in your account against any amount owed to us or to any member of for your AAA chequing account, you do not review your AAA chequing the CIBC Group also without notice to you. We and CIBC have this right account entries and balance at least once every 30 days through online whether the obligation is under this agreement or not, and whether it banking, telephone banking or a CIBC ABM. has matured or not. It may also involve converting one currency into Please note that the current market value of some securities in your another using our exchange rate at the time. account may not be available or there may not be a market for them If you have more than one non-registered account with us (either when we print your statement. In these cases, we use the last available individually or with others), or have guaranteed the obligation arising market value/net asset value of the security, or its book value, to from another account we hold, we can transfer securities or money calculate the market value that appears in your statement. This may between the accounts as we see fit, and without notifying you, to not, however, reflect its actual market value. We obtain market values offset your obligation to us. and book values from sources we believe to be reliable, but do not If you become bankrupt or insolvent, any set-off or release subject to guarantee their accuracy. a suspensive condition under this section will be deemed to have been For AAA accounts effected immediately before the date of bankruptcy. You release us If you notice any errors, omissions or unauthorized transactions in your under suspensive condition from any obligation, subject to a term or a AAA chequing account, you must tell us in writing within 60 days of the condition that we may have to remit amounts due to you. The release date of the transaction. If you do not notify us within this time period, under suspensive condition will only take effect when the provisions of you agree that: this section become enforceable. • all items paid from your account were authorized, signed for and Our rights under this agreement may be exercised independently of not fraudulent one another or in combination, and are in addition to any rights we • all amounts charged to your account are correct may otherwise have at law. • all amounts you were supposed to be credited with are included in your statement and there are no amounts missing, and 1.3.11.3 Right to use your securities • you release CIBC from all claims related to your AAA chequing If you owe us any money or have a short position, we can use your 1.3.11.1 Your collateral account. collateral without giving you notice (see ). Our use may include: 1.3.11 IF YOU OWE US MONEY • lending your collateral, either separately or together with other You must pay us what you owe us immediately when we ask you to, securities including costs or expenses related to collecting the payment. In this • pledging, hypothecating or charging any of your collateral as security agreement, we refer to the amount you owe us as an indebtedness, for any of our own indebtedness, whether it’s more or less than your liability or obligation. You must provide us with security or collateral indebtedness to us for any amount you owe us, and we can use it in any way we need to. • using any of your collateral to deliver against any other sale of We decide when to loan you money. The terms of repayment are based securities we make, including a short sale. We may do this for a sale on your commitment to meet your obligations under this agreement. for your account or another client’s account, even if we have the You agree that, because securities markets are volatile, the rights we’re same amount of a similar or the same security in our own account entitled to exercise under this section of the agreement are reasonable • commingling your collateral with securities held by other clients. and necessary for our protection. If: For AAA accounts • you don’t pay us any amount you owe us If you owe CIBC any money (including amounts related to services and • you don’t comply with any of your obligations under this agreement charges for your AAA chequing account), the amount can be deducted • we consider it necessary for our protection for any reason, at our in the currency of your AAA chequing account. sole discretion • you’ve filed a petition for bankruptcy, or a receiver has been 1.3.11.1 Your collateral appointed by or against you or any of your property As continuing security for any present and future debts and obligations • an attachment is levied against your account, or to us, however they arise and whether individual or joint, you pledge, • you die, hypothecate and charge to us, and grant us a security interest in your collateral. we may take one or more of the following actions, without taking other steps: Your collateral includes any assets you hold in any non-registered • retain possession, take in payment or sell securities or property in accounts you have with us (either individually or with others), including: the account • any present and future credit balance in the accounts • close or restrict your account or transactions in your account • money, securities, securities entitlements, financial assets, • apply money or securities held in any other account you hold with investment property, financial instruments, rights and any other us or any member of the CIBC Group to reduce or eliminate your property held in the accounts, now or in the future obligation in another account with us or any member of the CIBC • dividends and interest earned by the assets in the accounts, and Group • any proceeds from the property in the accounts. • buy or borrow securities to cover any of your short sales or open You must give us written notice and obtain our consent before you give, positions pledge, hypothecate or grant a security interest in your collateral to • cancel or reverse any of your outstanding orders or anyone else. transactions, or In Quebec, the law requires us to specify the amount of interest • buy and sell short securities for your account. we hold in your collateral. If you live in Quebec, the amount of the We may buy or sell securities on any exchange or market, or buy or sell them publicly or privately, on our terms and at our discretion.

12 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 12 2021-06-29 2:21 PM 1 We will use the proceeds (less expenses) of any sale to reduce or repay informed of the possibility of such damages and regardless of the your obligation to us and to pay our costs and expenses related to the cause of action. sale. If the proceeds of the sale do not cover the full amount of your obligation, you will owe us the difference. Without limitation, you and we agree that we will not be liable to you This agreement and the collateral granted are in addition to, and not a for any losses, however caused, resulting from: substitution for, any other security we hold for your obligations to us. • any error in instructions from you, an individual we believe to We may use any means, or combination of means, available to us to be your legal representative or estate representative, or an enforce our rights. entity’s signing authority • any delay in receiving or failure to receive your instructions or 1.3.12 THIRD PARTY DEMANDS ON YOUR ACCOUNT communications from you We’ll comply with any lawful third-party demand we receive related • any reliance upon your instructions or communications from you to your account. If we or any member of the CIBC group incur any • any errors or omissions in the know your client information you expenses when responding to a third-party demand or legal notice provide, and we rely on, in your Client Profile (and Investment related to your account, we may charge them to your account. We are Policy Statement, for AMA and AMA-PP accounts and our Advisor not required to notify you when we receive a legal notice or document Managed Portfolio Service), or your failure to provide us with that before we comply with it. information • investment losses or any failure to obtain investment gains from We may serve you with any demand or legal notice by communicating your account it to you. Any payment we make to a third-party claimant under any • delays in receiving or processing transactions, or transferring legal process, if the payment is made in good faith, is a discharge of our securities or account balances to a third party obligations to the account, to the extent of the amount paid. • laws, regulations, orders or rulings of any government, regulator, 1.3.13 FREEZING OR CLOSING YOUR ACCOUNT stock exchange or similar entity, including trading suspensions • unusual market activity, wars, strikes, equipment malfunction or We may freeze or close your account (and CIBC can freeze or close your any other condition or event beyond our control. AAA chequing account) without giving you notice if the law requires us to, if we deem it necessary for our protection, or for any other reason 1.3.14.2 Your indemnity at our sole discretion, including if we have reasonable grounds to You agree to indemnify and save us and our affiliates, associates, believe you have or may: subsidiaries, and our and their directors, officers, employees, agents • commit fraud and representatives harmless from any loss, claim, damage, liability or • use your account improperly or unlawfully expense, including all legal fees and expenses (except where the loss is • cause us or CIBC to have a loss solely due to our negligence, fraud or willful misconduct, or in Quebec, • operate the account in a manner unsatisfactory to us or to any of our except due to our intentional or gross fault): in acting or declining to act on any of your instructions or other affiliates, or contrary to our respective policies • communications • violate the terms of this agreement or any other agreements you • in acting on your instructions for an account held by or for a minor have with us for services related to your accounts • in acting on instructions of an individual we believe to be your legal • cause us or any of our affiliates any potential liability or expose any representative or estate representative or an entity’s signing authority of us to risk. • with respect to any joint account, trust account, informal trust We may also freeze or close your account to prevent future losses if account or individual pension plan account, from any claims made you are a victim of fraud or identity theft. against us by any person: When we freeze or close your account, we may, among other things, • claiming, as a beneficiary or otherwise, an entitlement arising out redeem securities or convert them to certificate form. of any trust arrangement or a trust claimed under a joint account, If we freeze or close a registered account, you are responsible and or indemnify us for any tax or financial consequences that may arise • claiming against us for following your instructions or for our as a result. See the Declaration of Trust or Trust Agreement for actions based on representations you make to us regarding any your registered account for more information, in Part 2 – Terms for trust arrangement registered accounts for more information. • for an individual pension plan account, you agree this indemnity gives us a direct claim against the trust assets. 1.3.14 OUR LIMITATION OF LIABILITY AND YOUR INDEMNITY Terms in this agreement related to liability, limitations of liability and 1.4 Account types and features indemnification survive after you or we end the agreement. You acknowledge that you benefit from the limitations of liability and indemnities listed below, and our enforcement of them, because if they 1.4.1 Cash accounts...... 13 were not included in this agreement, the fees and charges you pay us 1.4.2 Margin and short accounts...... 13 would be considerably higher. 1.4.3 Delivery against payment (DAP) and receipt against Nothing in this agreement is or can be considered to be a delegation payment (RAP) accounts...... 14 of powers to, or an imposition of fiduciary obligations on, CIBC Wood 1.4.4 Options trading...... 14 Gundy. We are not subject to the rules of articles 1299 to 1370 of the 1.4.5 Asset Advantage Accounts (AAA)...... 15 Civil Code of Quebec regarding the administration of the property of others. 1.3.14.1 Limitations on our liability 1.4.1 CASH ACCOUNTS In addition to any limitations on our liability found throughout this A cash account is an investment account that doesn’t allow trading agreement, you agree that we are not liable to you for any loss, costs, on margin, and can be an advisory or managed account. Registered damages or any failure to obtain any profit in connection with your accounts are always cash accounts. account unless and to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable determines that 1.4.2 MARGIN AND SHORT ACCOUNTS such loss, cost, damage or failure to obtain profit were caused directly A margin (or short) account allows you to buy securities on margin. You by our own negligence, fraud, willful misconduct, or failure to comply can buy on margin without using any cash in your account. We use the with the laws that apply. You agree that in no event will we be liable for any special, indirect or consequential damages, even if we were Section 1 | Your agreement with CIBC Wood Gundy 13

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 13 2021-06-29 2:21 PM 1 total value of the margin-eligible securities in your account and in any You must immediately give this information to the financial institution other account you have agreed will guarantee your margin account to providing the payment or securities, to make sure they match the secure our margin loan to you. order as prescribed by NI 24-101. If you are using a third-party We determine, at any given time and at our absolute discretion in custodian, the custodian must have policies and procedures in place to accordance with our customary practices, how much money you do this matching on your behalf. can borrow to buy securities and how much margin (cash and other ICS accounts and registered accounts cannot be DAP/RAP accounts. marginable securities) you must keep in your account to keep it in good standing. You must keep the amount of margin we determine in your 1.4.4 OPTIONS TRADING account. If you don’t have enough margin in your account when you You can ask us to allow you to trade different kinds of options in your give us instructions to buy securities, you agree that you will deposit accounts. The types of options trading you chose are listed in your enough additional cash or securities acceptable to us to meet the Client Profile. necessary margin before the trade settles. An option is a contract between a buyer and seller that gives the holder At any time, you agree that you will take the following steps if we ask the right, but not the obligation, to buy or sell an underlying security you to: (like stocks) at a specific price within a specific period of time. If you do • increase the margin in your account by depositing additional cash or not exercise your option (buy or sell the security at the specified price securities acceptable to us in any amount and within the time within the time allowed), the option expires and has no value. we specify Depending on what type of account you have with us, you may be able • repay the full amount of any loan on demand, along with any to carry out the following options trades: interest you owe on the loan. • buy options We may issue a margin call at any time for any reason within our • write (sell) covered call options discretion. A margin call is a demand that you immediately repay all • write (sell short) uncovered put or call options – not allowed for or part of the margin loan as specified by us. You may satisfy a margin registered accounts call by either immediately: • trade option spreads – not allowed for registered accounts. • depositing cash or securities acceptable to us to your account, or If you choose uncovered writing or option spreads trading, the terms in • selling securities in your account in the amount necessary to satisfy 1.4.2 Margin and short accounts also apply to your account. our margin call. You must comply with rules issued by IIROC for all transactions in If you do not satisfy our margin call, we may sell any security in your options (including any changes IIROC may make to the rules, or new account in order to do so without further notice to you. We are not rules it issues in the future), as well as the rules of any exchange, required to issue a margin call to you, and can reduce or cancel our clearing corporation or other organization the option is traded through. margin call at any time and for any reason, without notice to you. These rules may limit: If we loan securities from your margin account over the record date, • how many option contracts you can hold some or all of the votes you may have been entitled to may not be • how many options contracts you can exercise within a given time counted, regardless of whether you vote the shares or we vote them. period (usually five business days) You understand and agree to this risk with respect to your ability to • the margin you must maintain in your account vote your shares as a requirement of your margin account. • when you can trade options (at certain times, you may only be able We can cancel the margin facility at any time, without notice to you. to make cash-only trades, for example during the 10 business days Registered accounts, ICS, AMA and AMA-PP accounts cannot be margin before an exchange-traded put or call option expires). accounts, but non-registered ICS and AMA accounts can be used as An option has value (is in-the-money) if at any time when the option collateral for margin accounts. See 1.6.1.6 Collateral ICS and AMA can be exercised, the underlying security can be bought or sold at a accounts for more information. profit after commissions and other expenses are paid. You agree that you will give us complete instructions on the sale, close 1.4.3 DELIVERY AGAINST PAYMENT (DAP) AND RECEIPT out or exercise of any option or any other action to be taken relating to AGAINST PAYMENT (RAP) ACCOUNTS your option before the option expires, or by a date we specify which is A DAP/RAP account allows you to make delivery or receipt against typically 4:30 p.m. ET on the third Friday of the expiry month. We are payment trades. under no obligation to take any action without your instructions and A delivery against payment (DAP) trade is a transaction to buy we have no obligation for any loss you suffer as a result. securities in your account, where you have arranged for another If you do not give us your instructions before the expiry date or financial institution to provide payment to us at the same time we instruction deadline, we can, at our sole discretion, take any action deliver the securities you have purchased. with respect to the option that we determine should be taken. If we A receipt against payment (RAP) trade is a transaction to sell securities elect to exercise an option that is in-the-money, we may concurrently in your account, where you have arranged for another financial arrange for the sale of the underlying securities to be received once institution to deliver securities to us at the same time we deliver the the option is exercised. You will pay any transaction costs, and we will proceeds from the sale of the securities. receive the commissions and other compensation on the exercise and the sale. The Canadian Securities Administrators’ National Instrument 24-101 (NI 24-101) requires clients who enter into DAP or RAP trades, and the We may exercise options or assign exercise notices at random and will brokers who execute them, to represent to each other that they have receive commissions and other compensation on these activities. You policies and procedures in place to match and affirm trade details and must have the underlying securities in your account or immediately settlement instructions on the trade date, or a later date as allowed place an order to buy enough securities to cover the option. by NI 24-101 transition provisions. You make this representation when We may from time to time: you sign your Client Profile. CIBC Wood Gundy has, and will maintain • reject any order you place and enforce, policies and procedures to ensure we match orders as • require any transaction to be on a cash-only basis, particularly in the prescribed by NI 24-101. last 10 days before an option expires When we act as your broker on a DAP or RAP trade, we advise you of • limit or restrict short positions, or short sales by you the price and quantity of the trade on the day we execute the order. • limit or restrict the timing for placing options orders or exercise instructions, or

14 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 14 2021-06-29 2:21 PM 1 • disclose your trading and positions to any relevant exchange or Our rights clearing corporation. We and CIBC can enforce our rights in this agreement separately or Whether you act alone or together with others, you agree to comply together. with the position and exercise limits set by any relevant exchange or clearing corporation and to give us timely instructions for the exercise 1.4.5.2 How your AAA chequing account works or disposition of any option position. You understand that rules Your AAA chequing account has a $10,000 overdraft limit per business may be enacted, amended or repealed by any relevant exchange or day. At the end of every business day, we transfer money from your clearing corporation which will affect existing positions or subsequent securities account to cover the debit balance (if there is one) in your transactions. You understand that exercise assignment notices are chequing account so the balance in that account is $0. allocated by the relevant clearing corporation at any time during the We do this in the following order: day, and we are not responsible for any delay regarding the assignment • first,from the free credit balance in your securities account by the exchange or clearing corporation, or our receipt of these notices. • next, from the available margin in your securities account. We will adjust errors or omissions that we cause relating to any Any amount we draw from available margin in your account will be transactions for you. We will not be liable to you in any way for errors treated as a loan from us to you. See 1.4.2 Margin and short accounts or omissions caused by persons or conditions over which we have no for the terms that apply to margin accounts. control. If there isn’t enough in your securities account to cover the entire debit You acknowledge that you have read 4.9 Risk disclosure statement for balance in your chequing account: futures and options, in Part 4 of this booklet. • CIBC may not honour one or more of your cheques or items, or 1.4.5 ASSET ADVANTAGE ACCOUNTS (AAA) • we may pay some or all of the balance for you. This is at our AAA is an integrated financial service that links CIBC Wood Gundy discretion, and will be considered a loan from us to you. securities accounts with banking services provided by CIBC. CIBC Wood Joint accounts Gundy is a division of CIBC World Markets Inc., a subsidiary of CIBC. If you have a joint account, we may communicate with and accept When we and CIBC approve your application for a AAA account, the instructions for your AAA chequing account (including authorizations following accounts will be opened: for withdrawals and updating account information) or payments drawn • one or more CIBC Wood Gundy AAA securities accounts with a on your AAA chequing account (including cheques, receipts or other margin facility (see 1.4.2 Margin and short accounts for information vouchers) from any joint account owner, unless your AAA chequing about margin facilities) account signature card indicates that all accountholders must sign. • a AAA CIBC Canadian dollar chequing account that also allows you to We’ll accept deposits from any joint account owner, whether or not the write U.S. dollar AAA cheques drawn on an account in our name. deposit has been endorsed by any of you, unless you tell us not to in writing. You can also apply for other optional CIBC banking features: • a CIBC debit card – you can find more information about using your We may send account notices (including regulatory notices) to any one debit card in the CIBC Cardholder Banking Service Agreement of the joint account owners, and the notice will be binding on all of the • a CIBC credit card – you can find more information about using your joint account owners. Notice may be provided: credit card in the CIBC Cardholder Agreement. • at the branch listed on your AAA cheques • by electronic means (which may include posting a notice on All AAA accounts are margin accounts (see 1.4.2 Margin and short CIBC Online Banking) accounts for information about margin facilities) and cannot be • to any one of the joint account owners at his or her latest address. registered accounts. The description provided in this agreement of how AAA accounts operate is general in nature. Notwithstanding anything Any one of the joint account owners can consent to receiving notices else in this agreement, we may at any time restrict or eliminate the by electronic means, and this consent will be binding on all joint margin or overdraft provided for your AAA account and we may account owners. restrict or remove some or all of the banking features of your AAA You acknowledge that we may provide each joint account owner the chequing account, in each case at the sole discretion of CIBC and/or account information for the other joint accountholders, including CIBC Wood Gundy. transactions and account related information. Transactions at CIBC branches You can complete transactions at CIBC branches in addition to the one Use your debit card safely You must keep your personal identification number (PIN) and listed on your AAA cheques. You will need to have identification and any other codes you are given or choose completely confidential. your debit card or AAA cheques. Don’t choose a PIN or code that someone else could guess easily 1.4.5.3 Making deposits (including codes based on your address, birthdate or phone You can deposit cheques or other instruments in Canadian or number). U.S. dollars directly into your AAA securities account at any You agree that you will use your card safely and take reasonable CIBC Wood Gundy office in Canada. CIBC Wood Gundy branches do not precautions to protect it. You must tell CIBC immediately (within accept cash. 24 hours) if you lose your debit card, it’s stolen, you suspect that You can deposit cash, cheques or other instruments denominated in someone has stolen it, or you suspect someone is committing Canadian dollars into your AAA chequing account at any CIBC banking fraud on your account. centre or CIBC bank machine in Canada. See your CIBC Cardholder Banking Service Agreement for more A deposit made before 6 p.m. at a CIBC banking centre or a CIBC bank information about protecting your debit card. machine: 1. on any business day: will be posted to your account as of that day and any credit balance will be transferred to your securities 1.4.5.1 General information about your AAA account account on the next business day Minimum balance 2. on any non-business day or after 6 p.m. on any business day: will We may require a minimum balance in your AAA securities account, in be treated as if it were made in the morning of the next business any amount as we may advise from time to time. If you don’t maintain day. the minimum balance we’ve set, we may close your account.

Section 1 | Your agreement with CIBC Wood Gundy 15

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 15 2021-06-29 2:21 PM 1 You start to earn interest the day you make a deposit to the chequing • Is not encoded with magnetic ink character recognition or is not account (or the next business day if it was made on a non-business readable by operational systems (for example, if damaged or day or after 6 p.m. on a business day). U.S. dollar deposits (excluding mutilated) cash) may be made directly to your securities account at any CIBC • Has been endorsed more than once Wood Gundy office, but will only earn interest from the date they have • Is deposited six months or more after the date of the cheque been credited to your securities account. U.S. dollar deposits are not The hold period under these circumstances is estimated to be 30 accepted at CIBC branches. business days and could be longer for non-Canadian dollar cheques If you want to make deposits to a wallet or night depository, you must drawn from a financial institution located outside of Canada. have a wallet or night depository agreement with CIBC. You waive presentment, protest and notice of dishonour on every item Amounts credited to your AAA securities account are not insured CIBC receives for deposit to your chequing account and are liable to by the Canadian Deposit Insurance Corporation (CDIC) or any other CIBC as though the item were presented, protested and given notice government deposit insurer. of dishonour in the usual way. CIBC may note or protest any item for any reason at its discretion and your expense, but won’t be liable if it 1.4.5.3.1 Holds doesn’t do so. When you deposit items to your AAA chequing account (cheques, 1.4.5.4 Accessing funds certified cheques, bank drafts, money orders and other instruments), You can access funds from your AAA chequing account by: CIBC may place a hold on the amount of the deposit or transfer for • making withdrawals at any CIBC banking centre or bank machine in a specific period of time before you are able to withdraw them. The Canada funds will appear in your account at the time of deposit, but you may • making withdrawals from bank machines in Canada and around the not be able to access them until the hold period expires. CIBC may, at world (see your CIBC Cardholder Banking Service Agreement for its discretion, give you immediate access to part of the funds before more information) the hold expires, known as your Access to Deposited Funds Limit, up to • making point of sale purchases a specific limit. To ask about your Access to Deposited Funds Limit, call • setting up pre-authorized payments, AAA Client Services at 1 800 387-2979 or visit a CIBC Banking Centre. • writing AAA cheques or other payment orders acceptable to CIBC CIBC can cancel or change this privilege at any time without giving you notice. On the day you make the withdrawal or CIBC receives your cheque, CIBC will charge the amount to your AAA chequing account and, if CIBC can return any item you deposit unpaid for any reason during applicable and required, request payment from you. the hold period, after it expires or after CIBC releases it. You are solely responsible for all dishonoured deposits and CIBC can charge 1.4.5.4.1 Making withdrawals and point of sale purchases the amount to your AAA chequing account. CIBC may try to obtain You can access the $10,000 daily overdraft limit, but there may be payment for the item from the individual or entity drawing the item daily limits for withdrawals made at CIBC branches and for total or from their financial institution on your behalf, but is not required to withdrawals from your AAA account, including point of sale purchases and is not responsible if it does so late, unsuccessfully or not at all. and withdrawals from bank machines. CIBC will tell you about bank CIBC may also accept cheques from you on “collection”, meaning if and machine withdrawal and point of sale purchase limits when you receive when CIBC or CIBC Wood Gundy receives payment from the financial your debit card. Point of sale debit terminals and bank machines may institution on which the cheque is drawn, the funds will be credited to also have their own daily limits. your securities account and you will then have access to the funds. If you’re approved for a AAA debit card, the terms in the CIBC The length of the hold period for cheques depends on the currency, Cardholder Banking Service Agreement will apply to you. cheque amount and other factors, including: 1.4.5.4.2 Writing cheques • For a Canadian dollar cheque drawn from a financial institution You can access up to: located in Canada, the normal length of time we will hold funds • the free credit balance in your AAA securities account (as we is four business days after the day of deposit. The maximum hold determine), plus periods are as follows: • the available margin in your AAA securities account (as we determine). See 1.4.2 Margin and short accounts for the terms Cheque Amount Method of Deposit Maximum Hold Period that apply to margin accounts. $1,500 or less In a Banking Centre 4 business days after Once a AAA cheque you write is negotiated or deposited at any CIBC date of deposit branch or office, CIBC can immediately withdraw the amount from your By bank machine or any 5 business days after AAA chequing account, even if the cheque isn’t physically delivered other means date of deposit to or presented at the branch shown on the cheque or at CIBC’s Main Branch in Toronto. You will be liable to CIBC as though the cheque had Greater than $1,500 In a Banking Centre 7 business days after been physically delivered. date of deposit CIBC is not required to comply with the Bills of Exchange Act By bank machine or any 8 business days after other means date of deposit requirements for presenting or protesting any foreign bills of exchange, foreign cheques or other foreign items, and does not have to let you • For a non-Canadian dollar cheque drawn from a financial institution know if it decides not to honour or pay an item. You’re responsible for located in Canada, the normal length of time we will hold funds is 10 any returned items drawn on your chequing account, even if CIBC did business days. The maximum hold period is 20 business days. not give you notice. • For a non-Canadian dollar cheque drawn from a financial institution U.S. dollar cheques located outside of Canada, the normal length of time we will hold U.S. dollar AAA cheques can be written, however, if the payee of the funds is 15 business days. The maximum hold period is estimated to cheque deposits the cheque at a financial institution outside of Canada, be 30 business days. that institution may not accept the cheque or may deduct a large fee We may extend the maximum hold periods in some circumstances, from the cheque’s face value. including (but not limited to) where: A U.S. dollar cheque becomes stale-dated six months after you write it, • We have reasonable grounds to believe that the deposit is being meaning it can no longer be cleared. You cannot post-date a U.S. dollar made for illegal or fraudulent purposes in relation to an account cheque. If you do, CIBC may return it unpaid. CIBC may not confirm • An account has been open for less than 90 days dates on U.S. dollar cheques and will not be responsible if it pays or • The cheque: certifies a stale-dated U.S. dollar cheque, or if it pays or certifies a post-

16 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 16 2021-06-29 2:21 PM 1 dated U.S. dollar cheque before its due date. You can give CIBC stop 1.4.5.7 How your CIBC credit card works payment instructions if a U.S. dollar cheque you have written becomes Your CIBC Cardholder Agreement specifies the credit limit on your stale-dated. credit card. Forgeries and unauthorized signatures If you charge any cash advances to your CIBC credit card, you You must use your cheques safely and take reasonable precautions to understand that you will be charged interest on them in accordance protect them. Tell CIBC immediately (within 24 hours) if you lose your with the terms and conditions of your CIBC Cardholder Agreement. cheques, they are stolen, you suspect that someone has stolen them, Auto pay service or you suspect someone is committing fraud on your account. CIBC CIBC offers an auto pay service for credit cards (not including Small isn’t responsible for losses if you don’t give it appropriate notice or if Business VISA and U.S. Dollar Visa). You can choose which bank your estate representative has not given CIBC immediate notice of your account we’ll use to pay either the minimum monthly payment or the death. full balance. We’ll automatically make the payment every month, on the credit card’s due date. If you choose to have your chequing account Use your cheques safely debited as part of the Auto Pay Service, any debit position in your You, and not CIBC, are responsible for losses (even when CIBC is chequing account that is created as a result of an Auto Pay Service notified of an error, omission or unauthorized transaction within debit will be paid for by your securities account. the time requirements noted above) when someone else: You can sign up for this service by completing an auto pay service • endorses or alters a cheque or other instrument drawn on your authorization form. Call 1 800 465-4653 for more information or for a AAA chequing account, whether or not the item was negotiable, copy of the form. unless CIBC accepts it • signs (or forges your signature on) a cheque or instrument 1.4.5.8 Notice of Fee Changes drawn on your AAA chequing account, unless you prove that If a fee applicable to your chequing account is increasing or a new fee you took reasonable steps to prevent the fraud and it was is being introduced to your account, you will receive a notice of the unavoidable. change at least 30 days before the change becomes effective. If a fee applicable to your securities account is increasing or a new fee is being introduced, you will receive a notice of the change at least 60 days Digital or electronic copies before the change becomes effective. Financial institutions involved in the exchange and clearing of payments in Canada and elsewhere may capture and use electronic or digital copies of your cheques and other instruments, or the 1.5 Terms for advisory accounts information on them. The original paper instrument may be destroyed and not returned to you. CIBC can process an electronic or digital 1.5.1 Investment Accounts...... 17 copy of a AAA cheque or other instrument, or the information on it, as though it were the original paper item. CIBC and other financial 1.5.2 Portfolio Partner service...... 17 institutions can reject a AAA cheque or instrument that doesn’t comply in all respects with all Canadian Payments Association by-laws, regulations, rules and standards that apply. If there are terms in this section that conflict with the rest of the account agreement in this booklet or with any other agreement that 1.4.5.5 Foreign currency transactions applies to your accounts with us, the terms in this section will apply, CIBC may allow AAA chequing account transactions in a currency unless your advisory account is a registered account. other than Canadian dollars, and will convert the foreign currency into Canadian dollars using an exchange rate it determines on a date it The terms of a registered account’s Declaration of Trust or Trust Part 2 – Terms determines, which may be a different date from the day you complete Agreement will also govern your registered account (see for registered accounts the transaction. ). If you withdraw funds from a bank machine in the U.S. or elsewhere 1.5.1 INVESTMENT ACCOUNTS outside of Canada, you’ll be charged the same conversion rate CIBC is Investment accounts can be: charged, plus an administration fee. • cash accounts (other than AMA-PP accounts) For incoming wire transfers denominated in Canadian and U.S. dollars, • margin and short accounts the administration fee will be charged in the same currency as the • DAP/RAP accounts incoming payment and deducted from it. For other currencies, the • hedge accounts Canadian equivalent of the fee will be charged in the same currency as the incoming payment using an exchange rate set by CIBC on a date 1.5.2 PORTFOLIO PARTNER SERVICE determined by CIBC and deducted from the incoming payment amount. CIBC Wood Gundy’s Portfolio Partner service allows you to pay a If a foreign currency cheque or other instrument you deposit is single annual fee (which you pay monthly or quarterly) instead of returned unpaid after it has been converted, CIBC will charge your commissions on certain transactions. See 1.7.1.1 Portfolio Partner account the value of the item in Canadian dollars using an exchange service fee for more about Portfolio Partner fees. rate it determines on a date it determines. This may be different from Accounts you can enroll in the service the exchange rate it used when you deposited the instrument, and You can enroll accounts on your own, or with other people or entities, CIBC is not responsible if you incur a loss. but they must be advisory accounts. We have the discretion to decide CIBC is also not responsible for any losses you incur if funds are not whether an account is eligible for the service. available because of foreign currency restrictions or for changes in Minimum asset value exchange rates. The combined value of the assets in the accounts enrolled in the service 1.4.5.6 Closing your chequing account by you, or by you and others, must be at least $100,000. We use the If your AAA chequing account is closed, you will continue to be following to calculate total assets: responsible for any cheques or other items drawn on or deposited to • all long positions your account that have not yet cleared. • the absolute value of all short positions (for example, if you have short positions of -$1,000, their absolute value will be $1,000) • the total cash balance less the total debit balance.

Section 1 | Your agreement with CIBC Wood Gundy 17

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 17 2021-06-29 2:21 PM 1 Activating the service 1.6.1 TERMS THAT APPLY TO ICS, AMA AND AMA-PP The service may not be active until several days after you enroll. Please ACCOUNTS contact your Investment Advisor to confirm that the service is active. When you sign up for a CIBC Wood Gundy managed account, you’re 1.5.2.1 About choosing Portfolio Partner authorizing your Investment Manager (for an ICS account) or Portfolio When you enroll in the Portfolio Partner service, you’re choosing to pay Manager (for AMA and AMA-PP accounts, and our Advisor Managed a fee for services provided, rather than a fee per transaction. You will Portfolio Service) to make discretionary investment decisions for your be charged the annual fee whether or not you actually use the service account based on the information you provide about your investment or make any trades. This could result in a higher cost to you, depending objectives, risk tolerance and time horizon for investing. on what you invest in and how often you trade. See 1.7.3 About fee- Investment Managers and Portfolio Managers do not require your based accounts for information about fee-based accounts. instructions before buying, selling, exchanging, converting or placing Consider the following to make sure Portfolio Partner is right for you: other transactions in your account, and are responsible for the • the kinds of investments you hold, and how much you have in each investment decisions made in your account. asset class Investing for the long term • how many trades you’ve carried out in the past, and how many you Investing in a managed account is usually for the long term. You think you’re likely to in the future understand that there could be losses in your account and that you’re • the effect that asset-based fees will have on your total cost when financially capable of bearing these losses. they’re applied to certain kinds of assets, like securities that also carry built-in management and administrative fees or commissions Neither we nor your Investment Manager or Program Manager (for ICS • the total cost and benefits of operating your accounts in the service, accounts), or the Portfolio Manager (for AMA and AMA-PP accounts) compared to what the costs and benefits would be if your accounts can guarantee: had different fee structures • how your account will perform • your investment goals and payment preferences • any return on your investment • whether your Investment Advisor’s interests are well aligned with • that your investment objectives will be achieved. yours under this service Past performance of an Investment Manager or Portfolio Manager, • the value-added services your Investment Advisor will provide as or any particular managed strategy, is not an indication of how your part of the service if you choose to enroll. managed account will perform now or in the future. CIBC Wood Gundy and our affiliates, may receive direct and indirect 1.6.1.2 Minimum balance and minimum withdrawals compensation from you or from securities issuers and their affiliates You agree to maintain any minimum balance we may establish for your and others for securities you’re paying an annual fee for. This managed account. If you do not maintain the minimum balance we’ve compensation can be: set, we may ask you to close your account. You also agree to meet any • embedded in the security minimum withdrawal requirements (whether you withdraw cash or • the result of a spread on the sale of a fixed-income security securities). (see 3.2 Conflicts of interest for more information) For ICS accounts Important note about underwritten offerings We and your Investment Manager cannot approve opening your If you plan to trade primarily in underwritten offerings, this service account until you deposit the minimum required balance. You must may not be appropriate for you. The annual fee is charged on make the investment decisions for your assets until your account is underwritten securities, but the purchase price for these securities approved. usually already includes sales compensation for the underwriter. CIBC 1.6.1.3 Eligible investments Wood Gundy will receive payment as an underwriter in addition to the For AMA and AMA-PP accounts, your Portfolio Manager may invest annual fee, and pass a portion of this to your Investment Advisor. in securities of any kind following your Investment Policy Statement, Not a discretionary trading service including any investment restrictions you identified, unless we specify Enrolling in Portfolio Partner doesn’t mean we will provide discretionary otherwise. trading in your accounts. We don’t act as a Portfolio Manager for your For ICS accounts, your Investment Manager may invest in securities accounts unless you have an account or feature that allows us to. of any kind that meet the investment policy guidelines established for each strategy, following any investment restrictions you told us about, 1.6 Terms for managed accounts unless we specify otherwise. Eligible investments may include, among others, common and 1.6.1 Terms that apply to ICS, AMA and preferred shares, ETFs, mutual funds, pooled funds, warrants, options, rights, and corporate or government bonds or notes issued by AMA-PP accounts...... 18 Canadian, United States, or foreign issuers, as permitted by Canadian 19 1.6.2 Additional terms for ICS accounts...... securities laws. 1.6.3 Additional terms for AMA accounts...... 22 1.6.1.4 Investment restrictions 1.6.4 Additional terms for AMA-PP accounts...... 23 You can specify companies that you do not want your Investment 23 1.6.5 Advisor Managed Portfolio Service ...... Manager or Portfolio Manager to invest in or hold in your account. If you have an AMA or AMA-PP account, we’ll list these as restricted investments in your Investment Policy Statement. If there are terms in this section that conflict with the rest of the You must also tell us when: account agreement in this booklet or with any other agreement that • you, your spouse or someone you live with are insiders of any applies to your accounts with us, the terms in this section will apply, publicly traded companies unless your managed account is a registered account. • you, alone or together with others, own 20% or more of the shares of a publicly traded company (see 1.3.1.2 Insiders and industry The terms of a registered account’s Declaration of Trust or Trust professionals for more information). Agreement will also govern your registered account (see Part 2 – Terms for registered accounts). We’ll list these companies in your Client Profile and your Investment Policy Statement (if you have one).

18 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 18 2021-06-29 2:21 PM 1 You must advise us if any of this information or your list of restricted Your Client Profile tells you which ICS and AMA accounts you’ve investments changes. You’re responsible for keeping this information used as collateral. See 1.4.2 Margin and short accounts for more accurate and current, and we are not responsible if you fail to do so. information about margin accounts. Securities of companies you’re an insider of, or that you hold 20% or 1.6.1.7 Auto rebalance service for ICS and AMA accounts more of the shares of, cannot be purchased for your account. Trades When you sign up for our auto rebalance service, we will automatically in securities of these companies may trigger insider reporting, early transfer funds between a group of ICS and AMA strategies you choose warning reporting or the application of takeover bid rules. to match your target asset mix. We rebalance at the frequency you Any restrictions you place on a managed account can affect the choose. Please ask your Investment Advisor or Portfolio Manager decisions your Investment Manager or Portfolio Manager would for more information. There may be tax implications for rebalancing ordinarily make and, in some cases, may result in funds being held in transactions in non-registered managed accounts. cash that would otherwise be invested in securities. 1.6.2 ADDITIONAL TERMS FOR ICS ACCOUNTS Neither we nor your Investment Manager or Portfolio Manager are 1.6.2.1 Choosing an ICS strategy and Investment Manager responsible for ensuring that you comply with insider trading, early When you open an ICS account, your Investment Advisor recommends warning or takeover bid rules, or for ensuring that you’ve considered Investment Managers and strategies that he or she believes may be these rules when placing restrictions on your account. We have no suitable for you based on the know your client information you gave obligation to trade on your behalf if insider trading rules do not allow it. us in your Client Profile and any other information you provide. You’re Purchases in managed accounts are at our discretion. You can ask us responsible for choosing your Investment Manager and strategy. Each not to buy or hold certain securities, but you cannot ask us to purchase strategy is managed following its investment guidelines, and is held particular securities. separately from other strategies. It’s your responsibility to decide 1.6.1.5 Allocating trades whether to accept, change or reject a proposed strategy, based on your Your Investment Manager or Portfolio Manager may combine orders own assessment of your assets, income and investments. for one or more clients or accounts under management to buy or sell a 1.6.2.2 About the ICS program specific security. This is known as placing a block trade. When you open an ICS account, you are directing us to: Policy for AMA and ICS accounts • hire CIBC Asset Management Inc. (or another entity we select) as We allocate orders to block trades in two or more partial fills. To ensure Program Manager for your ICS account fairness, these are allocated pro rata, based on the size of the partial • direct the Program Manager to hire the Investment Manager you’ve fill at the time of order entry (rounded to the nearest five shares or selected to manage your account (Investment Managers can be third units for equities and ETFs, and to the nearest thousand (face value) parties, us or the Program Manager itself, depending on the strategy for fixed income securities), until all orders are partially or completely you select) filled. If the rounded pro rata allocation for an account results in a zero • appoint your Investment Manager as our agent with respect to your allocation, the account will be treated as unexecuted until it is partially account. or completely filled. The Program Manager monitors and evaluates Investment Managers We average the transaction prices for all partial fills completed on the periodically to determine whether they should continue to be on the same day, so all clients participating receive the best possible price. We list of eligible managers, but it does not evaluate itself when it also average the transaction prices for partial fills completed on subsequent acts as your Investment Manager. days with the other partial fills completed that day – not with the 1.6.2.3 Your Investment Manager’s role partial fills completed on the previous day. You’ve agreed to grant your Investment Manager discretion over your For mutual fund strategies, we trade the mutual funds in a client’s account. Your Investment Manager will use your know your client account using each fund’s net asset value per unit (calculated daily information to buy, sell, exchange, convert and otherwise trade in your based on the closing market price of securities in the fund). account at their sole discretion and your risk. In ICS accounts, Investment Managers have the discretion to carry We’ll only complete transactions as directed by your Investment out trades with dealers other than us or CIBC World Markets Corp. Manager. You agree that neither we nor the Program Manager will to achieve the best price, and in this case will use their own trade have discretion to trade the assets in your ICS account unless you allocation policy to allocate the trades. Some Investment Managers appoint one of us as your Investment Manager, or you have enrolled in may also allocate 100% of a trade fill to a single client’s account, but our Advisory Managed Portfolio Service. will do so in a way that ensures fair allocation of trades. Your Investment Manager may arrange for the trading, delivery and In AMA accounts, we use a reasonable methodology for allocating payment of securities through us or CIBC World Markets Corp. (acting orders to Initial Public Offerings and other new issues. as our agent). An Investment Manager may also use other brokers or Policy for AMA-PP accounts dealers at its discretion. In most cases, we allocate orders to block trades pro rata, based on Your Investment Manager will otherwise act on your behalf in all other the size of the order at the time of order entry to ensure fairness. We matters necessary or incidental to the handling of your account. use a reasonable methodology for allocating orders to Initial Public You understand that your Investment Manager may not be registered Offerings and other new issues. We average the transaction prices for with securities authorities in the jurisdiction where you live, and all or all orders in a block trade, so all clients participating receive the best a substantial portion of its assets may not be located in the jurisdiction possible price. where you live. Also, your Investment Manager may not be a resident Portfolio Managers managing AMA-PP accounts, however, exercise in the jurisdiction where you live. These facts may make it difficult to their discretion for their clients based on each client’s Investment enforce any legal rights you have against them. Policy Statement and know your client information. This means that Notwithstanding anything contrary in this agreement, with respect in AMA-PP, Portfolio Managers often don’t place block trades or to any Investment Manager having a head office or principal place of enter orders for more than one account at the same time. When this business in a foreign jurisdiction that is not registered as an adviser happens, clients won’t receive the average transaction prices. in Canada (“Foreign Investment Manager”), CIBC Wood Gundy will be responsible for any loss that arises out of the failure of the Foreign 1.6.1.6 Collateral ICS and AMA accounts Investment Manager: You can use your non-registered ICS and AMA accounts as collateral for your margin accounts.

Section 1 | Your agreement with CIBC Wood Gundy 19

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 19 2021-06-29 2:21 PM 1 (i) to exercise the powers and discharge the duties of its office honestly, 1.6.2.8 Additional terms for certain ICS investment strategies in good faith and in the best interests of CIBC Wood Gundy and each This section describes six ICS investment strategies: client of CIBC Wood Gundy for whose benefit the advice is or portfolio • ICS CIBC Wood Gundy Model Portfolio Strategy management services are to be provided, or • ICS Exchange Traded Fund Strategy (ii) to exercise the degree of care, diligence and skill that a reasonably • ICS Scheer Rowlett/Federated North American Equity Strategy prudent person would exercise in the circumstances. • ICS Mutual Fund/Pooled Fund Strategy • ICS Exchange Traded Fund Portfolio Strategy An Investment Manager you choose may decide not to manage your • ICS Alternative Investment Fund Strategy accounts, or certain ICS strategies may not be available for you to invest in. If you don’t choose a replacement Investment Manager, we’ll If there are terms in this section that conflict with the information in remove the account from the ICS program and transfer the assets the rest of 1.6 Terms for managed accounts, the terms in this section to an advisory account until you choose one. You’re responsible for will apply. making investment decisions for an advisory account. The terms of a registered account’s Declaration of Trust or Trust Your Investment Manager (and not us or the Program Manager) Agreement will also govern your registered account (see Part 2 – Terms will exercise discretion for securityholder rights related to mergers, for registered accounts). acquisitions or other events undertaken by issuers of securities held in 1.6.2.8.1 ICS CIBC Wood Gundy Model Portfolio Strategy your ICS accounts. About the Investment Manager 1.6.2.4 Sharing your personal information with your Investment CIBC Wood Gundy is the Investment Manager for this strategy. Manager In our capacity as Investment Manager, we are not your Investment You agree that we can share information about you with your Advisor. You may only solicit advice or information, or give instructions Investment Manager and their affiliates, and they will have ongoing through your Investment Advisor (see 1.6.2.5 Communicating with access to all information about your account. This information is Investment Managers). confidential and will not be disclosed without your consent unless the Unlike other Investment Managers, we will not be engaged, reviewed law requires or allows it. If you do not agree to share this information, or evaluated by the Program Manager, and the Program Manager will we cannot open an ICS account for you. not periodically monitor us. Your U.S. Investment Manager will give you a copy if you ask, free of We may terminate our own participation as Investment Manager at charge, of Part II of Form ADV, which is filed with the U.S. securities any time, in any manner. regulatory authority. Form ADV is a regulatory summary that describes the Investment Manager’s business and management, About the strategy including the types of advisory services offered, conflicts of interest, As Investment Manager, we’ll invest your assets on a discretionary and fees. basis following the investment policy guidelines for the strategy. 1.6.2.5 Communicating with Investment Managers Securityholder materials and voting You must receive advice and information from, and may only provide We’ll vote proxies and exercise other shareholder rights related to instructions and directions to, your CIBC Wood Gundy Investment securities held in your account, including the right to participate in Advisor. or dissent from the reorganization, amalgamation or merger of any issuer of securities, or exercising any conversion privilege or other right You may not communicate directly with Investment Managers you’ve available to shareholders. chosen, but you can meet with them as long as your CIBC Wood Gundy Investment Advisor is present. We may provide advice when there’s a corporate event related to a security you hold in the strategy that requires your consent as a 1.6.2.6 Changing your Investment Manager or strategy securityholder. You can change your Investment Manager by notifying us in writing five business days in advance. The notice must include both a request About fees to terminate the existing Investment Manager and an instruction to The portion of your fee that is used to compensate your Investment appoint a replacement Investment Manager. Manager is paid to us when we act as the Investment Manager. We (or our employees) will not receive proxy solicitation fees. If you do not choose a replacement Investment Manager, we’ll remove the account from ICS and transfer the assets to an advisory account 1.6.2.8.2 ICS Exchange Traded Fund Strategy until you specify one. Neither we nor any Investment Manager will About the Investment Manager exercise any discretion over the advisory account your assets are When you select the ETF strategy, you’re directing us to authorize transferred to. We are also not obligated to recommend any action to CAMI to act as the Investment Manager for this strategy. you or to sell any assets. The portion of your fee that is used to compensate your Investment 1.6.2.7 If we end our relationship with your Investment Manager Manager is paid to CAMI when it acts as the Investment Manager. The Program Manager may cancel the participation of any Investment CAMI’s role as Investment Manager for the strategy is separate from Manager at any time and in any way it chooses. We can remove the its role as Program Manager, and it does not evaluate itself when it Program Manager from its role as Investment Manager for strategies also acts as your Investment Manager (see 3.2 Conflicts of interest). it manages. We have the right to cancel CAMI’s participation as Investment If we or the Program Manager terminate an Investment Manager, Manager at any time and in any way we choose. we’ll give you reasonable notice and present a list of other Investment About the strategy Managers to choose from. The Investment Manager will choose one ETF in the asset class of the If you do not choose a replacement Investment Manager, we’ll remove strategy, managed by a specific ETF asset manager, and may choose the account from ICS and transfer the assets to an advisory account to invest in an ETF that is managed by CIBC or a CIBC affiliate until you specify one. Neither we nor any Investment Manager will (including ETFs that CAMI manages itself). exercise any discretion over the advisory account your assets are The Investment Manager regularly monitors the ETF to determine transferred to. We are also not obligated to recommend any action to whether it continues to be suitable for the strategy. you or to sell any assets. Minimum investment and investment restrictions

We may ask you to invest a minimum amount. You cannot impose investment restrictions on accounts that use this strategy.

20 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 20 2021-06-29 2:21 PM 1 Assets held in units We have the right to cancel CAMI’s participation as Investment Assets are held in units of the ETF. Manager at any time and in any way we choose. Securityholder materials About the strategy You do not receive regulatory mailings for the fund (for example, the The Investment Manager will choose one mutual fund or pooled fund ETF’s summary document) unless we receive a written request from in the asset class of the strategy and may choose to invest in mutual you to send them to you. funds or pooled funds that are all managed by CIBC or an affiliate of About fees CIBC (including funds CAMI manages itself). When your Investment Manager invests in an ETF, you’re indirectly Minimum investment and investment restrictions charged a management fee and operating expenses. That means you’re We may ask you to invest a minimum amount. You cannot impose paying a management fee in addition to the management fee you pay investment restrictions on accounts that use this strategy. us for your ICS account. Assets held in units 1.6.2.8.3 ICS Scheer Rowlett/Federated North American Assets are held in units of the fund. Units of the fund are sold before Equity Strategy the quarterly fee is charged, to make sure there is enough cash in the About the Investment Manager account to cover the fee. When you select the Scheer Rowlett/Federated North American If you want to switch or redeem units that amount to more than Equity Strategy you are: 10% of the fund’s NAV, you have to give us 60 days advance notice in • appointing Scheer Rowlett & Associates Investment Management writing. Ltd. and Federated Investment Counseling as the Investment The asset manager will complete the transaction once the 60 day Managers for your strategy, and period has expired, or by an earlier date if the manager agrees to do so. • granting the Program Manager discretion to perform automatic rebalancing of your portfolio between the Investment Managers, to If you want to redeem or switch units and these instructions result in maintain a target allocation of 50% to each Investment Manager. Our short-term trading (meaning units are redeemed or switched within 30 discretion is limited to rebalancing trades only, in securities selected days of purchase), the manager of the mutual fund or pooled fund may by the Investment Managers. charge a short-term trading fee of approximately 2%, which may be passed on to you. About the strategy At account opening, your assets are allocated approximately 50% to If you terminate this strategy, you have to first redeem all units for Scheer Rowlett & Associates Investment Management Ltd., and 50% to cash before transferring the assets out of your account. Federated Investment Counseling. Market movements will change this Securityholder materials and voting mix over time, so we will rebalance the assets by buying and selling You do not receive regulatory mailings for the fund (for example, securities in whatever amounts are necessary to bring the portfolio simplified prospectuses or Fund Facts) unless we receive a written back as near as reasonably possible to the target 50/50 asset mix. request from you to send them to you. We rebalance when, at the end of a business day, the market value of If the law requires it, we will seek your consent to exercise the securities in the account managed by either manager is more than 57% ownership rights related to the fund units in your account, including of the total market value of the account. We can trade for rebalancing the right to approve or not approve the reorganization, amalgamation only, and only use securities the Investment Managers have selected. or merger of the mutual fund or pooled fund held in your account, We may buy securities based on the advice of the Investment Manager among other things. who is managing securities with a market value of less than 43% 1.6.2.8.5 ICS Exchange Traded Fund Portfolio Strategy of your account, and may sell securities under the management About the strategy of the other Investment Manager in amounts necessary to bring The Investment Manager will choose a portfolio of ETFs, and may the allocation of assets under management of the two Investment choose other exchange traded products, for example, exchange traded Managers back as near as possible to the 50/50 asset mix. notes. We also have the right to rebalance the portfolio, as long as this The Investment Manager will choose the securities in the ETF portfolio. rebalancing is consistent with your risk tolerance, investment The Investment Manager regularly monitors each security in the objectives, time horizon and limitations. ETF portfolio, to determine whether it continues to be a suitable We’ll rebalance trades as much as possible on a pro rata basis among investment for the strategy. the securities selected by each of the Investment Managers. Our Minimum investment and investment restrictions discretion will be limited to rebalancing trades only, and we’ll only We may ask you to invest a minimum amount. You cannot impose exercise discretion for securities that have been selected by the investment restrictions on accounts that use this strategy. Investment Managers. Assets held in units 1.6.2.8.4 ICS Mutual Fund/Pooled Fund Strategy Assets are held in units of each ETF held in the portfolio. If you About the Investment Manager terminate this strategy, you have to first redeem all units for cash When you select the ICS Mutual Fund/Pooled Fund Strategy, you are before transferring the assets out of your account. directing us to authorize CAMI to act as the Investment Manager for this strategy. Securityholder materials You do not receive regulatory mailings for the fund (for example, As Investment Manager, CAMI chooses one mutual fund or pooled fund summary documents) unless we receive a written request from you to in the asset class of the strategy. send them to you. CAMI and CIBC receive a fee for the mutual funds or pooled funds About fees they manage. The portion of your fee that is used to compensate your When your Investment Manager invests in an ETF portfolio strategy, Investment Manager is paid to CAMI when it acts as the Investment you’re indirectly charged a management fee and operating expenses. Manager. CAMI’s role as Investment Manager for the strategy is That means you’re paying a management fee in addition to the separate from its role as Program Manager, and it does not evaluate management fee you pay us for your ICS account. itself when it also acts as your Investment Manager (see 3.2 Conflicts of interest). 1.6.2.8.6 ICS Alternative Investment Fund Strategy The Alternative Investment Fund Strategy is a speculative, high-risk strategy that is only appropriate if you can absorb a substantial

Section 1 | Your agreement with CIBC Wood Gundy 21

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 21 2021-06-29 2:21 PM 1 financial loss. Alternative investment funds may use sophisticated About fees investment approaches not generally available to traditional mutual When your Investment Manager invests in an alternative investment funds, like holding both long and short positions, using significant fund strategy, you’re also indirectly charged individual fees that are levels of leverage, and using or investing in options, futures, forwards, deducted from either the fund itself, or from the underlying portfolio of physical commodities, bonds and other financial instruments to assets the fund may invest in or be exposed to. These include (but are capitalize on market conditions. not limited to) a derivative contract fee, management fee, Investment You should talk to your Investment Advisor and carefully consider Manager’s fee and performance fee, and administrative and operating whether investing in this strategy is right for you, both at the outset expenses. Management fees cover the cost of managing, administering and periodically as you continue to hold it. and marketing the alternative investment fund. The Investment Manager’s fee and performance fee pay for managing the assets the You may lose some or all of the money you invest in an alternative fund invests in or to which it is exposed, among other things. Each investment fund. alternative investment fund also pays its own operating expenses, This strategy may also not be eligible for our auto rebalance service including brokerage fees for securities trading, audit fees and the cost because of the delayed settlement of alternative investments (see of preparing and distributing securityholder communications. You pay 1.6.1.7 Auto rebalance service for ICS and AMA accounts). Please speak these fees and expenses indirectly because they are deducted from to your Investment Advisor. the fund or the underlying portfolio of assets. They reduce the total About the Investment Manager value of the fund and therefore the return you will receive on your When you select the ICS Alternative Investment Fund Strategy, you’re investment. directing us to authorize CAMI to act as the Investment Manager for When you buy an alternative investment fund through an ICS account, the strategy. it’s important to understand that you’re paying these fees in addition The portion of your fee that is used to compensate your Investment to the management fee you pay us for your ICS account. Manager is paid to CAMI when it acts as the Investment Manager. The fees you pay to invest in an alternative investment fund through CAMI’s role as Investment Manager for the strategy is separate from your ICS account may therefore be higher than they would be if you its role as Program Manager, and it does not evaluate itself when it bought the fund or invested in the underlying assets directly, outside of also acts as your Investment Manager (see 3.2 Conflicts of interest). your ICS account. We have the right to cancel CAMI’s participation as Investment 1.6.3 ADDITIONAL TERMS FOR AMA ACCOUNTS Manager at any time and in any way we choose. When you open an AMA account, you’ve agreed to grant your Portfolio About the strategy Manager discretion over your account. AMA accounts hold strategies, The Investment Manager will invest in securities for the strategy on a which your Portfolio Manager manages following the strategy’s discretionary basis, including choosing either one commodity pool or investment guidelines. Each strategy is held in its one alternative investment fund to invest in, and may choose to invest own account. in a commodity pool or alternative investment fund that is managed by CIBC or a CIBC Affiliate (including pools and funds that CAMI manages Your Portfolio Manager will use your know your client information itself). and the information in your Investment Policy Statement to buy, sell, exchange, convert and otherwise trade in your account, at his or Each alternative investment fund will itself be managed by its own her sole discretion and your risk. You will be charged an annual fee alternative investment fund asset manager, but may also invest in based on the assets in your account instead of commissions on or be exposed to the returns of a portfolio managed by a different certain transactions. investment manager. 1.6.3.1 Benefits to enrolling in AMA The Investment Manager regularly monitors the fund or pool it chooses Objectives first to make sure it continues to be suitable for the strategy. Since AMA is a personalized service, we go to great lengths to Minimum investment and investment restrictions understand your background and investment objectives. The result is We may ask you to invest a minimum amount. You cannot impose a detailed Investment Policy Statement, a key component of the AMA investment restrictions on accounts that use this strategy. program. Your Investment Policy Statement is a thorough report that Assets are held in units details your background, investment objectives, risk tolerance, and the Assets are held in units of the alternative investment fund. Units of the guidelines used to manage your strategies. fund are sold before the quarterly fee is charged, to make sure there is One fee for service enough cash in the account to cover the fee. Paying one annual fee (quarterly) means predictability, transparency Trading restrictions and unlimited service for your AMA accounts. The asset manager for an alternative investment fund may impose A wide selection of investment options restrictions on when you can buy and sell units of the fund or pool AMA provides your Portfolio Manager with the flexibility to incorporate (for example, requiring trades to be weekly, monthly or quarterly). You a range of security types in their investment strategies. This allows you must sell units for cash before you can withdraw or transfer out of to place reasonable constraints on the securities you hold, depending the strategy, which can result in significant delays. The asset manager on your existing portfolio or social or moral beliefs and risk tolerance. may also suspend redemptions. If you want to sell or switch units and Online account access and research tools these instructions result in short-term trading, the manager of the Through the secure, password-protected area of our website, alternative investment fund or commodity pool may charge a short- www.cibcwoodgundy.com, you can access your AMA information and term trading fee, which may be passed on to you. statements – anytime, from anywhere you have access to the Internet. Securityholder materials and voting Through this secure site, you also have access to a full spectrum of You will receive regulatory mailings (for example, simplified top-ranked research. prospectuses, offering memorandums or similar documents) for Features at a glance securities in the fund or pool. • Professional Portfolio Management services from your If the law requires it, we will seek your consent to exercise ownership Portfolio Manager rights related to investments in your account, including the right to • No additional trading costs approve or reject the reorganization, amalgamation or merger of a • Quarterly asset-based fee billed in advance commodity pool or alternative investment fund. • Preferred interest rates on cash balances • No annual account fees for registered AMA accounts

22 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 22 2021-06-29 2:21 PM 1 • Detailed account statements and online account updates 1.6.5 ADVISOR MANAGED PORTFOLIO SERVICE • Annual fee summary statement to assist with tax filing This section includes additional terms for the Advisor Managed • Quarterly portfolio review and realized gain/loss reporting Portfolio Service. If the terms in this section conflict with any other 1.6.4 ADDITIONAL TERMS FOR AMA-PP ACCOUNTS terms in this agreement, the terms in this section apply. When you open an AMA-PP account, you’ve agreed to grant your The terms of a registered account’s Declaration of Trust or Trust Portfolio Manager discretion over your account. Your Portfolio Agreement will also govern your registered account (see Part 2 – Manager will use your know your client information and the Terms for registered accounts). information in your Investment Policy Statement to buy, sell, exchange, 1.6.5.1 How the Advisor Managed Portfolio Service works convert and otherwise trade in your account, at his or her sole When you sign up for this service, you’re giving your Portfolio Manager discretion and your risk. You will be charged an annual fee based permission to manage all of your CIBC Wood Gundy managed accounts on the assets in your account, (which you pay monthly or quarterly) (including managed registered accounts), as a single portfolio. Managed instead of commissions on certain transactions. See 1.7.2.3 AMA-PP accounts include: program fee for more about AMA-PP fees. • ICS accounts Accounts you can enroll in the program • AMA accounts You can enroll your AMA-PP accounts on your own, or with the AMA- • AMA-PP accounts PP accounts of other people or entities. We have the discretion to That means you’re giving us complete and unlimited discretionary decide whether an account is eligible for the program. authority to make investment decisions for your managed accounts. Calculating asset value Specifically, your Portfolio Manager for this service will have the We use the following to calculate total assets: discretion to: • all long positions • decide which ICS and AMA strategies you will invest in • the absolute value of all short positions (for example, if you have • buy and sell securities using some or all of the assets in your short positions of -$1,000, their absolute value will be $1,000) ICS, AMA and AMA-PP accounts • the total cash balance less the total debit balance. • move assets between ICS, AMA and AMA-PP accounts • switch to a new ICS or AMA strategy. Activating the program The program may not be active until several days after you enroll. You can cancel this service at any time. Please contact your Portfolio Manager to confirm that the program 1.6.5.2 Managing the portfolio is active. We’ll manage your accounts following the know your client information Important note about underwritten offerings in your Investment Policy Statement for your managed accounts. If you plan to trade mainly in underwritten offerings, this service may When more than one account is covered by a single Investment Policy not be appropriate for you. The annual fee is charged on underwritten statement, we’ll: securities, but the purchase price for these securities usually already • apply the investment constraints to each account separately includes sales compensation for the underwriter. CIBC Wood Gundy • apply asset class ranges across all accounts, cumulatively. will receive payment as an underwriter in addition to the annual fee. If there’s a discrepancy between the know your client information in 1.6.4.1 Benefits to enrolling in AMA-PP your Investment Policy Statement and the information in your Objectives first Client Profile, we will make decisions according to the information in Since AMA-PP is a personalized service, we go to great lengths to your Client Profile. understand your background and investment objectives. The result is a 1.6.5.3 Special information about ICS accounts detailed Investment Policy Statement, a key component of the AMA-PP When you enroll in this service, you’re also authorizing us to: program. Your Investment Policy Statement is a thorough report that • hire a Program Manager (CIBC Asset Management Inc. (CAMI) or details your background, investment objectives, risk tolerance, and the any other company we choose) to appoint Investment Managers guidelines used to manage your portfolio. it engages to manage all or part of the assets in your ICS accounts One fee for service on a discretionary basis, including Investment Managers who are Paying one annual fee (monthly or quarterly) means predictability, affiliated or related to us transparency and unlimited service for your AMA-PP accounts. • delegate the complete and unlimited discretion you have granted to Investment Managers for your ICS accounts to manage all or part of A wide selection of investment options the assets in your ICS accounts on a discretionary basis, or to sub- AMA-PP provides your Portfolio Manager with the flexibility to delegate this discretion incorporate a range of security types in their investment strategies. • appoint each Investment Manager as our agent with respect to your This allows you to place reasonable constraints on the securities you ICS accounts. hold, depending on your existing portfolio or social or moral beliefs and risk tolerance. 1.7 Commissions, fees and other charges Online account access and research tools Through the secure, password-protected area of our website, www.cibcwoodgundy.com, you can access your AMA-PP information 1.7.1 Commissions and fees for advisory accounts...... 24 and statements – anytime, from anywhere you have access to the 1.7.2 Fees for managed accounts...... 26 Internet. Through this secure site, you also have access to a full 1.7.3 About fee-based accounts...... 29 spectrum of top-ranked research. 1.7.4 Service fees...... 30 Features at a glance 1.7.5 Asset Advantage Account (AAA) ® fees...... 31 • Professional Portfolio Management services from your 1.7.6 Registered account fees...... 33 Portfolio Manager • No additional trading costs • Monthly or quarterly asset-based fee, billed in arrears You pay certain charges based on the types of accounts and securities • Preferred interest rates on cash balances you have. We also charge you service fees related to the general • No annual account fees for registered AMA-PP accounts operation of your account. This section explains the commissions and • Detailed account statements and online account updates fees we charge you. We’ll notify you in writing at least 60 days before • Annual fee summary statement to assist with tax filing we increase any fees or introduce new fees.

Section 1 | Your agreement with CIBC Wood Gundy 23

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 23 2021-06-29 2:21 PM 1 You agree to pay all fees, commissions, transaction charges and Fees listed in this section do not include: expenses (including taxes that apply) required to operate your account • auction fees or enforce this agreement at our current rates or as agreed to from • transfer and withholding taxes time to time. You also agree to pay any taxes including HST, taxes that • taxes that Canadian or foreign governments charge on financial Canadian or foreign governments charge on financial transactions and transactions and any other taxes that apply any other taxes that apply. We’ll debit your account for all charges and, • electronic fund transfer fees if required, remit any taxes to any government on your behalf. • wire transfer fees If your account is closed, you’re liable for any fees that have accrued • fees charged by the United States Securities and Exchange Commission and have not yet been debited from your account, and for any or other government, state or provincial agencies or regulators transactions that were in progress before we notified you or you • fees related to trust or other services notified us that you want to close your account. You must promptly • any other charges mandated by law pay any fees owing up to the date the account is closed. • certain fees related to establishing, administering or terminating retirement or profit sharing plans If securities in your account need to be liquidated to pay fees, there • certain fees related to trust accounting. may be tax consequences or you may be charged short term trading fees.

1.7.1 COMMISSIONS AND FEES FOR ADVISORY ACCOUNTS If you have any type of advisory account (including registered advisory accounts), you pay commissions to compensate us and your Investment Advisor for the investment advice we provide, for trading services and for certain tax reporting services. You’ll find the commission rates we charge for different types of securities below. We report the commissions we charge in your trade confirmations. Commission rates may be negotiated with your Investment Advisor.

Type of security How we determine commissions Rate Equities and options Based on the total value of the trade and the price Generally 0-2%. (Canadian or U.S. exchange) and liquidity of the security. (The minimum commission for exchange-traded securities Including ETFs and debt, Commissions on equities bought on a U.S. exchange is $150. For options, $1 per option) over the counter securities are charged in U.S. dollars. They may be converted to You may incur additional market and broker fees and certificates for precious Canadian dollars at the time of purchase depending for equities purchased on an exchange outside of metals on the currency of your account. North America.

Fixed income securities Commission rates depend on the security’s term, among Generally 0-2% depending on the duration of the Money market and fixed other things. investment. income investments, including Fixed income securities also incur a charge based on Commissions and spreads are built into the yield of GICs the difference between the bid and ask prices for the a fixed-income security, not added to its price. security (a fixed income security spread), which can vary depending on factors like the nature and liquidity of the security.

Mutual and other investment Investment fund companies issue many different series Generally 0-5% depending on the sales option funds of funds, with different sales options and commission you choose and how long you hold the investment. structures. In addition to commissions you pay directly, there are The commission rate you pay depends on the sales other charges associated with these types of investments, option you choose, among other things. including: You may be charged commission up front (front-end • management fees and expenses loads) or a deferred sales charge when you redeem the • the fund’s own expenses (paid by the fund, decreasing funds (back-end loads). performance) • trailing commissions (paid by the fund to CIBC Wood Gundy) • short-term trading or other charges imposed by the fund.

1.7.1.1 Portfolio Partner service fee different rate for each asset class If you have an advisory account included in our Portfolio Partner • auto flat rate – we charge either one rate across all asset classes, or service, you pay an annual fee (monthly or quarterly) instead of the a different rate for each asset class. The rate depends on the total commission rates listed above. Your Portfolio Partner service application market value of your account. form will list the fees you pay. The fee schedule you agreed to is included in your Portfolio Partner 1.7.1.1.1 Your fee schedule service application. We can change it any time by notifying you in Your annual fee is determined by the kind of investments you hold and writing. We’ll ask you to sign a new application if we increase the the total market value of the assets enrolled in the service. fees, and give you notice if we make any other significant changes to the Securities are grouped into four asset classes for the purposes of program. calculating the fee (see 1.7.1.1.3 Calculating the fee): Minimum fee • equities and options The minimum fee you will be charged is: • fixed income • $175 per month, if you choose to pay monthly • class F (or similar) funds and investment products • $525 per quarter, if you choose to pay quarterly • cash and equivalents. This covers all accounts enrolled in the service. You can choose a fee schedule with the following kinds of rates: • blended rate – we charge a different rate for each tier of assets you If you’re charged the minimum fee, you will be paying a higher rate per hold in each asset class asset class than the rates in your fee schedule. • flat rate – we charge either one rate across all asset classes, or a We add GST, HST, QST and any other sales taxes, when they apply.

24 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 24 2021-06-29 2:21 PM 1 1.7.1.1.2 What the annual fee includes 1.7.1.1.3 Calculating the fee Your Portfolio Partner annual service fee includes the following: We calculate the annual fee using the average of the daily closing • unlimited investment advice and account management for the market values of the total assets enrolled in the service (including the accounts you’ve enrolled in the service, including, without limitation, absolute value of any short positions) and the rates you agreed to in advice related to securities transactions, securities safekeeping, your Portfolio Partner service application. Not all securities are charged collection of interest and dividends, proxy handling, corporate action a fee (see below). handling and statement production We calculate the fee in Canadian dollars at the time of valuation, • a $50 fee for tax reporting and withholding services notionally converting any securities denominated in foreign currencies • a fee for trade and settlement services (or other fees charged to into Canadian dollars for the purposes of the calculation. After we’ve compensate our Investment Advisors) based on the total assets calculated it, we will charge the fee to you in U.S. dollars if you ask us to. enrolled in the service. If you add or withdraw assets from the accounts enrolled in the service, or add or remove accounts from the service part way through the year, Total assets enrolled in the service Fee we will adjust your annual fee based on the new market value. The value of the assets in your accounts will also vary depending on market Up to $999,999 $500 conditions and other factors, which may affect the amount of your annual fee. Above $1 million $925 Securities and products subject to the annual fee Above $3 million $1,250 • Equities and options, including: • common shares Number of trades covered by the annual fee • shares or units of closed-end funds* A trade is any transaction that generates a trade confirmation, • ETFs* including all purchases and sales of securities. New issues, swaps • equity index options and equity options of securities between accounts and multiple fills are not considered • any rights or variants on equities trades, but we may count other transactions as trades at our discretion. • limited partnership shares or units The number of trades covered by the annual fee is based on the total • precious metals or other commodities assets enrolled in the service. • currency options • all securities (whether stocks, units issued by an investment Total assets enrolled Maximum number fund* or otherwise) that are sold by private placement in the service of trades per calendar year • all other assets not specifically set out in the definitions of fixed Up to $999,999 100 income securities; class F (or similar) funds and investment products; or cash and cash equivalents below Above $1 million 200 *see Trailing Commission Rebate below • Fixed income securities maturing in more than 90 days, including: Above $3 million 350 • government securities • GICs (except T-Bills) • bankers acceptances Once you reach the maximum number of trades covered by the annual • corporate notes and bonds fee, we’ll charge you an excess trading fee of $150 (or the U.S. dollar • municipal bonds equivalent) for every trade from then on, billed monthly. You won’t • strip bonds • asset-backed securities automatically receive notice when you’ve reached the maximum • convertible bonds • preferred shares number of trades covered by the annual fee, but you can contact your • commercial paper Investment Advisor for this information. • Class F (or similar) funds and investment products If we think you are trading excessively (including day trading, or trading • Class F and Class O mutual funds and hedge funds in options or fund units to time the market), we can restrict or close • Investment products that we determine have been specifically your accounts. We are not responsible if you lose money because of designed not to include a trailing commission, including certain excessive trading. mutual funds, hedge funds, segregated funds, structured notes, high interest savings accounts and other investment products Adding and removing accounts (other than those sold by private placement). You can add and remove accounts from the service at any time. • Cash and cash equivalents If you add assets to your accounts or add new accounts to the service • currency (Canadian and foreign) part way through the year (including opening a new account and adding it to the service), we will increase the number of trades you • T-Bills qualify for, pro-rated as of the date you added the assets or accounts. • fixed income securities maturing in 90 days or less If you withdraw assets or remove accounts from the service part way through the year (including closing an enrolled account), we may reduce the number of trades you qualify for as of the date you removed the assets or accounts, depending on the market value of assets remaining in the service. If we do, you’ll have to pay the excess trading fee for every trade above the new maximum. This agreement will continue to apply to all accounts still enrolled in the service. AAA fee waiver Your annual fee covers the AAA Annual Securities and Chequing Account Fee for one AAA account you enroll in the service.

Section 1 | Your agreement with CIBC Wood Gundy 25

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 25 2021-06-29 2:21 PM 1 Securities and products not included in calculating the annual fee • if the account paying the fee is a joint account, at least one of the • mutual funds that include an embedded commission (like a front-end joint account holders must be an account holder for the registered sales commission, deferred sales charge or trailing commission) account • investment products that we determine have been specifically • if a corporate account is enrolled in the service, at least one of the designed to pay a trailing commission, unless we credit your account signing authorities must own at least 50% of the account paying with an amount equal to the trailing commission received (see the fee. Likewise, if a corporate account is paying the fee for an Trailing Commission Rebate below). individual account enrolled in the service, at least one of the signing authorities on the corporate account must own at least 50% of the We do, however: individual account. • include the market value of these securities and products when determining tiered or auto flat rates (see 1.7.1.1.1 Your fee schedule) You can choose to pay the annual service fee monthly or quarterly, • include the market value of any new units you acquire (from dividend in Canadian or U.S. dollars. We’ll deduct the fee from each account reinvestments or other distributions, or through a systematic enrolled in the service at the end of the billing period you requested. If investment program) when calculating the annual fee you selected option 2 or 3, we will immediately transfer money from • include trades in these products to determine in the number of the account (or accounts) you specified to cover the amount of the fee. trades covered by the annual fee. 1.7.1.1.5 What happens if you don’t pay the fee We can use our discretion to charge a lower fee or no fee on When you sign your Portfolio Partner service application, you’re any security. agreeing to pay us the annual service fee on time. Other fees If you don’t pay the annual fee as agreed, you confirm that we can sell You will also pay: any assets we choose from any of your accounts (except registered • the interest costs and the other fees listed in this agreement except accounts), until you pay us what you owe us or you satisfy your debt the annual administration fee for registered accounts another way. • the AAA Annual Securities and Chequing Account Fee for each AAA You authorize us to recover the outstanding fees in the following order: account you enroll in the service, except for the first one (see AAA • first,from any free credit balance in the accounts you specified for fee waiver, above). fee payment You also pay fees and expenses on mutual funds, investment products, • next, by selling or withdrawing money market fund units from those structured notes and ETFs (for example, redemption fees) to the accounts or from any available margin facility applicable issuer or manager. You pay these directly or indirectly • finally, by selling securities in any account you have with us (or the through the accounts enrolled in the service, and may be paying them beneficial owner of a trust has with us), whether the account is to us or to our affiliates. You can find information about these fees and enrolled in the service or not, as permitted by law. expenses in the prospectus or securities document for each fund or To pay the annual fee that applies to a registered account, we will product. only use the free credit balance and sell securities held in that The purchase price for underwritten securities usually already registered account. includes sales compensation for the underwriter or selling agent. CIBC You agree that all assets in all accounts enrolled in the service (except Wood Gundy will receive payment from the issuer for acting as an registered accounts) are subject to a lien for the discharge of any debts underwriter or selling agent in addition to the annual fee, and will pass or obligations you owe us. along a portion of this payment to your Investment Advisor. 1.7.1.1.6 What happens when you end the service Trailing Commission Rebate When you or we end the service, you will immediately owe us the If we receive a trailing commission (which is a continuing series of annual fee we haven’t yet billed, including fees that have accrued from payments to us related to your ownership of a security or product) in the last billing date to the date the service was terminated, and any respect of an exchange-traded fund, hedge fund or closed-end fund excess trading fees. that is subject to the annual fee, we will credit your account with an amount equal to the trailing commission received directly from the 1.7.2 FEES FOR MANAGED ACCOUNTS issuer (which may be in a subsequent billing period). If you have any kind of managed account (including registered Trailer fee rebates in a non-registered account may be taxable. You managed accounts), you pay an annual fee instead of a commission per are solely responsible for the reporting of any taxable income and the transaction. payment of any taxes associated with the receipt of the rebate. You 1.7.2.1 ICS account fee should consult with a tax advisor to determine the tax implications of The ICS account fee compensates us for our services to you. It includes: receiving these payments. • our fees and charges, including brokerage commissions and 1.7.1.1.4 Ways to pay the fee custodial fees You can choose to pay your annual Portfolio Partner service fee in one • fees paid to the Program Manager for monitoring and evaluating of three ways. The option you chose is listed on your Portfolio Partner Investment Managers service application. • fees paid to Investment Managers • option 1 – We charge each account its share of the annual service fee • administrative services, including measuring and reporting on • option 2 – We charge the entire annual service fee to one account performance and transactions • option 3 – We charge the annual service fee to two or more accounts • compensating Investment Advisors for providing advice about you specify on your Portfolio Partner service application asset allocation. We determine the share of the fee owing for each account enrolled in The fee is calculated based on the value of the assets you hold in your the service using its average market value relative to the total average ICS account, plus the value of the assets in the ICS accounts of others if market value of all accounts enrolled in the service. you’ve grouped your accounts together for fee purposes. The following rules apply to options 2 and 3: You pay the fee in the same currency as the account, as of the date • the account paying the fee must be a non-registered account we and your Investment Manager approve your request to open an • the account paying the fee doesn’t have to be enrolled in the service ICS account. The fee is negotiable between you and your Investment • if a registered account is enrolled in the service: Advisor, acting on our behalf. • the account paying the fee must belong to the person who holds You’ll find the maximum fee for each of your ICS accounts in your Client the registered account Profile.

26 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 26 2021-06-29 2:21 PM 1 1.7.2.1.1 How the fee is calculated If you withdraw $10,000 or more during a calendar quarter When you first open your account, we calculate the fee based on the If you withdraw a total of $10,000 or more from your account during value of your account on the day the account is approved, prorated the quarter, or if you end this agreement, we’ll adjust your fee at the for the number of calendar days between the day your account is end of the quarter, based on the value of the assets withdrawn as approved and the end of the calendar quarter. Your first payment will of the last business day of the quarter immediately preceding the be in arrears. calculation, prorated from the day you withdrew the funds or ended From then on, the fee is calculated quarterly and payable in advance, the agreement to the last day of the quarter. We’ll credit the adjusted based on the value of your account on the last business day of the amount to your account. quarter immediately preceding the calculation. The fee is automatically 1.7.2.3 AMA-PP program fee deducted from your account within the first 20 business days of AMA-PP accounts are charged an annual fee based on the assets each quarter. in your account (which you pay monthly or quarterly), instead of If you make a large deposit during a calendar quarter commissions on certain transactions. If you deposit $2,500 or more to an account holding an ETF or mutual/ 1.7.2.3.1 Your fee schedule pooled fund or alternative investment strategy, $5,000 or more to an Your annual fee is determined by the kind of investments you hold and ETF portfolio strategy, or $10,000 or more to any other ICS account, the total market value of the assets enrolled in the program. we’ll adjust your fee in arrears, based on the value of your account at Securities are grouped into four asset classes for the purposes of the end of the quarter, prorated from the day you made the deposit to calculating the fee (see 1.7.2.3.3 Calculating the fee, below): the last day of the quarter. • equities and options If you make a large withdrawal during a calendar quarter • fixed income If you withdraw $2,500 or more from an account holding an ETF, • class F (or similar) funds and investment products mutual/pooled fund or alternative investment strategy, $5,000 or • cash and equivalents. more to an ETF portfolio strategy, or $10,000 or more from any other You can choose a fee schedule with the following kinds of rates: ICS account, or if you end this agreement, we’ll adjust your fee at • blended rate – we charge a different rate for each tier of assets you the end of the quarter, based on the value of the assets withdrawn hold in each asset class as of the last business day of the quarter immediately preceding the • flat rate – we charge either one rate across all asset classes, or a calculation, prorated from the day you withdrew the funds or ended different rate for each asset class the agreement to the last day of the quarter. We’ll credit the adjusted • auto flat rate – we charge either one rate across all asset classes, or amount to a different rate for each asset class. The rate depends on the total your account. market value of your account 1.7.2.2 AMA account fee The fee schedule you agreed to is included in your AMA-PP program The AMA account fee compensates us for our services to you. It application. We’ll ask you to sign a new application if we increase the includes: fees, and give you notice if we make any other significant changes to • our fees and charges, including brokerage commissions and the program. custodial fees • administrative services, including measuring and reporting on We add GST, HST, QST and any other sales taxes, when they apply. performance and transactions 1.7.2.3.2 What the annual fee includes • Portfolio Manager compensation. Your AMA-PP program annual fee includes the following: It is calculated based on the value of all assets held in your AMA • unlimited investment advice and account management for the account, and the value of the assets in AMA accounts of others if you’ve accounts you’ve enrolled in the program, including, without grouped your accounts together for fee purposes. limitation, advice related to securities transactions, securities You authorize us to automatically deduct the fee in the same currency safekeeping, collection of interest and dividends, proxy handling, as the account, from the date we approve your request to open corporate action handling, and statement production a $50 a managed account. The fee is negotiable between you and your • fee for tax reporting and withholding services a Portfolio Manager, acting on our behalf. We’ll give you at least 60 days’ • fee for trade and settlement services (or other fees charged to notice in writing before we increase the fee. compensate our Portfolio Managers) provided for your account You’ll find the maximum fee for each of your AMA accounts in your Total assets enrolled Client Profile. in the program Fee 1.7.2.2.1 How the fee is calculated Up to $999,999 $500 When you first open your account, we calculate the fee based on the Above $1 million $925 value of your account on the day the account is approved, prorated for the number of calendar days between the day the account is Above $3 million $ 1,250 approved and the end of the calendar quarter. Your first payment will be in arrears. You can add and remove accounts from the program at any time. From then on, the fee is calculated quarterly and payable in advance, based on the value of your account on the last business day of the 1.7.2.3.3 Calculating the fee quarter immediately preceding the calculation. The fee is automatically We calculate the annual fee using the average of the daily closing deducted from your account within the first 20 business days of the market values of the total assets enrolled in the program (including the quarter. absolute value of any short positions) and the rates you agreed to in your AMA-PP program application. Not all securities are charged a fee If you deposit $10,000 or more during a calendar quarter (see below). If you deposit a total of $10,000 or more to your account any time during the quarter, we’ll adjust your fee in arrears, based on the value We calculate the fee in Canadian dollars at the time of valuation, of your account at the end of the quarter, prorated from the day you notionally converting any securities denominated in foreign currencies make the deposit to the last day of the quarter. into Canadian dollars for the purposes of the calculation. After we’ve calculated it, we will charge the fee to you in U.S. dollars if you ask us to.

Section 1 | Your agreement with CIBC Wood Gundy 27

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 27 2021-06-29 2:21 PM 1 If you add or withdraw assets from the accounts enrolled in the The purchase price for underwritten securities usually already program, we will adjust your annual fee based on the new market includes sales compensation for the underwriter or selling agent. CIBC value. The value of the assets in your accounts will also vary depending Wood Gundy will receive payment from the issuer for acting as an on market conditions and other factors, which may affect the amount underwriter or selling agent in addition to the annual fee. of your annual fee. Trailing Commission Rebate Securities and products subject to the annual fee If we receive a trailing commission (which is a continuing series of • Equities and options, including: payments to us related to your ownership of a security or product) in • common shares • precious metals or other respect of an exchange-traded fund, hedge fund or closed-end fund • shares or units of closed-end commodities that is subject to the annual fee, we will credit your account with an funds* • currency options amount equal to the trailing commission received directly from the • all ETFs* • all securities (whether issuer (which may be in a subsequent billing period). • equity index options and stocks, units issued by Trailer fee rebates in a non-registered account may be taxable. You equity options an investment fund* or are solely responsible for the reporting of any taxable income and the • any rights or variants on otherwise) that are sold by payment of any taxes associated with the receipt of the rebate. You equities private placement should consult with a tax advisor to determine the tax implications of • limited partnership shares • all other assets not receiving these payments. specifically set out in the or units 1.7.2.3.4 Ways to pay the fee definitions of fixed income You can choose to pay your annual AMA-PP program fee in one of securities; class F (or similar) three ways. The option you chose is listed on your AMA-PP program funds and investment application. products; or cash and cash equivalents below option 1 – We charge each account its share of the annual program fee option 2 – We charge the entire annual fee to one account *see Trailing Commission Rebate below option 3 – We charge the annual fee to two or more accounts • Fixed income securities maturing in more than 90 days, including: you specify on your AMA-PP program application • government securities • GICs We determine the share of the fee owing for each account enrolled (except T-Bills) • bankers acceptances in the program using its average market value relative to the total • corporate notes and bonds • municipal bonds average market value of all accounts enrolled in the program. • strip bonds • asset-backed securities The following rules apply to options 2 and 3: • convertible bonds • preferred shares • the account paying the fee must be a non-registered account • commercial paper • the account paying the fee doesn’t have to be enrolled in the • Class F (or similar) funds and investment products program • Class F and Class O mutual funds and hedge funds • if a registered account is enrolled in the program: • Investment products that we determine have been specifically • the account paying the fee must belong to the person who holds designed not to include a trailing commission, including certain the registered account mutual funds, hedge funds, segregated funds, structured products, • if the account paying the fee is a joint account, at least one of the high interest savings accounts and other investment products joint account holders must be an account holder for the registered (other than those sold by private placement). account • Cash and cash equivalents • if a corporate account is enrolled in the program, at least one of the • currency (Canadian and foreign) signing authorities must own at least 50% of the account paying • T-Bills the fee. Likewise, if a corporate account is paying the fee for an • fixed income securities maturing in 90 days or less individual account enrolled in the program, at least one of the signing authorities on the corporate account must own at least 50% of the Securities and products not included in calculating the annual fee individual account. • mutual funds that include an embedded commission (like a front-end sales commission, deferred sales charge or trailing commission) You can choose to pay the annual program fee monthly or quarterly, in • investment products that we determine have been specifically Canadian or U.S. dollars. designed to pay a trailing commission, unless we credit your account We’ll deduct the fee from each account enrolled in the program at the with an amount equal to the trailing commission received (see end of the billing period you requested. If you selected option 2 or 3, Trailing Commission Rebate below). we will immediately transfer money from the account (or accounts) you We do, however: specified to cover the amount of the fee. • include the market value of these securities and products when 1.7.2.3.5 What happens if you don’t pay the fee determining tiered or auto flat rates (see 1.7.2.3.1 Your fee schedule) When you sign your AMA-PP program application, you are agreeing to • include the market value of any new units you acquire (from dividend pay us the annual program fee on time. reinvestments or other distributions, or through a systematic investment program) when calculating the annual fee. If you don’t pay the annual fee as agreed, you confirm that we can sell any assets we choose from any of your accounts (except registered We can use our discretion to charge a lower fee or no fee on any security. accounts), until you pay us what you owe us or you satisfy your debt Other fees another way. You will also pay the interest costs and the other fees listed in this You authorize us to recover the outstanding fees in the following order: agreement except the annual administration fee for registered • first,from any free credit balance in the accounts you specified for accounts. fee payment You also pay fees and expenses on mutual funds, investment products, • next, by selling or withdrawing money market fund units from those structured notes and ETFs (for example, redemption fees) to the accounts or from any available margin facility applicable issuer or manager. You pay these directly or indirectly • finally, by selling securities in any account you have with us (or the through the accounts enrolled in the program, and may be paying them beneficial owner of a trust has with us), whether the account is to us. You can find information about these fees and expenses in the enrolled in the program or not, as permitted by law. prospectus or securities document for each fund or product.

28 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 28 2021-06-29 2:21 PM 1 To pay the annual fee that applies to a registered account, we will only use the free credit balance and sell securities held in that registered account. You agree that all assets in all accounts enrolled in the program (except registered accounts) are subject to a lien for the discharge of any debts or obligations you owe us. 1.7.2.3.6 What happens when you end the program When you or we end the program, you will immediately owe us the annual fee we haven’t yet billed, including fees that have accrued from the last billing date to the date the program was terminated. 1.7.3 ABOUT FEE-BASED ACCOUNTS When you open an AMA, AMA-PP or ICS account, or enroll in our Portfolio Partner service, you are agreeing to pay an annual fee based on the assets in your account, instead of commissions on certain transactions. Review the following to make sure these accounts are right for you: • the effect that asset-based fees will have on your total cost when they’re applied to certain kinds of assets, like securities that also carry built-in management and administrative fees • the total cost and benefits of asset-based fees, compared to what the costs and benefits would be if your accounts had different fee structures • your investment goals and payment preferences • whether your Investment Advisor or Portfolio Manager’s interests are well-aligned with yours • the value-added services your Investment Advisor or Portfolio Manager will provide as part of the program. Since these things can change over time, you should periodically review whether the account or service continues to be appropriate for you. We encourage you to discuss this with your Investment Advisor or Portfolio Manager. Paying asset-based fees (rather than per transaction) could have an effect on your annual income tax calculation. Selling or redeeming assets in an account enrolled in the program at the same time you buy the same or similar assets in an account not enrolled in the program can also have income tax consequences. We do not offer tax advice. If you have any questions about your tax status, please speak to your tax advisor. 1.7.3.1 Fees on ETFs and mutual funds When you, your Investment Manager or Portfolio Manager invest in an ETF, mutual fund or certain types of investment fund, you’re also indirectly charged a management fee and operating expenses. The management fee covers investment management, marketing and administrative costs, among other things. The fees you pay to invest in an ETF, mutual fund or investment fund through your ICS, AMA, AMA-PP and Portfolio Partner accounts may therefore be higher than they would be if you bought the fund directly, outside these fee-based accounts. Operating expenses include brokerage fees on securities trading, audit fees and unitholder communications. These are reported as a management expense ratio (MER), expressed as a percentage of the ETF, mutual fund’s or investment fund’s total assets. You pay these fees and expenses indirectly because they’re deducted from the ETF, mutual fund or investment fund before its performance returns are calculated. MERs reduce the total value of your ETF, mutual fund or investment fund.

Section 1 | Your agreement with CIBC Wood Gundy 29

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 29 2021-06-29 2:21 PM 1 1.7.4 SERVICE FEES We also charge service fees for the general operation of your account. These are listed in your statements or communicated to you by your Investment Advisor or Portfolio Manager. Taxes that apply will be added to these fees.

Advisory and managed accounts Document searches Full year of duplicate statements $50 per request Duplicate copies of statements for closed accounts $10 per statement, $50 maximum Other documentation (tax slips, trading summaries, trade confirmations, etc.) issued 12 months ago or longer $50 per item

Full or partial transfers to another institution Applies to registered and non-registered accounts $135 per account

Unclaimed accounts If you don’t claim the assets in your accounts or we don’t have your current address $120 per account per year

Returned/NSF cheques $40 per item

Pre-authorized transaction recalls For pre-authorized transactions recalled as a trace after three business days $40 per item

Stop payments Request to stop payment from your CIBC Wood Gundy account within 10 business days Doesn’t apply to AAA cheques $15 per item

Wire transfers $15 per request Request to wire transfer funds to another financial institution in Canada or the U.S. (plus any bank No charge to wire transfer funds to any CIBC branch. charge that applies)

Advisory accounts only Certificate registration Registering shares in your name or the name of a third party, like your spouse or another relative. (For example, if $25 per request you ask us to register shares of the same company under five different names, you will be charged 5 x $25 = $125) Rush/same day request to register a certificate $250 per certificate

Safekeeping fee Monthly fee charged to a security in physical form in your account $50 per account Doesn’t apply to limited partnerships, provincial savings bonds or Canada savings bonds per month

No-load mutual fund purchases For administration costs not covered by some no-load mutual funds $75 per transaction

30 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 30 2021-06-29 2:21 PM 1 1.7.5 ASSET ADVANTAGE ACCOUNT (AAA) FEES 1.7.5.2.2 Request for replacement of bank draft or money order The following fees apply to the securities account and chequing Fee account as defined in section 1.4.5 Asset Advantage Account. Drawn in Canadian currency No fee 1.7.5.1 Securities account Drawn in U.S. currency or other foreign $25.00 Fee currency Annual securities and chequing account $200 CAD NOTE: Some conditions apply. Please fee ask a CIBC advisor for details.

Interest on cash balance Preferred CIBC Wood Gundy Search and copy of cheque or other $5.00 per item item via CIBC telephone banking or Interest Rate1 banking centre

Interest on debit (loan) balance Loan balance rate1 NOTE: Certified cheques and debit memos are not returned. Minimum balance required at all times $10,000.00 in securities account Search and copy of cheque or other $5.00 per item item, for 10 or more, via CIBC Wood AAA cheque stop payment charge No fee Gundy

Wire transfer of funds from CIBC Wood No fee Gundy to a CIBC Banking Centre 1.7.5.2.3 Wire payments and inter-banking centre payments via chequing account Wire transfer of funds from CIBC Wood $15.00 Gundy to a non-CIBC Banking Centre in (plus any bank charge that may apply) Outgoing wire payments Fee Canada or the U.S. $10,000 and under $30.00 per payment Customized cheque orders and Fees vary depending on style and $10,000.01 to $50,000 $50.00 per payment accessories quantity. Greater than $50,000 $80.00 per payment 1.7.5.2 Chequing account

Fee Inter-branch payment (between CIBC Daily withdrawal limit at CIBC Banking $10,000.00 banking centres in Canada) Fee Centres 2 $10,000 and under $15.00 per payment

Daily total withdrawal limit3 per $10,000.00 $10,000.01 to $50,000 $30.00 per payment business day4 Daily Interac® and/or VisaTM debit $3,000.00 Over $25,000.01 to $100,000 $60.00 per payment purchase limit (in Canada and outside of Canada) Over $100,000.01 $100.00 per payment

Daily cash withdrawal limit at bank $500.00 NOTE: Additional out of pocket expenses may apply machines (in Canada and outside of Canada) Incoming wire payments Fee 1.7.5.2.1 Withdrawals made at non-CIBC bank machines $15.00 per payment8 Fee 1.7.5.2.3 Collection items In Canada (Interac network) $2.00 each5 Outgoing Canadian dollar items In U.S. (PlusTM and VisaTM networks) $3.00 each plus a 2.5% within Canada9 Fee administration fee6 Up to $5,000 $15.00 each Outside of Canada and U.S. (Plus and $5.00 each plus a 2.5%

Visa networks or other networks we administration fee6 Over $5,000 3/20 of 1% of the item amount make available) (minimum $25.00 each)

Bank drafts and money orders $9.95 Outgoing Canadian dollar item 1/5 of 1% of the item amount

(regardless of currency) outside of Canada9 (minimum $30.00 each, maximum

$150.00 each10)

Outgoing U.S. and foreign currency 1/5 of 1% of the item amount inside or

item9 outside of Canada9 (minimum $30.00

each, maximum $150.00 each10)

NOTE: Incoming collections from other financial institutions will be subject to a charge by CIBC which may be passed on by the financial institution to their customer.

Section 1 | Your agreement with CIBC Wood Gundy 31

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 31 2021-06-29 2:21 PM 1

1 You will be paid interest on the minimum daily free credit balance in your Securities Account at an annual rate equal to the Preferred CIBC Wood Gundy Interest Rate, calculated on the daily balance and credited to your Securities Account monthly. You will pay CIBC Wood Gundy interest on any daily debit balance in your Securities Account at an annual rate equal to the Loan Balance Rate, calculated on the daily balance (before and after demand, default and judgment) and debited monthly to the Securities Account. The Preferred CIBC Wood Gundy Interest Rate and Loan Balance Rate are established by CIBC Wood Gundy at its head office in Toronto, Ontario, and are subject to change at any time without notice. The rates may on any day be obtained from your CIBC Wood Gundy Investment Advisor.

2 Withdrawals in excess of $10,000 may be permitted at CIBC Banking Centres if approval is given to CIBC personnel by CIBC World Markets Inc.

3 Daily total withdrawal limit includes debit purchases and withdrawals in Canada and outside of Canada, transfers and bill payments using bank machines, CIBC Online and Telephone Banking (immediate, future- dated and recurring transactions).

4 “Business Day” means any Monday to Friday, inclusive, on which CIBC Wood Gundy’s and CIBC’s head offices in Toronto are open for business. A Business Day runs from 6:00 p.m. ET until 6:00 p.m. ET on the next Business Day. For example, the $10,000 limit would apply from Friday at 6:00 p.m. ET until Monday at 6:00 p.m. ET. If Friday were a holiday, the $10,000 limit would apply from Thursday at 6:00 p.m. ET until Monday at 6:00 p.m. ET.

5 In addition to a transaction fee, some bank machines may levy additional surcharges.

6 For your CIBC bank account, you are charged the same foreign exchange conversion rate CIBC is required to pay, plus an administration fee of 2.5 percent of the converted amount in addition to any transaction fees applicable to the withdrawal and the fee noted. Conversion to Canadian dollars may occur on a date other than the date of your transaction, therefore the conversion rate may be different from the rate in effect at the time of your transaction.

7 Correspondent bank may levy additional charges.

8 For Canadian and U.S. currency, the fee will be charged in the same currency as the incoming payment and deducted from the incoming payment amount. For other currencies, the fee will be converted to the same currency as the incoming payment using an exchange rate set by CIBC on a date determined by CIBC and deducted from the incoming payment amount.

9 Other financial institutions may levy additional charges.

10 Additional out of pocket expenses may apply.

32 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 32 2021-06-29 2:21 PM 1 1.7.6 REGISTERED ACCOUNT FEES The table below lists the current administration fees that apply only to registered accounts. These are listed in your statements or communicated to you by your Investment Advisor or Portfolio Manager. Taxes that apply will be added to these fees.

Advisory and managed accounts Full de-registration of RRSP/LIRA/LRSP/Restricted LSP

Complete withdrawal $100 per transaction Account closed because of transfer to another institution $135 per account

Partial de-registration of RRSP/LIRA/LRSP/Restricted LSP

First four withdrawals in a calendar year $25 per transaction Additional withdrawals in a calendar year $50 per transaction Withdrawals must not cause your account to be closed.

Advisory accounts only Annual administration fee

Registered Retirement Savings Plan (RRSP) $125 per account Registered Retirement Income Fund (RRIF) per year Locked-In Retirement Account (LIRA) Locked-In Registered Retirement Savings Plan (LRSP) Life Income Fund (LIF) Locked-In Retirement Income Fund (LRIF) Restricted Life Income Fund (Restricted LIF)

Restricted Locked-In Savings Plan (Restricted LSP) Prescribed RRIF Tax-Free Savings Account (TFSA) $50 per account Registered Education Savings Plan (RESP) $50 per account Fees may vary if you have certain products or services. Doesn’t apply to pension plan accounts, Fund Partner accounts or registered accounts enrolled in the Portfolio Partner service.

Additional Locked-In Registered Account annual administration fee

If you already have a registered account that is subject to the full regular annual administration $62.50 per account per year fee, you will be charged a reduced annual administration fee for additional locked-in registered accounts

Quebec Provincial Stock Savings Plan

Quebec is the only province with this type of plan. $75 per year Fees may vary if you have certain products or services.

Private Placement services

Fee to set up securities in an account, including shares of a Canadian controlled $250 one-time fee private corporation, mortgage investment corporation units and private placement units

Mortgage fee

One-time set up fee $200 Annual administration fee $225 per year Due September 1 every year for the full year (pro-rated fee not available)

Other mortgage-related administration fees

Returned payment $50 Renewal $85 Early renewal $100 Transfer in/out $100 Execution $50

Mortgage discharge fees

Alberta and Quebec no fee British Columbia $75 Other province $100

Other fees (such as legal and CMHC/GENWORTH application fees) may apply. Please ask your Investment Advisor for more information.

Section 1 | Your agreement with CIBC Wood Gundy 33

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 33 2021-06-29 2:21 PM 1

1.7.6.1 Fund Partner When you sign up your registered accounts for Fund Partner, you don’t have to pay the annual administration fee as long as the accounts hold only the securities in the list below. You will still be charged de-registration fees, other fees described in Part 2 – Terms for registered accounts, and any government penalties or taxes that are levied on the account. Securities that are eligible for Fund Partner: • cash • mutual funds managed by: • CIBC • CAMI (Renaissance Mutual Funds, Renaissance Private Pools and Axiom Portfolios) • structured notes issued by CIBC If you hold a security that is not eligible for Fund Partner, your account will be immediately deemed not to be a Fund Partner account, and will be charged a pro-rated annual administration fee (plus any taxes that apply) based on the date you first invested in the security. The fee is charged as of the beginning of September each year. We cannot refund the fee once it’s charged, even if you sell the security before the end of the annual billing period.

Prorated amount of annual administration fee Date you first invest in a security that is not eligible for Fund Partner RRSPs and RRIFs Locked-in accounts RESPs TFSAs

September 1 to November 30 $125.00 $62.50 $50.00 $50.00

December 1 to February 28 $93.75 $46.88 $37.50 $37.50

March 1 to May 31 $62.50 $31.25 $25.00 $25.00

June 1 to August 31 $31.25 $15.63 $12.50 $12.50

34 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 34 2021-06-29 2:21 PM 1

2 Terms for registered accounts

“Non-RRSP Trust” means a Non-Registered Trust or a Post-Exempt Trust; 2.0 T erms for registered accounts “Plan Assets” has the meaning set out in section 3; “Plan Proceeds” means Plan Assets, less any applicable taxes, interest 2.1 CIBC Wood Gundy Self-Directed Retirement or penalties that are or may become or have to be withheld or payable Savings Plan Declaration of Trust...... 35 under the Tax Laws, less costs of realization and any of Our fees, charges and expenses; 2.2 CIBC Wood Gundy Self-Directed Retirement Income Fund Declaration of Trust...... 41 “Post-Exempt Trust” means a Plan where December 31st of the year following the year of Your death has passed and the Plan Proceeds 2.3 CIBC Wood Gundy Self-Directed Tax-Free have not been fully paid out to those entitled on Your death or Savings Account Declaration of Trust...... 48 otherwise in accordance with the Declaration; 2.4 CIBC Wood Gundy Individual Self-Directed Education “PRPP” means a “pooled registered pension plan”, as defined in the Act; Savings Plan Trust Agreement...... 54 “Retirement Income” has the meaning set out in the Act; 2.5 CIBC Wood Gundy Family Self-Directed Education “RRIF” means a registered retirement income fund, as defined in the Act; Savings Plan Trust Agreement...... 61 “RRSP” means a registered retirement savings plan, as defined in the Act; “Spouse” means a spouse for the purposes of the Act; 2.1 CIBC WOOD GUNDY SELF-DIRECTED RETIREMENT “Tax Laws” means the Act and any applicable tax legislation of Your SAVINGS PLAN DECLARATION OF TRUST Canadian province or territory of residence, as recorded in Your Application as amended from time to time on proper notice to Us, CIBC Trust Corporation, a trust company existing under the laws of provided that if You become a non-resident of Canada, “Tax Laws” Canada, agrees to act as trustee for You, the annuitant named in the means the Act; Application, as defined below, to establish and operate, a CIBC Wood “Trustee” means CIBC Trust Corporation and any successor trustee of Gundy Self-Directed Retirement Savings Plan (the “Plan”) in accordance the Plan; with the Income Tax Act (Canada), upon the following terms: “We”, “Us” and “Our” means CIBC Trust Corporation and, where Some Definitions. In this Declaration of Trust, in addition to terms applicable, the Agent who acts on behalf of the Trustee for certain defined elsewhere in it: administrative tasks in respect of the Plan; and “Act” means the Income Tax Act (Canada); “You”, “Your” and “Yours” refer to the individual who has signed the “Agent” means CIBC World Markets Inc., which is an affiliate of the Application and will be the owner of the Plan; (under the Act, known Trustee; as the “annuitant” of the Plan). The individual cannot be a trust or an individual as trustee of a trust. “Annuitant” means You; 1. Registration. We will apply for registration of the Plan as a RRSP “Application” means the CIBC Wood Gundy Self-Directed Retirement under the Tax Laws. The purpose of the Plan is to provide You with a Savings Plan Application, which could be either in the form of the CIBC Retirement Income. Your name, date of birth, Social Insurance Number Wood Gundy Client Profile document or a stand-alone application; and any other information required by Canada Revenue Agency that “CIBC” means Canadian Imperial Bank of Commerce unless otherwise You provide Us must match exactly to what Canada Revenue Agency stated; holds in its records for You, or else the Plan may not be registered and will be a Non-Registered Trust and We are not liable if this happens. “CIBC Group” means CIBC and its subsidiaries that currently offer See sections 19 and 20 for what happens if this is a Non-Registered deposits, loans, mutual funds, securities trading, mortgages, trust, and Trust. Whether the trust is a Non-Registered Trust shall be determined insurance services; by Us in Our sole discretion and may occur after the first rejection of “Common-law Partner” has the meaning set out in the Act; registration of the trust as a RRSP by Canada Revenue Agency. “Contributions” means contributions of cash or investments to the Plan; 2. Locked-in Plan. If this Plan is locked-in or restricted under federal or “Declaration” means this CIBC Wood Gundy Self-Directed Retirement provincial pension legislation or by agreement, (“locked-in Plan”) You Savings Plan Declaration of Trust. Unless otherwise indicated, any must sign a locked-in agreement (the “Locked-in Agreement”) when reference to sections, subsections, paragraphs and subparagraphs You sign the Application. The Locked-in Agreement contains terms that mean those provisions in the Declaration; are required by the pension legislation or the transferring pension plan or financial institution. Some of those terms override the terms of “Estate Representative” means the person or persons who has or have the Declaration (for example, payments and transfers from the Plan demonstrated, with evidence satisfactory to Us, (which may include are restricted; beneficiary designation provisions may not apply). You letters probate or other court documentation), Your death and that acknowledge that if there is a conflict at any time between the pension person or those persons is or are the legal representative of Your estate; legislation and the Tax Laws, We will not contravene the Tax Laws or do “Foreign Denominated Plan Assets” means Plan Assets denominated in anything that may result in a tax liability to Us or the Agent. a currency other than Canadian dollars; 3. Contributions. Subject to section 4, We will accept Contributions “Maturity Date” means the date referred to in section 12; made by You or, where applicable, Your Spouse or Common-law Partner. You or that other person will be solely responsible for “Non-Registered Trust” means the trust under the Declaration if determining the maximum limits for Contributions in any taxation year the Minister of National Revenue does not accept the application to as permitted by the Tax Laws and for determining the taxation years, if register the Plan as a RRSP under the Act;

Section 1 Section| Your agreement 2 | Terms withfor registered CIBC Wood accounts Gundy 35

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 35 2021-06-29 2:21 PM 2 any, in which the Contributions are deductible for tax purposes. We will Assets of different currencies or between Canadian dollars and hold the Contributions, any transfers to the Plan and any investments, Foreign Denominated Plan Assets, at the applicable exchange rate. income or gains on them (the “Plan Assets”) in trust, to be held, We will have no liability to You in respect of any sold or converted invested and used according to the terms of the Declaration and the Plan Assets or for any losses that may result from those sales or Tax Laws. No Contributions or transfers to the Plan may be made after conversions. the earlier of Your death and Maturity Date. 6. Income Tax Receipts. On or before March 31 in each year, We will 4. Investments. Where the Plan is a Non-RRSP Trust, this section is send to You, Your Spouse or Your Common-law Partner, as applicable, subject to sections 19 and 20. a receipt showing Contributions made by You or that person during a) All investment management authority is solely Your responsibility. the preceding year and, if applicable, the first 60 days of the current This means any statutory rules regarding authorized trustee year. You, Your Spouse or Your Common-law Partner will be solely investments or trustee’s duty with regard to investment where the responsible for ensuring that any deductions claimed for income tax trustee is charged with managing the investments, do not apply to purposes do not exceed the permitted deductions under the Tax Laws. this trust. We will hold, invest and sell the Plan Assets according to 7. Your Account and Statements. We will maintain an account in Your instructions. We may require any instructions to be in writing. Your name showing all Contributions, transfers, investments and withdrawals. We will provide You account statements as required b) Notwithstanding anything in the Declaration, We may decline under securities regulations. We will make returns and file reports as to accept any particular Contribution or transfer or to make or may be required from time to time by the Tax Laws. continue to hold any particular investment, in Our sole discretion or for any reason, including any Foreign Denominated Plan Asset or 8. Management and Ownership. We may hold any investment in Our own name, in the name of Our nominee or Agent, in bearer form or any asset if it does not comply with Our administrative requirements in another name or form, or with any custodian, clearing corporation or policies in place from time to time. We may also need You to or depository, as We may determine. We may generally exercise the provide special supporting documentation as a condition to Our power of an owner with respect to the Plan Assets, including the right making certain investments for the Plan. to vote or give proxies to vote, however, We may decline to act or as c) The necessary funds or securities must be in the particular curren- a condition to acting may require You to sign documents related to cy of the Plan before any transaction can occur in that currency. subscriptions, voting, proxies or other corporate actions, as We in Our sole discretion determine and We will have no liability for acting or d) Any cash balance will be held as a deposit with the Trustee under declining to act. We may sell assets to pay any assessments, taxes or the Trust and Loan Companies Act (Canada), payable on demand. charges in connection with Your or the Plan’s liability. In exercising Our The Trustee may pay interest on the deposit at a rate and to be rights and carrying out Our responsibilities, We may employ agents and credited at a time as it in its sole discretion determines. advisors, including legal counsel, and may act or not act on the advice e) It will be solely Your responsibility to determine whether any trans- or information of any agent or advisor. fer, contribution or investment is or remains a “qualified investment” 9. Refund of Over-Contributions. We will, upon receiving a written and is not a “prohibited investment” for RRSPs pursuant to the Tax request from You or, if applicable, Your Spouse or Common-law Laws. The Trustee shall exercise the care, diligence and skill of a Partner, make a refund payment to that person in order to reduce reasonably prudent person to minimize the possibility that the Plan the amount of tax that would otherwise be payable under Part X.1 of holds a non-qualified investment. The Plan will bear any taxes, the Act, or under any other Tax Laws, by that person. We will not be penalties and/or related interest imposed under the Tax Laws. If responsible for determining the amount of any refund payment. the Plan Assets are insufficient to pay any taxes, penalties or related 10. Withdrawals. Subject to applicable pension legislation or interest incurred, or if taxes, penalties or related interest are agreement if this is a locked-in Plan, You may, by written instructions at imposed after the Plan has ceased to exist, You must pay or any time before the commencement of a Retirement Income, request reimburse Us directly for any such taxes, penalties or related that We pay You all or any part of the Plan Proceeds. interest other than for charges, taxes or penalties imposed on the 11. Transfers (other than on Maturity Date). Trustee under the Act. It is also solely Your responsibility for any a) Transfers to Other Plans: Subject to any reasonable requirements taxes, interest and/or penalties imposed on You under the Tax We impose, You may direct Us in writing to transfer all or any part Laws for acquiring or holding either non-qualified investments or of the Plan Proceeds to: prohibited investments. Should an investment no longer be a qualified investment for an RRSP under the Act, We may, in our i. RRSP, RRIF, PRPP: a RRSP, RRIF, PRPP or registered pension sole discretion, withdraw that investment from the Plan and de- plan of Yours; or liver it to You in kind, or sell it and retain the proceeds in the Plan. ii. Transfer on Marriage or Common-Law Partnership Breakdown: We shall determine the fair market value of the investment for an RRSP, RRIF or PRPP under which Your Spouse/Common- tax reporting purposes in such manner as we determine in our Law Partner or former Spouse/Common-Law Partner is an sole discretion. annuitant, where You and Your Spouse/Common-Law Partner f) We will not be responsible for any loss or tax resulting from the or former Spouse/Common-Law Partner are living separate and sale or other disposition or any valuation of any investment form- apart and the transfer is made under a decree, order, or judg- ing part of the Plan Assets, including any conversion to or from ment of a competent tribunal, or a written separation agree- Foreign Denominated Plan Assets for any purposes of the Plan. ment, relating to a division of property between You and Your Spouse/Common-Law Partner or former Spouse/Common- 5. Foreign Denominated Plan Assets. Where You have chosen Foreign Denominated Plan Assets to be bought, sold or held in the Plan: Law Partner in settlement of rights arising out of, or on the breakdown of, Your marriage or common-law partnership. Both a) Any tax withholding or reporting under Tax Laws in regard to You and Your Spouse/Common-Law Partner or former Spouse/ Foreign Denominated Plan Assets will be in Canadian dollars, at Common-Law Partner must be alive at the time of the transfer the applicable exchange rate. It is Your responsibility to make sure for Us to complete it. any limits under Tax Laws that apply to You and the Plan are met, These transfers will take effect in accordance with the Tax Laws and including if a transaction involves Foreign Denominated Plan Assets; any other applicable law and within a reasonable time after any b) We may transfer assets within the Plan between different required forms have been completed. Subject to section 13, You may currencies in order to administer the Plan, including to prevent specify in writing which Plan Assets You wish Us to transfer in kind or debit balances; and sell. c) In connection with any transfer within or from the Plan or any b) Transfers from Other Plans: We may accept transfers to the Plan withdrawal or payment of fees and expenses under the Declaration, from: We may sell and convert between Foreign Denominated Plan i. RRSP or PRPP: an RRSP or PRPP registered in Your name;

36 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 36 2021-06-29 2:21 PM 2 ii. Transfer on Marriage or Common-Law Partnership Breakdown: Group as We may determine in Our absolute discretion. The day on an RRSP, RRIF or PRPP belonging to Your Spouse/Common-Law which the transfer takes place will be deemed to be the Maturity Partner or former Spouse/Common-Law Partner where You and Date for this Plan. In respect of the RRIF, You shall be deemed: Your Spouse/Common-Law Partner or former Spouse/Common- i. to have elected to use Your age to determine the minimum Law Partner are living separate and apart and the transfer is amount payable under the RRIF according to the Tax Laws; and made pursuant to a decree, order, or judgment of a competent tribunal, or a written separation agreement, relating to a ii. not to have elected to designate Your Spouse/Common-Law division of property between You and Your Spouse/Common- Partner to become the successor annuitant of the RRIF upon Law Partner or former Spouse/Common-Law Partner in settlement Your death; and of rights arising out of or on the breakdown of Your marriage or iii. not to have designated any other beneficiary of the RRIF on common-law partnership. Both You and Your Spouse/Common- Your death. Law Partner or former Spouse/Common-Law Partner must be However, if the property held in the Plan is insufficient to meet the alive at the time of the transfer for Us to complete it; minimum requirements for establishing a RRIF, as determined by Us iii. Pension Plan Transfers: a registered pension plan as defined by in Our sole discretion, We shall sell the Plan Assets, and at Our option the Act of which You are a “member” (as defined in subsection and in Our sole discretion, either mail a cheque payable to You for the 147.1 (1) of the Act), or a registered pension plan of Your Spouse/ Plan Proceeds to You at the address on record for You as provided for Common-Law Partner or former Spouse/Common-Law Partner in subsection 29(b) or deposit the Plan Proceeds to an account in your in accordance with subsection 147.3(5) or (7) of the Act (which name alone at a member of the CIBC Group. You agree that We will permits a transfer on marriage/common-law partnership break- have absolutely no liability to You for this, including any losses that may be incurred due to that sale. down or after the Spouse/Common-Law Partner or former Spouse/Common-Law Partner dies); You appoint Us as Your attorney in fact, which appointment is given for consideration, coupled with an interest, and irrevocable, to execute iv. Transfers of Refunds of Premium, etc.: You, if it is an amount on Your behalf the client RRIF account application form, including described in sub-paragraph 60(l)(v) of the Act (which permits to request the carrier of the retirement income fund to apply for transfers of RRSP refund of premiums, RRSP annuity commutation registration of it, the locked-in agreement if this is a locked-in Plan, and payments, and RRIF designated benefits); or any and all other documents or agreements that are required by law or v. Other Transfers: such other sources as may be permitted under required or deemed appropriate by Us, in Our absolute discretion, and the Tax Laws from time to time. make such elections as are necessary to establish a RRIF for You. Copies of those documents will be retained in a file for You with respect to the We may determine the minimum dollar amount of each transfer to the RRIF. Plan. We may change that amount at any time. 13. Payments, Transfers and Asset Liquidation Generally. The following 12. Purchase of Retirement Income or Transfer to a RRIF. applies to any withdrawals, transfers or any other payments required a) Upon the Maturity Date of the Plan, You must either purchase a under the Declaration including fees and expenses under section 25, all Retirement Income or transfer the Plan to a RRIF held by You as referred to in this section as “Payment” or “Payments”, and any other the annuitant (“Your RRIF”). You may select the Maturity Date, time assets are liquidated: but it must be on or before December 31 of the year in which You a) It is solely Your responsibility to ensure that there is sufficient cash attain seventy-one (71) years of age (or such other age as specified in the Plan to make Payments. We are not required to make any by the Tax Laws) and it must meet any other requirements under Payment in kind; the Tax Laws. You must notify Us in writing at least sixty (60) days b) In order to make any Payment, to the extent We deem appropri- prior to the Maturity Date as to the date you have selected and ate, We may, without notice to You, sell all or convert part of any You must also instruct Us at that time, subject to any restrictions of the Plan Assets at the price or prices as We, in Our sole discre- on the particular Plan Assets, to: tion, may determine, and We will deduct any applicable fees and i. sell the Plan Assets and apply the Plan Proceeds to purchase a expenses. We will have no liability to You in respect of any sold or Retirement Income; converted Plan Assets or for any losses that may result from those ii. transfer the Plan Proceeds to Your RRIF; or sales or conversions; iii. facilitate a combination of (i) and (ii) that You specify in Your c) We will withhold and remit any income taxes as required; instructions. d) A Payment or asset liquidation will only take effect in accordance b) If You instruct Us to purchase a Retirement Income for You, You with the Tax Laws and any other applicable law. No withdrawal must also specify the particular type of annuity, in accordance or transfer will be made until all liabilities (including for all fees, with section 146 of the Act, that You would like to receive as Your charges and taxes) have been paid or provided for; Retirement Income and the name of the authorized company from e) In connection with any Payment or asset liquidation, We may, which We are to purchase it. Any annuity selected may have one without notice to You, sell and convert between Foreign or more of the features permitted by subsection 146(3) of the Act. Denominated Plan Assets of different currencies or between However, any Retirement Income acquired may not be assigned in Canadian dollars and Foreign Denominated Plan Assets, at the whole or in part and must be commuted if it would otherwise be- applicable exchange rate. We will have no liability to You in respect come payable to a person other than You or, after Your death, Your of any sold or converted Plan Assets or for any losses that may Spouse/Common-Law Partner. It is solely Your responsibility to result from those sales or conversions; select a Retirement Income that complies with the Tax Laws, and if f) Any exchange required between Canadian and foreign currency this is a locked-in Plan, the applicable pension laws or agreement. will be carried out by CIBC or a member or associate of the CIBC c) If You do not notify Us and You do not select a Maturity Date Group (any of which is referred to in this paragraph as “CIBC”). within sixty (60) days prior to December 31 of the year in which In performing any actual currency conversion in or for the Plan, You attain age 71 (or such other age as specified by the Tax Laws), CIBC will act as principal in buying and selling currency from and We will on or before the end of that year establish a CIBC Wood to You and CIBC will earn spread-based revenue determined by Gundy RRIF for You by transferring the Plan Assets in kind into the difference between the rates at which CIBC buys and sells the a CIBC Wood Gundy RRIF subject to the requirements of the Tax currency, the rates determined by CIBC in its sole discretion at the Laws. However, if the CIBC Wood Gundy RRIF is not available, then time of the buy and sell without having to obtain rates that limit We shall apply the Plan Proceeds to establish another RRIF of a the spread-based revenue. The spread-based revenue will be in type and issued by a company including any member of the CIBC addition to any commission, fee or revenue otherwise payable

Section 2 | Terms for registered accounts 37

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 37 2021-06-29 2:21 PM 2 by You to CIBC on the transaction giving rise to the conversion d) If We receive more than one Instrument or evidence of it, satisfac- of currency or otherwise payable to the Trustee of the Plan. The tory to Us in Our sole discretion, We are entitled to pay the Plan spread-based revenue will be in addition to any commission, fee or Proceeds in accordance with the Instrument having the most revenue otherwise payable by You on the payment out or on the recent execution date; account or otherwise payable to the Trustee or Agent; e) A Beneficiary who disclaims or at law is treated as having disclaimed g) We will be discharged from all further duties and liabilities in the interest in the Plan arising on Your death will be deemed to respect of any Payment of Plan Assets; have predeceased You; h) We are not required to make a Payment from the Plan at any time f) Unless otherwise provided in the Instrument: if We determine that We may suffer legal and/or reputational risk, i. If more than one Beneficiary is designated on the Instrument: or that We may be in violation of any law, rule, regulation, agreement or internal policy applicable to us. Without limiting the gen- 1. the Plan Proceeds will be divided among those of the erality of the previous statement, this includes the Special Economic Beneficiaries who survive You, in the percentage share Measures Act (Canada), or any other regulatory sanctions. specified by You; (if the percentage was unclear or not specified, the Plan Proceeds will be divided equally); 14. Payment on Death. Subject to applicable pension legislation or agreement if this is a locked-in Plan, on Your death, We will pay the Plan 2. should any Beneficiary predecease You, the percentage share Proceeds to the Estate Representative and not in accordance with any of the deceased Beneficiary will be divided equally among the beneficiary designation unless the beneficiary designation is effective Beneficiaries who survive You; and in Your jurisdiction as of the date of the Your death such that a RRSP or 3. if only one of the Beneficiaries survives You, that Beneficiary proceeds of a RRSP can pass outside of Your estate. Sections 15 through will receive the entire Plan Proceeds; 18 are subject to this provision. 15. Beneficiary Designation. The following applies with respect to ii. if no Beneficiary is designated or all designated Beneficiaries beneficiary designation on Your Death and is subject to section 14 and die before You, the Plan Proceeds will be paid to the Estate applicable pension legislation if this is a locked-in Plan: Representative; a) You may designate one or more persons (“Beneficiary” or g) We will continue to hold the Plan Assets invested until We receive “Beneficiaries”) to receive the Plan Proceeds; an instruction from the person or, if there is more than one entitled person, instruction from all persons entitled to the Plan b) A designation may be made, changed or revoked by Will or by a Assets to dispose of the Plan Assets subject to proof, to Our written instrument in a form acceptable to Us which adequately satisfaction, of that person’s or those persons’ entitlement and identifies the Plan and is signed by and dated by You, as subject to the following: applicable, referred to as an “Instrument”; i. if the entitled person is the Estate Representative, on the Estate c) By designating a beneficiary or not making a designation, You are Representative’s direction to pay the Plan Proceeds, We will pay deciding how the Plan Proceeds are dealt with on Your death. This the Plan Proceeds as directed; should be done as part of Your estate planning, with appropriate legal and tax advice. If You designate a charity as a beneficiary, ii. if the entitled person is a sole Beneficiary, on the sole it must be incorporated. If You designate an entity that is not an Beneficiary’s direction to pay the Plan Proceeds, We will pay individual or a corporation as Your beneficiary, that part of Your the Plan Proceeds as directed; designation will be considered invalid and treated as not having iii. if the persons entitled are multiple Beneficiaries, upon the been made by You; direction of all Beneficiaries to pay the Plan Proceeds, We will d) It is not the Trustee’s or Agent’s responsibility, but is Your own pay the Plan Proceeds as directed; however, if we have not responsibility, to make sure any beneficiary designation or other received direction from each Beneficiary as to how to pay the testamentary disposition reflects Your intentions from time to Plan Proceeds to which that Beneficiary is entitled, or there are, time, including if there is any change in Your status as a Spouse/ in Our view conflicting directions We cannot reconcile, We will Common-law Partner or the death or birth of any person You convert the Plan Assets to Canadian cash and pay the intend to designate as a beneficiary. It is Your responsibility to proportional entitlement of the Plan Proceeds as directed by inform any Beneficiary, or RRSP Benefit Trustee or Minor’s Trustee, each Beneficiary who has given Us a satisfactory direction and both as defined below, or any person whom you may wish to hold the remaining balance in cash. We shall have no liability for appoint as Your estate representative of the terms of any converting to or holding as Canadian cash under this section, designation or other testamentary disposition regarding the Plan. including any losses, expenses or taxes any Beneficiary or any It is that person’s responsibility to contact Us and provide Us with other person incurs as a consequence of that conversion. For required information and documentation in order to access the each Beneficiary from whom we have not obtained directions, Plan Proceeds; We are under no obligation to seek out that person We will be entitled to exercise Our discretion to pay the share of during your lifetime or, after Your death. While We may choose that Beneficiary into court in accordance with section 21; to access the court after we have notice of Your death as set out in h) We will only pay the Plan Proceeds to the Beneficiary or Beneficiaries section 21, We are under no obligation to do that. or the Estate Representative, as applicable, if We receive satisfac- 16. Death of Annuitant. The following applies on Your Death and is subject tory evidence of death and any other documents or information to section 14: We may require. Without limitation this means We may require: a) No transfers or Contributions are allowed into the Plan after Your i. letters probate or similar documents in order to establish that You death; did not subsequently revoke or amend the Beneficiary designation in those documents; and; b) We will pay the Plan Proceeds in accordance with the latest dated Instrument We have notice of in Our records upon receiving ii. certain identification and other information from or about satisfactory evidence of Your death and any other documents anyone before receiving Plan Proceeds; that We may require; i) All amounts referred to in section 25 will be deducted before any c) We may delay payment of the disposition of Plan Assets and distribution is made. We will be fully discharged once We make distribution of Plan Proceeds for any period We may determine in any transfers or payments, including if the payment is made to a Our absolute discretion if We believe that a delay is required or ad- Minor’s Trustee or a RRSP Benefit Trustee, both as defined below, visable to determine the proper recipient of the Plan Proceeds or and even though any beneficiary designation made by You may be under any applicable law. We will not be liable for any loss caused invalid as a testamentary instrument. by a delay;

38 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 38 2021-06-29 2:21 PM 2 17. Minor Designated as Beneficiary. Subject to section 14: If You ii. for a Post-Exempt Trust, the entitlement on death provisions in designate a trustee for a minor, absent any other specific terms in the the Declaration and the applicable provisions of the Act, where Instrument regarding holding, investing, distributing and succession the annuitant is deceased, continue to apply; and of trustee, You are directing Us to pay the minor’s share of the Plan Proceeds (the “Minor’s Share”) to the person or persons You are naming iii. to the extent necessary, the term “Plan” shall be read as “trust”; on the Instrument as the trustee for the minor (the “Minor’s Trustee”), b) The Trustee shall make the necessary filings and payment of tax as until the minor reaches the age of majority at which time the Minor’s required from time to time under the Act and shall be entitled to Trustee is to pay the Minor’s Share to the minor. However, if you charge the costs of doing so as well as a Non-RRSP Trust designate a Minor’s Trustee, should the Minor’s Trustee not survive administration fee as expenses under section 25; You or should they be unwilling or unable to receive the Minor’s Share in trust, You direct Us to pay the Minor’s Share to the parent(s) or c) Notwithstanding section 4, upon determining this is or is about guardian(s) of the property of the minor if permitted by the applicable to become a Non-RRSP Trust, as soon as administratively pos- provincial legislation or if not permitted, to the applicable provincial sible, the Agent will convert the Plan Assets to cash, which will be official or into court as the case may be. Nothing in this section Canadian dollars regardless of the currency the investments were in precludes the Minor’s Trustee from purchasing an annuity for the previously, and the Trustee will hold them in cash or in a Canadian benefit of the minor in accordance with the applicable sections of the dollar money market fund offered by a member of the CIBC Group, Act if deemed appropriate in the circumstances. as chosen by the Agent from time to time; You understand that: d) For Post-Exempt Trusts, We may, in our sole discretion, determine a) payment of the Plan Proceeds to the Minor’s Trustee constitutes a to open a different account for this inter vivos trust with the Agent sufficient discharge to Us and We have no duty or responsibility to on terms We determine are reasonable and transfer the assets from see to the application of the Plan Proceeds in accordance with any the original Plan account with the Agent into the new account. Any trust provisions in the Instrument or otherwise at law; cash in the different account for a Post-Exempt Trust will not be held as a deposit. We may invest the cash and pay interest on it at b) as a consequence of this designation, the minor will be entitled to a rate or no rate as We determine, and to be credited at a time as claim and use the Minor’s Share once he or she becomes an adult; We in Our sole discretion determine, regardless of how much of a c) it is Our recommendation and that of the Agent, that if You wish return We make on the investment. We may keep the spread to designate a minor, You do not use a designation form but between the return We make from the investment and the instead that You set up a trust for the minor under Your Will or a amount of interest, if any, We pay on the cash. The terms of the formal beneficiary designation trust. You also understand that a Declaration as they apply to Post-Exempt Trusts will continue to properly drafted Will or trust would provide detailed instructions apply to the different account. to the trustee(s) under the Will or trust, including with regards to 20. Terminating the Plan. permitted investments and the trustee’s powers (for example, if needed, to advance funds to the minor before he or she becomes a) You may terminate the Plan by giving Us written notice. an adult). Without these instructions, the Minor’s Trustee may be b) We may terminate the Plan at any time without notice, including if restricted in the types of investments that may be made and will Your account with the Agent is terminated or closed as provided in be governed by trust legislation, which may be inflexible; any account agreement with the Agent. d) We recommend that You obtain independent legal advice in c) If We determine that: respect of the effects of designating a minor or a Minor’s Trustee; i. the Plan contains a zero balance or a small amount and has and remained at a zero balance or below that small amount level for e) You indemnify, save harmless, release and discharge Us and the a period of time, that small amount and period as determined Agent for and from, any claims, expenses and/or losses that may by Us in Our sole discretion; arise or be incurred as a result of You designating the Minor’s ii. the Plan is a Non-Registered Trust; or Trustee. iii. You have terminated the Plan or the Agent has terminated your 18. RRSP Benefit Trustee. Subject to section 14: If You designate trustee(s) as or for the Beneficiary of the Plan, You are directing Us account with the Agent, but You have not directed a withdrawal to pay the Plan Proceeds to the trustee(s) (“RRSP Benefit Trustee”) to or transfer of all of the Plan Proceeds, hold and distribute in accordance with the governing trust provisions We may liquidate any investments and convert any Foreign contained in the Instrument. You understand that: Denominated Plan Assets to Canadian cash, if denominated in foreign a) payment of the Plan Proceeds to the RRSP Benefit Trustee constitutes currency. We may close the Plan and at Our option and in Our sole discretion, either mail a cheque payable to You for the Plan a sufficient discharge to Us and We have no duty or responsibility Proceeds to You at the address on record for You as provided for in to see to the application of the Plan Proceeds in accordance with subsection 29(b), or deposit the Plan Proceeds to an account in Your any trust provisions in the Instrument or otherwise at law; name alone at a member of the CIBC Group. b) We recommend that You obtain independent legal advice in d) We shall have no liability for closing the Plan and applying the Plan respect of the validity and effect of designating the RRSP Benefit Proceeds under this section, including any losses, expenses or taxes Trustee as or for the Beneficiary; and You or any other person incurs as a consequence of the payment. c) You indemnify and save harmless, release and discharge Us and e) Any termination will not affect the liabilities or obligations under the Agent for and from, any claims, expenses and/or losses which the Declaration incurred prior to the termination and provisions may arise or be incurred as a result of You designating the RRSP regarding liability, limitation of liability and indemnity will survive Benefit Trustee. termination of the Plan. 19. Non-RRSP Trust. If the trust under this Declaration is a Non-RRSP 21. Access to the Court. If there is a dispute or conflict about: Trust, the following apply: a) not making any payment or transfer from the Plan as set out in a) All references in the Declaration and the Application to “Plan”, shall subparagraph 13(h); mean “Non-Registered Trust” or “Post-Exempt Trust”, as applicable, and, b) who is legally authorized to instruct on or entitled to the Plan and direct payment of Plan Proceeds during Your life or to apply for i. for a Non-Registered Trust, any reference to the trust being or and accept payment of Plan Proceeds on Your death; or having the attributes as a RRSP is to be disregarded including the provisions regarding beneficiary designation; c) in Our view, a failure of persons entitled on Your death to properly instruct Us regarding payment of Plan Proceeds,

Section 2 | Terms for registered accounts 39

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 39 2021-06-29 2:21 PM 2 We are entitled to either apply to the courts for directions or pay the properly signed or presented. When the Plan is terminated and all of Plan Proceeds or portion of Plan Proceeds into court, which payment the Plan Proceeds are paid out, We will be released and discharged shall be in Canadian dollars, and, be discharged on that payment, and, from any further responsibility or obligation in connection with the in any such case, fully recover any legal costs We incur in this regard in Plan. accordance with section 25. This is in addition to any right at law of a Other than for charges, taxes or penalties imposed on the Trustee trustee to pay trust assets into court. under the Act, We will not be liable for or in respect of any tax, penalty, 22. Proof of Age. Your statement of Your date of birth in Your interest, loss or damages suffered or incurred by the Plan, You or any Application will be deemed to be a certification of Your age and Your other person in connection with the Plan, as a result of: undertaking to provide any further evidence or proof of age that may a) the acquisition, holding or transfer of any investment, or as a re- be required for the purpose of determining the Maturity Date and sult of payments out of the Plan, made in accordance with instruc- acquiring a Retirement Income. tions given to Us, or pursuant to any direction by You to terminate 23. Delegation by Trustee. You authorize Us to delegate to the Agent the Plan; and any others, the performance of administrative, custodial and any other duties relating to the Plan as We may determine appropriate b) as a result of Us acting or declining to act in accordance with from time to time. We will, however, bear ultimate responsibility for the instructions given to Us; or administration of the Plan in accordance with the Declaration and the c) otherwise in accordance with the terms of the Declaration, Tax Laws. unless caused by Our gross negligence, bad faith or wilful misconduct, You acknowledge that We may pay the Agent all or any portion of or in Quebec, unless caused by Our intentional or gross fault. Without Our fees and reimburse the Agent for its out-of-pocket expenses in limiting the generality of that statement, You will have no claim performing its delegated duties. You also acknowledge that the Agent whatsoever against Us in relation to any losses, diminution, damages, will earn normal brokerage commissions on investment transactions charges, costs, taxes, assessments, levies, interest, demands, fines, processed by Us or the Agent. You agree that the Agent or its affiliates claims, penalties, fees or expenses incurred directly or indirectly with may act as principal or market maker on the other side of a transaction respect to the administration or trusteeship of the Plan or the Plan or as part of larger transactions for the Plan, including options, fixed Assets (“Liabilities”), except Liabilities directly caused by Our gross income and currency conversion transactions, and You agree to pay the negligence, bad faith or wilful misconduct, or in Quebec, unless caused Agent the applicable commissions on these transactions. by Our intentional or gross fault. You specifically acknowledge that We You acknowledge and agree that all protections, limitations of liability and will not be responsible for Liabilities caused by any action or inaction of indemnifications given to Us under the Declaration, are also given to the Trustee or the Agent in each one’s personal capacity. and are for the benefit of the Agent. The Trustee shall have only the obligations and liabilities provided in 24. Delegation by You. You may, by way of a duly executed power the Declaration and for greater certainty, shall not have any of the duties, of attorney, in a form acceptable to Us, appoint an agent to give obligations, or liabilities of an administrator of the property of others investment instructions, or otherwise deal with the Plan as Your within the meaning of the Civil Code of Quebec. agent, however We reserve the right to require proof satisfactory You, Your heirs and Estate Representative and each beneficiary to Us, including requiring court documentation to that effect of the under the Plan agree to and by this Declaration do indemnify and agent’s authority, including with respect to any specific transaction, save harmless Us, Our associates and affiliates and each of Our and and also to refuse to deal with Your agent. You release Us from any their respective directors, officers, custodians, agents (including the claim or liability when acting upon the instructions of Your agent. Agent) and employees from and against all Liabilities of any nature Unless Your power of attorney specifically states otherwise, Your agent whatsoever (including all expenses reasonably incurred in Our or their appointed under the power of attorney may provide Us and the Agent defence) which may at any time be incurred by any of Us or them, or be with information necessary for the “Know Your Client” regime under brought against any of Us or them by any person, regulatory authority securities regulation and We may rely on that information. or government authority, and which may in any way whatsoever arise 25. Fees and Expenses. We are entitled to receive and may charge out of or be connected in any way with the Plan. (This indemnity does against the Plan reasonable fees and other charges specifically referred not apply with respect to charges, taxes or penalties imposed solely to in the Declaration and any other published fees and charges that We on the Trustee under the Act.) If We or any of them are entitled to establish from time to time in conjunction with the Agent. We will give and make any claim under this indemnity, We may pay the claim from You notice of a change in the amount of any published fees as required the Plan Assets. If the Plan Assets are insufficient to cover the claim, by securities regulation. We are also entitled to reimbursement for all or if the claim is made after the Plan has ceased to exist, You agree taxes, penalties and interest, legal fees and for all other costs and to personally pay the amount of the claim and We may apply monies out-of-pocket expenses incurred by Us or the Agent in connection held for You in any other account with any member of the CIBC Group, with the Plan other than for charges, taxes or penalties imposed on including the Agent, other than a registered retirement savings plan or the Trustee under the Tax Act. Without limiting the generality of the registered retirement income fund, to eliminate or reduce the claim. previous statement, We are specifically entitled to recover any legal The provisions of this section 26 shall survive the termination of the fees and expenses incurred by Us or the Agent in connection with any Plan. dispute, conflict or uncertainty arising: 27. Replacement of Trustee. We may retire as trustee of the Plan upon a) as a result of not making any Payment from the Plan as set out in sending You sixty (60) days prior notice, provided that a successor subparagraph 13(h); trustee has been appointed in writing by the Agent and the successor b) during Your lifetime, regarding who is legally authorized to instruct trustee has accepted the appointment. We will transfer all records and on the Plan or direct payment of Plan Proceeds; investments of the Plan to the successor trustee immediately upon retirement. c) as a result of any beneficiary designation or other testamentary Any trust company resulting from a merger, amalgamation or disposition made by You either on the Plan or otherwise; continuation to which We are party, or succeeding to substantially d) out of a third-party demand made upon the Plan; or all of Our RRSP and RRIF trusteeship business (whether by sale of the business or otherwise), will, if authorized, become the successor e) Your or any other person’s interest or alleged interest in the Plan, trustee of the Plan without further act or formality. including any issues involving marriage or common-law partnership breakdown. 28. Amendments. We may propose to change, either permanently or temporarily, any term of the Declaration (including fees, charges Unless otherwise permitted by Us, fees, expenses, and reimbursements or other amounts required to be paid by you under the Declaration) will be charged in Canadian dollars only. or replace the Declaration with another declaration, at any time. 26. Our Liability. We are entitled to act upon any instrument, We will give you written notice of a proposed change and any other certificate, notice or other writing believed by Us to be genuine and information required by law, at least 30 days before the change is

40 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 40 2021-06-29 2:21 PM 2 stated to come into effect in the notice in accordance with sub section in the CIBC privacy brochure, “Your Privacy Is Protected”. This policy 29(b), the “Notice to You” provision. You may refuse the change by brochure describes how the CIBC Group collects, uses, discloses, and terminating the Plan without cost, penalty or cancellation indemnity retains information about You and the products and services You use (other than taxes or penalties imposed under the Tax Laws or any third and is available at any CIBC branch or www.cibc.com. In addition upon party as a result of your termination of the Plan, which will remain Your Your death, for the purposes of administration of the Plan or where responsibility) by notifying Us within 30 days of the effective date of the information is reasonably necessary for the administration of Your the change. You can obtain a copy of the current Retirement Savings estate, We may share information about the Plan, including information Plan Declaration of Trust at any CIBC Wood Gundy branch or through contained in the Application and any Instrument, with Your Estate our website (www.cibcwoodgundy.com). Representative, even if there is a designated beneficiary for the Plan, or 29. Notice. with any one or more of the designated beneficiaries. a) Notice By You: Any notice or instructions given by You to Us shall 31. Electronic writing and signature. Where writing or signature are be given by personal delivery or by mail (postage prepaid) to the required, in Our sole discretion and subject to applicable law, these may Trustee, care of, CIBC Wood Gundy, BCE Place, P.O. Box 500, be in electronic form. Toronto, Ontario M5J 2S8 or at another address that We may from 32. Reference to Statutes. All references in the Declaration to any time to time specify in writing. The notice or instruction shall be statute, regulation or any provision of them will mean the statute, deemed to have been given on the day that it is actually delivered regulation or provision as it may be re-enacted or replaced from to or received by Us. time to time. If any provision of the Act which is referred to in the Declaration is renumbered because of an amendment to the Act, then b) Notice To You: We can communicate with you about the Plan in any the reference in the Declaration is considered to be a reference to the manner permitted by law, including (as applicable), by mail, renumbered provision. telephone, fax, email or other electronic means at any address or number you provide or any other relevant channels (including branch, 33. Binding. The terms and conditions of the Declaration will be binding website or mobile app notices), and You agree that We may send upon Your heirs and Estate Representative and upon Our successors and assigns. However, if the Plan or the Plan Assets are transferred You confidential information by these means. We will consider that to a successor trustee, then the terms of that successor trustee’s You have received communications as follows (whether You actually declaration of trust will govern from then on. receive them or not): 34. Governing Law. This Declaration will be construed, administered i. if We send the communication by prepaid mail, on the third and enforced in accordance with the laws of the Canadian province or business day after the date on the postmark; and territory in which You live or if You do not live in Canada, with the laws ii. in any other case, on the day the communication or notice is of Ontario. displayed or provided to You. 35. Quebec only. You confirm that you have requested that this We may contact You outside of business hours for time-sensitive document, and any other documents relating to it, be in English. Vous matters. You are responsible for making sure We have Your current reconnaissez avoir exigé que ce document, ainsi que tout document s’y address. If something We send You cannot be delivered and is returned rattachant, soient rédigés en langue anglaise. to Us, We will not send anything else until You give us a current address. 2.2 CIBC WOOD GUNDY SELF-DIRECTED RETIREMENT c) Notice to Us by Third Parties: While any legal notice or document INCOME FUND DECLARATION OF TRUST issued by a third party in respect of the Plan will be effectively CIBC Trust Corporation, a trust company existing under the laws of served if served on Us at the address in subsection 29(a), service Canada, agrees to act as trustee for You, the annuitant named in may be accepted, at Our discretion, at any location of the Trustee the Application, as defined below, to establish and operate a CIBC or Agent or CIBC or any member of the CIBC Group. If any ex- Wood Gundy Self-Directed Retirement Income Fund (the “Fund”) in penses are incurred in responding to any third party legal notice accordance with the Income Tax Act (Canada), upon the following or document, such expenses may be charged to the Plan as out of terms: pocket expenses under section 25. We may, but are not required Some Definitions. In this Declaration of Trust, in addition to terms to, notify You of the receipt of any legal notice or document before defined elsewhere in it: We comply with it. We may serve You with any legal notice or document by mailing it to You by ordinary mail in accordance with “Act” means the Income Tax Act (Canada); subsection 29(b). Any payment made by Us to a third party claim- “Agent” means CIBC World Markets Inc., which is an affiliate of the ant under any legal process, if the payment is made in good faith, Trustee; is a discharge of Our obligations under this Declaration and with “Annuitant” means You and after Your death, the Successor Annuitant; respect to the Plan, to the extent of the amount paid. “Application” means the CIBC Wood Gundy Self-Directed Retirement 30. Collection, Use and Disclosure of Information. We may collect Income Fund Application, which could be either in the form of the CIBC information during the course of Your relationship with Us from Wood Gundy Client Profile document or a stand-alone application; credit bureaus, other financial institutions, mutual fund companies, “CIBC” means Canadian Imperial Bank of Commerce unless otherwise and references You provide to Us. We may disclose information to stated; credit bureaus, other financial institutions, mutual fund companies and other issuers, law enforcement agencies, regulators and self- “CIBC Group” means CIBC and its subsidiaries that currently offer regulatory organizations. (The word “Information” means financial and deposits, loans, mutual funds, securities trading, mortgages, trust, and financially related information about You, including information to insurance services; identify You or qualify You for products and services, or information “Common-law Partner” has the meaning set out in the Act; that We need for regulatory requirements.) We may use Information to identify You, protect You, and Us from fraud and error, understand “Declaration” means this CIBC Wood Gundy Self-Directed Retirement Your needs and eligibility for services, recommend particular products Income Fund Declaration of Trust. Unless otherwise indicated, any and services to meet Your needs, provide ongoing service, administer reference to sections, subsections, paragraphs and subparagraphs referral arrangements that You have agreed to, facilitate tax and other mean those provisions in the Declaration; reporting by mutual fund companies and other issuers, and to comply “Estate Representative” means the person or persons who has or have with legal, regulatory and self-regulatory requirements. We may also demonstrated, with evidence satisfactory to Us, (which may include collect, use and disclose Information for any purpose required or letters probate or other court documentation), Your death and that permitted by law, a regulator or a self-regulatory organization. We person or those persons is or are the legal representative of Your estate; may share information within the CIBC Group for legal and regulatory “Foreign Denominated Fund Assets” means Fund Assets denominated purposes, to manage risk and to update Your information as described in a currency other than Canadian dollars;

Section 2 | Terms for registered accounts 41

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 41 2021-06-29 2:21 PM 2 “Fund Assets” has the meaning set out in section 4; described in sub-paragraph 60(l)(v) of the Act (which permits “Fund Proceeds” means Fund Assets, less any applicable taxes, interest transfers of RRSP refund of premiums, RRSP annuity or penalties that are or may become or have to be withheld or payable commutation payments, and RRIF designated benefits); under the Tax Laws, and less costs of realization and any of Our fees, c) Transfer on Marriage or Common-law Partnership Breakdown: a charges and expenses; RRIF, or RRSP or PRPP belonging to Your Spouse/Common-law “Minimum Amount” has the meaning set out in subsection 146.3(1) of Partner or former Spouse/Common-law Partner where You and the Act; Your Spouse/Common-law Partner or former Spouse/Common- law Partner are living separate and apart and the transfer is made “Non-Registered Trust” means the trust under the Declaration if under a decree, order, or judgment of a competent tribunal, or the Minister of National Revenue does not accept the application to under a written separation agreement, relating to a division of register the Fund as a RRIF under the Act; property between You and Your Spouse/Common-law Partner “Non-RRIF Trust” means a Non-Registered Trust or a Post-Exempt Trust; or former Spouse/Common-law Partner in settlement of rights arising out of, or on the breakdown of, Your marriage or common- “Post-Exempt Trust” means a Fund where December 31st of the law partnership. Both You and Your Spouse/Common-Law Partner year following the year of Your death has passed and no designated or former Spouse/Common-Law Partner must be alive at the time successor annuitant has taken over as Annuitant or the Fund Proceeds of the transfer for Us to complete it; have not been fully paid out to those entitled on Your death or otherwise in accordance with the Declaration; d) Pension Plan Transfers: a registered pension plan as defined in the Act of which You are a “member” (as defined in subsection 147.1 (1) “PRPP” means a pooled registered pension plan, as defined in the Act; of the Act), or a registered pension plan of Your Spouse/Common- “Retirement Income” has the meaning set out in the Act; law Partner or former Spouse/Common-law Partner in accordance “RRIF” means a registered retirement income fund, as defined in the Act; with subsection 147.3(5) or (7) of the Act (which permits a transfer on marriage/common-law partnership breakdown or after the “RRSP” means a registered retirement savings plan, as defined in the Act; Spouse/Common-law Partner or former Spouse/Common-law “Spouse” means a spouse for the purposes of the Act; Partner dies); or “Successor Annuitant” means the individual who becomes the e) Other Transfers: such other sources as may be permitted under Annuitant after the death of a previous Annuitant in accordance with the Tax Laws from time to time. the terms of the Fund and the Act; We may determine the minimum dollar amount of each transfer to the “Tax Laws” means the Act and any applicable tax legislation of Your Fund that We will permit and We may change that amount at any time. Canadian province or territory of residence as recorded in Your No transfers may be made into the Fund after Your death. Application, as amended from time to time on proper notice to Us, 4. Investments. We will hold property received in accordance with provided that if You become a non-resident of Canada, “Tax Laws” section 3 and any investments, income or gains on them (the “Fund means the Act; Assets”) in trust, to be held, invested and used according to the terms “Trustee” means CIBC Trust Corporation and any successor trustee of of this Declaration and the Tax Laws. Where the Fund is a Non-RRIF the Fund; Trust, this section is subject to sections 16 and 17. “We”, “Us” and “Our” means CIBC Trust Corporation and, where a) All investment management authority is solely Your responsibility. applicable, the Agent who acts on behalf of the Trustee for certain This means any statutory rules regarding authorized trustee administrative tasks in respect of the Fund; and investments or trustee’s duty with regard to investment where the trustee is charged with managing the investments, do not apply to “You”, “Your” and “Yours” refer to the individual who has signed the this trust. We will hold, invest and sell the Fund Assets according to Application and will be the owner of the Fund (under the Act, known as Your instructions. We may require any instructions to be in writing. the “annuitant” of the Fund) and, after Your death means the Successor Annuitant, if applicable. The individual cannot be a trust or an individual b) Notwithstanding anything in the Declaration, We may decline as trustee of a trust. to accept any particular transfer or contribution or to make or continue to hold any particular investment, in Our sole discretion 1. Registration. We will apply for registration of the Fund as a RRIF or for any reason, including any Foreign Denominated Fund under the Tax Laws. The purpose of the Fund is to provide You with a Asset or any asset if it does not comply with Our administrative Retirement Income. Your name, date of birth, Social Insurance Number requirements or policies in place from time to time. We may and any other information required by Canada Revenue Agency that also need You to provide special supporting documentation as a You provide Us must match exactly to what Canada Revenue Agency condition to Our making certain investments for the Fund. holds in its records for You, or else the Fund may not be registered and will be a Non-Registered Trust and We are not liable if this happens. c) The necessary funds or securities must be in the particular currency See sections 16 and 17 for what happens if this is a Non-Registered of the Fund before any transaction can occur in that currency. Trust. Whether the trust is a Non-Registered Trust shall be determined d) Any cash balance will be held as a deposit with the Trustee under by Us in Our sole discretion and may occur after the first rejection of the Trust and Loan Companies Act (Canada), payable on demand. registration of the trust as a RRIF by Canada Revenue Agency. The Trustee may pay interest on the deposit at a rate and to be 2. Locked-in Fund. If this Fund is locked-in or restricted under federal credited at a time as it in its sole discretion determines. or provincial pension legislation or by agreement, (“locked-in Fund”) You e) It will be solely Your responsibility to determine whether any must sign a locked-in agreement (the “Locked-in Agreement”) when transfer, contribution or investment is or remains a “qualified You sign the Application. The Locked-in Agreement contains terms that investment” and is not a “prohibited investment” for RRIFs are required by the pension legislation or the transferring pension plan pursuant to the Tax Laws. The Trustee shall exercise the care, or financial institution. Some of those terms override the terms of the diligence and skill of a reasonably prudent person to minimize the Declaration (for example, payments from the Fund are restricted by a possibility that the Fund holds a non-qualified investment. The maximum yearly amount; successor annuitant and other beneficiary Fund will bear any taxes, penalties and/or related interest imposed designation provisions may not apply). You acknowledge that if there is under the Tax Laws. If the Fund Assets are insufficient to pay any a conflict at any time between the pension legislation and the Tax Laws, taxes, penalties or related interest incurred, or if taxes, penalties or We will not contravene the Tax Laws or do anything that may result in related interest are imposed after the Fund has ceased to exist, You a tax liability to Us or the Agent. must pay or reimburse Us directly for any such taxes, penalties or 3. Acceptance of Property into the Fund. We will accept transfers into related interest other than for charges, taxes or penalties imposed the Fund of cash and other property as We may permit only from: on the Trustee under the Act. It is also solely Your responsibility for any taxes, interest and/or penalties imposed on You under the a) RRSP, RRIF or PRPP: an RRSP, RRIF or PRPP under which You are Tax Laws for acquiring or holding either non-qualified investments the annuitant; or prohibited investments. Should an investment no longer be a b) Transfers of Refunds of Premium, etc.: You, if it is an amount qualified investment for an RRIF under the Act, We may in our sole

42 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 42 2021-06-29 2:21 PM 2 discretion, withdraw that investment from the Fund and deliver c) Payment Frequency: Payments shall be made to You in the it to You in kind, or sell it and retain the proceeds in the Fund. We amounts, and at the times, as You may elect from time to time shall determine the fair market value of the investment for tax from the available payment options and subject to the Tax Laws. reporting purposes in such manner as we determine in our sole You must give written notice to Us in a form acceptable to Us. discretion. d) Final Payment: The final payment on the completion of the Fund f) We will not be responsible for any loss or tax resulting from must equal the value of the Fund Assets at the time of the final the sale or other disposition or any valuation of any investment payment (less all proper charges, including the fees, costs, and forming part of the Fund Assets including any conversion to or expenses payable under section 22, and any applicable taxes), or from Foreign Denominated Fund Assets for any purposes of the as required by the Tax Laws. Fund. e) Tax Withheld from payments: Tax shall be withheld from any 5. Foreign Denominated Fund Assets. Where You have chosen Foreign payment out of the Fund as required by Tax Laws. Denominated Fund Assets to be bought, sold or held in the Fund: f) Restrictions on payments: We will not make any payments other a) Any tax withholding or reporting under Tax Laws in regard to than those described in this section or in sections 9 (transfers) Foreign Denominated Fund Assets will be in Canadian dollars, and 11 (death). No payment will be for an amount exceeding the at the applicable exchange rate. It is Your responsibility to make value of the Fund Assets immediately before such payment. No sure any limits under Tax Laws that apply to You and the Fund are payment from the Fund may be assigned, in whole or in part. met, including if a transaction involves Foreign Denominated Fund 9. Transfers (on Relationship Breakdown or Otherwise). Subject to any Assets; reasonable requirements We impose, You may direct Us in writing to b) We may transfer assets within the Fund between different transfer all or any part of the Fund Proceeds (net of any property We currencies in order to administer the Fund, including to prevent must retain under the Tax Laws to ensure that the Minimum Amount debit balances; and can be paid to You in that year) to: c) In connection with any transfer within or from the Fund or a) a RRIF or PRPP under which You are the annuitant; any withdrawal or payment of fees and expenses under b) a registered pension plan under which you are a member, as the Declaration, We may sell and convert between Foreign provided in the Act; or Denominated Fund Assets of different currencies or between Canadian dollars and Foreign Denominated Fund Assets at the c) a RRSP or RRIF under which Your Spouse, former Spouse, applicable exchange rate. We will have no liability to You in respect Common-law Partner or former Common-law Partner, from of any sold or converted Fund Assets or for any losses that may whom You are living separate and apart, is the annuitant and result from those sales or conversions. the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement, that 6. Your Account and Statements. We will maintain an account in relates to a division of property in settlement of rights that arose Your name showing all contributions, transfers, investments and out of, or on the breakdown of, Your marriage or common-law withdrawals. We will provide You account statements as required partnership. Both You and Your Spouse/Common-Law Partner or under securities regulations. We will make returns and file reports as former Spouse/Common-Law Partner must be alive at the time of may be required from time to time by the Tax Laws. the transfer for Us to complete it. 7. Management and Ownership. We may hold any investment in Our These transfers will take effect in accordance with the Tax Laws and own name, in the name of Our nominee or Agent, in bearer form or any other applicable law and within a reasonable time after any in another name or form, or with any custodian, clearing corporation required forms have been completed. If the transfer is to another RRIF or depository, as We may determine. We may generally exercise the under which You are the annuitant, We will also transfer all information power of an owner with respect to the Fund Assets, including the right necessary for the continuance of the Fund. Subject to section 10, You to vote or give proxies to vote, however, We may decline to act or as may request in writing which Fund Assets You wish Us to transfer in a condition to acting may require You to sign documents related to kind or sell. subscriptions, voting, proxies or other corporate actions, as We in Our sole discretion determine and We will have no liability for acting or 10. Payments, Transfers and Asset Liquidation Generally. The following declining to act. We may sell assets to pay any assessments, taxes or applies to any withdrawals, transfers or any other payments required charges in connection with Your or the Fund’s liability. In exercising Our under the Declaration including fees and expenses under section 22, all rights and carrying out Our responsibilities, We may employ agents and referred to in this section as “Payment” or “Payments”, and any other advisors, including legal counsel, and may act or not act on the advice time assets are liquidated: or information of any agent or advisor. a) It is solely Your responsibility to ensure that there is sufficient 8. Payments. In each calendar year (the “Year”), We will make payments cash in the Fund to make Payments. We are not required to make from the Fund to You as follows: any Payment in kind; a) Minimum Amount: The Act requires that You receive payments b) In order to make any Payment, to the extent We deem appropriate, each Year from the Fund that total at least the Minimum Amount. We may, without notice to You, sell all or convert part of any of We will make one or more payments to You, totalling not less the Fund Assets at the price or prices as We in Our sole discretion than the Minimum Amount. In the Year in which the Fund is may determine, and We will deduct any applicable fees and opened, the Minimum Amount is zero, meaning that You do not expenses. We will have no liability to You in respect of any sold have to take payments if You do not want to. For subsequent or converted Fund Assets or for any losses that may result from Years, the Minimum Amount varies each Year, depending on those sales or conversions; the Year in which the Fund is opened and Your age (or Your c) We will withhold and remit any income taxes as required; Spouse’s/Common-law Partner’s age, if You elected before the first payment was made from the Fund that payments be based d) A Payment or asset liquidation will only take effect in accordance on Your Spouse’s/Common-law Partner’s age). If required by the with the Tax Laws and any other applicable law. No withdrawal Tax Laws, tax will be withheld from payments of the Minimum or transfer will be made until all liabilities (including for all fees, Amount. The value of the Fund Assets will be, for the purposes of charges and taxes) have been paid or provided for; determining the Minimum Amount, the market value at the e) In connection with any Payment or asset liquidation, We beginning of the Year, and for all other purposes, the market value may, without notice to You, sell and convert between Foreign as determined by Us from time to time. Denominated Fund Assets of different currencies or between b) Excess Payments: Subject to applicable pension legislation Canadian dollars and Foreign Denominated Fund Assets, at the or agreement if this is a locked-in Fund, You may direct Us to applicable exchange rate. We will have no liability to You in respect make payments that exceed the Minimum Amount by giving Us of any sold or converted Fund Assets or for any losses that may directions in a form acceptable to Us. Tax will be withheld from result from those sales or conversions; the excess over the Minimum Amount as required by the Tax Laws. f) Any exchange required between Canadian and foreign currency

Section 2 | Terms for registered accounts 43

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 43 2021-06-29 2:21 PM 2 will be carried out by CIBC or a member or associate of the CIBC beneficiary designation or other testamentary disposition reflects Group (any of which is referred to in this paragraph as “CIBC”). Your intentions from time to time, including if there is any change in In performing any actual currency conversion in or for the Fund, Your status as a Spouse/Common-law Partner or the death or birth CIBC will act as principal in buying and selling currency from and of any person You intend to designate as a successor annuitant or to You and CIBC will earn spread-based revenue determined by other beneficiary. It is Your responsibility to inform any Beneficiary, the difference between the rates at which CIBC buys and sells the or RRIF Benefit Trustee or Minor’s Trustee, both as defined below, currency, the rates determined by CIBC in its sole discretion at the designated successor annuitant or any person whom you may time of the buy and sell without having to obtain rates that limit wish to appoint as Your estate representative of the terms of any the spread-based revenue. The spread-based revenue will be in designation or other testamentary disposition regarding the Fund. addition to any commission, fee or revenue otherwise payable by You It is that person’s responsibility to contact Us and provide Us with to CIBC on the transaction giving rise to the conversion of currency required information and documentation in order to access the or otherwise payable to the Trustee of the Fund. The spread-based Fund or Fund Proceeds; We are under no obligation to seek out revenue will be in addition to any commission, fee or revenue that person during your lifetime or, after Your death. This includes otherwise payable by You on the payment out or on the account or informing any person you may have designated as successor otherwise payable to the Trustee or Agent; annuitant, that the right to become a g) We will be discharged from all further duties and liabilities in respect successor holder may no longer be available if the Fund is a Post- of any Payment of Fund Assets; Exempt Trust, as provided in subsection 16(b). While We may choose to access the court after we have notice of Your death as set out in h) We are not required to make a Payment from the Fund at any time section 18, We are under no obligation to do that. if We determine that We may suffer legal and/or reputational risk, or that We may be in violation of any law, rule, regulation, agreement or 13. Death of Annuitant. The following applies on Your Death and is subject internal policy applicable to us. Without limiting the generality of the to section 11: previous statement, this includes the Special Economic Measures Act a) No transfers or contributions are allowed into the Fund after Your (Canada), or any other regulatory sanctions. death; 11. Payment on Death. Subject to applicable pension legislation or b) We will pay the Fund Proceeds in accordance with the latest agreement if this is a locked-in Fund, on Your death, We will pay the dated Instrument We have notice of in Our records upon receiving Fund Proceeds to the Estate Representative and not in accordance with satisfactory evidence of Your death and any other documents that any designation of successor annuitant or other beneficiary unless the We may require; designation of successor annuitant or other beneficiary is effective in Your c) We may delay payment or the disposition of Fund Assets and jurisdiction as of the date of the Your death such that a RRIF or proceeds distribution of Fund Proceeds for any period We may determine of a RRIF can pass outside of Your estate. Sections 12 through 15 are in Our absolute discretion if We believe that a delay is required or subject to this provision. advisable to determine the proper recipient of the Fund Proceeds or 12. Designation of Successor Annuitant or Other Beneficiary. The under any applicable law. We will not be liable for any loss caused by following applies with respect to designation of a successor annuitant or a delay; other beneficiary on Your Death and is subject to section 11 and applicable d) If We receive more than one Instrument or evidence of it, pension legislation if this is a locked-in Fund: satisfactory to Us in Our sole discretion, We are entitled to pay the a) A successor annuitant or other beneficiary may be designated in Fund Proceeds in accordance with the Instrument having the most accordance with this paragraph with respect to entitlement to the recent execution date; Fund or the Fund Proceeds after Your death: e) A designated successor annuitant or other Beneficiary who disclaims i) Spouse/Common-Law Partner Successor Annuitant: You may or at law is treated as having disclaimed the interest in the Fund designate Your surviving Spouse/Common-Law Partner as the arising on Your death will be deemed to have predeceased You; successor annuitant of the Fund after Your death, however, if the f) If You elected (designated) Your Spouse/Common-law Partner as Fund becomes a Post-Exempt Trust, We in Our sole discretion, may the successor annuitant, this election will only be effective if Your not permit a designated successor annuitant to become a successor Spouse/or Common-law Partner: annuitant, but only to receive the Fund Proceeds as beneficiary; i) has not predeceased You; and ii) Beneficiary of Lump Sum: Alternatively, You may designate one or more persons (“Beneficiary” or “Beneficiaries”) to receive the Fund ii) has not disclaimed or released the right to become the successor Proceeds in a lump sum payment; annuitant; and b) You understand that if You designated Your Spouse or Common- iii) was Your Spouse/Common-law Partner on the date of Your death; law Partner as the Successor Annuitant and You designated one or g) Unless otherwise provided in the Instrument: more beneficiaries under paragraph 12 (a (ii) above, that beneficiary designation will only be effective if Your Spouse or Common-law i) if there is no effective designation of successor annuitant, if more Partner predeceases You, disclaims or is not Your Spouse or than one Beneficiary is designated on the Instrument: Common-law Partner on the date of Your death; 1. the Fund Proceeds will be divided among those of the Beneficiaries c) A designation may be made, changed or revoked by Will or by a who survive You, in the percentage share specified by You (if the written instrument in a form acceptable to Us which adequately percentage was unclear or not specified, the Fund Proceeds will identifies the Fund and is signed by and dated by You, as applicable, be divided equally); referred to as an “Instrument”; 2. should any Beneficiary predecease You, the percentage share d) If an Instrument specifically designates a Spouse/Common-Law of the deceased Beneficiary will be divided equally among the Partner as successor annuitant and also designates a beneficiary other Beneficiaries who survive You; and than a successor annuitant, the designation of successor annuitant 3. if only one of the Beneficiaries survives You, that Beneficiary will will govern unless the Instrument explicitly provides otherwise; receive the entire Fund Proceeds; e) By designating a beneficiary or not making a designation, You are ii) if there is no effective successor annuitant designation and if no deciding how the Fund Proceeds are dealt with on Your death. This Beneficiary is designated or all designated Beneficiaries die before should be done as part of Your estate planning, with appropriate You, the Fund Proceeds will be paid to the Estate Representative; legal and tax advice. If You designate a charity as a beneficiary, it must be incorporated. If You designate an entity that is not an h) We will continue to hold the Fund Assets invested until We receive individual or a corporation as Your beneficiary, that part of Your an instruction from the person or, if there is more than one entitled designation will be considered invalid and treated as not having been person, instruction from all persons entitled to the Fund Assets to dispose made by You; of the Fund Assets subject to proof, to Our satisfaction, of that f) It is not the Trustee’s or Agent’s responsibility, but is Your own person’s or those persons’ entitlement and subject to the following: responsibility, to make sure any successor annuitant or other i) if the entitled person is the designated successor annuitant, subject

44 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 44 2021-06-29 2:21 PM 2 to that person completing the necessary documents and see to the application of the Fund Proceeds in accordance with any procedures, We will change the name on the Fund to the name of trust provisions in the Instrument or otherwise at law; that person; b) as a consequence of this designation, the minor will be entitled to ii) if the entitled person is the Estate Representative, on the Estate claim and use the Minor’s Share once he or she becomes an adult; Representative’s direction to pay the Fund Proceeds, We will pay c) it is Our recommendation and that of the Agent, that if You wish to the Fund Proceeds as directed; designate a minor, You do not use a designation form but instead, iii) if the entitled person is a sole Beneficiary, on the sole Beneficiary’s that You set up a trust for the minor under Your Will or a formal direction to pay the Fund Proceeds, We will pay the Fund beneficiary designation trust. You also understand that a properly- Proceeds as directed; drafted Will or trust would provide detailed instructions to the iv) if the persons entitled are multiple Beneficiaries, upon the trustee(s) under the Will or trust, including with regards to permitted direction of all Beneficiaries to pay the Fund Proceeds, We will investments and the trustee’s powers (for example, if needed, to pay the Fund Proceeds as directed; however, if we have not advance funds to the minor before he or she becomes an adult). received direction from each Beneficiary as to how to pay the Without these instructions, the Minor’s Trustee may be restricted Fund Proceeds to which that Beneficiary is entitled, or there are, in the types of investments that may be made and will be governed in Our view conflicting directions We cannot reconcile, We will by trust legislation, which may be inflexible; convert the Fund Assets to Canadian cash and pay the d) We recommend that You obtain independent legal advice in respect proportional entitlement of the Fund Proceeds as directed by of the effects of designating a minor or a Minor’s Trustee; and each Beneficiary who has given Us a satisfactory direction and e) You indemnify and save harmless, release and discharge Us and hold the remaining balance in cash. We shall have no liability for the Agent for and from any claims, expenses and/or losses which converting to or holding as Canadian cash under this section, may arise or be incurred as a result of You designating the Minor’s including any losses, expenses or taxes any Beneficiary any other Trustee. person incurs as a consequence of that conversion. For each Beneficiary from whom we have not obtained directions, 15. RRIF Benefit Trustee. Subject to section 11: If You designate We will be entitled to exercise Our discretion to pay the share of trustee(s) as or for the Beneficiary of the Fund, You are directing Us to pay the Fund Proceeds to the trustee(s) (“RRIF Benefit Trustee”) to that Beneficiary into court in accordance with section 18; hold and distribute in accordance with the governing trust provisions i) We will only change the name of the Fund into the name of the contained in the Instrument. You understand that: designated successor annuitant or make payments from the Fund a) payment of the Fund Proceeds to the RRIF Benefit Trustee constitutes to the designated successor annuitant or pay the Fund Proceeds to a sufficient discharge to Us and We have no duty or responsibility the Beneficiary or Beneficiaries or the Estate Representative, as to see to the application of the Fund Proceeds in accordance with applicable, if We receive satisfactory evidence of death and any any trust provisions in the Instrument or otherwise at law; other documents or information We may require. Without limitation this means We may require: b) We recommend that You obtain independent legal advice in respect of the validity and effect of designating the RRIF Benefit Trustee as i) letters probate or similar documents in order to establish that or for the Beneficiary; and the You did not subsequently revoke or amend the designation of successor annuitant or Beneficiary in those documents; c) You indemnify and save harmless, release and discharge Us and the Agent for and from, any claims, expenses and/or losses which may ii) certain information from the designated successor annuitant and arise or be incurred as a result of You designating the RRIF Benefit proof satisfactory to Us that the designated successor annuitant Trustee. was Your Spouse/Common-law Partner of the at the time of Your death, among other things, in order for the designation of 16. Non-RRIF Trust. If the trust under this Declaration is a Non-RRIF successor annuitant to be effective; and Trust, the following apply: iii) certain identification and other information from or about a) All references in the Declaration and the Application to “Fund”, shall anyone before taking over as successor annuitant or receiving mean “Non-Registered Trust” or “Post-Exempt Trust”, as Fund Proceeds; applicable, and: j) All amounts referred to in section 22 will be deducted before any i) for a Non-Registered Trust, any reference to the trust being or distribution is made. We will be fully discharged once We make any having the attributes as a RRIF is to be disregarded including transfers or payments, including if the payment is made to a Minor’s the provisions regarding designation of a successor annuitant or Trustee or RRIF Benefit Trustee, both as defined below, or change other beneficiary; the name of the Fund into name of the designated successor ii) for a Post-Exempt Trust, subject to subsection 16(b), the entitlement annuitant, as applicable, and even though any beneficiary designation on death provisions in the Declaration and the applicable provisions made by You may be invalid as a testamentary instrument. of the Act, where the annuitant is deceased, continue to apply; 14. Minor Designated as Beneficiary. Subject to section 11: If You and designate a trustee for a minor, absent any other specific terms in the iii) to the extent necessary, the term “Fund” shall be read as Instrument regarding holding, investing, distributing and succession “trust”; of trustee, You are directing Us to pay the minor’s share of the Fund Proceeds (the “Minor’s Share”) to the person or persons You are naming b) If the Fund is a Post-Exempt Trust, We may, in our sole discretion, on the Instrument as the trustee for the minor (the “Minor’s Trustee”), not permit a designated successor annuitant to become a successor until the minor reaches the age of majority at which time the Minor’s annuitant, and deem an election (designation) of a successor annuitant Trustee is to pay the Minor’s Share to the minor. However, if you to be a designation to a Beneficiary to receive all of the Fund Proceeds, designate a Minor’s Trustee, should the Minor’s Trustee not survive subject to section 11; You or should they be unwilling or unable to receive the Minor’s Share c) The Trustee shall make the necessary filings and payment of tax as in trust, You direct Us to pay the Minor’s Share to the parent(s) or required from time to time under the Act and shall be entitled to guardian(s) of the property of the minor if permitted by the applicable provincial legislation or if not permitted, to the applicable provincial charge the costs of doing so as well as a Non-RRIF Trust administration official or into court as the case may be. Nothing in this section precludes fee as expenses under section 22; the Minor’s Trustee from purchasing an annuity for the benefit of the d) Notwithstanding section 4, upon determining this is or is about to minor in accordance with the applicable sections of the Act if deemed become a Non-RRIF Trust, as soon as administratively possible, the appropriate in the circumstances. You understand that: Agent will convert the Fund Assets to cash, which will be Canadian a) payment of the Fund Proceeds to the Minor’s Trustee constitutes a dollars regardless of the currency the investments were in previously, sufficient discharge to Us and We have no duty or responsibility to and the Trustee will hold them in cash or in a Canadian dollar

Section 2 | Terms for registered accounts 45

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 45 2021-06-29 2:21 PM 2 money market fund offered by a member of the CIBC Group, as cho- administration of the Fund in accordance with the Declaration and the sen by the Agent from time to time; Tax Laws. You acknowledge that We may pay the Agent all or any portion of Our fees and reimburse the Agent for its out-of-pocket expenses in e) For Post-Exempt Trusts, We may, in our sole discretion, determine to performing its delegated duties. open a different account for this inter vivos trust with the Agent on terms We determine are reasonable and transfer the assets from the You also acknowledge that the Agent will earn normal brokerage original Fund account with the Agent into the new account. Any cash commissions on investment transactions processed by Us or the Agent. in the different account for a Post-Exempt Trust will not be held as a You agree that the Agent or its affiliates may act as principal or market maker on the other side of a transaction or as part of larger transactions deposit. We may invest the cash and pay interest on it at a rate or no for the Fund, including options, fixed income and currency conversion rate as We determine, and to be credited at a time as We in Our sole transactions, and You agree to pay the Agent the applicable commissions discretion determine, regardless of how much of a return We make on these transactions. on the investment. We may keep the spread between the return We make from the investment and the amount of interest, if any, We You acknowledge and agree that all protections, limitations of liability and pay on the cash. The terms of the Declaration as they apply to Post- indemnifications given to Us under the Declaration are also given to and are for the benefit of the Agent. Exempt Trusts will continue to apply to the different account. 21. Delegation by You. You may, by way of a duly executed power of 17. Terminating the Fund. attorney, in a form acceptable to Us, appoint an agent to give investment a) You may terminate the Fund by giving Us written notice. instructions, or otherwise deal with the Fund as Your agent, however We b) We may terminate the Fund at any time without notice, including if reserve the right to require proof satisfactory to Us, including requiring court documentation to that effect, of the agent’s authority, including Your account with the Agent is terminated or closed as provided in with respect to any specific transaction, and also to refuse to deal with any account agreement with the Agent. Your agent. You release Us from any claim or liability when acting upon c) If We determine that: the instructions of Your agent. Unless Your power of attorney specifically states otherwise, Your agent appointed under the power of attorney i. the Fund contains a zero balance or a small amount and has may provide Us and the Agent with information necessary for the “Know remained at a zero balance or below that small amount level for a Your Client” regime under securities regulation and We may rely on that period of time, that small amount and period as determined by Us information. in Our sole discretion; 22. Fees and Expenses. We are entitled to receive and may charge against ii. the Fund is a Non-Registered Trust; or the Fund reasonable fees and other charges specifically referred to in the iii. You have terminated the Fund or the Agent has terminated your Declaration and any other published fees and charges that We establish account with the Agent, but You have not directed a withdrawal or from time to time in conjunction with the Agent. We will give You notice transfer of all of the Fund Proceeds. of a change in the amount of any published fees as required by securities regulation. We are also entitled to reimbursement for all taxes, penalties We may liquidate any investments and convert any Foreign Denominated and interest, legal fees and for all other costs and out-of-pocket expenses Fund Assets to Canadian cash, if denominated in foreign currency. We may incurred by Us or the Agent in connection with the Fund other than close the Fund and at Our option and in Our sole discretion, either mail a for charges, taxes or penalties imposed on the Trustee under the Tax cheque payable to You for the Fund Proceeds to You at the address on Act. Without limiting the generality of the previous statement, We are record for You as provided for in subsection 26(b), or deposit the Fund specifically entitled to recover any legal fees and expenses incurred by Proceeds to an account in Your name alone at a member of the CIBC Us or the Agent in connection with any dispute, conflict or uncertainty Group. arising: d) We shall have no liability for closing the Fund and applying the Fund a) as a result of not making any Payment from the Fund as set out in Proceeds under this section, including any losses, expenses or taxes subparagraph 10(h); You or any other person incurs as a consequence of the payment. b) during Your lifetime, regarding who is legally authorized to instruct e) Any termination will not affect the liabilities or obligations under the on the Fund or direct payment of Fund Proceeds; Declaration incurred prior to the termination and provisions regard- c) as a result of any beneficiary designation or other testamentary ing liability, limitation of liability and indemnity will survive termina- disposition made by You either on the Fund or otherwise; tion of the Fund. d) out of a third-party demand made upon the Fund; or 18. Access to the Court. If there is a dispute or conflict about: e) Your or any other person’s interest or alleged interest in the Fund, a) not making any payment or transfer from the Fund as set out in including any issues involving marriage or common-law partnership subparagraph 10(h); breakdown. b) who is legally authorized to instruct on or entitled to the Fund and Unless otherwise permitted by Us, fees, expenses, and reimbursements direct payment of Fund Proceeds during Your life or to apply for and will be charged in Canadian dollars only. accept payment of Fund Proceeds on Your death; or 23. Our Liability. We are entitled to act upon any instrument, certificate, c) in Our view, a failure of persons entitled on Your death to properly notice or other writing believed by Us to be genuine and properly signed instruct Us regarding payment of Fund Proceeds, or presented. When the Fund is terminated and all of the Fund Proceeds are paid out, We will be released and discharged from any further We are entitled to either apply to the courts for directions or pay the Fund responsibility or obligation in connection with the Fund. Proceeds or portion of Fund Proceeds into court, which payment shall be in Canadian dollars, and, be discharged on that payment, and, in any such Other than for charges, taxes or penalties imposed on the Trustee under case, fully recover any legal costs We incur in this regard in accordance the Act, We will not be liable for or in respect of any tax, penalty, interest, with section 22. This is in addition to any right at law of a trustee to pay loss or damages suffered or incurred by the Fund, You or any other trust assets into court. person in connection with the Fund, as a result of: 19. Proof of Age. Your statement of Your date of birth in Your Application a) the acquisition, holding or transfer of any investment, or as a result will be deemed to be a certification of Your age and Your undertaking to of payments out of the Fund, made in accordance with instructions provide any further evidence or proof of age that may be required for the given to Us, or pursuant to any direction by You to terminate the purpose of calculating Your Retirement Income. Fund; 20. Delegation by Trustee. You authorize Us to delegate to the Agent b) as a result of Us acting or declining to act in accordance with and any others, the performance of administrative, custodial and any instructions given to Us; or other duties relating to the Fund, as We may determine appropriate from time to time. We will, however, bear ultimate responsibility for the c) otherwise in accordance with the terms of the Declaration,

46 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 46 2021-06-29 2:21 PM 2 unless caused by Our gross negligence, bad faith or wilful misconduct, b) Notice To You: We can communicate with you about the Fund in or in Quebec, unless caused by Our intentional or gross fault. any manner permitted by law, including (as applicable), by mail, Without limiting the generality of that statement, You will have telephone, fax, email or other electronic means at any address no claim whatsoever against Us in relation to any losses, diminution, or number you provide or any other relevant channels (including damages, charges, costs, taxes, assessments, levies, interest, branch, website or mobile app notices), and You agree that We may demands, fines, claims, penalties, fees or expenses incurred directly or send You confidential information by these means. We will consider indirectly with respect to the administration or trusteeship of the Fund that You have received communications as follows (whether You or the Fund Assets (“Liabilities”), except Liabilities directly caused by Our actually receive them or not): gross negligence, bad faith or wilful misconduct, or in Quebec, unless caused by Our intentional or gross fault. i. if We send the communication by prepaid mail, on the third busi- You specifically acknowledge that We will not be responsible for ness day after the date on the postmark; and Liabilities caused by any action or inaction of the Trustee or the Agent in ii. in any other case, on the day the communication or notice is each one’s personal capacity. displayed or provided to You. The Trustee shall have only the obligations and liabilities provided in We may contact You outside of business hours for time-sensitive the Declaration and for greater certainty, shall not have any of the duties, matters. You are responsible for making sure We have Your current obligations, or liabilities of an administrator of the property of others address. If something We send You cannot be delivered and is returned within the meaning of the Civil Code of Quebec. to Us, We will not send anything else until You give us a current address. You, Your heirs and Estate Representative and each beneficiary c) Notice to Us by Third Parties: While any legal notice or document under the Fund agree to and by this Declaration do indemnify and issued by a third party in respect of the Fund will be effectively save harmless Us, Our associates and affiliates and each of Our and served if served on Us at the address in subsection 26(a), service their respective directors, officers, custodians, agents (including the may be accepted, at Our discretion, at any location of the Trustee Agent) and employees from and against all Liabilities of any nature or Agent or CIBC or any member of the CIBC Group. If any expenses whatsoever (including all expenses reasonably incurred in Our or their are incurred in responding to any third party legal notice or defence) which may at any time be incurred by any of Us or them, or be brought against any of Us or them by any person, regulatory authority document, such expenses may be charged to the Fund as out of or government authority, and which may in any way whatsoever arise pocket expenses under section 22. We may, but are not required out of or be connected in any way with the Fund. (This indemnity does to, notify You of the receipt of any legal notice or document before not apply with respect to charges, taxes or penalties imposed solely We comply with it. We may serve You with any legal notice or on the Trustee under the Act.) If We or any of them are entitled to and document by mailing it to You by ordinary mail in accordance with make any claim under this indemnity, We may pay the claim from the subsection 26(b). Any payment made by Us to a third party Fund Assets. If the Fund Assets are insufficient to cover the claim, or claimant under any legal process, if the payment is made in good if the claim is made after the Fund has ceased to exist, You agree to faith, is a discharge of Our obligations under this Declaration and personally pay the amount of the claim and We may apply monies with respect to the Fund, to the extent of the amount paid. held for You in any other account with any member of the CIBC Group, We may collect including the Agent, other than a registered retirement savings plan or 27. Collection, Use and Disclosure of Information. information during the course of Your relationship with Us from credit registered retirement income fund, to eliminate or reduce the claim. bureaus, other financial institutions, mutual fund companies, and The provisions of this section 23 shall survive the termination of the Fund. references You provide to Us. We may disclose information to credit 24. Replacement of Trustee. We may retire as trustee of the Fund upon bureaus, other financial institutions, mutual fund companies and other sending You sixty (60) days prior notice, provided that a successor issuers, law enforcement agencies, regulators and self-regulatory trustee has been appointed in writing by the Agent and the successor organizations. (The word “Information” means financial and financially trustee has accepted the appointment. We will transfer all records and related information about You, including information to identify You or investments of the Fund to the successor trustee immediately upon qualify You for products and services, or information that We need for retirement. regulatory requirements.) We may use Information to identify You, protect You, and Us from fraud and error, understand Your needs and Any trust company resulting from a merger, amalgamation or eligibility for services, recommend particular products and services continuation to which We are party, or succeeding to substantially all to meet Your needs, provide ongoing service, administer referral of Our RRSP and RRIF trusteeship business (whether by sale of the arrangements that You have agreed to, facilitate tax and other reporting business or otherwise), will, if authorized, become the successor trustee by mutual fund companies and other issuers, and to comply with legal, of the Fund without further act or formality. regulatory and self-regulatory requirements. We may also collect, use 25. Amendments. We may propose to change, either permanently or and disclose Information for any purpose required or permitted by law, temporarily, any term of the Declaration (including fees, charges or a regulator or a self-regulatory organization. We may share information other amounts required to be paid by you under the Declaration) or within the CIBC Group for legal and regulatory purposes, to manage replace the Declaration with another declaration, at any time. We will risk and to update Your information as described in the CIBC privacy give you written notice of a proposed change and any other information brochure, “Your Privacy Is Protected”. This policy brochure describes required by law, at least 30 days before the change is stated to come how the CIBC Group collects, uses, discloses, and retains information into effect in the notice in accordance with sub section 26(b), the “Notice about You and the products and services You use and is available at to You” provision. You may refuse the change by terminating the Fund any CIBC branch or www.cibc.com. In addition upon Your death, for without cost, penalty or cancellation indemnity (other than taxes or the purposes of administration of the Fund or where the information penalties imposed under the Tax Laws or any third party as a result of is reasonably necessary for the administration of Your estate, We may your termination of the Fund, which will remain Your responsibility) by share information about the Fund, including information contained in the notifying Us within 30 days of the effective date of the change. You can Application and any Instrument, with Your Estate Representative, even if obtain a copy of the current Retirement Income Fund Declaration of there is a designated beneficiary for the Fund, or with any one or more Trust at any CIBC Wood Gundy branch or through our website of the designated beneficiaries. (www.cibcwoodgundy.com). 28. Electronic writing and signature. Where writing or signature are 26. Notice. required, in Our sole discretion and subject to applicable law, these may a) Notice By You: Any notice or instructions given by You to Us shall be in electronic form. be given by personal delivery or by mail (postage prepaid) to the 29. Reference to Statutes. All references in the Declaration to any statute, Trustee, care of, CIBC Wood Gundy, BCE PLACE, P.O. BOX 500, regulation or any provision of them will mean the statute, regulation or Toronto, Ontario M5J 2S8 or at another address that We may from provision as it may be re-enacted or replaced from time to time. If any time to time specify in writing. The notice or instruction shall be provision of the Act which is referred to in the Declaration is renumbered deemed to have been given on the day that it is actually delivered because of an amendment to the Act, then the reference in the Declaration to or received by Us. is considered to be a reference to the renumbered provision.

Section 2 | Terms for registered accounts 47

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 47 2021-06-29 2:21 PM 2 30. Binding. The terms and conditions of the Declaration will be binding Application, as amended from time to time on proper notice to Us, upon Your heirs and Estate Representative and upon Our successors and provided that if You become a non-resident of Canada, “Tax Laws” means assigns. However, if the Fund or the Fund Assets are transferred to a the Act; successor trustee, then the terms of that successor trustee’s declaration “Tax-Free Savings Account” or “TFSA” has the meaning set out in the Act; of trust will govern from then on. “Trustee” means CIBC Trust Corporation and any successor trustee of the Plan; 31. Governing Law. This Declaration will be construed, administered and enforced in accordance with the laws of the Canadian province or “We”, “Us” and “Our” means CIBC Trust Corporation and, where applicable, territory in which You live, or if You do not live in Canada, with the laws the Agent who acts on behalf of the Trustee for certain administrative of Ontario. tasks in respect of the Plan; and 32. Quebec only. You confirm that you have requested that this document, “You”, “Your” and “Yours” refer to the individual who has signed the and any other documents relating to it, be in English. Vous reconnaissez Application and will be the owner of the Plan; (under the Act, known avoir exigé que ce document, ainsi que tout document s’y rattachant, as the “holder” of the Plan) and, after Your death, means the Successor soient rédigés en langue anglaise. Holder. The individual cannot be a trust or an individual as trustee of a trust. 2.3 CIBC WOOD GUNDY SELF-DIRECTED TAX-FREE SAVINGS 1. Registration. We will file an election with the Minister of National Revenue to register the Plan as a Tax-Free Savings Account under the ACCOUNT DECLARATION OF TRUST Tax Laws. Your name, date of birth, Social Insurance Number and any CIBC Trust Corporation, a trust company existing under the laws of other information required by Canada Revenue Agency that You provide Canada, agrees to act as trustee for You, the holder named in the Us must match exactly to what Canada Revenue Agency holds in its Application (as defined below), to establish and operate a CIBC Wood records for You, or else the Plan may not be registered and will be a Gundy Self-Directed Tax-Free Savings Account (the “Plan”) in accordance Non-Registered Trust and We are not liable if this happens. See sections with the Income Tax Act (Canada) upon the following terms: 15 and 16 for what happens if this is a Non-Registered Trust. Whether Some Definitions. In this Declaration of Trust, in addition to terms defined the trust is a Non-Registered Trust shall be determined by Us in Our sole elsewhere in it: discretion and may occur after the first rejection of registration of the trust as a TFSA by Canada Revenue Agency. “Act” means the Income Tax Act (Canada); 2. Contributions. Subject to section 3, We will accept Contributions “Agent” means CIBC World Markets Inc. (“CIBC Wood Gundy”), which is an made by You in accordance with the Tax Laws. You will be solely affiliate of the Trustee; responsible for determining the maximum limits for Contributions in any “Application” means the CIBC Wood Gundy Self-Directed Tax-Free Savings taxation year as permitted by the Tax Laws. We will hold the Contributions Account Application, which could be either in the form of the CIBC Wood and any investments, income or gains on them (the “Plan Assets”) in trust, Gundy Client Profile document or a stand-alone application; to be held, invested and used according to the terms of the Declaration and the Tax Laws. Contributions that exceed the maximum limits as set “CIBC” means Canadian Imperial Bank of Commerce unless otherwise out under the Tax Laws may trigger tax for which You are responsible. stated; However, We are not responsible for determining or calculating these “CIBC Group” means CIBC and its subsidiaries that currently offer deposits, limits for You. loans, mutual funds, securities trading, mortgages, trust, and insurance 3. Investments. Where the Plan is a Non-TFSA Trust, this section is subject services; to sections 15 and 16. “Common-law Partner” has the meaning set out in the Act; a) All investment management authority is solely Your responsibility. “Contributions” means contributions of cash or investments to the Plan; This means any statutory rules regarding authorized trustee invest- “Declaration” means this CIBC Wood Gundy Self-Directed Tax-Free Savings ments or trustee’s duty with regard to investment where the trustee Account Declaration of Trust. Unless otherwise indicated, any reference is charged with managing the investments, do not apply to this to sections, subsections, paragraphs and subparagraphs mean those trust. We will hold, invest and sell the Plan Assets according to Your provisions in the Declaration; instructions. We may require any instructions to be in writing. “Estate Representative” means the person or persons who has or have b) Notwithstanding anything in the Declaration, We may decline to demonstrated, with evidence satisfactory to Us, (which may include accept any particular Contribution or transfer or to make or continue letters probate or other court documentation), Your death and that to hold any particular investment, in Our sole discretion or for any person or those persons is or are the legal representative of Your estate; reason, including any Foreign Denominated Plan Asset or any asset if “Foreign Denominated Plan Assets” means Plan Assets denominated in a it does not comply with Our administrative requirements or policies currency other than Canadian dollars; in place from time to time. We may also need You to provide special “Holder” means You and after Your death, the Successor Holder; supporting documentation as a condition to Our making certain investments for the Plan. “Non-Registered Trust” means the trust under the Declaration if the Minister of National Revenue does not accept the election to register the c) The necessary funds or securities must be in the particular currency Plan as a TFSA under the Act; of the Plan before any transaction can occur in that currency. “Non-TFSA Trust” means a Non-Registered Trust or a Post-Exempt Trust; d) Any cash balance will be held as a deposit with the Trustee under the “Plan Assets” has the meaning set out in section 2; Trust and Loan Companies Act (Canada), payable on demand. The Trustee may pay interest on the deposit at a rate and to be credited “Plan Proceeds” means Plan Assets, less any applicable taxes, interest or at a time as it in its sole discretion determines. penalties that are or may become or have to be withheld or payable under the Tax Laws, less costs of realization and any of Our fees, charges and e) It will be solely Your responsibility to determine whether any transfer, expenses; Contribution or investment is or remains a “qualified investment” and “Post-Exempt Trust” means, after the death of the last Holder, the trust is not a “prohibited investment” for TFSAs pursuant to the Tax Laws. that continues to exist and that is no longer a TFSA after the exemption- The Trustee shall exercise the care, diligence and skill of a reasonably end time, as defined in the Act; prudent person to minimize the possibility that the Plan holds a non- qualified investment. The Plan will bear any taxes, penalties and/or “Spouse” means a spouse for the purposes of the Act; related interest imposed under the Tax Laws. If the Plan Assets are “Successor Holder” means the individual who is the Holder’s survivor as insufficient to pay any taxes, penalties or related interest incurred, or defined in subsection 146.2(1) of the Act whom the Holder designates if taxes, penalties or related interest are imposed after the Plan has to become and who then becomes the holder (as defined in subsection ceased to exist, You must pay or reimburse Us directly for any such 146.2(1) of the Act) of the Plan; taxes, penalties or related interest other than for charges, taxes or “Tax Laws” means the Act and any applicable tax legislation of Your penalties imposed on the Trustee under the Act. It is also solely Your Canadian province or territory of residence, as recorded in Your responsibility for any taxes, interest and/or penalties imposed on You

48 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 48 2021-06-29 2:21 PM 2 under the Tax Laws for acquiring or holding either non-qualified You and Your Spouse/Common-Law Partner or former Spouse/ investments or prohibited investments. Should an investment no Common-Law Partner must be alive at the time of the transfer for longer be a qualified investment for a TFSA under the Act, We may, Us to complete it. in our sole discretion, withdraw that investment from the Plan and These transfers must constitute a qualifying transfer as defined under deliver it to You in kind, or sell it and retain the proceeds in the the Act and will take effect in accordance with the Tax Laws and any Plan. We shall determine the fair market value of the investment other applicable law and within a reasonable time after any required for tax reporting purposes in such manner as we determine in our forms have been completed. Subject to section 9, You may request in sole discretion. writing which Plan Assets You wish Us to transfer in kind or sell. f) We will not be responsible for any loss or tax resulting from the sale 9. Payments, Transfers and Asset Liquidation Generally. The following or other disposition or any valuation of any investment forming applies to any withdrawals, transfers or any other payments required part of the Plan Assets, including any conversion to or from For- under the Declaration including fees and expenses under section 21, all eign Denominated Plan Assets for any purposes of the Plan. referred to in this section as “Payment” or “Payments”, and any other time assets are liquidated: 4. Foreign Denominated Plan Assets. Where You have chosen Foreign Denominated Plan Assets to be bought, sold or held in the Plan: a) It is solely Your responsibility to ensure that there is sufficient cash in the Plan to make Payments. We are not required to make any a) Any tax withholding or reporting under Tax Laws in regard to Payment in kind; Foreign Denominated Plan Assets will be in Canadian dollars, at the applicable exchange rate. It is Your responsibility to make sure b) In order to make any Payment, to the extent We deem appropriate, any limits under Tax Laws that apply to You and the Plan are met, We may, without notice to You, sell all or convert part of any of the including if a transaction involves Foreign Denominated Plan Plan Assets at the price or prices as We, in Our sole discretion, may Assets; determine, and We will deduct any applicable fees and expenses. We will have no liability to You in respect of any sold or converted b) We may transfer assets within the Plan between different Plan Assets or for any losses that may result from those sales or currencies in order to administer the Plan, including to prevent conversions; debit balances; and c) We will withhold and remit any income taxes as required; c) In connection with any transfer within or from the Plan or any withdrawal or payment of fees and expenses under the Declaration, d) A Payment or asset liquidation will only take effect in accordance We may sell and convert between Foreign Denominated Plan with the Tax Laws and any other applicable law. No withdrawal Assets of different currencies or between Canadian dollars and or transfer will be made until all liabilities (including for all fees, Foreign Denominated Plan Assets, at the applicable exchange rate. charges and taxes) have been paid or provided for; We will have no liability to You in respect of any sold or converted e) In connection with any Payment or asset liquidation, We may, Plan Assets or for any losses that may result from those sales or without notice to You, sell and convert between Foreign conversions. Denominated Plan Assets of different currencies or between 5. Your Account and Statements. We will maintain an account in Canadian dollars and Foreign Denominated Plan Assets, at the Your name showing all Contributions, investments, transfers and applicable exchange rate. We will have no liability to You in respect withdrawals. We will provide You account statements as required of any sold or converted Plan Assets or for any losses that may under securities regulations. We will make returns and file reports as result from those sales or conversions; may be required from time to time by the Tax Laws. f) Any exchange required between Canadian and foreign currency 6. Management and Ownership. We may hold any investment in Our will be carried out by CIBC or a member or associate of the CIBC own name, in the name of Our nominee or Agent, in bearer form or Group (any of which is referred to in this paragraph as “CIBC”). in another name or form, or with any custodian, clearing corporation In performing any actual currency conversion in or for the Plan, or depository as We may determine. We may generally exercise the CIBC will act as principal in buying and selling currency from and power of an owner with respect to the Plan Assets, including the right to You and CIBC will earn spread-based revenue determined by to vote or give proxies to vote, however, We may decline to act or as a condition to acting may require You to sign documents related to the difference between the rates at which CIBC buys and sells the subscriptions, voting, proxies or other corporate actions, as We in Our currency, the rates determined by CIBC in its sole discretion at the sole discretion determine and We will have no liability for acting or time of the buy and sell without having to obtain rates that limit declining to act. We may sell assets to pay any assessments, taxes or the spread-based revenue. The spread-based revenue will be in charges in connection with Your or the Plan’s liability. In exercising Our addition to any commission, fee or revenue otherwise payable rights and carrying out Our responsibilities, We may employ agents and by You to CIBC on the transaction giving rise to the conversion advisors, including legal counsel, and may act or not act on the advice of currency or otherwise payable to the Trustee of the Plan. The or information of any agent or advisor. spread-based revenue will be in addition to any commission, fee or 7. Withdrawals and Excess Contributions. You may, by written revenue otherwise payable by You on the payment out or on the instructions or by other manner of communication acceptable to Us, account or otherwise payable to the Trustee or Agent; request that We pay You all or any part of the Plan Assets. Where g) We will be discharged from all further duties and liabilities in permitted by the Act, You may direct Us in writing to distribute from respect of any Payment of Plan Assets; the Plan an amount to reduce the tax that would otherwise be payable under Part XI.01 of the Act and We must comply with that direction. We h) We are not required to make a Payment from the Plan at any time are not responsible for determining the amount to be distributed from if We determine that We may suffer legal and/or reputational risk, the Plan. or that We may be in violation of any law, rule, regulation, agree- 8. Transfers (on Relationship Breakdown or Otherwise). Subject to any ment or internal policy applicable to us. Without limiting the gen- reasonable requirements We impose, You may direct Us in writing to erality of the previous statement, this includes the Special Economic transfer all or any part of the Plan Proceeds to another TFSA under Measures Act (Canada), or any other regulatory sanctions. which: 10. Payment on Death. On Your death, We will pay the Plan Proceeds to a) You are the holder of the TSFA as defined in the Act; or the Estate Representative and not in accordance with any designation of successor holder or other beneficiary unless the designation of b) Your Spouse, former Spouse, Common-law Partner or former successor holder or other beneficiary is effective in Your jurisdiction as Common-law Partner, from whom You are living separate and of the date of Your death, such that a TFSA or proceeds of a TFSA can apart, is the holder of the TFSA as defined in the Act and the trans- pass outside of Your estate. Sections 11 through 14 are subject to this fer is made under a decree, order or judgment of a competent provision. tribunal, or under a written separation agreement, relating to a 11. Designation of Successor Holder or Other Beneficiary. The following division of property in settlement of rights arising out of, or on the applies with respect to designation of a successor holder or other breakdown of, Your marriage or common-law partnership. Both beneficiary on Your Death and is subject to section 9:

Section 2 | Terms for registered accounts 49

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 49 2021-06-29 2:21 PM 2 a) A successor holder or other beneficiary may be designated in under any applicable law. We will not be liable for any loss caused accordance with this paragraph with respect to entitlement to the by a delay; Plan or the Plan Proceeds after Your death: d) If We receive more than one Instrument or evidence of it, satisfactory i) Spouse/Common-Law Partner Successor Holder: You may to Us in Our sole discretion, We are entitled to pay the Plan Proceeds designate Your surviving Spouse/Common-Law Partner as the in accordance with the Instrument having the most recent execution successor holder of the Plan after Your death, however, if the date; Plan becomes a Post-Exempt Trust, a designated successor holder e) A designated successor holder or other Beneficiary who disclaims or cannot become a successor holder, but can only receive the Plan at law is treated as having disclaimed the interest in the Plan arising Proceeds as beneficiary; on Your death will be deemed to have predeceased You; ii) Beneficiary of Lump Sum: Alternatively, You can designate one or f) If You elected (designated) Your Spouse/Common-law Partner as the more persons (“Beneficiary” or “Beneficiaries”) to receive the Plan successor holder, this election will only be effective if Your Spouse/ Proceeds in a lump sum payment; or Common-law Partner: b) You understand that if You designated Your Spouse or Common-law i) has not predeceased You; and Partner as the Successor Holder and You designated one or more Beneficiaries under paragraph 11 (a)(ii) above, that beneficiary designation ii) has not disclaimed or released the right to become the successor will only be effective if Your Spouse or Common-law Partner holder; and predeceases You, disclaims or is not Your Spouse or Common-law iii) was Your Spouse/Common-law Partner on the date of Your death; Partner on the date of Your death; g) If the Plan has become a Post-Exempt Trust the election in paragraph c) A designation may be made, changed or revoked by Will or by a f) i) above will be deemed to be a beneficiary designation to Your written instrument in a form acceptable to Us which adequately Spouse/Common-law Partner of all of the Plan Proceeds and not a identifies the Plan and is signed by and dated by You, as applicable, successor holder election; referred to as an “Instrument”; h) Unless otherwise provided in the Instrument: d) If an Instrument specifically designates a Spouse/Common-Law i) if there is no effective designation of successor holder, if more Partner as successor holder and also designates a beneficiary other than one Beneficiary is designated on the Instrument: than a successor holder, the designation of successor holder will govern unless the Instrument explicitly provides otherwise; 1. the Plan Proceeds will be divided among those of the Beneficiaries who survive You, in the percentage share specified by You (if the e) By designating a beneficiary or not making a designation, You are percentage was unclear or not specified, the Plan Proceeds will deciding how the Plan Proceeds are dealt with on Your death. This be divided equally); should be done as part of Your estate planning, with appropriate legal and tax advice. If You designate a charity as a beneficiary, 2. should any Beneficiary predecease You, the percentage share it must be incorporated. If You designate an entity that is not an of the deceased Beneficiary will be divided equally among the individual or a corporation as Your beneficiary, that part of Your Beneficiaries who survive You; and designation will be considered invalid and treated as not having 3. if only one of the Beneficiaries survives You, that Beneficiary will been made by You; receive the entire Plan Proceeds; f) It is not the Trustee’s or Agent’s responsibility, but is Your own ii) if there is no effective successor holder designation and if no responsibility, to make sure any successor holder or other beneficiary Beneficiary is designated or all designated Beneficiaries die designation or other testamentary disposition reflects Your intentions before You, the Plan Proceeds will be paid to the Estate from time to time, including if there is any change in Your status as Representative; a Spouse/Common-law Partner or the death or birth of any person You intend to designate as a successor holder or other beneficiary. i) We will continue to hold the Plan Assets invested until We receive an It is Your responsibility to inform any Beneficiary, or TFSA Benefit instruction from the person or, if there is more than one entitled person, Trustee, or Minor Trustee, both as defined below, designated successor instruction from all persons entitled to the Plan Assets to dispose of holder or any person whom you may wish to appoint as Your estate the Plan Assets subject to proof, to Our satisfaction, of that person’s representative of the terms of any designation or other testamentary or those persons’ entitlement and subject to the following: disposition regarding the Plan. It is that person’s responsibility to i) if the entitled person is the designated successor holder, subject contact Us and provide Us with required information and documentation to that person completing the necessary documents and procedures, in order to access the Plan or Plan Proceeds; We are under no obligation We will change the name on the Plan to the name of that person; to seek out that person during your lifetime or, after Your death. ii) if the entitled person is the Estate Representative, on the Estate This includes informing any person you may have designated as Representative’s direction to pay the Plan Proceeds, We will pay successor holder, that the right to become a successor holder is no the Plan Proceeds as directed; longer available if the Plan is a Post-Exempt Trust, as provided in subsection 15(b). While We may choose to access the court after we iii) if the entitled person is a sole Beneficiary, on the sole Beneficiary’s have notice of Your death as set out in section 17, We are under no direction to pay the Plan Proceeds, We will pay the Plan Proceeds as obligation to do that. directed; 12. Death of Holder. The following applies on Your Death and is subject to iv) if the persons entitled are multiple Beneficiaries, upon the direction section 10: of all Beneficiaries to pay the Plan Proceeds, We will pay the Plan Proceeds as directed; however, if we have not received direction a) No transfers or Contributions are allowed into the Plan after Your from each Beneficiary as to how to pay the Plan Proceeds to death; which that Beneficiary is entitled, or there are, in Our view con- b) We will pay the Plan Proceeds in accordance with the latest dated flicting directions We cannot reconcile, We will convert the Plan Instrument We have notice of in Our records upon receiving Assets to Canadian cash and pay the proportional entitlement of satisfactory evidence of Your death and any other documents that the Plan Proceeds as directed by each Beneficiary who has given We may require; Us a satisfactory direction and hold the remaining balance in cash. c) We may delay payment or the disposition of Plan Assets and We shall have no liability for converting to or holding as Canadian distribution of Plan Proceeds for any period We may determine cash under this section, including any losses, expenses or taxes in Our absolute discretion if We believe that a delay is required or any Beneficiary or any other person incurs as a consequence of advisable to determine the proper recipient of the Plan Proceeds or that conversion. For each Beneficiary from whom we have not

50 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 50 2021-06-29 2:21 PM 2 obtained directions, We will be entitled to exercise Our 14. TFSA Benefit Trustee. Subject to section 10: If You designate discretion to pay the share of that Beneficiary into court in trustee(s) as or for the Beneficiary of the Plan, You are directing Us accordance with section 17; to pay the Plan Proceeds to the trustee(s) (“TFSA Benefit Trustee”) to hold and distribute in accordance with the governing trust provisions j) We will only change the name of the Plan into the name of the contained in the Instrument. You understand that: designated successor holder or make payments from the Plan to the designated successor holder or pay the Plan Proceeds to the a) payment of the Plan Proceeds to the TFSA Benefit Trustee constitutes Beneficiary or Beneficiaries or the Estate Representative, as a sufficient discharge to Us and We have no duty or responsibility applicable, if We receive satisfactory evidence of death and any to see to the application of the Plan Proceeds in accordance with other documents or information We may require. Without any trust provisions in the Instrument or otherwise at law; limitation this means We may require: b) We recommend that You obtain independent legal advice in i) letters probate or similar documents in order to establish that respect of the validity and effect of designating the TFSA Benefit You did not subsequently revoke or amend the designation of Trustee as or for the Beneficiary; and successor holder or Beneficiary in those documents; c) You indemnify and save harmless, release and discharge Us and ii) certain information from the designated successor holder and the Agent for and from, any claims, expenses and/or losses which proof satisfactory to Us that the designated successor holder may arise or be incurred as a result of You designating the TFSA was Your Spouse/Common-law Partner at the time of Your Benefit Trustee. death, among other things, in order for the designation of 15. Non-TFSA Trust. If the trust under this Declaration is a Non-TFSA successor holder to be effective; and Trust, the following apply: iii) certain identification and other information from or about a) All references in the Declaration and the Application to “Plan”, shall anyone before taking over as successor holder or receiving Plan mean “Non-Registered Trust” or “Post-Exempt Trust”, as Proceeds; applicable, and, k) All amounts referred to in section 21 will be deducted before any i) for a Non-Registered Trust, any reference to the trust being or distribution is made. We will be fully discharged once We make having the attributes as a TFSA is to be disregarded including any transfers or payments, including if the payment is made to a the provisions regarding designation of a successor holder or Minor’s Trustee or TFSA Benefit Trustee, both as defined below, or other beneficiary; change the name of the Plan into name of the designated successor ii) for a Post-Exempt Trust, any reference to the trust being or hav- holder, as applicable, and even though any beneficiary designation ing the attributes as a TFSA is to be disregarded other than that made by You may be invalid as a testamentary instrument. the beneficiary designation provisions will continue to apply 13. Minor Designated as Beneficiary. Subject to section 10: If You subject to subsection 15(b); and designate a trustee for a minor, absent any other specific terms in the iii) to the extent necessary, the term “Plan” shall be read as “trust”; Instrument regarding holding, investing, distributing and succession of trustee, You are directing Us to pay the minor’s share of the Plan b) If the Plan is a Post-Exempt Trust, a designated successor holder Proceeds (the “Minor’s Share”) to the person or persons You are naming cannot become a successor holder, but an election (designation) on the Instrument as the trustee for the minor (the “Minor’s Trustee”), of a successor holder will be deemed to be a designation to a until the minor reaches the age of majority at which time the Minor’s Beneficiary to receive all of the Plan Proceeds, subject to section 9; Trustee is to pay the Minor’s Share to the minor. However, if you designate a Minor’s Trustee, should the Minor’s Trustee not survive c) The Trustee shall make the necessary filings and payment of tax as You or should they be unwilling or unable to receive the Minor’s Share required from time to time under the Act and shall be entitled to in trust, You direct Us to pay the Minor’s Share to the parent(s) or charge the costs of doing so as well as a Non-TFSA Trust adminis- guardian(s) of the property of the minor if permitted by the applicable tration fee as expenses under section 21; provincial legislation or if not permitted, to the applicable provincial d) Notwithstanding section 3, upon determining this is or is about to official or into court as the case may be. become a Non-TFSA Trust, as soon as administratively possible, You understand that: the Agent will convert the Plan Assets to cash, which will be Ca- a) payment of the Plan Proceeds to the Minor’s Trustee constitutes a nadian dollars regardless of the currency the investments were in sufficient discharge to Us and We have no duty or responsibility to previously, and the Trustee will hold them in cash or in a Canadian see to the application of the Plan Proceeds in accordance with any dollar money market fund offered by a member of the CIBC Group, trust provisions in the Instrument or otherwise at law; as chosen by the Agent from time to time; b) as a consequence of this designation, the minor will be entitled to e) For Post-Exempt Trusts, We may, in our sole discretion, determine claim and use the Minor’s Share once he or she becomes an adult; to open a different account for this inter vivos trust with the Agent on terms We determine are reasonable and transfer the assets c) it is Our recommendation and that of the Agent, that if You wish from the original Plan account with the Agent into the new to designate a minor, You do not use a designation form but account. Any cash in the different account for a Post-Exempt Trust instead, that You set up a trust for the minor under Your Will or a will not be held as a deposit. We may invest the cash and pay formal beneficiary designation trust. You also understand that a interest on it at a rate, or no rate as We determine, and to be properly drafted Will or trust would provide detailed instructions credited at a time as We in Our sole discretion determine, regardless to the trustee(s) under the Will or trust, including with regards to of how much of a return We make on the investment. We may permitted investments and the trustee’s powers (for example, if keep the spread between the return We make from the invest- needed, to advance funds to the minor before he or she becomes ment and the amount of interest, if any, We pay on the cash. The an adult). Without these instructions, the Minor’s Trustee may be terms of the Declaration as they apply to Post-Exempt Trusts will restricted in the types of investments that may be made and will continue to apply to the different account. be governed by trust legislation, which may be inflexible; 16. Terminating the Plan. d) We recommend that You obtain independent legal advice in respect of the effects of designating a minor or a Minor’s Trustee; a) You may terminate the Plan by giving Us written notice. and b) We may terminate the Plan at any time without notice, including if e) You indemnify, save harmless, release and discharge Us and the Your account with the Agent is terminated or closed as provided in Agent for and from any claims, expenses and/or losses that may any account agreement with the Agent. arise or be incurred as a result of You designating the Minor’s Trustee.

Section 2 | Terms for registered accounts 51

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 51 2021-06-29 2:21 PM 2 c) If We determine that: with respect to any specific transaction, and also to refuse to deal with Your agent. You release Us from any claim or liability when acting upon i. the Plan contains a zero balance or a small amount and has the instructions of Your agent. Unless Your power of attorney specifically remained at a zero balance or below that small amount level for a states otherwise, Your agent appointed under the power of attorney period of time, that small amount and period as determined by Us may provide Us and the Agent with information necessary for the “Know in Our sole discretion; Your Client” regime under securities regulation and We may rely on that ii. the Plan is a Non-Registered Trust; or information. iii. You have terminated the Plan or the Agent has terminated your 21. Fees and Expenses. We are entitled to receive and may charge against account with the Agent, but You have not directed a withdrawal the Plan reasonable fees and other charges specifically referred to in the or transfer of all of the Plan Proceeds. Declaration and any other published fees and charges that We establish from time to time in conjunction with the Agent. We will give You notice We may liquidate any investments and convert any Foreign Denominated of a change in the amount of any published fees as required by securities Plan Assets to Canadian cash, if denominated in foreign currency. We may regulation. We are also entitled to reimbursement for all taxes, penalties close the Plan and at Our option and in Our sole discretion, either mail a and interest, legal fees and for all other costs and out-of-pocket expenses cheque payable to You for the Plan Proceeds to You at the address on incurred by Us or the Agent in connection with the Plan other than record for You as provided for in subsection 25(b), or deposit the Plan for charges, taxes or penalties imposed on the Trustee under the Tax Proceeds to an account in Your name alone at a member of the CIBC Act. Without limiting the generality of the previous statement, We are Group. specifically entitled to recover any legal fees and expenses incurred by d) We shall have no liability for closing the Plan and applying the Plan Us or the Agent in connection with any dispute, conflict or uncertainty Proceeds under this section, including any losses, expenses or taxes arising: You or any other person incurs as a consequence of the payment. a) as a result of not making any Payment from the Plan as set out in e) Any termination will not affect the liabilities or obligations under the subparagraph 9(h); Declaration incurred prior to the termination and provisions regarding b) during Your lifetime, regarding who is legally authorized to instruct liability, limitation of liability and indemnity will survive termination on the Plan or direct payment of Plan Proceeds; of the Plan. c) as a result of any beneficiary designation or other testamentary 17. Access to the Court. If there is a dispute or conflict about: disposition made by You either on the Plan or otherwise; a) not making any payment or transfer from the Plan as set out in d) out of a third-party demand made upon the Plan; or subparagraph 9(h); e) Your or any other person’s interest or alleged interest in the Plan, b) who is legally authorized to instruct on or entitled to the Plan and including any issues involving marriage or common-law partnership direct payment of Plan Proceeds during Your life or to apply for and breakdown. accept payment of Plan Proceeds on Your death; or Unless otherwise permitted by Us, fees, expenses, and reimbursements c) in Our view, a failure of persons entitled on Your death to properly will be charged in Canadian dollars only. instruct Us regarding payment of Plan Proceeds, 22. Our Liability. We are entitled to act upon any instrument, certificate, We are entitled to either apply to the courts for directions or pay the Plan notice or other writing believed by Us to be genuine and properly signed Proceeds or portion of Plan Proceeds into court, which payment shall be or presented. When the Plan is terminated and all of the Plan Proceeds in Canadian dollars, and, be discharged on that payment, and, in any such are paid out, We will be released and discharged from any further case, fully recover any legal costs We incur in this regard in accordance with responsibility or obligation in connection with the Plan. section 21. This is in addition to any right at law of a trustee to pay trust Other than for charges, taxes or penalties imposed on the Trustee under assets into court. the Act, We will not be liable for or in respect of any tax, penalty, interest, 18. Proof of Age. Your statement of Your date of birth in Your Application loss or damages suffered or incurred by the Plan, You or any other will be deemed to be a certification of Your age and Your undertaking to person in connection with the Plan, as a result of: provide any further evidence or proof of age that may be required for the a) the acquisition, holding or transfer of any investment, or as a result purpose of determining Your eligibility to establish the Plan. The Plan will of payments out of the Plan, made in accordance with instructions not be considered a TFSA unless You are at least 18 years of age when given to Us, or pursuant to any direction by You to terminate the You entered into the Plan. Plan; 19. Delegation by Trustee. You authorize Us to delegate to the Agent b) as a result of Us acting or declining to act in accordance with instruc- and any others, the performance of administrative, custodial and any tions given to Us; or other duties relating to the Plan, as We may determine appropriate from time to time. We will, however, bear ultimate responsibility for the c) otherwise in accordance with the terms of the Declaration, administration of the Plan in accordance with the Declaration and the unless caused by Our gross negligence, bad faith or wilful misconduct, Tax Laws. You acknowledge that We may pay the Agent all or any portion or in Quebec, unless caused by Our intentional or gross fault. Without of Our fees and reimburse the Agent for its out- of-pocket expenses in limiting the generality of that statement, You will have no claim performing its delegated duties. whatsoever against Us in relation to any losses, diminution, damages, You also acknowledge that the Agent will earn normal brokerage charges, costs, taxes, assessments, levies, interest, demands, fines, commissions on investment transactions processed by Us or the Agent. claims, penalties, fees or expenses incurred directly or indirectly with You agree that the Agent or its affiliates may act as principal or market respect to the administration or trusteeship of the Plan or the Plan maker on the other side of a transaction or as part of larger transactions Assets (“Liabilities”), except Liabilities directly caused by Our gross for the Plan, including options, fixed income and currency conversion negligence, bad faith or wilful misconduct, or in Quebec, unless caused by transactions, and You agree to pay the Agent the applicable commissions Our intentional or gross fault. You specifically acknowledge that We will on these transactions. not be responsible for Liabilities caused by any action or inaction of the Trustee or the Agent in each one’s personal capacity. You acknowledge and agree that all protections, limitations of liability and indemnifications given to Us under the Declaration are also given to and The Trustee shall have only the obligations and liabilities provided in the are for the benefit of the Agent. Declaration and for greater certainty, shall not have any of the duties, obligations, or liabilities of an administrator of the property of others You may, by way of a duly executed power of 20. Delegation by You. within the meaning of the Civil Code of Quebec. attorney, in a form acceptable to Us, appoint an agent to give investment instructions, or otherwise deal with the Plan as Your agent, however We You, Your heirs and Estate Representative and each beneficiary under reserve the right to require proof satisfactory to Us, including requiring the Plan agree to and by this Declaration do indemnify and save court documentation to that effect, of the agent’s authority, including harmless Us, Our associates and affiliates and each of Our and their respective directors, officers, custodians, agents (including the Agent)

52 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 52 2021-06-29 2:21 PM 2 and employees from and against all Liabilities of any nature issued by a third party in respect of the Plan will be effectively whatsoever (including all expenses reasonably incurred in Our or their served if served on Us at the address in subsection 25 a), service defence) which may at any time be incurred by any of Us or them, or be may be accepted, at Our discretion, at any location of the Trustee brought against any of Us or them by any person, regulatory authority or Agent or any member of the CIBC Group. If any expenses are or government authority, and which may in any way whatsoever arise incurred in responding to any third party legal notice or document, out of or be connected in any way with the Plan. (This indemnity does such expenses may be charged to the Plan as out-of pocket not apply with respect to charges, taxes or penalties imposed solely expenses under section 21. We may, but are not required to, notify on the Trustee under the Act.) If We or any of them are entitled to You of the receipt of any legal notice or document before We and make any claim under this indemnity, We may pay the claim from comply with it. We may serve You with any legal notice or the Plan Assets. If the Plan Assets are insufficient to cover the claim, or if the claim is made after the Plan has ceased to exist, You agree document by mailing it to You by ordinary mail in accordance with to personally pay the amount of the claim and We may apply monies subsection 25 b). Any payment made by Us to a third party claimant held for You in any other account with any member of the CIBC Group, under any legal process, if the payment is made in good faith, is including the Agent, other than a registered retirement savings plan or a discharge of Our obligations under this Declaration and with registered retirement income fund, to eliminate or reduce the claim. respect to the Plan, to the extent of the amount paid. The provisions of this section 22 shall survive the termination of the 26. Collection, Use and Disclosure of Information. We may Plan. collect information during the course of Your relationship with Us from credit bureaus, other financial institutions, mutual fund We may retire as trustee of the Plan upon 23. Replacement of Trustee. companies, and references You provide to Us. We may disclose sending You sixty (60) days prior notice, provided that a successor information to credit bureaus, other financial institutions, mutual trustee has been appointed in writing by the Agent and the successor fund companies and other issuers, law enforcement agencies, trustee has accepted the appointment. We will transfer all records and regulators and self-regulatory organizations. (The word “Information” investments of the Plan to the successor trustee immediately upon means financial and financially related information about You, retirement. including information to identify You or qualify You for products and Any trust company resulting from a merger, amalgamation or services, or information that We need for regulatory requirements). continuation to which We are party, or succeeding to substantially all We may use Information to identify You, protect You, and Us from of Our TFSA trusteeship business (whether by sale of the business or fraud and error, understand Your needs and eligibility for services, otherwise), will, if authorized, become the successor trustee of the Plan recommend particular products and services to meet Your needs, without further act or formality. provide ongoing service, administer referral arrangements that You 24. Amendments. We may propose to change, either permanently have agreed to, facilitate tax and other reporting by mutual fund or temporarily, any term of the Declaration (including fees, charges companies and other issuers, and to comply with legal, regulatory or other amounts required to be paid by you under the Declaration) and self-regulatory requirements. We may also collect, use and or replace the Declaration with another declaration, at any time. disclose Information for any purpose required or permitted by law, We will give you written notice of a proposed change and any other a regulator or a self-regulatory organization. We may share information information required by law, at least 30 days before the change is within the CIBC Group for legal and regulatory purposes, to manage stated to come into effect in the notice in accordance with sub section risk and to update Your information as described in the CIBC 25(b), the “Notice to You” provision. You may refuse the change by privacy brochure, “Your Privacy Is Protected”. This policy brochure terminating the Plan without cost, penalty or cancellation indemnity describes how the CIBC Group collects, uses, discloses, and retains (other than taxes or penalties imposed under the Tax Laws or any third information about You and the products and services You use party as a result of your termination of the Plan, which will remain and is available at any CIBC branch or www.cibc.com. In addition Your responsibility) by notifying Us within 30 days of the effective date upon Your death, for the purposes of administration of the Plan or of the change. You can obtain a copy of the current Tax-Free Savings where the information is reasonably necessary for the administration Account Declaration of Trust at any CIBC Wood Gundy branch or of Your estate, We may share information about the Plan, including through our website (www.cibcwoodgundy.com). information contained in the Application and any Instrument, with Your Estate Representative, even if there is a designated beneficiary 25. Notice. for the Plan, or with any one or more of the designated beneficiaries. a) Notice By You: Any notice or instructions given by You to Us shall 27. Electronic writing and signature. Where writing or signature are be given by personal delivery or by mail (postage prepaid) to required, in Our sole discretion and subject to applicable law, these may the Trustee, care of, CIBC Wood Gundy, BCE Place, P.O. Box 500, be in electronic form. Toronto, Ontario M5J 2S8 or at another address that We may from 28. Reference to Statutes. All references in the Declaration to any time to time specify in writing. The notice or instruction shall be statute, regulation or any provision of them will mean the statute, deemed to have been given on the day that it is actually delivered regulation or provision as it may be re-enacted or replaced from to or received by Us. time to time. If any provision of the Act which is referred to in the b) Notice To You: We can communicate with you about the Plan in Declaration is renumbered because of an amendment to the Act, then any manner permitted by law, including (as applicable), by mail, the reference in the Declaration is considered to be a reference to the telephone, fax, email or other electronic means at any address or renumbered provision. number you provide or any other relevant channels (including 29. Binding. The terms and conditions of the Declaration will be binding branch, website or mobile app notices), and You agree that We upon Your heirs and Estate Representative and upon Our successors may send You confidential information by these means. We will and assigns. However, if the Plan or the Plan Assets are transferred consider that You have received communications as follows to a successor trustee, then the terms of that successor trustee’s (whether You actually receive them or not): declaration of trust will govern from then on. i. if We send the communication by prepaid mail, on the third 30. Governing Law. This Declaration will be construed, administered and enforced in accordance with the laws of the Canadian province or business day after the date on the postmark; and territory in which You live, or if You do not live in Canada, with the laws ii. in any other case, on the day the communication or notice is of Ontario. displayed or provided to You. 31. Exclusive Benefit of You. We may contact You outside of business hours for time-sensitive a) The Plan must be maintained for Your exclusive benefit. matters. You are responsible for making sure We have Your current address. If something We send You cannot be delivered and is returned b) Prior to Your death, no one other than You or Us shall have rights to Us, We will not send anything else until You give us a current under the Plan relating to the amount and timing of distributions address. and investing of funds in the Plan. c) Notice to Us by Third Parties: While any legal notice or document c) No one other than You may make contributions to the Plan.

Section 2 | Terms for registered accounts 53

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 53 2021-06-29 2:21 PM 2 d) Subject to the terms of this Declaration, when directed to do so by i) the Canada Education Savings Act or a Designated Provincial You, We will transfer all or any part of the property held in the Plan Program; or (or an amount equal to its value) to another TFSA of Yours. ii) any other program that has a similar purpose to a Designated e) Notwithstanding subsections 31 a), b) and d), You may, only with the Provincial Program and that is funded, directly or indirectly, by written consent of the Agent, obtained in advance, use Your interest a province (other than an amount paid into the Plan by a Public in the Plan as security for a loan or other indebtedness. Primary Caregiver in its capacity as Subscriber under the Plan); 32. Borrowing. The Plan is prohibited from borrowing money or other l)“Designated Educational Institution” means the Post-Secondary property for the purposes of the Plan. Educational Institution named by a Subscriber on the Application 33. Quebec only. You confirm that you have requested that this or another form provided by the Promoter (or, if none is named, document, and any other documents relating to it, be in English. Vous any designated educational institution, as defined in sub-paragraph reconnaissez avoir exigé que ce document, ainsi que tout document s’y 118.6(1)(a)(i) of the Act, chosen by the Promoter in its sole discretion) rattachant, soient rédigés en langue anglaise. and which is allowed to receive payments under paragraph (d) of the definition of “trust” in subsection 146.1(1) of the Act; 2.4 CIBC WOOD GUNDY INDIVIDUAL SELF-DIRECTED m)“Designated Provincial Program” means: EDUCATION SAVINGS PLAN TRUST AGREEMENT i) a program administered pursuant to an agreement entered into under Section 12 of the Canada Education Savings Act; or 1. Definitions. In this Trust Agreement, these terms have the following meaning (unless the context requires otherwise): ii) a program established under the laws of a province to encourage the financing of children’s post-secondary education through a)“Accumulated Income Payment” means an “accumulated income savings in registered education savings plans; payment” as defined in the Act and the provisions respecting the making of those payments are set out in Section 13; n)“Educational Assistance Payment” means any amount paid or payable under the Plan to or for a Beneficiary to assist the b)“Act” means the Income Tax Act (Canada); Beneficiary to further the Beneficiary’s education at a post- c)“Applicable Legislation” means the Act, the Canada Education Savings secondary school level (but does not include a Refund of Act, and any applicable provincial tax and education legislation, Contributions under section 14); collectively, including any regulations under them, and may “ESDC” means Employment and Social Development Canada; include provincial legislation which is not yet in force but which o) purports to establish a program that ESDC has stated it will treat p)“Estate Representative” means the person or persons who has or as a Designated Provincial Program, even though that provincial have demonstrated, with evidence satisfactory to Us, (which may legislation is not yet in force; include letters probate or other court documentation), the death of the sole Subscriber, the death of a Joint Subscriber in Québec, or in d)“Application” means the CIBC Wood Gundy Self-Directed Education Savings Plan (Individual) application form, which could be either the case of Joint Subscribers outside Québec, the death of the last in the form of the CIBC Wood Gundy Client Profile document or a of the Joint Subscribers, and that person, or those persons, is or are stand-alone application; the legal representative of that deceased Subscriber’s estate; “Former Plan” means any other RESP entered into by a Subscriber; e)“Beneficiary” means a person: q) i) named by the Subscriber on the Application or other form r)“Government Assistance” means any Canada Education Savings acceptable to the Promoter as a potential recipient of Educational Grant, Canada Learning Bond, or Provincial Program Assistance; Assistance Payments; s)“Joint Subscribers” means the Subscribers set out in paragraph ii) of the definition of “Subscriber” being the individual (other than a trust) ii) whose Social Insurance Number has been provided to the Promoter and; and the spouse or common-law partner of the individual, named as Subscribers in the Application; iii) who is resident in Canada when named as a Beneficiary under paragraph (i); t)“Plan” means the education savings plan set up under the Trust Agreement, the Application and the Applicable Legislation; The requirements of paragraphs (ii) and (iii) do not apply to a person u)“Plan Assets” means all assets held by the Trustee under the Trust designated as a Beneficiary before 2004. In addition, a non-resident Agreement from time to time and consisting of any amounts or person without a Social Insurance Number may be designated as a investments contributed, paid or transferred to the Plan, and the net Beneficiary provided that the designation is made in conjunction with a earnings on them; transfer from another RESP under which the person was a beneficiary immediately before the transfer; v)“Plan Proceeds” means Plan Assets, less: f)“Canada Education Savings Grant” means an amount paid to the Plan i) any applicable taxes, interest or penalties that are or may become under Section 5 of the Canada Education Savings Act or under Part or have to be withheld or payable under the Tax Laws; III.1 of the Department of Employment and Social Development Act, ii) costs of realization and any of Our fees, charges and expenses; as it read before the coming into force of section 5 of the Canada and Education Savings Act; iii) Government Assistance that is to be repaid under Applicable g)“Canada Learning Bond” means an amount paid to the Plan under Legislation; section 6 of the Canada Education Savings Act; w)“Post-secondary Educational Institution” means an educational h)“CIBC” means Canadian Imperial Bank of Commerce; institution: i)“CIBC Group” means CIBC and its subsidiaries that currently offer i) in Canada that is: deposits, loans, mutual funds, securities trading, mortgages, trust, and insurance services; A. a university, college or other educational institution designated by the relevant authority under the Canada Student Loans Act, j)“CIBC Trust” means CIBC Trust Corporation, a trust company licensed the Canada Student Financial Assistance Act or, in Québec, An under Canadian law to provide trustee services in Canada; Act respecting financial assistance for education expenses; or k) “Contribution” means an amount contributed into the Plan in cash or B. certified by the Minister of Employment and Social Development in kind by a Subscriber (or someone on the Subscriber’s behalf) with Canada to be an educational institution providing courses, other respect to a Beneficiary in accordance with the terms of the Trust than courses designed for university credit, that furnish a person Agreement and limits in the Act, and does not include an amount with skills for, or improve a person’s skills in, an occupation; or paid into the Plan under or because of: ii) outside Canada that is an educational institution that provides

54 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 54 2021-06-29 2:21 PM 2 courses at a post-secondary school level and that is: Us, provided that if You become a non-resident of Canada, “Tax A. a university, college or other educational institution at which Laws” means the Act; a Beneficiary was enrolled in a course of not less than 13 hh)“Termination Date” means the earliest of the following: consecutive weeks; or i) the Ultimate Termination Date; B. a university at which a Beneficiary was enrolled on a full-time ii) if an Accumulated Income Payment is made from the Plan, the basis in a course of not less than three consecutive weeks; last day of February of the year after the year in which the first x)“Primary Caregiver” means, with respect to the Beneficiary at the Accumulated Income Payment is made from the Plan; time the Application is signed, the individual who is eligible to iii) such earlier date that the Promoter is directed in writing by receive the Canada Child Tax Benefit payment; the Subscriber to terminate the Plan; and y)“Promoter” means CIBC World Markets Inc., the promoter of the iv) the date the Promoter determines to terminate the Plan under Plan under the Act; subsection 16; z)“Provincial Program Assistance” means an amount paid to the Plan ii) “Trust Agreement” means this CIBC Wood Gundy Individual under a Designated Provincial Program; Self-Directed Education Savings Plan Trust Agreement. Unless aa)“Public Primary Caregiver” of a Beneficiary in respect to whom otherwise indicated, any reference to sections, subsections, a special allowance is payable under the Children’s Special paragraphs and subparagraphs mean those provisions in the Allowances Act, means the department, agency or institution that Trust Agreement; maintains the Beneficiary or the public trustee or public curator jj)“Trustee” means CIBC Trust Corporation and any successor trustee of the province in which the Beneficiary resides; of the Plan; bb)“Qualifying Educational Program” means a program at a post- kk)“Ultimate Termination Date” means the end of the 35th year secondary school level of at least three (3) consecutive weeks following the year in which the Plan was entered into; duration that requires each student taking the program spend at least ten (10) hours per week on courses or work in the program; ll)“We”, “Us”, and “Our” means the Trustee and the Promoter; cc)“Refund of Contributions” means any payment under subsection mm)“You”, “Your”, and “Yours” refer to: 14c) that is a refund of Contributions made at a previous time i) for individual Subscribers, the person or persons who has or to this Plan or a Former Plan, excluding the repayment of have signed the Application and will be the Subscriber of the Government Assistance, as required by the Applicable Legislation; Plan; dd)“RESP” means a registered education savings plan, as defined in ii) for a Public Primary Caregiver who is a Subscriber, the Public the Act; Primary Caregiver; and ee)“Specified Educational Program”means a program at a post- iii) any subsequent person who acquires rights as a Subscriber secondary level of at least three (3) consecutive weeks duration in accordance with the Trust Agreement and Applicable that requires each student taking the program to spend at least Legislation. twelve (12) hours per month on courses in the program; 2. Purpose of the Trust. The Trustee will hold the Plan Assets ff)“Subscriber” means at any time: irrevocably in trust (subject to the terms of the Trust Agreement including payment of fees and other amounts under section 21) for any i) the individual (other than a trust) named as Subscriber in the of these purposes: Application; a) the payment of Educational Assistance Payments under section 11; ii) the individual and the spouse or common-law partner of the individual, named as Joint Subscribers in the Application; b) the payment of Refunds of Contributions under subsection 14c); iii) the Public Primary Caregiver named as Subscriber in the c) the payment to a Designated Educational Institution in Canada or Application; a trust in its favour; iv) another individual (other than a trust) or another Public d) the payment to a trust that irrevocably holds property pursuant to Primary Caregiver who has, under a written agreement, another RESP in accordance with the Applicable Legislation; acquired a Public Primary Caregiver’s rights as a Subscriber; e) the payment of Accumulated Income Payments under section 13; v) an individual who has acquired a Subscriber’s rights under the f) the repayment of Government Assistance (and the payment Plan pursuant to a decree, order or judgment of a competent of amounts related to those repayments) under the Canada tribunal, or under a written agreement, relating to the division Education Savings Act or under a Designated Provincial Program, of property between the individual and a Subscriber in as required by the Applicable Legislation; and settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership; or g) any other purpose set out in the definition of “trust” in subsection 146.1(1) of the Act. vi) after the death of a Subscriber, any other person (including the CIBC Trust agrees to act as Trustee of the estate of the deceased Subscriber) who: 3. Appointment of Trustee. Plan and to be responsible for the trust fund created under the Trust A. acquires the deceased Subscriber’s rights as a Subscriber Agreement. under the Plan; or 4. Role of Promoter. The Promoter agrees to pay or cause to be paid B. makes contributions into the Plan in respect of a Beneficiary Educational Assistance Payments to or for one or more Beneficiaries with the written consent of the Promoter, and any other upon the direction of the Subscriber and otherwise in accordance person (including the estate of the deceased Subscriber) who with the Trust Agreement. The Promoter is ultimately responsible for acquires the deceased Subscriber’s rights under the Plan, Plan administration, including obtaining Canada Revenue Agency’s approval of the Trust Agreement as a specimen plan and applying for but does not include an individual or a Public Primary Caregiver registration of the Plan as an RESP under the Applicable Legislation. whose rights as a Subscriber under the Plan had been acquired by an The Promoter must also ensure that the Plan complies at all times with individual or Public Primary Caregiver in the circumstances described in the Applicable Legislation’s requirements for RESPs. The Promoter paragraph iv) or v); may, if it wishes, delegate certain administrative duties to the Trustee gg) “Tax Laws” means the Act and any applicable tax legislation or any other member of the CIBC Group. The Promoter may determine in its sole discretion whether or not the Plan accepts applications for of Your Canadian province of residence as recorded in Your and any payment or transfer of Government Assistance into the Plan. Application, as amended from time to time on proper notice to

Section 2 | Terms for registered accounts 55

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 55 2021-06-29 2:21 PM 2 5. Joint Subscribers and Multiple Subscribers. b) Deadline on Contributions. Contributions cannot be made more a) Where there are Joint Subscribers, the Joint Subscribers confirm than 31 years following the year in which the Plan is entered into. that they are joint tenants with rights of survivorship (except for c) Limit on Amount of Contributions. If the RESP lifetime limit a Subscriber resident in Québec, where this right does not exist referred to in subsection 8a) is exceeded, the Subscriber is entirely at law). Joint tenancy with right of survivorship means that if one responsible for requesting a large enough refund under paragraph Subscriber dies, the other Subscriber automatically will become 14c) to withdraw the “Subscriber’s share of the excess amount” (as the sole Subscriber and will assume all rights and obligations of that phrase is defined in subsection 204.9(1) of the Act). the deceased Subscriber under the Plan including the right to d) Transfers from Other RESPs. The Promoter or its agent in its receive a Refund of Contributions under subsection 14d) and an sole discretion reserves the right to accept or decline transfers. Accumulated Income Payment under section 13. Amounts or investments may be transferred from a Former Plan b) Where there are Joint Subscribers or multiple Subscribers who are into this Plan (if they are permitted investments under section 8) not Joint Subscribers: in accordance with subsections 146.1(6.1) and 204.9(5) of the Act, i) notices and other communications to be sent under the Trust as long as no Accumulated Income Payments were made from Agreement by the Promoter or its agent to the Subscribers will the Former Plan before the transfer and the transfer is otherwise be effective and binding on all Subscribers when sent to one allowed by the Applicable Legislation. To the extent that the Subscriber only in accordance with subsection 26b); transferred amount was paid into the Former Plan by a subscriber in respect of a Beneficiary under the Former Plan, it will be ii) the Subscribers are jointly and severally (solidarily in Québec) deemed to be a Contribution made in respect of each Beneficiary liable for any amounts which may be payable under sections 21 of the Plan, and at the same time and in the same amount as it or 22; was paid into the Former Plan, unless a Beneficiary of this Plan iii) each Subscriber authorizes any other Subscriber to act on his or was also a beneficiary of the Former Plan immediately before her behalf with respect to this Plan; the transfer or the Beneficiary of this Plan was under 21 years of age at the time the Plan was entered into and is a sibling of a iv) The Trustee, the Promoter, and any of their agents may act beneficiary of the Former Plan. After that transfer of assets from on instructions or requests received from any Subscriber with a Former Plan to the Plan, for all purposes of the Trust Agreement, respect to the Plan, without any instructions or confirmation the Plan will be deemed to be entered into on the earlier of the from any other Subscriber, including with respect to Plan day on which the Plan was entered into and the day on which the Contributions, naming Beneficiaries, investments, payments, Former Plan was entered into. and refunds; and 8. Investments. v) each Subscriber authorizes and directs the Trustee, the Promoter, and their agents to so act and confirms that a a) All investment management authority is solely Your responsibility. payment or refund which is payable under this Plan to the This means any statutory rules regarding authorized trustee Subscribers may be paid to either of them or each of them investments or trustee’s duty with regard to investment where the separately in the proportion as directed by a Subscriber, subject trustee is charged with managing the investments, do not apply to to the requirements regarding payment of Accumulated Income this trust. We will hold, invest and sell the Plan Assets according to Payments as set out in section 13, and that payment or refund Your instructions. We may require any instructions to be in writing. will be deemed to be payment or refund to all Subscribers. b) Notwithstanding anything in the Trust Agreement, We may decline 6. Beneficiaries. The Subscriber must name a Beneficiary on the to accept any particular Contribution or transfer or to make or Application. At any time, the Subscriber may change the Beneficiary, continue to hold any particular investment, in Our sole discretion subject to Applicable Legislation, by notice to the Promoter on a form or for any reason, including any asset if it does not comply with acceptable to it. Within ninety (90) days after an individual is named Our administrative requirements or policies in place from time as a Beneficiary, the Promoter or its agent will send the individual to time. We may also need You to provide special supporting written notice of the existence of the Plan and the Subscriber’s name documentation as a condition to Our making certain investments and address. If the Beneficiary is under 19 years of age at that time for the Plan. and ordinarily lives with a parent/legal guardian or is maintained by a Public Primary Caregiver, the notice will instead be sent to the parent/ c) Any cash balance, including Contributions received by Us and not legal guardian or Public Primary Caregiver, as the case may be. immediately invested by You, will be held as a deposit with the Trustee under the Trust and Loan Companies Act (Canada), payable 7. Contributions and Transfers into the Plan. on demand. The Trustee may pay interest on the deposit at a rate a) Contributions. The Subscriber is responsible for deciding when and to be credited at a time as it in its sole discretion determines. and how much to contribute to the Plan and ensuring that the d) It will be solely Your responsibility to determine whether any RESP lifetime limit imposed by subsection 204.9(1) of the Act transfer, contribution or investment is or remains a “qualified in respect of a Beneficiary is not exceeded ($50,000 for 2007 investment” and is not a “prohibited investment” for RESPs and later years). Contributions will be considered to have been pursuant to the Tax Laws. The Plan will bear any taxes, penalties made pro rata in respect of each Beneficiary unless otherwise and/or related interest imposed under the Tax Laws. If the Plan stipulated by a Subscriber. Contributions may be in cash or, in the Assets are insufficient to pay any taxes, penalties or related interest Promoter‘s or its agent’s sole discretion, in kind (which means that incurred, or if taxes, penalties or related interest are imposed the Promoter may accept the transfer of actual investments if they after the Plan has ceased to exist, You must pay or reimburse Us are permitted under section 8). The Promoter or its agent may set directly for any such taxes, penalties or related interest. It is also a minimum amount or value for each Contribution. However, for solely Your responsibility for any taxes, interest and/or penalties Contributions after 2003, a Contribution in respect of a Beneficiary imposed on You under the Tax Laws for acquiring or holding either is permitted only if: non-qualified investments or prohibited investments. Should an i) the Beneficiary’s Social Insurance Number is provided to the investment no longer be a qualified investment for an RESP under Trustee before the Contribution is made (unless the Plan was the Act, We may, in Our sole discretion, withdraw that investment entered into before 1999) and the Beneficiary is resident in from the Plan and deliver it to You in kind, or sell it and retain the Canada when the Contribution is made; or proceeds in the Plan. We shall determine the fair market value of ii) the Contribution is made by way of transfer from another RESP the investment for tax reporting purposes in such manner as We under which the Beneficiary was a Beneficiary immediately determine in Our sole discretion. before the transfer.

56 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 56 2021-06-29 2:21 PM 2 e) We will not be responsible for any loss or tax resulting from a) Contributions totaling at least $2,000 must have been made to, the sale or other disposition or any valuation of any investment and not withdrawn from, RESPs for the benefit of the Beneficiary forming part of the Plan Assets, for any purposes of the Plan. before the calendar year in which the Beneficiary reaches age 16; 9. Your Account and Statements. We will maintain an account in Your or name showing all Contributions, transfers, investments, withdrawals b) At least $100 must have been contributed to, and not withdrawn and payments. We will provide You account statements as required from, RESPs for the Beneficiary in any four calendar years prior to under securities regulations. We will prepare returns and file reports the year in which the Beneficiary reaches 16 years of age. as may be required from time to time by the Tax Laws and Applicable Legislation. Where applicable, certain residency requirements must be met by the Beneficiary for payment of Provincial Program Assistance to or for the We may hold any investment in Our 10. Management and Ownership. Beneficiary. own name, in the name of Our nominee or agent, in bearer form or in another name or form, or with any custodian, clearing corporation 13. Accumulated Income Payments. Upon direction from the or depository, as We may determine. We may generally exercise the Subscriber, in written form or other manner as authorized by power of an owner with respect to the Plan Assets, including the right the Promoter, the Promoter agrees to pay or cause to be paid an to vote or give proxies to vote, however, We may decline to act or as Accumulated Income Payment to the Subscriber only if: a condition to acting may require You to sign documents related to a) the payment is made to, or on behalf of, a Subscriber who is subscriptions, voting, proxies or other corporate actions, as We in Our resident in Canada when the payment is made; sole discretion determine and We will have no liability for acting or declining to act. We may sell assets to pay any assessments, taxes or b) the payment is not made jointly to, or on behalf of, more than one charges in connection with Your or the Plan’s liability. In exercising Our Subscriber. Where section 17 applies and an Accumulated Income rights and carrying out Our responsibilities, We may employ agents and Payment is to be made to the Estate Representative of a deceased advisors, including legal counsel, and may act or not act on the advice Subscriber, if there are multiple Estate Representatives, unless all or information of any agent or advisor. Estate Representatives agree and otherwise instruct the Promoter 11. Educational Assistance Payments. Educational Assistance Payments in writing to whom an Accumulated Income Payment is to be will be composed of Government Assistance and earnings on Plan made, and payment under that instruction would be in accordance Assets and will be otherwise payable in accordance with Applicable with Applicable Legislation, the Accumulated Income Payment will Legislation. Upon direction from the Subscriber, in written form or be made in the name of the estate of the deceased Subscriber; and other manner as authorized by the Promoter, the Promoter agrees to c) any of: pay or cause to be paid Educational Assistance Payments to or for a Beneficiary. An Educational Assistance Payment can be made to or for i) at the time of the payment, it is after the ninth (9th) year that a Beneficiary only where: follows the year in which the Plan was entered into and each a) one of the following applies: individual (other than a deceased individual) who is or was a Beneficiary has attained 21 years of age before the payment i) the Beneficiary is at the time of the payment enrolled as is made and is not eligible under the Plan to receive an a student in a Qualifying Educational Program at a Post- Educational Assistance Payment; secondary Educational Institution; or ii) the payment is made in the 35th year following the year in which ii) the Beneficiary is at the time of the payment at least 16 years the Plan was entered into; or of age and is enrolled as a student in a Specified Educational Program at a Post-secondary Educational Institution; or iii) each individual who was a Beneficiary is deceased when the payment is made. iii) the Beneficiary has, within six months prior to the time of The requirements in paragraph 13c)i) are deemed to be met in payment, ceased to be enrolled as a student in a Qualifying respect of a Beneficiary if that Beneficiary suffers from a severe and Educational Program or a Specified Educational Program, as the prolonged mental impairment and the Promoter has received written case may be; and authorization from the Minister of National Revenue to waive the b) either: conditions set out in clause 146.1(2)(d.1)(iii)(A) of the Act. On the request of a Subscriber, the Promoter will make a written application to the i) the Beneficiary satisfies the condition set out in subparagraph Minister of National Revenue to request the Minister’s authorization in 11a)i) and: this regard. A. has satisfied that condition throughout at least 13 consecutive 14. Payments Out of the Plan; Refunds of Contributions. weeks in the 12-month period preceding the time of the payment; or a) Payments Out. Before making a payment, the Promoter may determine whether any conditions precedent as required B. the total of the Educational Assistance Payment and all other under the Trust Agreement and/or the Applicable Legislation prior Educational Assistance Payments made under an RESP are satisfied; its determination will be final and binding on the of the Promoter to or for the Beneficiary in the 12-month Subscriber, the Beneficiary and all other persons who may be period that ends at the time of the payment does not exceed eligible to receive money from the Plan. The Promoter may $5,000 or any greater amount that the Minister designated establish a limit on the number of payments allowed from the for the purpose of the Canada Education Savings Act has Plan each year. If allowed under the Applicable Legislation, the approved in writing with respect to the Beneficiary; or Promoter will make any of these payments out of the Plan’s net ii) the Beneficiary satisfies the condition set out in subparagraph earnings, Government Assistance and/or the Contributions (for 11a)ii) and the total of all the Educational Assistance Payments payments to another RESP under subparagraph (iii) below only), and all other prior Educational Assistance Payments made when the Subscriber asks the Promoter to do so in the form and under an RESP of the Promoter to or for the Beneficiary in manner provided by the Promoter and the Subscriber provides the 13-week period that ends at the time of the payment does any documentation required by the Applicable Legislation or as not exceed $2,500 or any greater amount as the Minister required by the Trustee in its discretion: designated for the purpose of the Canada Education Savings Act i) Educational Assistance Payments under section 11; has approved in writing with respect to the Beneficiary. ii) payments to, or to a trust in favour of, a Designated Educational 12. Payment of Government Assistance. For a Beneficiary who is Institution; 16 or 17 years of age in a given year to be eligible to receive Canada Education Savings Grant or applicable Provincial Program Assistance, iii) payments to a trust that irrevocably holds property pursuant to at least one of the following conditions must be met: another RESP; or iv) Accumulated Income Payments under section 13.

Section 2 | Terms for registered accounts 57

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 57 2021-06-29 2:21 PM 2 b) Taxes. Tax information return slips will be issued and taxes will be sanctions. withheld from any payment out of this Plan, as required by the 16. Plan Termination. Applicable Legislation. a) You may terminate the Plan by giving Us written notice. c) Refunds of Contributions. At any time, the Subscriber may ask for a Refund of Contributions to be paid to the Subscriber. The b) We may terminate the Plan at any time without notice, including: Promoter will pay the Refund of Contributions as directed as long i) if Your account with the Promoter is terminated or closed as as the Refund of Contributions: provided in any account agreement with the Promoter; i) is requested on the form provided by the Promoter and all ii) if the Plan contains a zero balance or a small amount and has requested information is provided by the Subscriber; remained at a zero balance or below that small amount level for ii) complies with the terms of the Plan, including the Applicable a period of time, that small amount and period as determined Legislation; and by Us in Our sole discretion; or iii) does not exceed the lesser of total Contributions (less any iii) You have terminated the Plan or the Promoter has terminated previous refunds) and the value of the Plan Assets at the time of Your account with the Promoter, but You have not directed a the Refund of Contributions (less any repayment of Government withdrawal or transfer of all of the Plan Proceeds. Assistance, as required by the Applicable Legislation). c) The Plan must be terminated on or before the Termination Date. d) Government Assistance. If required by the Applicable Legislation, If the Plan has not been terminated by no later than six months Government Assistance will be refunded from the Plan Assets to before the Ultimate Termination Date, the Promoter will advise the appropriate government authority. the Subscriber that the Ultimate Termination Date is approaching. On the Termination Date, the Plan Assets must be used for one 15. Payments, Transfers and Asset Liquidation Generally. The following or more of the purposes set out in section 2. Unless the Promoter applies to any withdrawals, transfers or any other payments required receives a proper payment or refund direction under section under the Trust Agreement including fees and expenses under section 14 at any time before the Termination Date that results in the 21, all referred to in this section as “Payment” or “Payments”, and any other time assets are liquidated: termination of the Plan, on Termination Date, the Promoter will pay: a) It is solely Your responsibility to ensure that there is sufficient cash in the Plan to make Payments. We are not required to make any i) an Accumulated Income Payment to the Subscriber, if an Payment in kind; Accumulated Income Payment is permitted by section 13 or the Act; or b) In order to make any Payment, to the extent We deem appropriate, We may, without notice to You, sell all or convert part ii) if an Accumulated Income Payment is not allowed by the Act of any of the Plan Assets at the price or prices as We, in Our sole to any Subscriber, an equivalent payment to the Designated discretion, may determine, and We will deduct any applicable fees Educational Institution. and expenses. We will have no liability to You in respect of any d) The Trustee or the Promoter will be entitled to sell Plan Assets sold or converted Plan Assets or for any losses that may result to provide for any payment in connection with Plan termination from those sales or conversions; and neither the Trustee or Promoter will be liable for any c) We will withhold and remit any income taxes as required; losses, expenses or taxes You or any other person incurs as a consequence arising from the sale. Subsequent to such sale and d) A Payment or asset liquidation will only take effect in accordance payment, any remaining Plan Assets will be distributed to the with the Tax Laws and any other applicable law. No withdrawal Subscriber as a Refund of Contributions in cash or in kind as the or transfer will be made until all liabilities (including for all fees, Promoter or the Trustee will decide in its sole discretion. charges and taxes) have been paid or provided for; e) Any termination will not affect the liabilities or obligations under e) Where a transaction is carried out or an entitlement on Plan the Trust Agreement incurred prior to the termination and Assets (such as dividends) is received in a foreign currency, it provisions regarding liability, limitation of liability and indemnity will be converted to Canadian currency. Any exchange required will survive termination of the Plan. between Canadian and foreign currency will be carried out by This provision does not apply to a Public CIBC or a member or associate of the CIBC Group (any of which is 17. Death of a Subscriber. Primary Caregiver. referred to in this paragraph as “CIBC”). In performing any actual currency conversion in or for the Plan, CIBC will act as principal a) Where there are Joint Subscribers with right of survivorship, on in buying and selling currency from and to You and CIBC will earn death of the first of Joint Subscribers, the deceased Subscriber’s spread-based revenue determined by the difference between rights in the Plan pass by right of survivorship to the surviving the rates at which CIBC buys and sells the currency, the rates Subscriber. After the death of any Joint Subscriber, on request of determined by CIBC in its sole discretion at the time of the buy the Estate Representative of the deceased Joint Subscriber, We and sell without having to obtain rates that limit the spread-based will provide the Estate Representative with any documents and revenue. The spread-based revenue will be in addition to any other information about the Plan that the deceased Subscriber commission, fee or revenue otherwise payable by You to CIBC would have been entitled to while alive, for a Plan that is joint on the transaction giving rise to the conversion of currency or with right of survivorship, up to and including the date of death, otherwise payable to the Trustee of the Plan. The spread-based for any other joint Plan, as long as the Estate Representative has revenue will be in addition to any commission, fee or revenue rights to the Plan. This includes, among other things, Plan forms, otherwise payable by You on the payment out or on the account correspondence, transactions, statements, vouchers and balances. or otherwise payable to the Trustee or Promoter; b) On death of a sole Subscriber, death of a Joint Subscriber where f) We will be discharged from all further duties and liabilities in there is no right of survivorship, or in the case of Joint Subscribers respect of any Payment of Plan Assets; with right of survivorship, death of the last of Joint Subscribers: g) We are not required to make a Payment from the Plan at any time i) the Promoter will deal with the deceased Subscriber’s Estate if We determine that We may suffer legal and/or reputational Representative regarding the deceased Subscriber’s interest in risk, or that We may be in violation of any law, rule, regulation, the Plan; agreement or internal policy applicable to us. Without limiting ii) No person may become successor Subscriber of the Plan until the generality of the previous statement, this includes the the Estate Representative so directs Us in writing as required Special Economic Measures Act (Canada), or any other regulatory by Us, and that person signs the documentation and takes the

58 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 58 2021-06-29 2:21 PM 2 steps required by the Promoter to become successor Subscriber on the Plan or direct payment of Plan Proceeds; to the Plan; c) from the disposition of the Plan or Plan Proceeds on Your death; iii) We are entitled to rely on the written direction of the Estate d) out of a third-party demand made upon the Plan; or Representative as to who shall become successor Subscriber and are expressly absolved of any responsibility to see to the e) Your or any other person’s interest or alleged interest in the application of the Plan Assets, how the Plan may be operated Plan, including any issues involving marriage or common-law by the successor Subscriber or with respect to any terms of partnership breakdown. Your estate or the Estate Representative’s obligations to Your 22. Our Liability. We are entitled to act upon any instrument, estate and no Beneficiary or person claiming through Your certificate, notice or other writing believed by Us to be genuine and estate shall have any recourse against Us. properly signed or presented. When the Plan is terminated and all of the Plan Proceeds are paid out, We will be released and discharged 18. Access to the Court. If there is a dispute or conflict about: from any further responsibility or obligation in connection with the a) not making any payment or transfer from the Plan as set out in Plan. We will not be liable for or in respect of any tax, penalty, interest, subparagraph 15g); loss or damages suffered or incurred by the Plan, You or any other person in connection with the Plan, as a result of: b) who is legally authorized to instruct on or entitled to the Plan and direct payments during Your life or on Your death; or a) the acquisition, holding or transfer of any investment, or as a result of payments out of the Plan, made in accordance with c) in Our view, a failure of persons entitled on Your death to properly instructions given to Us, or pursuant to any direction by You to instruct Us regarding the Plan, terminate the Plan or as a required by Applicable Legislation; We are entitled to either apply to the courts for directions or pay the Plan Proceeds or portion of Plan Proceeds into court and be discharged b) as a result of Us acting or declining to act in accordance with on that payment, and, in any such case, fully recover any legal costs instructions given to Us; or We incur in this regard in accordance with section 21. This is in addition c) otherwise in accordance with the terms of the Trust Agreement, to any right at law of a trustee to pay trust assets into court. Neither the Promoter nor the Trustee will have any liability for any taxes or unless caused by Our gross negligence, bad faith or wilful misconduct, repayment of Government Assistance resulting from any payment into or in Quebec, unless caused by Our intentional or gross fault. Without court. limiting the generality of that statement, You will have no claim whatsoever against Us in relation to any losses, diminution, damages, 19. Delegation by Trustee. You authorize Us to delegate to the charges, costs, taxes, assessments, levies, interest, demands, fines, Promoter and any others, the performance of administrative, custodial claims, penalties, fees or expenses incurred directly or indirectly with and any other duties relating to the Plan as We may determine respect to the administration or trusteeship of the Plan or the Plan appropriate from time to time. Assets (“Liabilities”), except Liabilities directly caused by Our gross You acknowledge that We may pay the Promoter all or any portion negligence, bad faith or wilful misconduct, or in Quebec, unless caused of Our fees and reimburse the Agent for its out-of-pocket expenses by Our intentional or gross fault. You specifically acknowledge that We in performing its delegated duties. You also acknowledge that the will not be responsible for Liabilities caused by any action or inaction Promoter will earn normal brokerage commissions on investment of the Trustee or the Promoter in each one’s personal capacity. The transactions processed by Us or the Promoter. You agree that the Trustee shall have only the obligations and liabilities provided in the Promoter or its affiliates may act as principal or market maker on the Trust Agreement and for greater certainty, shall not have any of the other side of a transaction or as part of larger transactions for the Plan, duties, obligations, or liabilities of an administrator of the property including options, fixed income and currency conversion transactions, of others within the meaning of the Civil Code of Quebec. You, Your and You agree to pay the Promoter the applicable commissions on heirs and Estate Representative and each beneficiary under the Plan these transactions. You acknowledge and agree that all protections, agree to and by this Trust Agreement do indemnify and save harmless limitations of liability and indemnifications given to Us under the Trust Us, Our associates and affiliates and each of Our and their respective Agreement, are also given to and are for the benefit of the Promoter. directors, officers, custodians, agents (including the Promoter) and employees from and against all Liabilities of any nature whatsoever 20. Delegation by You. You may, by way of a duly executed power (including all expenses reasonably incurred in Our or their defence) of attorney, in a form acceptable to Us, appoint an agent to give which may at any time be incurred by any of Us or them, or be brought investment instructions, or otherwise deal with the Plan as Your against any of Us or them by any person, regulatory authority or agent, however We reserve the right to require proof satisfactory government authority, and which may in any way whatsoever arise out to Us, including requiring court documentation to that effect of the of or be connected in any way with the Plan. (This indemnity does not agent’s authority, including with respect to any specific transaction, apply with respect to charges, taxes or penalties imposed solely on the and also to refuse to deal with Your agent. You release Us from any Trustee under the Act.) If We or any of them are entitled to and make claim or liability when acting upon the instructions of Your agent. any claim under this indemnity, We may pay the claim from the Plan Unless Your power of attorney specifically states otherwise, Your agent Assets other than Government Assistance as provided in Applicable appointed under the power of attorney may provide Us and the Agent Legislation. If the Plan Assets other than Government Assistance as with information necessary for the “Know Your Client” regime under provided in Applicable Legislation are insufficient to cover the claim, securities regulation and We may rely on that information. or if the claim is made after the Plan has ceased to exist, You agree 21. Fees and Expenses. We are entitled to receive and may charge to personally pay the amount of the claim and We may apply monies against the Plan reasonable fees and other charges specifically held for You in any other account with any member of the CIBC Group, referred to in the Trust Agreement and any other published fees and including the Promoter, other than a registered retirement savings plan charges that We establish from time to time in conjunction with the or registered retirement income fund, to eliminate or reduce the claim. Promoter. We will give You notice of a change in the amount of any The provisions of this section 22 shall survive the termination of the published fees as required by securities regulation. We are also entitled Plan. to reimbursement for all taxes, penalties and interest, legal fees and 23. Replacement of Trustee. We may retire as trustee of the Plan upon for all other costs and out-of-pocket expenses incurred by Us or the sending You sixty (60) days prior notice, provided that a successor Promoter in connection with the Plan other than for charges, taxes or trustee has been appointed in writing by the Promoter and the penalties imposed on the Trustee under the Tax Act. Without limiting successor trustee has accepted the appointment. We will transfer the generality of the previous statement, We are specifically entitled to all records and investments of the Plan to the successor trustee recover any legal fees and expenses incurred by Us or the Promoter in immediately upon retirement. Any trust company resulting from a connection with any dispute, conflict or uncertainty arising: merger, amalgamation or continuation to which We are party, or a) as a result of not making any Payment from the Plan as set out in succeeding to substantially all of RESP trusteeship business (whether subparagraph 15g); by sale of the business or otherwise), will, if authorized, become the successor trustee of the Plan without further act or formality. b) during Your lifetime, regarding who is legally authorized to instruct

Section 2 | Terms for registered accounts 59

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 59 2021-06-29 2:21 PM 2 24. Change of Promoter. The Promoter may assign its rights and the definition of “Subscriber” in the Trust Agreement. Any assignment obligations under the Trust Agreement to any corporation resident on death is governed by Section 17. in Canada, provided that the assignee corporation executes any 28. Collection, Use and Disclosure of Information. We may collect agreement which is necessary or advisable for the purposes of information during the course of Your relationship with Us from assuming the rights and obligations under this Trust Agreement and credit bureaus, other financial institutions, mutual fund companies, further provided that an assignment of this Trust Agreement may not and references You provide to Us. We may disclose information to be made without prior written consent of the Trustee, which consent credit bureaus, other financial institutions, mutual fund companies may not be unreasonably withheld. and other issuers, law enforcement agencies, regulators and self- 25. Amendments. We may propose to change, either permanently regulatory organizations. (The word “Information” means financial and or temporarily, any term of the Trust Agreement (including fees, financially related information about You, including information to charges or other amounts required to be paid by You under the identify You or qualify You for products and services, or information Trust Agreement) or replace the Trust Agreement with another trust that We need for regulatory requirements.) We may use Information agreement, at any time. We will give You written notice of a proposed to identify You, protect You, and Us from fraud and error, understand change and any other information required by law, at least thirty (30) Your needs and eligibility for services, recommend particular products days before the change is stated to come into effect in the notice in and services to meet Your needs, provide ongoing service, administer accordance with subsection 26b), the “Notice to You” provision. You referral arrangements that You have agreed to, facilitate tax and may refuse the change by terminating the Plan without cost, penalty other reporting by mutual fund companies and other issuers, and to or cancellation indemnity (other than taxes or penalties imposed under comply with legal, regulatory and self-regulatory requirements. We the Tax Laws or any third party as a result of Your termination of the may also collect, use and disclose Information for any purpose required Plan, which will remain Your responsibility, and subject to Applicable or permitted by law, a regulator or a self-regulatory organization. Legislation with respect to Government Assistance) by notifying Us We may share information within the CIBC Group for legal and within thirty (30) days of the effective date of the change. You can regulatory purposes, to manage risk and to update Your information obtain a copy of the current CIBC Wood Gundy Family Self-Directed as described in the CIBC privacy brochure, “Your Privacy Is Protected”. Education Savings Trust Agreement at any CIBC Wood Gundy branch or This policy brochure describes how the CIBC Group collects, uses, through Our website (www.cibcwoodgundy.com). discloses, and retains information about You and the products and 26. Notice. services You use and is available at any CIBC branch or www.cibc. com. In addition upon Your death, for the purposes of administration a) Notice By You: Any notice or instructions given by You to Us shall of the Plan or where the information is reasonably necessary for the be given by personal delivery or by mail (postage prepaid) to administration of Your estate, We may share information about the the Trustee, care of, CIBC Wood Gundy, BCE Place, P.O. Box 500, Plan, including information contained in the Application, with Your Toronto, Ontario M5J 2S8 or at another address that We may from Estate Representative. In addition to any other consent You may have time to time specify in writing. The notice or instruction shall be given with respect to the collection and use of personal information, deemed to have been given on the day that it is actually delivered You hereby consent and agree to allow the Promoter, the Trustee, to or received by Us. and their agents (the “Parties”) to collect personal information about a Beneficiary (including personal information provided in any forms b) Notice to You: We can communicate with You about the Plan in required for the purposes of the Plan and/or Government Assistance) any manner permitted by law, including (as applicable), by mail, (“Information”) and to use that Information to administer the Plan, or as telephone, fax, email or other electronic means at any address required by law or regulatory policy, and as otherwise required under or number You provide or any other relevant channels (including the Applicable Legislation or other law including information contained branch, website or mobile app notices), and You agree that We in the Application and any supplementary documents, as well as the may send You confidential information by these means. We will amount of any Contribution and the amount of the Plan, with the consider that You have received written communications as Beneficiary, with the parent/legal guardian/Public Primary Caregiver follows (whether You actually receive them or not): of the Beneficiary and ESDC in connection with the administration of the Plan. If You provide personal information about a third party (such i) if We send the communication by prepaid mail, on the third as Your spouse or common-law partner or a Beneficiary), You shall business day after the date on the postmark; or have first obtained appropriate consent from such third party to the ii) in any other case, on the day the communication or notice is collection, use, and disclosure of his or her personal information by displayed or provided to You. the Parties in the course of the administration of the Plan and for the purpose for which it was provided by any of the Parties. The Parties We may contact You outside of business hours for time-sensitive may keep Information in their records for as long as needed for the matters. You are responsible for making sure We have Your current purposes described above and as required by law. address. If something We send You cannot be delivered and is returned to Us, We will not send anything else until You give Us a current 29. Electronic Writing and Signature. Where writing or signature are address. required, in Our sole discretion and subject to applicable law, these may be in electronic form. c) Notice to Us by Third Party: While any legal notice or document issued by a third party in respect of the Plan will be effectively 30. Reference to Statutes. All references in the Trust Agreement to any statute, regulation or any provision of them will mean the statute, served if served on Us at the address in subsection 26a) service regulation or provision as it may be re-enacted or replaced from time may be accepted, at Our discretion, at any location of the Trustee, to time. If any provision of the Act which is referred to in the Trust Promoter, or any member of the CIBC Group. If We or any member Agreement is renumbered because of an amendment to the Act, then of the CIBC Group incurs any expenses in responding to any third- the reference in the Trust Agreement is considered to be a reference to party legal notice or document, We may charge those expenses the renumbered provision. to the Plan as out-of-pocket expenses under section 21. We may, The terms and conditions of the Application and the Trust but are not required to, notify You of the receipt of any legal notice 31. Binding. Agreement will be binding upon Your heirs and Estate Representative or document before We comply with it. We may serve You with and upon Our successors and assigns. However, if the Plan or the Plan any legal notice or document by mailing it to You by ordinary mail Assets are transferred to a successor trustee, then the terms of such in accordance with subsection 26b). Any payment made by Us to successor trustee’s trust agreement will govern from then on. a third-party claimant under any legal process, if the payment is made in good faith, is a discharge of the Trustee’s trust obligations 32. Governing Law. This Trust Agreement will be construed, administered and enforced in accordance with the laws of the Canadian with respect to the Plan Assets and the Plan, to the extent of the province or territory in which You live or if You do not live in Canada, amount paid. with the laws of Ontario. If there is more than one Subscriber, the 27. Assignment by Subscriber. A Subscriber cannot during the applicable province or territory will be that of the Subscriber whose Subscriber’s lifetime assign the Subscriber’s rights as a Subscriber name appears first on the Application as amended on proper notice to in respect of the Plan, unless the Promoter has consented to the the Promoter from time to time. If any Subscriber is not a resident of assignment in writing and the assignee qualifies as a Subscriber under

60 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 60 2021-06-29 2:21 PM 2 Canada, the applicable province or territory will be that of the majority or in kind by a Subscriber (or someone on the Subscriber’s behalf) of Subscribers who are resident in Canada. If no Subscriber is resident with respect to a Beneficiary in accordance with the terms of the in Canada, the applicable province will be Ontario. Trust Agreement and limits in the Act, and does not include an 33. Québec Only. You confirm that You have requested that this amount paid into the Plan under or because of: document, and any other documents relating to it, be in English. Vous i) the Canada Education Savings Act or a Designated Provincial reconnaissez avoir exigé que ce document, ainsi que tout document s’y Program; or rattachant, soient rédigés en langue anglaise. ii) any other program that has a similar purpose to a Designated Provincial Program and that is funded, directly or indirectly, by 2.5 CIBC WOOD GUNDY FAMILY SELF-DIRECTED EDUCATION a province (other than an amount paid into the Plan by a Public SAVINGS PLAN TRUST AGREEMENT Primary Caregiver in its capacity as Subscriber under the Plan); 1. Definitions. In this Trust Agreement, these terms have the following l)“Designated Educational Institution” means the Post-Secondary meaning (unless the context requires otherwise): Educational Institution named by a Subscriber on the Application a)“Accumulated Income Payment” means an “accumulated income or another form provided by the Promoter (or, if none is named, payment” as defined in the Act and the provisions respecting the any designated educational institution, as defined in sub- making of those payments are set out in Section 13; paragraph 118.6(1)(a)(i) of the Act, chosen by the Promoter in its sole discretion) and which is allowed to receive payments under b)“Act” means the Income Tax Act (Canada); paragraph (d) of the definition of “trust” in subsection 146.1(1) of c)“Applicable Legislation” means the Act, the Canada Education the Act; Savings Act, and any applicable provincial tax and education m)“Designated Provincial Program” means: legislation, collectively, including any regulations under them, and may include provincial legislation which is not yet in force but i) a program administered pursuant to an agreement entered into which purports to establish a program that ESDC has stated it under Section 12 of the Canada Education Savings Act; or will treat as a Designated Provincial Program, even though that ii) a program established under the laws of a province to encourage provincial legislation is not yet in force; the financing of children’s post-secondary education through d)“Application” means the CIBC Wood Gundy Self-Directed Education savings in registered education savings plans; Savings Plan (Family) application form which could be either in the n)“Educational Assistance Payment” means any amount paid form of the CIBC Wood Gundy Client Profile document or a stand- or payable under the Plan to or for a Beneficiary to assist the alone application; Beneficiary to further the Beneficiary’s education at a post- secondary school level (but does not include a Refund of e)“Beneficiary” means a person: Contributions under section 14); i) named by the Subscriber on the Application or other form acceptable to the Promoter as a potential recipient of o)“ESDC” means Employment and Social Development Canada; Educational Assistance Payments; p)“Estate Representative” means the person or persons who has or have demonstrated, with evidence satisfactory to Us, (which may ii) connected to each living Subscriber (other than a Public Primary Caregiver), or who was connected to a deceased original include letters probate or other court documentation), the death of Subscriber (other than a Public Primary Caregiver), by blood the sole Subscriber, the death of a Joint Subscriber in Québec, or in relationship or adoption (within the meaning of the Act); the case of Joint Subscribers outside Québec, the death of the last of the Joint Subscribers, and that person, or those persons, is or iii) whose Social Insurance Number has been provided to the are the legal representative of that deceased Subscriber’s estate; Promoter and; q)“Former Plan” means any other RESP entered into by a Subscriber; iv) who is resident in Canada when named as a Beneficiary under “Government Assistance” means any Canada Education Savings paragraph (i); and r) Grant, Canada Learning Bond, or Provincial Program Assistance; v) who is either less than 21 years of age or a beneficiary under another RESP that allows more than one beneficiary at any one s)“Joint Subscribers” means the Subscribers set out in paragraph ii) time, when named as a Beneficiary under paragraph (i); of the definition of “Subscriber” being the individual (other than a trust) and the spouse or common-law partner of the individual, The requirements of paragraphs (iii) and (iv) do not apply to a person named as Subscribers in the Application; designated as a Beneficiary before 2004. In addition, a non-resident person without a Social Insurance Number may be designated as a t)“Plan” means the education savings plan set up under the Trust Beneficiary provided that the designation is made in conjunction with a Agreement, the Application and the Applicable Legislation; transfer from another RESP under which the person was a beneficiary u)“Plan Assets” means all assets held by the Trustee under the Trust immediately before the transfer; Agreement from time to time and consisting of any amounts or investments contributed, paid or transferred to the Plan, and the f)“Canada Education Savings Grant” means an amount paid to the net earnings on them; Plan under Section 5 of the Canada Education Savings Act or under Part III.1 of the Department of Employment and Social Development v)“Plan Proceeds” means Plan Assets, less: Act, as it read before the coming into force of section 5 of the i) any applicable taxes, interest or penalties that are or may Canada Education Savings Act; become or have to be withheld or payable under the Tax Laws; g)“Canada Learning Bond” means an amount paid to the Plan under ii) costs of realization and any of Our fees, charges and expenses; section 6 of the Canada Education Savings Act; and h)“CIBC” means Canadian Imperial Bank of Commerce; iii) Government Assistance that is to be repaid under Applicable i)“CIBC Group” means CIBC and its subsidiaries that currently offer Legislation; deposits, loans, mutual funds, securities trading, mortgages, trust, w)“Post-secondary Educational Institution” means an educational and insurance services; institution: j)“CIBC Trust” means CIBC Trust Corporation, a trust company i) in Canada that is: licensed under Canadian law to provide trustee services in Canada; A. a university, college or other educational institution designated k)“Contribution” means an amount contributed into the Plan in cash by the relevant authority under the Canada Student Loans Act,

Section 2 | Terms for registered accounts 61

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 61 2021-06-29 2:21 PM 2 the Canada Student Financial Assistance Act or, in Québec, An person (including the estate of the deceased Subscriber) who Act respecting financial assistance for education expenses; or acquires the deceased Subscriber’s rights under the Plan, B. certified by the Minister of Employment and Social Development but does not include an individual or a Public Primary Caregiver Canada to be an educational institution providing courses, whose rights as a Subscriber under the Plan had been acquired by an other than courses designed for university credit, that furnish individual or Public Primary Caregiver in the circumstances described in a person with skills for, or improve a person’s skills in, an paragraph iv) or v); occupation; or gg)“Tax Laws” means the Act and any applicable tax legislation ii) outside Canada that is an educational institution that provides of Your Canadian province of residence as recorded in Your courses at a post-secondary school level and that is: Application, as amended from time to time on proper notice to A. a university, college or other educational institution at which Us, provided that if You become a non-resident of Canada, “Tax a Beneficiary was enrolled in a course of not less than 13 Laws” means the Act; consecutive weeks; or hh)“Termination Date” means the earliest of the following: B. a university at which a Beneficiary was enrolled on a full-time i) the Ultimate Termination Date; basis in a course of not less than three consecutive weeks; ii) if an Accumulated Income Payment is made from the Plan, the x)“Primary Caregiver” means, with respect to the Beneficiary at the last day of February of the year after the year in which the first time the Application is signed, the individual who is eligible to Accumulated Income Payment is made from the Plan; receive the Canada Child Tax Benefit payment; iii) such earlier date that the Promoter is directed in writing by y)“Promoter” means CIBC World Markets Inc., the promoter of the the Subscriber to terminate the Plan; and Plan under the Act; iv) the date the Promoter determines to terminate the Plan under z)“Provincial Program Assistance” means an amount paid to the Plan subsection 16; under a Designated Provincial Program; ii)“Trust Agreement” means this CIBC Wood Gundy Family Self- aa)“Public Primary Caregiver” of a Beneficiary in respect to whom Directed Education Savings Plan Trust Agreement. Unless a special allowance is payable under the Children’s Special otherwise indicated, any reference to sections, subsections, Allowances Act, means the department, agency or institution that paragraphs and subparagraphs mean those provisions in the maintains the Beneficiary or the public trustee or public curator Trust Agreement; of the province in which the Beneficiary resides; jj)“Trustee” means CIBC Trust Corporation and any successor trustee bb)“Qualifying Educational Program” means a program at a post- of the Plan; secondary school level of at least three (3) consecutive weeks kk)“Ultimate Termination Date” means the end of the 35th year duration that requires each student taking the program spend at following the year in which the Plan was entered into; least ten (10) hours per week on courses or work in the program; ll)“We”, “Us”, and “Our” means the Trustee and the Promoter; cc)“Refund of Contributions” means any payment under subsection 14c) that is a refund of Contributions made at a previous time mm)“You”, “Your”, and “Yours” refer to: to this Plan or a Former Plan, excluding the repayment of i) for individual Subscribers, the person or persons who has or Government Assistance, as required by the Applicable Legislation; have signed the Application and will be the Subscriber of the dd)“RESP” means a registered education savings plan, as defined in Plan; the Act; ii) for a Public Primary Caregiver who is a Subscriber, the Public ee)“Specified Educational Program” means a program at a post- Primary Caregiver; and secondary level of at least three (3) consecutive weeks duration iii) any subsequent person who acquires rights as a Subscriber that requires each student taking the program to spend at least in accordance with the Trust Agreement and Applicable twelve (12) hours per month on courses in the program; Legislation. ff)“Subscriber” means at any time: 2. Purpose of the Trust. The Trustee will hold the Plan Assets i) the individual (other than a trust) named as Subscriber in the irrevocably in trust (subject to the terms of the Trust Agreement including payment of fees and other amounts under section 21) for any Application; of these purposes: ii) the individual and the spouse or common-law partner of the a) the payment of Educational Assistance Payments under section 11; individual, named as Joint Subscribers in the Application; b) the payment of Refunds of Contributions under subsection 14c); iii) the Public Primary Caregiver named as Subscriber in the Application; c) the payment to a Designated Educational Institution in Canada or a trust in its favour; iv) another individual (other than a trust) or another Public Primary Caregiver who has, under a written agreement, d) the payment to a trust that irrevocably holds property pursuant to acquired a Public Primary Caregiver’s rights as a Subscriber; another RESP in accordance with the Applicable Legislation; v) an individual who has acquired a Subscriber’s rights under the e) the payment of Accumulated Income Payments under section 13; Plan pursuant to a decree, order or judgment of a competent f) the repayment of Government Assistance (and the payment tribunal, or under a written agreement, relating to the division of amounts related to those repayments) under the Canada of property between the individual and a Subscriber in Education Savings Act or under a Designated Provincial Program, settlement of rights arising out of, or on the breakdown of, as required by the Applicable Legislation; and their marriage or common-law partnership; or g) any other purpose set out in the definition of “trust” in subsection vi) after the death of a Subscriber, any other person (including 146.1(1) of the Act. the estate of the deceased Subscriber) who: 3. Appointment of Trustee. CIBC Trust agrees to act as Trustee of the A. acquires the deceased Subscriber’s rights as a Subscriber Plan and to be responsible for the trust fund created under the Trust under the Plan; or Agreement. B. makes contributions into the Plan in respect of a Beneficiary with the written consent of the Promoter, and any other

62 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 62 2021-06-29 2:21 PM 2 4. Role of Promoter. The Promoter agrees to pay or cause to be paid may accept the transfer of actual investments if they are permitted Educational Assistance Payments to or for one or more Beneficiaries under section 8). The Promoter or its agent may set a minimum upon the direction of the Subscriber and otherwise in accordance amount or value for each Contribution. However, for Contributions with the Trust Agreement. The Promoter is ultimately responsible for after 2003, a Contribution in respect of a Beneficiary is permitted Plan administration, including obtaining Canada Revenue Agency’s only if: approval of the Trust Agreement as a specimen plan and applying for registration of the Plan as an RESP under the Applicable Legislation. i) the Beneficiary’s Social Insurance Number is provided to the The Promoter must also ensure that the Plan complies at all times with Trustee before the Contribution is made (unless the Plan was the Applicable Legislation’s requirements for RESPs. The Promoter may, entered into before 1999) and the Beneficiary is resident in if it wishes, delegate certain administrative duties to the Trustee or any Canada when the Contribution is made; or other member of the CIBC Group. The Promoter may determine in its ii) the Contribution is made by way of transfer from another RESP sole discretion whether or not the Plan accepts applications for and under which the Beneficiary was a Beneficiary immediately any payment or transfer of Government Assistance into the Plan. before the transfer. 5. Joint Subscribers and Multiple Subscribers. b) Deadline on Contributions. Contributions cannot be made more a) Where there are Joint Subscribers, the Joint Subscribers confirm than 31 years following the year in which the Plan is entered into. that they are joint tenants with rights of survivorship (except for c) Limit on Amount of Contributions. If the RESP lifetime limit referred a Subscriber resident in Québec, where this right does not exist to in subsection 8a) is exceeded, the Subscriber is entirely at law). Joint tenancy with right of survivorship means that if one responsible for requesting a large enough refund under paragraph Subscriber dies, the other Subscriber automatically will become 14c) to withdraw the “Subscriber’s share of the excess amount” (as the sole Subscriber and will assume all rights and obligations of that phrase is defined in subsection 204.9(1) of the Act). the deceased Subscriber under the Plan including the right to receive a Refund of Contributions under subsection 14d) and an d) Contribution Age Limit. A Contribution may be made in respect of Accumulated Income Payment under section 13. a Beneficiary only if the Beneficiary is less than 31 years of age at the time of the Contribution. b) Where there are Joint Subscribers or multiple Subscribers who are not Joint Subscribers: e) Transfers from Other RESPs. The Promoter or its agent in its sole discretion reserves the right to accept or decline transfers. i) notices and other communications to be sent under the Trust Amounts or investments may be transferred from a Former Plan Agreement by the Promoter or its agent to the Subscribers will into this Plan (if they are permitted investments under section 8) be effective and binding on all Subscribers when sent to one in accordance with subsections 146.1(6.1) and 204.9(5) of the Act, Subscriber only in accordance with subsection 26b); as long as no Accumulated Income Payments were made from ii) the Subscribers are jointly and severally (solidarily in Québec) the Former Plan before the transfer and the transfer is otherwise liable for any amounts which may be payable under sections 21 allowed by the Applicable Legislation. To the extent that the or 22; transferred amount was paid into the Former Plan by a subscriber iii) each Subscriber authorizes any other Subscriber to act on his or in respect of a Beneficiary under the Former Plan, it will be deemed her behalf with respect to this Plan; to be a Contribution made in respect of each Beneficiary of the Plan, and at the same time and in the same amount as it was paid iv) The Trustee, the Promoter, and any of their agents may act into the Former Plan, unless a Beneficiary of this Plan was also a on instructions or requests received from any Subscriber with beneficiary of the Former Plan immediately before the transfer or respect to the Plan, without any instructions or confirmation a Beneficiary of this Plan is a sibling of a beneficiary of the Former from any other Subscriber, including with respect to Plan Plan. After that transfer of assets from a Former Plan to the Plan, Contributions, naming Beneficiaries, investments, payments, for all purposes of the Trust Agreement, the Plan will be deemed and refunds; and to be entered into on the earlier of the day on which the Plan was v) each Subscriber authorizes and directs the Trustee, the entered into and the day on which the Former Plan was entered into. Promoter, and their agents to so act and confirms that a 8. Investments. payment or refund which is payable under this Plan to the Subscribers may be paid to either of them or each of them a) All investment management authority is solely Your responsibility. separately in the proportion as directed by a Subscriber, subject This means any statutory rules regarding authorized trustee to the requirements regarding payment of Accumulated Income investments or trustee’s duty with regard to investment where the Payments as set out in section 13, and that payment or refund trustee is charged with managing the investments, do not apply to will be deemed to be payment or refund to all Subscribers. this trust. We will hold, invest and sell the Plan Assets according to Your instructions. We may require any instructions to be in writing. 6. Beneficiaries. The Subscriber must name one or more Beneficiaries on the Application. At any time, the Subscriber may change the b) Notwithstanding anything in the Trust Agreement, We may decline Beneficiary, subject to Applicable Legislation, by notice to the to accept any particular Contribution or transfer or to make or Promoter on a form acceptable to it. Within ninety (90) days after an continue to hold any particular investment, in Our sole discretion individual is named as a Beneficiary, the Promoter or its agent will or for any reason, including any asset if it does not comply with send the individual written notice of the existence of the Plan and the Our administrative requirements or policies in place from time Subscriber’s name and address. If the Beneficiary is under 19 years of to time. We may also need You to provide special supporting age at that time and ordinarily lives with a parent/legal guardian or is documentation as a condition to Our making certain investments maintained by a Public Primary Caregiver, the notice will instead be for the Plan. sent to the parent/legal guardian or Public Primary Caregiver, as the case may be. c) Any cash balance, including Contributions received by Us and not immediately invested by You, will be held as a deposit with the 7. Contributions and Transfers into the Plan. Trustee under the Trust and Loan Companies Act (Canada), payable a) Contributions. The Subscriber is responsible for deciding when and on demand. The Trustee may pay interest on the deposit at a rate how much to contribute to the Plan and ensuring that the RESP and to be credited at a time as it in its sole discretion determines. lifetime limit imposed by subsection 204.9(1) of the Act in respect d) It will be solely Your responsibility to determine whether any transfer, of a Beneficiary is not exceeded ($50,000 for 2007 and later contribution or investment is or remains a “qualified investment” years). Contributions will be considered to have been made pro and is not a “prohibited investment” for RESPs pursuant to the Tax rata in respect of each Beneficiary unless otherwise stipulated by Laws. The Plan will bear any taxes, penalties and/or related interest a Subscriber. Contributions may be in cash or, in the Promoter‘s or imposed under the Tax Laws. If the Plan Assets are insufficient to its agent’s sole discretion, in kind (which means that the Promoter

Section 2 | Terms for registered accounts 63

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 63 2021-06-29 2:21 PM 2 ii) the Beneficiary satisfies the condition set out in subparagraph pay any taxes, penalties or related interest incurred, or if taxes, 11a)ii) and the total of all the Educational Assistance Payments penalties or related interest are imposed after the Plan has ceased and all other prior Educational Assistance Payments made to exist, You must pay or reimburse Us directly for any such taxes, under an RESP of the Promoter to or for the Beneficiary in penalties or related interest. It is also solely Your responsibility for the 13-week period that ends at the time of the payment does any taxes, interest and/or penalties imposed on You under the Tax not exceed $2,500 or any greater amount as the Minister Laws for acquiring or holding either non-qualified investments designated for the purpose of the Canada Education Savings Act or prohibited investments. Should an investment no longer be has approved in writing with respect to the Beneficiary. a qualified investment for an RESP under the Act, We may, in 12. Payment of Government Assistance. For a Beneficiary who is Our sole discretion, withdraw that investment from the Plan and 16 or 17 years of age in a given year to be eligible to receive Canada deliver it to You in kind, or sell it and retain the proceeds in the Education Savings Grant or applicable Provincial Program Assistance, Plan. We shall determine the fair market value of the investment at least one of the following conditions must be met: for tax reporting purposes in such manner as We determine in Our a) Contributions totaling at least $2,000 must have been made to, and sole discretion. not withdrawn from, RESPs for the benefit of the Beneficiary before e) We will not be responsible for any loss or tax resulting from the calendar year in which the Beneficiary reaches age 16; or the sale or other disposition or any valuation of any investment b) At least $100 must have been contributed to, and not withdrawn forming part of the Plan Assets, for any purposes of the Plan. from, RESPs for the Beneficiary in any four calendar years prior to 9. Your Account and Statements. We will maintain an account in Your the year in which the Beneficiary reaches 16 years of age. name showing all Contributions, transfers, investments, withdrawals and payments. We will provide You account statements as required under Where applicable, certain residency requirements must be met by the securities regulations. We will prepare returns and file reports as may be Beneficiary for payment of Provincial Program Assistance to or for the required from time to time by the Tax Laws and Applicable Legislation. Beneficiary. 10. Management and Ownership. We may hold any investment in Our 13. Accumulated Income Payments. Upon direction from the Subscriber, own name, in the name of Our nominee or agent, in bearer form or in written form or other manner as authorized by the Promoter, the in another name or form, or with any custodian, clearing corporation Promoter agrees to pay or cause to be paid an Accumulated Income or depository, as We may determine. We may generally exercise the Payment to the Subscriber only if: power of an owner with respect to the Plan Assets, including the right a) the payment is made to, or on behalf of, a Subscriber who is to vote or give proxies to vote, however, We may decline to act or as resident in Canada when the payment is made; a condition to acting may require You to sign documents related to subscriptions, voting, proxies or other corporate actions, as We in Our b) the payment is not made jointly to, or on behalf of, more than one sole discretion determine and We will have no liability for acting or Subscriber. Where section 17 applies and an Accumulated Income declining to act. We may sell assets to pay any assessments, taxes or Payment is to be made to the Estate Representative of a deceased charges in connection with Your or the Plan’s liability. In exercising Our Subscriber, if there are multiple Estate Representatives, unless all rights and carrying out Our responsibilities, We may employ agents and Estate Representatives agree and otherwise instruct the Promoter advisors, including legal counsel, and may act or not act on the advice in writing to whom an Accumulated Income Payment is to be or information of any agent or advisor. made, and payment under that instruction would be in accordance 11. Educational Assistance Payments. Educational Assistance Payments with Applicable Legislation, the Accumulated Income Payment will will be composed of Government Assistance and earnings on Plan be made in the name of the estate of the deceased Subscriber; and Assets and will be otherwise payable in accordance with Applicable c) any of: Legislation. Upon direction from the Subscriber, in written form or th other manner as authorized by the Promoter, the Promoter agrees to i) at the time of the payment, it is after the ninth (9 ) year that pay or cause to be paid Educational Assistance Payments to or for a follows the year in which the Plan was entered into and each Beneficiary. An Educational Assistance Payment can be made to or for individual (other than a deceased individual) who is or was a a Beneficiary only where: Beneficiary has attained 21 years of age before the payment is made and is not eligible under the Plan to receive an a) one of the following applies: Educational Assistance Payment; i) the Beneficiary is at the time of the payment enrolled as ii) the payment is made in the 35th year following the year in which a student in a Qualifying Educational Program at a Post- the Plan was entered into; or secondary Educational Institution; or iii) each individual who was a Beneficiary is deceased when the ii) the Beneficiary is at the time of the payment at least 16 years payment is made. of age and is enrolled as a student in a Specified Educational Program at a Post-secondary Educational Institution; or The requirements in paragraph 13c)i) are deemed to be met in respect of a Beneficiary if that Beneficiary suffers from a severe and prolonged iii) the Beneficiary has, within six months prior to the time of mental impairment and the Promoter has received written authorization payment, ceased to be enrolled as a student in a Qualifying from the Minister of National Revenue to waive the conditions set out Educational Program or a Specified Educational Program, as the in clause 146.1(2)(d.1)(iii)(A) of the Act. On the request of a Subscriber, case may be; and the Promoter will make a written application to the Minister of National b) either: Revenue to request the Minister’s authorization in this regard. i) the Beneficiary satisfies the condition set out in subparagraph 14. Payments Out of the Plan; Refunds of Contributions. 11a)i) and: a) Payments Out. Before making a payment, the Promoter may A. has satisfied that condition throughout at least 13 consecutive determine whether any conditions precedent as required under weeks in the 12-month period preceding the time of the the Trust Agreement and/or the Applicable Legislation are satisfied; payment; or its determination will be final and binding on the Subscriber, the Beneficiary and all other persons who may be eligible to receive B. the total of the Educational Assistance Payment and all other money from the Plan. The Promoter may establish a limit on the prior Educational Assistance Payments made under an RESP number of payments allowed from the Plan each year. If allowed of the Promoter to or for the Beneficiary in the 12-month under the Applicable Legislation, the Promoter will make any period that ends at the time of the payment does not exceed of these payments out of the Plan’s net earnings, Government $5,000 or any greater amount that the Minister designated Assistance and/or the Contributions (for payments to another RESP for the purpose of the Canada Education Savings Act has under subparagraph (iii) below only), when the Subscriber asks the approved in writing with respect to the Beneficiary; or

64 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 64 2021-06-29 2:21 PM 2 Promoter to do so in the form and manner provided by the Promoter payment out or on the account or otherwise payable to the Trustee and the Subscriber provides any documentation required by the or Promoter; Applicable Legislation or as required by the Trustee in its discretion: f) We will be discharged from all further duties and liabilities in respect i) Educational Assistance Payments under section 11; of any Payment of Plan Assets; ii) payments to, or to a trust in favour of, a Designated Educational g) We are not required to make a Payment from the Plan at any time if Institution; We determine that We may suffer legal and/or reputational risk, or iii) payments to a trust that irrevocably holds property pursuant to that We may be in violation of any law, rule, regulation, agreement or another RESP; or internal policy applicable to us. Without limiting the generality of the previous statement, this includes the Special Economic Measures iv) Accumulated Income Payments under section 13. Act (Canada), or any other regulatory sanctions. b) Taxes. Tax information return slips will be issued and taxes will be 16. Plan Termination. withheld from any payment out of this Plan, as required by the a) You may terminate the Plan by giving Us written notice. Applicable Legislation. b) We may terminate the Plan at any time without notice, including: c) Refunds of Contributions. At any time, the Subscriber may ask for a Refund of Contributions to be paid to the Subscriber. The Promoter i) if Your account with the Promoter is terminated or closed as will pay the Refund of Contributions as directed as long as the provided in any account agreement with the Promoter; or Refund of Contributions: ii) if the Plan contains a zero balance or a small amount and has i) is requested on the form provided by the Promoter and all remained at a zero balance or below that small amount level for a requested information is provided by the Subscriber; period of time, that small amount and period as determined by Us in Our sole discretion; or i) complies with the terms of the Plan, including the Applicable Legislation; and iii) You have terminated the Plan or the Promoter has terminated Your account with the Promoter, but You have not directed a ii) does not exceed the lesser of total Contributions (less any withdrawal or transfer of all of the Plan Proceeds. previous refunds) and the value of the Plan Assets at the time of the Refund of Contributions (less any repayment of Government c) The Plan must be terminated on or before the Termination Date. Assistance, as required by the Applicable Legislation). If the Plan has not been terminated by no later than six months before the Ultimate Termination Date, the Promoter will advise the d) Government Assistance. If required by the Applicable Legislation, Subscriber that the Ultimate Termination Date is approaching. On Government Assistance will be refunded from the Plan Assets to the the Termination Date, the Plan Assets must be used for one or more appropriate government authority. of the purposes set out in section 2. Unless the Promoter receives 15. Payments, Transfers and Asset Liquidation Generally. The following a proper payment or refund direction under section 14 at any time applies to any withdrawals, transfers or any other payments required before the Termination Date that results in the termination of the under the Trust Agreement including fees and expenses under section 21, Plan, on Termination Date, the Promoter will pay: all referred to in this section as “Payment” or “Payments”, and any other time assets are liquidated: i) an Accumulated Income Payment to the Subscriber, if an Accumulated Income Payment is permitted by section 13 or the a) It is solely Your responsibility to ensure that there is sufficient cash Act; or in the Plan to make Payments. We are not required to make any Payment in kind; ii) if an Accumulated Income Payment is not allowed by the Act to any Subscriber, an equivalent payment to the Designated b) In order to make any Payment, to the extent We deem appropriate, Educational Institution. We may, without notice to You, sell all or convert part of any of the Plan Assets at the price or prices as We, in Our sole discretion, may d) The Trustee or the Promoter will be entitled to sell Plan Assets determine, and We will deduct any applicable fees and expenses. to provide for any payment in connection with Plan termination We will have no liability to You in respect of any sold or converted and neither the Trustee or Promoter will be liable for any losses, Plan Assets or for any losses that may result from those sales or expenses or taxes You or any other person incurs as a consequence conversions; arising from the sale. Subsequent to such sale and payment, any remaining Plan Assets will be distributed to the Subscriber as a c) We will withhold and remit any income taxes as required; Refund of Contributions in cash or in kind as the Promoter or the d) A Payment or asset liquidation will only take effect in accordance Trustee will decide in its sole discretion. with the Tax Laws and any other applicable law. No withdrawal or e) Any termination will not affect the liabilities or obligations under the transfer will be made until all liabilities (including for all fees, charges Trust Agreement incurred prior to the termination and provisions and taxes) have been paid or provided for; regarding liability, limitation of liability and indemnity will survive e) Where a transaction is carried out or an entitlement on Plan Assets termination of the Plan. (such as dividends) is received in a foreign currency, it will be 17. Death of a Subscriber. This provision does not apply to a Public converted to Canadian currency. Any exchange required between Primary Caregiver. Canadian and foreign currency will be carried out by CIBC or a member or associate of the CIBC Group (any of which is referred a) Where there are Joint Subscribers with right of survivorship, on to in this paragraph as “CIBC”). In performing any actual currency death of the first of Joint Subscribers, the deceased Subscriber’s conversion in or for the Plan, CIBC will act as principal in buying rights in the Plan pass by right of survivorship to the surviving and selling currency from and to You and CIBC will earn spread- Subscriber. After the death of any Joint Subscriber, on request of based revenue determined by the difference between the rates at the Estate Representative of the deceased Joint Subscriber, We will which CIBC buys and sells the currency, the rates determined by provide the Estate Representative with any documents and other CIBC in its sole discretion at the time of the buy and sell without information about the Plan that the deceased Subscriber would having to obtain rates that limit the spread-based revenue. The have been entitled to while alive, for a Plan that is joint with right spread-based revenue will be in addition to any commission, fee of survivorship, up to and including the date of death, for any other or revenue otherwise payable by You to CIBC on the transaction joint Plan, as long as the Estate Representative has rights to the giving rise to the conversion of currency or otherwise payable to the Plan. This includes, among other things, Plan forms, correspondence, Trustee of the Plan. The spread-based revenue will be in addition to transactions, statements, vouchers and balances. any commission, fee or revenue otherwise payable by You on the

Section 2 | Terms for registered accounts 65

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 65 2021-06-29 2:21 PM 2 b) On death of a sole Subscriber, death of a Joint Subscriber charges that We establish from time to time in conjunction with where there is no right of survivorship, or in the case of Joint the Promoter. We will give You notice of a change in the amount of Subscribers with right of survivorship, death of the last of Joint any published fees as required by securities regulation. We are also Subscribers: entitled to reimbursement for all taxes, penalties and interest, legal fees and for all other costs and out-of-pocket expenses incurred i) the Promoter will deal with the deceased Subscriber’s Estate by Us or the Promoter in connection with the Plan other than for Representative regarding the deceased Subscriber’s interest charges, taxes or penalties imposed on the Trustee under the Tax Act. in the Plan; Without limiting the generality of the previous statement, We are i) No person may become successor Subscriber of the Plan until specifically entitled to recover any legal fees and expenses incurred the Estate Representative so directs Us in writing as required by Us or the Promoter in connection with any dispute, conflict or by Us, and that person signs the documentation and takes uncertainty arising: the steps required by the Promoter to become successor a) as a result of not making any Payment from the Plan as set out Subscriber to the Plan; in subparagraph 15g); ii) We are entitled to rely on the written direction of the Estate b) during Your lifetime, regarding who is legally authorized to Representative as to who shall become successor Subscriber instruct on the Plan or direct payment of Plan Proceeds; and are expressly absolved of any responsibility to see to the c) from the disposition of the Plan or Plan Proceeds on Your death; application of the Plan Assets, how the Plan may be operated by the successor Subscriber or with respect to any terms of d) out of a third-party demand made upon the Plan; or Your estate or the Estate Representative’s obligations to Your e) Your or any other person’s interest or alleged interest in the estate and no Beneficiary or person claiming through Your Plan, including any issues involving marriage or common-law estate shall have any recourse against Us. partnership breakdown. 18. Access to the Court. If there is a dispute or conflict about: 22. Our Liability. We are entitled to act upon any instrument, a) not making any payment or transfer from the Plan as set out in certificate, notice or other writing believed by Us to be genuine and subparagraph 15g); properly signed or presented. When the Plan is terminated and all of the Plan Proceeds are paid out, We will be released and discharged b) who is legally authorized to instruct on or entitled to the Plan from any further responsibility or obligation in connection with and direct payments during Your life or on Your death; or the Plan. We will not be liable for or in respect of any tax, penalty, c) in Our view, a failure of persons entitled on Your death to interest, loss or damages suffered or incurred by the Plan, You or any other person in connection with the Plan, as a result of: properly instruct Us regarding the Plan, We are entitled to either apply to the courts for directions or pay a) the acquisition, holding or transfer of any investment, or as a the Plan Proceeds or portion of Plan Proceeds into court and be result of payments out of the Plan, made in accordance with discharged on that payment, and, in any such case, fully recover any instructions given to Us, or pursuant to any direction by You to legal costs We incur in this regard in accordance with section 21. This terminate the Plan or as a required by Applicable Legislation; is in addition to any right at law of a trustee to pay trust assets into b) as a result of Us acting or declining to act in accordance with court. Neither the Promoter nor the Trustee will have any liability for instructions given to Us; or any taxes or repayment of Government Assistance resulting from any payment into court. c) otherwise in accordance with the terms of the Trust Agreement, 19. Delegation by Trustee. You authorize Us to delegate to the unless caused by Our gross negligence, bad faith or wilful Promoter and any others, the performance of administrative, misconduct, or in Quebec, unless caused by Our intentional or gross custodial and any other duties relating to the Plan as We may fault. Without limiting the generality of that statement, You will have determine appropriate from time to time. no claim whatsoever against Us in relation to any losses, diminution, You acknowledge that We may pay the Promoter all or any portion damages, charges, costs, taxes, assessments, levies, interest, of Our fees and reimburse the Agent for its out-of-pocket expenses demands, fines, claims, penalties, fees or expenses incurred directly in performing its delegated duties. You also acknowledge that the or indirectly with respect to the administration or trusteeship of the Promoter will earn normal brokerage commissions on investment Plan or the Plan Assets (“Liabilities”), except Liabilities directly caused transactions processed by Us or the Promoter. You agree that the by Our gross negligence, bad faith or wilful misconduct, or in Quebec, Promoter or its affiliates may act as principal or market maker on unless caused by Our intentional or gross fault. You specifically the other side of a transaction or as part of larger transactions for acknowledge that We will not be responsible for Liabilities caused by the Plan, including options, fixed income and currency conversion any action or inaction of the Trustee or the Promoter in each one’s transactions, and You agree to pay the Promoter the applicable personal capacity. commissions on these transactions. You acknowledge and agree that all protections, limitations of liability and indemnifications given The Trustee shall have only the obligations and liabilities provided to Us under the Trust Agreement, are also given to and are for the in the Trust Agreement and for greater certainty, shall not have any benefit of the Promoter. of the duties, obligations, or liabilities of an administrator of the property of others within the meaning of the Civil Code of Quebec. 20. Delegation by You. You may, by way of a duly executed power of attorney, in a form acceptable to Us, appoint an agent to give You, Your heirs and Estate Representative and each beneficiary investment instructions, or otherwise deal with the Plan as Your under the Plan agree to and by this Trust Agreement do indemnify agent, however We reserve the right to require proof satisfactory and save harmless Us, Our associates and affiliates and each of Our to Us, including requiring court documentation to that effect of the and their respective directors, officers, custodians, agents (including agent’s authority, including with respect to any specific transaction, the Promoter) and employees from and against all Liabilities of any and also to refuse to deal with Your agent. You release Us from nature whatsoever (including all expenses reasonably incurred in any claim or liability when acting upon the instructions of Your Our or their defence) which may at any time be incurred by any of agent. Unless Your power of attorney specifically states otherwise, Us or them, or be brought against any of Us or them by any person, Your agent appointed under the power of attorney may provide regulatory authority or government authority, and which may in any Us and the Agent with information necessary for the “Know Your way whatsoever arise out of or be connected in any way with the Client” regime under securities regulation and We may rely on that Plan. (This indemnity does not apply with respect to charges, taxes information. or penalties imposed solely on the Trustee under the Act.) If We or any of them are entitled to and make any claim under this indemnity, 21. Fees and Expenses. We are entitled to receive and may charge We may pay the claim from the Plan Assets other than Government against the Plan reasonable fees and other charges specifically Assistance as provided in Applicable Legislation. If the Plan Assets referred to in the Trust Agreement and any other published fees and other than Government Assistance as provided in Applicable

66 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 66 2021-06-29 2:21 PM 2 Legislation are insufficient to cover the claim, or if the claim is made after accepted, at Our discretion, at any location of the Trustee, Promoter, the Plan has ceased to exist, You agree to personally pay the amount of or any member of the CIBC Group. If We or any member of the CIBC the claim and We may apply monies held for You in any other account Group incurs any expenses in responding to any third-party legal with any member of the CIBC Group, including the Promoter, other than a notice or document, We may charge those expenses to the Plan registered retirement savings plan or registered retirement income fund, as out-of-pocket expenses under section 21. We may, but are not to eliminate or reduce the claim. required to, notify You of the receipt of any legal notice or document The provisions of this section 22 shall survive the termination of the Plan. before We comply with it. We may serve You with any legal notice or 23. Replacement of Trustee. We may retire as trustee of the Plan upon document by mailing it to You by ordinary mail in accordance with sending You sixty (60) days prior notice, provided that a successor subsection 26b). Any payment made by Us to a third-party claimant trustee has been appointed in writing by the Promoter and the successor under any legal process, if the payment is made in good faith, is a trustee has accepted the appointment. We will transfer all records and discharge of the Trustee’s trust obligations with respect to the Plan investments of the Plan to the successor trustee immediately upon Assets and the Plan, to the extent of the amount paid. retirement. Any trust company resulting from a merger, amalgamation or 27. Assignment by Subscriber. A Subscriber cannot during the continuation to which We are party, or succeeding to substantially all of Subscriber’s lifetime assign the Subscriber’s rights as a Subscriber in RESP trusteeship business (whether by sale of the business or otherwise), respect of the Plan, unless the Promoter has consented to the assignment will, if authorized, become the successor trustee of the Plan without in writing and the assignee qualifies as a Subscriber under the definition further act or formality. of “Subscriber” in the Trust Agreement. Any assignment on death is 24. Change of Promoter. The Promoter may assign its rights and governed by Section 17. obligations under the Trust Agreement to any corporation resident in 28. Collection, Use and Disclosure of Information. We may collect Canada, provided that the assignee corporation executes any agreement information during the course of Your relationship with Us from credit which is necessary or advisable for the purposes of assuming the rights bureaus, other financial institutions, mutual fund companies, and and obligations under this Trust Agreement and further provided that references You provide to Us. We may disclose information to credit an assignment of this Trust Agreement may not be made without prior bureaus, other financial institutions, mutual fund companies and other written consent of the Trustee, which consent may not be unreasonably issuers, law enforcement agencies, regulators and self-regulatory withheld. organizations. (The word “Information” means financial and financially 25. Amendments. We may propose to change, either permanently or related information about You, including information to identify You or temporarily, any term of the Trust Agreement (including fees, charges or qualify You for products and services, or information that We need for other amounts required to be paid by You under the Trust Agreement) regulatory requirements.) We may use Information to identify You, protect or replace the Trust Agreement with another trust agreement, at any You, and Us from fraud and error, understand Your needs and eligibility time. We will give You written notice of a proposed change and any for services, recommend particular products and services to meet other information required by law, at least thirty (30) days before the Your needs, provide ongoing service, administer referral arrangements change is stated to come into effect in the notice in accordance with that You have agreed to, facilitate tax and other reporting by mutual subsection 26b), the “Notice to You” provision. You may refuse the change fund companies and other issuers, and to comply with legal, regulatory by terminating the Plan without cost, penalty or cancellation indemnity and self-regulatory requirements. We may also collect, use and disclose (other than taxes or penalties imposed under the Tax Laws or any third Information for any purpose required or permitted by law, a regulator or party as a result of Your termination of the Plan, which will remain Your a self-regulatory organization. We may share information within the CIBC responsibility, and subject to Applicable Legislation with respect to Group for legal and regulatory purposes, to manage risk and to update Government Assistance) by notifying Us within thirty (30) days of the Your information as described in the CIBC privacy brochure, “Your Privacy effective date of the change. You can obtain a copy of the current Is Protected”. This policy brochure describes how the CIBC Group collects, CIBC Wood Gundy Family Self-Directed Education Savings Trust uses, discloses, and retains information about You and the products and Agreement at any CIBC Wood Gundy branch or through Our website services You use and is available at any CIBC branch or www.cibc.com. In (www.cibcwoodgundy.com). addition upon Your death, for the purposes of administration of the Plan or where the information is reasonably necessary for the administration 26. Notice. of Your estate, We may share information about the Plan, including a) Notice By You: Any notice or instructions given by You to Us shall be information contained in the Application, with Your Estate Representative. given by personal delivery or by mail (postage prepaid) to the Trustee, In addition to any other consent You may have given with respect to care of, CIBC Wood Gundy, BCE Place, P.O. Box 500, Toronto, Ontario the collection and use of personal information, You hereby consent and M5J 2S8 or at another address that We may from time to time agree to allow the Promoter, the Trustee, and their agents (the “Parties”) specify in writing. The notice or instruction shall be deemed to have to collect personal information about a Beneficiary (including personal been given on the day that it is actually delivered to or received by Us. information provided in any forms required for the purposes of the Plan and/or Government Assistance) (“Information”) and to use that b) Notice to You: We can communicate with You about the Plan in Information to administer the Plan, or as required by law or regulatory any manner permitted by law, including (as applicable), by mail, policy, and as otherwise required under the Applicable Legislation or telephone, fax, email or other electronic means at any address or other law including information contained in the Application and any number You provide or any other relevant channels (including branch, supplementary documents, as well as the amount of any Contribution website or mobile app notices), and You agree that We may send and the amount of the Plan, with the Beneficiary, with the parent/ You confidential information by these means. We will consider that legal guardian/Public Primary Caregiver of the Beneficiary and ESDC in You have received written communications as follows (whether You connection with the administration of the Plan. If You provide personal actually receive them or not): information about a third party (such as Your spouse or common-law partner or a Beneficiary), You shall have first obtained appropriate consent i) if We send the communication by prepaid mail, on the third from such third party to the collection, use, and disclosure of his or her business day after the date on the postmark; or personal information by the Parties in the course of the administration ii) in any other case, on the day the communication or notice is of the Plan and for the purpose for which it was provided by any of the displayed or provided to You. Parties. The Parties may keep Information in their records for as long as needed for the purposes described above and as required by law. We may contact You outside of business hours for time-sensitive matters. You are responsible for making sure We have Your current address. If 29. Electronic Writing and Signature. Where writing or signature are something We send You cannot be delivered and is returned to Us, We will required, in Our sole discretion and subject to applicable law, these may not send anything else until You give Us a current address. be in electronic form. c) Notice to Us by Third Party: While any legal notice or document 30. Reference to Statutes. All references in the Trust Agreement to issued by a third party in respect of the Plan will be effectively served any statute, regulation or any provision of them will mean the statute, regulation or provision as it may be re-enacted or replaced from time if served on Us at the address in subsection 26a) service may be to time. If any provision of the Act which is referred to in the Trust

Section 2 | Terms for registered accounts 67

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 67 2021-06-29 2:21 PM 2 Agreement is renumbered because of an amendment to the Act, then the reference in the Trust Agreement is considered to be a reference to the renumbered provision. 31. Binding. The terms and conditions of the Application and the Trust Agreement will be binding upon Your heirs and Estate Representative and upon Our successors and assigns. However, if the Plan or the Plan Assets are transferred to a successor trustee, then the terms of such successor trustee’s trust agreement will govern from then on. 32. Governing Law. This Trust Agreement will be construed, administered and enforced in accordance with the laws of the Canadian province or territory in which You live or if You do not live in Canada, with the laws of Ontario. If there is more than one Subscriber, the applicable province or territory will be that of the Subscriber whose name appears first on the Application as amended on proper notice to the Promoter from time to time. If any Subscriber is not a resident of Canada, the applicable province or territory will be that of the majority of Subscribers who are resident in Canada. If no Subscriber is resident in Canada, the applicable province will be Ontario. 33. Québec Only. You confirm that You have requested that this document, and any other documents relating to it, be in English. Vous reconnaissez avoir exigé que ce document, ainsi que tout document s’y rattachant, soient rédigés en langue anglaise.

68 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 68 2021-06-29 2:21 PM 3

3 CIBC Wood Gundy’s role and responsibilities

3.0 CIBC Wood Gundy’s role and responsibilities 3.2.2 Compensation For advisory accounts, CIBC Wood Gundy earns compensation by selling products and services to you that you pay us for. For fee-based 3.1 Good faith...... 69 accounts, CIBC Wood Gundy earns compensation by receiving an 3.2 Conflicts of interest...... 69 annual fee based on the assets in your account, instead of commissions 3.3 Related and connected issuers...... 70 on certain transactions. In both cases, your Investment Advisor or Portfolio Manager’s compensation is calculated as a percentage of what you pay CIBC Wood Gundy. This can be considered a conflict 3.1 GOOD FAITH of interest that is inherent in your relationship with us. In managing this conflict, we provide you with transparent disclosure on fees and We’ll act in good faith regarding your account. All information and commissions in advance so that you know what you will be paying. We recommendations we give you related to securities are based on sources also offer a variety of account and transaction pricing options for you we believe to be reliable but are statements of opinion only. We do not to choose from. guarantee the performance of your account or that your investment There are supervisory and oversight controls in place to identify a objectives can be achieved. Past performance does not necessarily breach of our internal policies and procedures. We reserve the right predict future performance. to withhold or reverse compensation where an Investment Advisor or Portfolio Manager is found to have breached our policies or 3.2 CONFLICTS OF INTEREST procedures. A conflict of interest can occur where CIBC Wood Gundy’s interests There are additional features of how CIBC Wood Gundy and your or the interests of the person managing your account (including your Investment Advisor or Portfolio Manager are compensated that give Portfolio Manager and your Investment Advisor) and your interests are rise to additional conflicts beyond the inherent conflict that we get inconsistent. Your Investment Advisor or Portfolio Manager will take paid to provide you with account services. These are described in reasonable steps to identify existing material conflicts of interest and more detail below and we manage them through policies, procedures those that may reasonably be expected to arise between you and CIBC and other control measures we have put in place to ensure that your Wood Gundy or your Investment Advisor or Portfolio Manager, and Investment Advisor and Portfolio Manager continue to act in your best will follow CIBC Wood Gundy’s internal processes to report conflicts interest. These measures include supervision by departments that do where required. We will address material conflicts in one or more of not report directly to any business area, in order to be impartial and the following ways: avoid compensation conflicts. We also disclose at the time of purchase • Avoid: We avoid any conflicts which are prohibited by law or which or sale, and on an annual basis, the fees you pay to us, as well as fees cannot effectively be managed in your best interest. paid to us by others in connection with your account. • Disclose: Material conflicts will be disclosed to you, allowing you to CIBC Wood Gundy may be compensated for the services it provides you consider and determine their significance in connection with your through transaction commissions and other fees and charges directly relationship with us or any particular transaction or charged to your account. In addition to the fees and commissions recommendation. that you pay CIBC Wood Gundy (as described in 1.7 Commissions, fees and other changes), CIBC Wood Gundy or its affiliates may earn • Control: Certain conflicts can be effectively managed in your best compensation in other, more indirect ways, which may give rise to a interests by implementing physical or procedural control measures. perceived or actual conflict of interest. Examples include physical separation of different persons or business functions, or restricting the internal exchange of certain For example, CIBC Wood Gundy or its affiliates will earn compensation information. in connection with the provision of investment or other services to certain issuers whose securities can be purchased by you or by your Below is a list of potential material conflicts, and the primary methods Investment Advisor or Portfolio Manager on your behalf. we use to manage them. Please reach out to your Investment Advisor or Portfolio Manager with any questions or if you would like additional CIBC Wood Gundy will also receive compensation directly from certain information. issuers based on the amount of your investment in their products. 3.2.1 Proprietary products CIBC Wood Gundy and your Investment Advisor or Portfolio Manager will receive ongoing compensation on some investment products for CIBC Wood Gundy offers securities and products issued or offered as long as you continue to hold the products in your account. Portfolio by our parent company CIBC or its affiliates (“proprietary products”) Managers may also receive fees, such as trailing commissions, in as well as those issued or offered by third parties. We manage this certain circumstances, but in these situations, we adjust the fee you inherent material conflict of interest by: pay for your managed account. • providing equal access to approved non-proprietary products for If you purchase an investment (or your Portfolio Manager purchases our clients, one on your behalf) that CIBC Wood Gundy or its affiliates have • regularly comparing our proprietary products to alternatives structured, or that one of its affiliates manages, there may be fees available in the market, embedded in that product which will be paid to CIBC Wood Gundy or • making a full suite of investment options available, with competitive its affiliate. rates and investment performance, It’s important to note that if you have a managed account, your • leveraging affiliates’ advice and services to reduce client costs, and Investment Manager or Portfolio Manager (the designated person responsible for managing your account) will not receive any • having a straightforward selection of available products for your transaction-based fees or commissions. Investment Advisor or Portfolio Manager to assess, understand and monitor.

Section 3 | CIBC Wood Gundy‘s role and responsibilities 69

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 69 2021-06-29 2:21 PM 3 Your Investment Advisor’s compensation may be affected by the types or be perceived to interfere with our work at CIBC and our judgment of products you purchase or transfer into your account. As different about doing the right thing for our clients. CIBC has controls in place products have different compensation structures, your Investment to identify and avoid situations in which our personal interest may Advisor may be paid more or less depending on the product or service conflict with, or be perceived to conflict with, the interests of CIBC, our you choose, or the sales option you select. For example, different employees, our clients, or suppliers. classes of mutual funds could lead to different levels of compensation This includes restrictions on giving or accepting gifts, entertainment or being paid to your Investment Advisor. other advantages or benefits; borrowing, lending or pooling personal Your Investment Advisor or Portfolio Manager may also receive a fee funds; being designated as a beneficiary, executor, power of attorney for referring you to another company for other products or services. or other personal representative for the client; and requiring pre- Referral fees are only paid or received in compliance with securities approval before engaging in outside activities and certain investments. regulations and in any event will always be disclosed to you and you 3.2.6 Trading activity will not be referred without your consent. We trade for our own account and this may include block positions and 3.2.3 Other activities arbitrage strategies. We may have a long or short position in the same We carry out, among other activities, research, investment banking, security being traded in your account. brokerage, investment management and investment advisory services for other clients. At times, we and our affiliates may be privy to certain We’ll act as your agent for buying, selling and generally dealing in confidential or material non-public information that we may be securities for you. At times, we may also act as principal, which means prevented from using for your benefit. In carrying out activities other we may buy securities from you, or sell them to you, from our own than investment management or investment advisory services, we account. may acquire material information in respect of a security that is not We or our affiliates may also act as principal or market maker on the available in the Investment Advisor’s or Portfolio Manager’s ordinary other side of a transaction, or in larger transactions for your account, course of business. In addition to the investments held in your account, including options trades or fixed income trades. CIBC Wood Gundy or its affiliates also hold and may manage the assets We or our affiliates may also earn revenue based on the difference of other clients. CIBC Wood Gundy may give advice and take action in between the bid and ask prices for the particular security. The revenue the performance of our duties for other clients that may differ from earned from this difference is called a spread. The spread will be advice given, or in the timing and nature of action taken, with respect affected by the nature and liquidity of the security sold and other to you or your account. You agree that we will not be liable to you as a factors. result of recommendations or decisions for your account that are made without taking into consideration information we receive through our We have written policies and procedures that are designed to achieve or our affiliates’ investment management, investment advisory or an aggregate price that is fair and reasonable, taking into consideration other services, including any material non-public information. factors including the fair market value of the securities at the time of the transaction, the expense involved in effecting the transaction, and In the above cases, CIBC operates its different businesses separately the total dollar amount of the transaction. so that information is limited to the specific business involved. We also implement internal information barriers that are designed to ensure 3.2.7 Foreign currency transactions that confidential or undisclosed material information is not shared We make arrangements with CIBC and its affiliates when you complete outside certain areas. a foreign currency transaction, such as a spot transaction or forward 3.2.4 Managed accounts contract, or trade a security denominated in a foreign currency. CIBC Similar conflicts of interest as may exist between you and your and its related parties use their discretion in setting foreign exchange Investment Advisor or Portfolio Manager may also exist between rates and may earn money on the difference between the bid and ask you and your Investment Manager and the Program Manager prices of the cost of the currency. Market fluctuations and the amount, for your Investment Consulting Service (ICS) Account. Primarily, date and type of foreign currency transaction affect the conversion your Investment Manager’s compensation may be higher or lower rate and the spread. depending on the type of investment chosen for you. Your Investment We have written policies and procedures that are designed to achieve Manager has the discretion to exercise rights associated with an aggregate foreign exchange rate that is fair and reasonable, securities in your account and may receive fees for exercising these taking into consideration factors including the currency exchange rights. As with CIBC Wood Gundy, your Investment Manager, the rates available at the time of the transaction, the expense involved Program Manager and their affiliates carry out, among other activities, in effecting the transaction, and the total dollar amount of the research, investment banking, brokerage, investment management transaction. and investment advisory services for other clients. At times, they may You’ll find more information about foreign currency transactions in be privy to certain confidential or material non-public information 1.3.4.4 Foreign currency transactions. which they may be prevented from using for your benefit. Finally, your Investment Manager and the Program Manager may give advice and 3.3 RELATED AND CONNECTED ISSUERS take action in the performance of their duties for other clients that may differ from advice given to you, or in the timing and nature of action Securities laws in Canada require registered firms to provide certain taken with respect to you or your account. You agree that they will not disclosures to their clients when they trade in or advise with respect to be liable to you as a result of recommendations or decisions for your their own securities or securities of certain other issuers to which they, account that are made without taking into consideration information or certain other parties related to them, are “related” or “connected”. they receive through services they provide other clients, including any If you have an advisory account, your Investment Advisor will tell you material non-public information. that he or she is recommending securities of a related or connected We, our officers, directors, employees or their family members, your issuer at the time advice is given. Investment Manager and the Program Manager and their affiliates, may have an interest in securities held in your account. We have If you have an AMA account, your Portfolio Manager will have sought a written policy that sets out how registrants should disclose any your consent to purchase securities of a related or connected issuer material personal interest to their clients. at the time your Investment Policy Statement was discussed. If you CIBC Wood Gundy has controls in place to manage these types of have an ICS account, you have authorized your Investment Manager to conflicts and you should ask your Investment Advisor or Portfolio invest in issuers related or connected to CIBC Wood Gundy. Manager if you have any questions. You can find a list of our related and connected issuer relationships 3.2.5 Outside activities and other personal conflicts on our website at https://www.cibc.com/content/dam/legal/ The CIBC Code of Conduct applies to all employees, contingent workers landing_page/pdfs/relationships-with-related-and-connected-issues- and directors of Canadian Imperial Bank of Commerce and its wholly- disclosure-en.pdf. You can also contact your Investment Advisor to owned subsidiaries, and it sets out how we identify and avoid certain request a copy free of charge at any time. conflicts of interest, including outside activities that may interfere with,

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4 Other information and disclosure

4.0 Other information and disclosure How do we use and share personal information? • We use and share your personal information to provide you with our products or services, to communicate with you, to offer you 4.1 Protecting your privacy...... 71 additional products or services including targeted promotions, 4.2 Shared premises...... 72 and to manage our business. 4.3 Securityholder rights and materials...... 72 4.4 Securityholder communications...... 73 • Specifically, we may also use and share information within the 4.5 How to make a complaint...... 74 CIBC Group and with other parties in order to protect you and us 4.6 How IIROC protects investors...... 76 from error, to prevent and detect criminal activity, and to meet 4.7 (IIROC) Making a complaint: A guide for investors...... 80 our legal and regulatory obligations. 4.8 (IIROC) How can I get my money back? A guide for • Depending on your products or services with us, we may share investors...... 86 information with our program partners or with your joint 4.9 Risk disclosure statement for futures and options...... 93 account holders. 4.10 Strip bonds and strip bond packages information statement...... 96 How do we protect personal information? 4.11 Power of attorney and trading authority witness • We take appropriate steps to protect your personal information requirements...... 99 from unauthorized use, loss, or theft and we audit our 4.12 Canadian Investor Protection Fund (CIPF) official security procedures and assess that they remain effective and brochure...... 100 appropriate. 4.13 Canada Deposit Insurance Corporation (CDIC) brochure. .. 104 • Employees who have access to your information are made 4.14 Referral disclosure statement...... 105 aware of the importance of keeping it confidential. • Your information may be securely used, stored or accessed in countries outside of Canada.

4.1 PROTECTING YOUR PRIVACY Doing business with a financial institution involves providing What are my privacy choices? information about yourself. How we collect, use and share your • You may request that we do not use your social insurance personal information is explained in our privacy policy, Your Privacy number for credit bureau matching purposes. is Protected. By providing us with your personal information, you • You may withdraw your consent to receive marketing offers for are consenting to this privacy policy, which is available at CIBC bank products and services by calling 1 800 563-3193. branches or on our website (www.cibcwoodgundy.com). • Upon request and subject to certain exceptions, we will provide Our privacy policy is consistent with the CIBC Privacy Principles you with access to your personal information so you can (see below) and is in addition to our Online Privacy Statement ensure it is accurate and complete. (https://www.cibc.com/ca/legal/cibc-online-privacy-statement.html) and the terms of your agreements with us. Questions? Highlights of our privacy policy: • First – call 1 800 465-CIBC (2422). • Problem not resolved? Call the CIBC Client Care Centre toll-free at What is personal information? 1 800 465-CALL (2255). • Personal information means any information about an Fax: 1 877 861-7801, Toronto area: (416) 784-7076. identifiable individual. • It can be in any form, including paper, electronic, video or voice • If further discussion is required, call CIBC’s Ombudsman at recording. 1 800 308-6859, Toronto area: (416) 861-3313. Fax: 1 800 308-6861, Toronto area: (416) 980-3754 • Should you not be able to accept the conclusion of CIBC’s What personal information do we collect? Ombudsman, you can ask how your complaint can be • We usually collect the following types of information: contact, further escalated. identity, financial, transactional, and other information that helps us to understand more about you. The above highlights are for informational purposes only. For full details • Much of the information comes from you, but we may also about how the CIBC Group collects, uses or shares personal information, collect information from third parties such as credit bureaus, see our privacy policy. The CIBC Group includes CIBC and its Canadian public records, or government agencies and registries. affiliates that offer deposits, loans, mutual funds, securities trading, • We may monitor or record our conversations with you (on portfolio management, investment counseling, mortgages, credit cards, telephone calls, for example) and use surveillance, including trust services, insurance and other products and services. videotaping, around our branches and ABMs.

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 71 2021-06-29 2:21 PM 4 . CIBC Wood Gundy accounts are protected by the Canadian Investor CIBC’S Privacy Principles Protection Fund (CIPF) within specified limits. Please contact us if you CIBC respects the following principles when collecting, using or would like a copy of the brochure that describes CIPF coverage. sharing your personal information: 4.3 SECURITYHOLDER RIGHTS AND MATERIALS Unless you request otherwise, the securities in your account with 1. Accountability us are not registered in your name but in our name or the name of • CIBC is responsible for personal information under its control. another person or company holding the securities on our behalf. The • There are designated individuals within CIBC who are issuers of the securities in your account may not know the identity of accountable for compliance with these privacy principles. the beneficial owner of these securities. 2. Identifying purposes and obtaining consent We’re required under securities law to obtain your instructions • CIBC informs individuals, at or before the time it is collected, concerning various matters relating to your holding of securities in the purposes for the collection, use and sharing of personal your account, including with respect to your right to receive such information. material as notices to meetings, information circulars and proxies from • CIBC obtains your consent before collecting, using or sharing the issuer of securities, as well as the audited financial statements personal information, except where otherwise permitted or of the issuer. Regardless of your instructions, you may continue to required by law. receive materials of non-Canadian reporting issuers and you may 3. Limiting the collection, use or sharing of your continue to receive materials relating to class actions or materials personal information required to be sent under corporate and securities laws which are not • CIBC limits the personal information it collects to what is considered securityholder materials (for example, takeover bids, issuer necessary for the purposes it has identified. CIBC collects bids, rights offering, plans of arrangement, business combinations or personal information only by fair and lawful means. securityholder elections in connection with non-proxy related matters). • CIBC does not use or share personal information for 4.3.1 DISCLOSURE OF BENEFICIAL OWNERSHIP INFORMATION purposes other than those for which it was collected except Securities law permits reporting issuers and other persons and with your consent or where permitted or required by law. companies to send materials related to the affairs of the reporting CIBC retains personal information only as long as necessary issuer directly to beneficial owners of the reporting issuer’s securities for the identified purposes. if the beneficial owner does not object to having information about it 4. K eeping your personal information accurate and providing disclosed to the reporting issuer or other persons and companies. access to your information When you completed your Client Profile, you gave us your choices • CIBC takes care to keep personal information as accurate, about disclosure of beneficial ownership information (see complete and up-to-date as is necessary for the purposes for 4.4 Securityholder communications for more information.) which it is to be used. • Upon request, and subject to certain exceptions, CIBC will You can tell us if you OBJECT to the disclosure by us to the reporting provide you with access to your personal information. issuer or other persons or companies of your beneficial ownership You can ask how your personal information is to be used information, consisting of your name, address, electronic mail address, or shared so you can ensure your personal information is securities holdings and preferred language of communication. accurate and complete and can be updated if appropriate. Securities legislation restricts the use of your beneficial ownership information to matters relating to the affairs of the reporting issuer. 5. P rotecting your personal information • CIBC protects the privacy of personal information through If you DO NOT OBJECT to the disclosure of your beneficial ownership security measures appropriate to the sensitivity of the information, you will not be charged with any costs associated with information. sending securityholder materials to you. The use of this information by a Canadian reporting issuer or any other person or company is 6. O penness and addressing your concerns restricted by Canadian securities legislation to matters relating to the • CIBC makes available information about its policies and affairs of the Canadian reporting issuer. practices related to managing your personal information. • CIBC has steps you can follow if you have questions or If you OBJECT to the disclosure of your beneficial ownership concerns about your privacy. information by us, all materials to be delivered to you as a beneficial owner of securities will be delivered by us. We may charge you the cost of delivering these materials if the issuer does not pay the mailing 4.2 SHARED PREMISES costs. If your account is opened or maintained at a CIBC Wood Gundy branch 4.3.2 RECEIVING SECURITYHOLDER MATERIALS that shares premises with a CIBC bank branch or other related financial For securities that you hold through your account, you have the institution branch, Canadian securities regulators require us to tell you right to receive proxy-related materials sent by reporting issuers to certain important facts before you trade in the account. registered holders of their securities in connection with meetings of 1. CIBC and CIBC World Markets Inc. are separate legal entities; such securityholders. Among other things, this permits you to receive CIBC World Markets Inc. is a subsidiary of CIBC. the necessary information to allow you to have your securities voted in 2. CIBC Wood Gundy is a division of CIBC World Markets Inc. accordance with your instructions at a securityholder meeting. 3. Unless we advise otherwise, securities you buy from or through us, In addition, reporting issuers may choose to send other securityholder or that we sell to you: materials to beneficial owners, although they are not obliged to do so. • are not insured by a government deposit insurer (like the Canadian Securities law permits you to decline to receive securityholder Deposit Insurance Corporation (CDIC) or the Quebec Deposit materials. The three types of materials that you may decline to receive Insurance Board) are: • are not guaranteed by CIBC or any other Canadian financial (a) proxy-related materials, including annual reports and financial institution, and statements that are sent in connection with a securityholder • may fluctuate in value. meeting 4. In a non-registered CIBC Wood Gundy account, cash is not insured (b) annual reports and financial statements that are not part of proxy- by the CDIC or any other government deposit insurer. related materials, and

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 72 2021-06-29 2:21 PM 4 (c) materials that a reporting issuer or other person or company sends You choose to either: to securityholders that are not required by corporate or securities • receive ALL securityholder materials sent to beneficial owners of law to be sent to registered holders. securities of Canadian reporting issuers, or When you completed your Client Profile you chose to: • DECLINE to receive all securityholder materials sent to beneficial • receive ALL materials that are sent to beneficial owners of securities owners of Canadian reporting issuers of Canadian reporting issuers • receive ONLY proxy-related materials in connection with a special • DECLINE all securityholder materials sent to beneficial owners of meeting that are sent to beneficial owners of securities of Canadian securities of Canadian reporting issuers, or reporting issuers. • receive ONLY proxy-related materials in connection with a special (Important note: These instructions do not apply to any specific request meeting that are sent to beneficial owners of Canadian reporting you give or may have given to a Canadian reporting issuer concerning issuers. the sending of interim financial statements of the Canadian reporting See 4.4 Securityholder communications for more information. issuer. In addition, in some circumstances, the instructions you give will not apply to annual reports or financial statements of an investment (Note: Even if you decline to receive the three types of materials fund that are not part of proxy-related materials. An investment fund referred to above, a reporting issuer or other person or company is is also entitled to obtain specific instructions from you on whether you entitled to deliver these materials to you, provided that the reporting wish to receive its annual report or financial statements, and where issuer or other person or company pays all costs associated with the you provide specific instructions, the instructions in this form with sending of these materials. These materials would be delivered to you respect to financial statements will not apply.) through your intermediary if you have objected to the disclosure of your beneficial ownership information to reporting issuers.) 4.4.1 PROXY SOLICITATION Companies and other issuers you invest in may ask us to solicit your 4.3.3 PREFERRED LANGUAGE OF COMMUNICATION vote in favour of a securityholder resolution, for example, in support of You tell us your preferred language of communication (English or a takeover bid, amalgamation, plan of arrangement, rights offering or French) in your know your client information. You will receive materials other matter to be considered at a special meeting. in your preferred language of communication if the materials are available in that language. We (or our employees) will not receive proxy solicitation fees for this service. 4.3.4 ELECTRONIC DELIVERY OF DOCUMENTS Securities law permits us to deliver some documents by electronic 4.4.2 PROXY VOTING means if the consent of the recipient to the means of delivery has If you have a managed account, we (or each Investment Manager, been obtained. for ICS accounts) may exercise proxy voting and other securityholder rights for securities held in your account at our discretion and without 4.3.5 CONTACT limitation. We will not receive proxy solicitation fees if we vote in If you have any questions or want to change your instructions in the favour of resolutions recommended by management. future, please contact your Investment Advisor or Portfolio Manager. If you have an advisory account, you can choose to have proxies voted according to your instructions directly or through an intermediary. 4.4 SECURITYHOLDER COMMUNICATIONS If we loan securities from your margin account over the record date, The Client Profile you sign when you open an account includes your some or all of the votes that you would otherwise be entitled to for the choices for receiving securityholder materials for the securities of loaned securities may not be counted, regardless of whether you vote Canadian reporting issuers you hold in your accounts (except managed the shares or we vote them. accounts). This section explains your choices. You should read this along with 4.4.3 CLASS ACTION CLAIMS 4.3 Securityholder rights and materials. All accounts except ICS and AMA If we become aware of a class action claim related to securities held Part 1 – Disclosure of beneficial information in your advisory account, we may send you the following forms. It’s You choose one of the following: important that you read them carefully. • DO NOT OBJECT to disclosing your name, address, e-mail address, • Pendency notices – tell you about pending class actions or filings preferred language of communication and securities holding of a • Exclusion forms or notices – tell you what to do if you do not want to Canadian reporting issuer which you hold with CIBC Wood Gundy receive future mailings about a pending class action to the Canadian reporting issuer and to other persons or companies • Proof of claim forms – are very important. Complete and send them with respect to the affairs of the Canadian reporting issuer in to the class actions administrator or other designated party to claim accordance with Canadian securities law. your portion of any proposed settlement in a class action. • OBJECT to disclosing information described above. You understand If you want to collect the proceeds from a class action settlement that the direct costs associated with the distribution by CIBC Wood or judgment, you usually need to complete and return the Proof of Gundy of issuers’ securityholder communications may be charged claim form. You’ll also have to send any other information that might against your accounts if the sender does not pay for such costs. be required (such as proof of ownership or a transaction) to the class Part 2 – Receiving securityholder materials actions administrator or other designated party by their deadline. You must indicate which materials you want to receive. Securityholder You’re responsible for making your own decisions about class actions materials sent to beneficial owners of securities consist of the following or other legal claims relating to the securities held in an advisory materials: account. Class action recoveries may have tax implications. You’re (a) proxy-related materials, including annual reports and financial responsible for seeking independent tax advice about your settlements. statements, for annual and special meetings ICS and AMA accounts (b) annual reports and financial statements that are not part of proxy- Your Program Manager (for ICS accounts) or Portfolio Manager (for related materials, and AMA accounts) will automatically use their discretion to determine if a role should be taken in any legal proceedings affecting the securities (c) materials sent to securityholders that are not required by corporate in any ICS or AMA account, including any ICS or AMA account that has or securities law to be sent. been closed after January 1, 2003 (our class action service) as long as

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 73 2021-06-29 2:21 PM 4 you still have at least one ICS or AMA account open. You can opt out of Step two: Contact CIBC Client Care the class action service by notifying us in writing when you open your If our team in the branches, or at Client Relations weren’t able to help, account or later. You have an obligation to keep track of class actions if raise your concern with our CIBC Client Care Centre. Your complaint will you don’t enroll your account in the class action service. If you choose be assigned to a CIBC Client Care Representative who will undertake a to withdraw your account from the service, your withdrawal will take full review of your concerns. effect within a reasonable amount of time after we receive your notice. You may contact CIBC Client Care in a few ways. If you participate in our class action service and you’re an eligible • Phone: 1-800-465-2255 (Monday to Friday, 9 a.m. to 5:30 p.m. ET) member of a class, we may process claims on your behalf or hire • Fax: 1-877-861-7801 another company or firm (a class action service provider) to do it for • Mail: us. We’ll exercise due care in choosing a provider, but we won’t be CIBC Client Care Centre responsible or liable for any of their acts or omissions. P.O. Box 15 We or the provider will file any necessary proof of claim forms on your Station A behalf. If we use a provider, they’ll charge a reasonable administrative Toronto, ON M5W 1A2 fee for each claim they process, which will be deducted directly from • Online: Contact Form any class action proceeds before they’re deposited into your account. CIBC Client Care will acknowledge receipt of your complaint within two Class action settlement proceeds will be deposited to your account on business days. a monthly basis. If the potential amount of the settlement is less than $10, we may choose not to process it. If proceeds are received after Step three: Contact the CIBC Ombudsman or the Ombudsman for your account is closed, we’ll make reasonable efforts to deliver the Banking Services and Investments (OBSI) proceeds to you, using the most recent contact information we have. If, after taking the first two steps, you are still dissatisfied with our If you withdraw from the class action service, claims already filed decision, you may escalate your complaint to the CIBC Ombudsman. but not settled will continue to be processed until the proceeds are This office is employed by CIBC and isn’t an independent dispute received. We won’t be responsible for any new class actions or other resolution service. Its mandate is to review your concerns and provide claims after you give us notice, and you will have to take all actions for a response that is objective and unbiased, and attempt to resolve a class action or other legal claim yourself. matters with you. Class action recoveries may have tax implications. You’re responsible for seeking independent tax advice about your settlements whether While it is an office internal to CIBC, the CIBC Ombudsman doesn’t you participate in the class action service or not. report directly to any business area that it reviews in an effort to be impartial. Escalation to this office is voluntary and it could take up to 6 or 10 weeks to complete an investigation depending upon the nature and complexity of your complaint. Statutory limitation periods continue to run while the CIBC Ombudsman reviews your complaint which may impact your ability to begin a civil action. You may contact the CIBC Ombudsman in a few ways. • Phone: 1-800-308-6859 or 416-861-3313 in Toronto • Fax: 1-800-308-6861 or 416-980-3754 in Toronto 4.5 HOW TO MAKE A COMPLAINT • Mail: CIBC Ombudsman At CIBC Wood Gundy, our goal is to listen to customer complaints, P.O. Box 342 respond quickly, and resolve all issues that come to our attention. Commerce Court Toronto, ON M5L 1G2 Help us understand the issue by using the following steps: • E-mail: [email protected]

Step one: Contact your investment advisor or branch manager, You may submit your complaint to the Ombudsman for Banking or CIBC Wood Gundy Client Relations Services and Investments (OBSI) without going through the CIBC In most cases, a complaint can be resolved simply by telling us about Ombudsman if you have not received a written notice of CIBC’s it. You may speak directly to your CIBC Investment Advisor or Branch decision after 90 days from the date you first made a complaint to Manager. Find their contact info on your account statement. your CIBC contact or Client Care. Also, if you are not satisfied with the outcome of the review of the complaint at CIBC Client Care, you You may also contact CIBC Wood Gundy Client Relations at may escalate your concerns directly to the Ombudsman for Banking 1-800-563-3193. Our customer service representatives are available Services and Investments (OBSI) within 180 days from the date of Monday to Friday, 8 am to 6 pm ET. CIBC’s response letter to you. Please note that you don’t need to If you provide a written complaint, it will be acknowledged within escalate your complaint to the CIBC Ombudsman prior to submitting five business days of receipt and will be followed up with a written it to OBSI. The services of OBSI are free. response. You may contact OBSI in a few ways. If your complaint is a regulatory complaint, the complaint may be • Phone: 1-888-451-4519 or 416-287-2877 in Toronto forwarded to CIBC’s Designated Complaints Officer (DCO). Any • Fax: 1-888-422-2865 or 416-225-4722 in Toronto complaint related to the possible misconduct of your investment • Mail: advisor is considered regulatory. Ombudsman for Banking Services and Investments For complaints in regards to an Asset Advantage Account chequing 20 Queen Street West, Suite 2400 account, you can also visit us at any CIBC banking centre, or call P.O. Box 8 Telephone Banking at 1-800-465-CIBC (2422). Toronto, ON M5H 3R3 • E-mail: [email protected]

Québec residents: Please refer to the Other options section below.

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 74 2021-06-29 2:21 PM 4 Other options If you don’t wish to submit your complaint to OBSI, other options For more information, please contact the FCAC by: are available to you, including taking the matter to Independent Telephone: 1-866-461-3222 Consumer Support Agencies. These external agencies monitor Canada’s Website: www.canada.ca/en/financial-consumer-agency.html financial industry to ensure compliance and reliable access to financial services. If you have a regulatory complaint concerning your chequing account or a complaint concerning a voluntary code of conduct, you can contact You may also submit your complaint to the Investment Industry the FCAC in writing at: Regulatory Organization of Canada (IIROC). You may contact IIROC Financial Consumer Agency of Canada via email ([email protected]) or call 1-877-442-4322 for more 6th Floor, Enterprise Building information. 427 Laurier Avenue West If you are a Québec resident and are dissatisfied with the outcome or Ottawa, ON K1R 1B9 with the examination of your complaint, you may request that your complaint file be transferred to the Autorité des marchés financiers The FCAC will determine whether the financial institution is compliant. (“AMF”). The AMF will proceed with their examination and may, if It will not, however, resolve individual consumer complaints. it considers it appropriate, offer mediation or conciliation services. However, the AMF cannot require a party to go to mediation. Please visit the AMF website or call 1-877-525-0337 for more information. The Privacy Commissioner of Canada See 4.7 Making a Complaint: A Guide for Investors and 4.8 How can If your concern involves a privacy issue, you may contact the Office of I get my money back? A guide for investors below. Published by the the Privacy Commissioner of Canada by: Investment Industry Regulatory Organization of Canada (IIROC), these Telephone: 819-994-5444 or 1-800-282-1376 brochures include other options you have for making your complaint. Fax: 613-947-6850 Website: www.priv.gc.ca Regulatory complaints CIBC World Markets Inc. is regulated by IIROC. We have a designated Voluntary Codes of Conduct complaints officer who handles all complaints related to misconduct in Voluntary Codes of Conduct are guidelines and commitments that are the handling of your investment accounts. designed to protect you, our customers. CIBC has voluntarily adopted If you have this kind of complaint, your Investment Advisor, Portfolio a number of codes. These codes can be found on www.cibc.com or you Manager, Branch Manager or Client Relations representative may need can obtain a copy of Our Service Commitment to You brochure at any to forward it to our designated complaints officer. CIBC Banking Centre. The complaints officer will send you a written acknowledgement within five days of receiving your complaint. This will include the name of the representative reviewing your complaint and how to contact them, a summary of our complaint resolution process, and other options available to you if you are not satisfied with the response. After your complaint is investigated, the complaints officer will send you a written report. The report will include a summary of your complaint, the details of our investigation, a final decision and options available to you if you are not satisfied with the decision.

The complaints officer will respond to your complaint within 90 calendar days or send you a letter explaining why it will take longer. The letter will tell you when you can expect an answer and include a list of other options available to you. If you are not satisfied with how your regulatory complaint has been handled, contact the complaints officer by:

Mail: CIBC Wealth Management c/o Designated Complaints Officer P.O. Box 342 Commerce Court Toronto, ON M5L 1G2 E-mail: [email protected]

Complaints in Regard to AAA Chequing Accounts Independent Consumer Support Agencies In addition to CIBC’s service commitment to you, there are a number of external agencies that monitor Canada’s financial industry to ensure compliance and reliable access to financial services.

The Financial Consumer Agency of Canada The Financial Consumer Agency of Canada (FCAC) supervises federally regulated financial institutions, such as CIBC, to ensure they comply with federal consumer protection laws. Federal consumer protection laws affect you in a number of ways. For example, financial institutions must provide you with information about their fees, interest rates and complaint handling procedures. The FCAC also helps educate consumers and monitors voluntary codes of conduct and public commitments designed to protect the interest of consumers.

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4.6 HOW IIROC PROTECTS INVESTORS

How IIROC protects investors You’re discussing your investment needs with a financial advisor registered with the Investment Industry Regulatory Organization of Canada (IIROC).

Smart move. Here’s why: IIROC Works to Protect Investors throughout your experience with a Registered Investment Advisor

Your advisor is providing you with this brochure so that you understand the advantages and protections offered by investing through an IIROC-regulated advisor and firm.

IIROC regulates the activities of all Canadian investment dealer firms and the advisors they employ.

Protecting Investors and Supporting These companies and their investment advisors Healthy Capital Markets Across Canada must meet IIROC’s high ethical and professional standards.

We conduct regular reviews of all firms to make sure they comply with our rules and we take disciplinary action if our rules and standards are broken by firms or their advisors.

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Your IIROC-Registered Advisor Must Understand and Address Your IIROC Registration Financial Needs Means Your Advisor Meets Our High Standards

To become registered with IIROC, your investment advisor passed a series of background checks and tests to ensure he or she meets our experience requirements and professional standards.

IIROC-registered advisors must also complete mandatory continuing education courses to stay up to date on our rules, financial products Before your advisor can open an account and and industry trends. provide you with financial services, he or she will ask you a series of questions to understand You can make sure your investment advisor how to best meet your particular needs. is registered with IIROC and find out if he or she has ever been disciplined for breaking This “Know Your Client” process is an IIROC our rules by searching the AdvisorReport on requirement that ensures your advisor is familiar our website. with your financial situation, investment knowledge and objectives, tolerance for risk and the time horizon for your investment objectives, before making investment recommendations.

This may take more than one meeting, but please provide the information your advisor requests. This will help ensure that your advisor offers you investment account types, strategies and products that are suitable for your individual financial needs and circumstances.

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You also Benefit from other Protections

Your Advisor Must Keep You Informed about Your Investments

IIROC requires your advisor to share information with you about the products, services and account types you are offered and any associated fees and charges.

Most of this information will be included in a Relationship Disclosure Document, which All IIROC member firms must maintain an you should read carefully. adequate cushion of capital, which reduces the risk of them becoming insolvent. Your advisor must also keep you updated with regular account statements and periodic Firms must also keep your investments separate reports on the fees and charges you pay and from their own assets. on the performance of your investments.

As an investor, you can protect yourself by Your account is also eligible for reading and understanding the information protection by the Canadian Investor IIROC requires your advisor to provide. Protection Fund, which covers up to Ask your advisor about any information you do not understand. $1,000,000 per account if an IIROC-regulated firm becomes insolvent. You can learn more at www.cipf.ca.

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Your Complaints Questions? Must be Addressed CONTACT US: Tel: 1-877-442-4322 If you have a concern about your advisor or Fax: 1-888-497-6172 investment firm, you can complain directly to them Email: [email protected] and they must address your complaint in accordance with IIROC standards. The firm must also report your complaint to IIROC so we can ensure it has been TORONTO (HEAD OFFICE) dealt with appropriately. 121 King Street West Suite 2000 IIROC can also investigate your complaint Toronto, Ontario and, if necessary, take disciplinary action. M5H 3T9 MONTRÉAL You can contact IIROC directly 525 Viger Avenue West at 1-877-442-4322 or email us Suite 601 at [email protected]. Montréal, Québec H2Z 0B2

CALGARY Need More Bow Valley Square 3 255-5th Avenue S.W. Information? Suite 800 Calgary, Alberta Please visit www.iiroc.ca to: T2P 3G6

Make sure your investment advisor is registered VANCOUVER and the firm that employs your advisor is regulated Royal Centre 1055 West Georgia Street Find out if your advisor has ever been disciplined Suite 2800 by IIROC for breaking our rules P.O. Box 11164 Vancouver, British Columbia Get more information about opening an account V6E 3R5 and understand the importance of providing complete information to your advisor www.iiroc.ca

Learn more about how IIROC protects investors and supports healthy capital markets

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4.7 (IIROC) MAKING A COMPLAINT: A GUIDE FOR INVESTORS

PAMPHLET LINES Do you have concerns about Making a Complaint the conduct or behaviour The Investment Industry of your IIROC-regulated A Guide for Investors Regulatory Organization of investment firm or advisor? Canada (IIROC) Protects Investors and Supports PART 1 OF 2 Healthy Capital Markets

• All Canadian investment firms and individual investment advisors dealing in Canada’s stock and bond markets must be registered with IIROC • IIROC-regulated companies and their investment advisors must meet our high ethical and professional standards You can make a complaint to any and/or • IIROC conducts regular reviews of all of the following: registered investment firms to make sure they comply with our rules • Your investment advisor • IIROC takes action if our rules are • The supervisor/branch manager who broken or our standards are not met oversees your investment advisor • The firm where your advisor works

Investment Industry Regulatory • Directly to IIROC Organization of Canada Account losses are not necessarily an indication Protecting Investors and Supporting that your advisor has engaged in misconduct, as Healthy Capital Markets Across Canada most investments carry a degree of risk, with no guarantee of profitability. When you complain to IIROC, we will review your complaint to determine whether our rules have been broken.

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Do you have concerns about First – check to ensure the conduct or behaviour your investment advisor The Investment Industry of your IIROC-regulated is regulated by IIROC Do you believe Regulatory Organization of investment firm or advisor? Canada (IIROC) Protects your investment firm or Investors and Supports advisor may have acted Healthy Capital Markets improperly or unethically?

• All Canadian investment firms For example by: and individual investment advisors • Buying or selling investments without dealing in Canada’s stock and your approval bond markets must be registered with IIROC • Making excessive trades in your investment account • IIROC-regulated companies and their investment advisors must • Recommending investments that are not suitable for you (such as too risky) meet our high ethical and Make sure you are dealing with an IIROC-regulated professional standards investment firm and that your advisor is registered You can make a complaint to any and/or If you believe your investment firm or advisor may • IIROC conducts regular reviews of with us. all of the following: have broken IIROC’s rules or failed to meet our registered investment firms to make www.iiroc.ca provides a list of all the firms professional standards, we want to hear from you. sure they comply with our rules • Your investment advisor we regulate and a database of the advisors If our investigation concludes that an investment • IIROC takes action if our rules are they employ. • The supervisor/branch manager who firm and/or individuals working for the firm have broken or our standards are not met oversees your investment advisor broken our rules, we may take disciplinary action Our online database can help you find out • The firm where your advisor works to hold them accountable. This could result in more about • Directly to IIROC warnings, reprimands, fines, suspensions and/or • the background, qualifications and permanent bans for advisors and firms. Account losses are not necessarily an indication employment history of your advisor Please note that IIROC discipline cannot provide that your advisor has engaged in misconduct, as • any record of IIROC disciplinary action. compensation to investors or force firms or most investments carry a degree of risk, with no individual advisors to do so. guarantee of profitability. When you complain to IIROC, we will review your complaint to determine whether our rules have been broken.

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First – check to ensure your investment advisor Don’t Delay! What we need is regulated by IIROC to follow up on Do you believe your complaint your investment firm or advisor may have acted Please make your complaint as quickly as improperly or unethically? possible. If too much time passes between the • Please provide IIROC with as much issue arising and your complaint, it might not information as possible, including your be possible to investigate properly. As well, if name and contact information, as well For example by: you are seeking compensation through other as the name and contact information channels (see page 9), there are time limits for for any individual or firm mentioned in • Buying or selling investments without taking action. your complaint. your approval • Keep a file of all documents that • Making excessive trades in your How to file a complaint with IIROC relate to your account and your specific investment account issue. Include copies of letters and email • Recommending investments that are not messages. Keep records of conversations – suitable for you (such as too risky) Make sure you are dealing with an IIROC-regulated dates, times and details of what was said, IIROC has a dedicated as well as any other information you feel investment firm and that your advisor is registered Complaints & Inquiries with us. If you believe your investment firm or advisor may is important. have broken IIROC’s rules or failed to meet our department, which you • You don’t need to “prove” your case. www.iiroc.ca provides a list of all the firms professional standards, we want to hear from you. can contact in four ways: we regulate and a database of the advisors Just provide IIROC with the facts and your they employ. If our investigation concludes that an investment supporting documents. You can talk to firm and/or individuals working for the firm have Use our secure IIROC staff to help you determine what broken our rules, we may take disciplinary action downloadable form: Our online database can help you find out information is important for our review. to hold them accountable. This could result in www.iiroc.ca/investors/ more about warnings, reprimands, fines, suspensions and/or makingacomplaint/Documents/ • Please be prepared to cooperate. If we decide to take disciplinary action, you • the background, qualifications and permanent bans for advisors and firms. ComplaintForm_en.pdf may be asked to participate as a witness. employment history of your advisor Please note that IIROC discipline cannot provide • any record of IIROC disciplinary action. compensation to investors or force firms or Send us an email: individual advisors to do so. [email protected]

Call us toll free: 1-877-442-4322

Fax us at: 1-888-497-6172 2 3 4 5

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What happens when IIROC helps protect Don’t Delay! What we need you file a complaint? to follow up on you by ensuring your complaints are your complaint investigated appropriately Please make your complaint as quickly as possible. If too much time passes between the • Please provide IIROC with as much issue arising and your complaint, it might not information as possible, including your If you complain to the investment firm directly, be possible to investigate properly. As well, if name and contact information, as well IIROC requires that the firm abide by our rules you are seeking compensation through other as the name and contact information for handling client complaints. IIROC-regulated channels (see page 9), there are time limits for for any individual or firm mentioned in firms must report all written client complaints taking action. your complaint. about possible breaches of our rules so we can determine whether to conduct our • Keep a file of all documents that own investigation. How to file a complaint with IIROC relate to your account and your specific When you file a complaint with IIROC: issue. Include copies of letters and email While IIROC does not review customer service 1. We will let you know we have messages. Keep records of conversations – issues, we ensure that the firms we regulate received it. dates, times and details of what was said, respond to such complaints. IIROC has a dedicated as well as any other information you feel 2. We will update you after we If you have a customer service complaint, Complaints & Inquiries is important. have reviewed your complaint for example: department, which you and decided whether we will • You don’t need to “prove” your case. • Difficulty getting in touch with your advisor can contact in four ways: proceed with an investigation. Just provide IIROC with the facts and your • Being asked to move your account to supporting documents. You can talk to another firm Use our secure IIROC staff to help you determine what We carefully review all the information we receive downloadable form: information is important for our review. to see if IIROC’s rules have been broken and if we and you put your complaint in writing, the firm www.iiroc.ca/investors/ need to take further action. must provide you with a written response. makingacomplaint/Documents/ • Please be prepared to cooperate. ComplaintForm_en.pdf If we decide to take disciplinary action, you may be asked to participate as a witness. Send us an email: [email protected]

Call us toll free: 1-877-442-4322

Fax us at: 1-888-497-6172

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What happens when If you complain to the firm or What if I’m not satisfied you file a complaint? IIROC helps protect someone at the firm about their with the investment firm’s you by ensuring handling of your account response? your complaints are investigated appropriately If your complaint is not resolved with the firm, you have several options: If you complain to the investment firm directly, IIROC requires that the firm abide by our rules • The Ombudsman for Banking Services for handling client complaints. IIROC-regulated and Investments resolves disputes firms must report all written client complaints between participating investment firms about possible breaches of our rules so we and investors. Visit www.obsi.ca or call can determine whether to conduct our 1-888-451-4519. own investigation. • Québec residents can contact the When you file a complaint with IIROC: While IIROC does not review customer service Autorité des marchés financiers. 1. We will let you know we have issues, we ensure that the firms we regulate The firm is required to: Visit http://lautorite.qc.ca/en/ received it. respond to such complaints. general-public/ or call 1-877-525-0337. 1. Acknowledge your complaint within five • Arbitration is available through ADR 2. We will update you after we If you have a customer service complaint, business days have reviewed your complaint for example: Chambers (adrchambers.com/ca or and decided whether we will 2. Provide you with their final response within 1-800-856-5154) and in Québec through • Difficulty getting in touch with your advisor proceed with an investigation. 90 calendar days, including: the Canadian Commercial Arbitration • Being asked to move your account to • a summary of your complaint Centre ( www.ccac-adr.org/en/ another firm or 1-800-207-0685 ). We carefully review all the information we receive • results of their investigation to see if IIROC’s rules have been broken and if we and you put your complaint in writing, the firm • You also have the option of going to • an explanation of their final need to take further action. must provide you with a written response. court, but you should first get advice decision and from a lawyer. • options available to you for seeking compensation if you are not satisfied with the firm’s response. How can I get money back?

See our brochure online How Can I Get My Money Back? for more information.

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Questions?

If you complain to the firm or What if I’m not satisfied CONTACT US: someone at the firm about their with the investment firm’s Tel: 1-877-442-4322 handling of your account response? Fax: 1-888-497-6172 Email: [email protected]

If your complaint is not resolved with the firm, you have several options: TORONTO (HEAD OFFICE) 121 King Street West • The Ombudsman for Banking Services Suite 2000 and Investments resolves disputes Toronto, Ontario between participating investment firms M5H 3T9 and investors. Visit www.obsi.ca or call 1-888-451-4519. MONTRÉAL • Québec residents can contact the 525 Viger Avenue West Autorité des marchés financiers. Suite 601 The firm is required to: Visit http://lautorite.qc.ca/en/ Montréal, Québec general-public/ or call 1-877-525-0337. H2Z 0B2 1. Acknowledge your complaint within five • Arbitration is available through ADR business days CALGARY Chambers (adrchambers.com/ca or Bow Valley Square 3 2. Provide you with their final response within 1-800-856-5154) and in Québec through 255-5th Avenue S.W. 90 calendar days, including: the Canadian Commercial Arbitration Suite 800 Centre ( www.ccac-adr.org/en/ • a summary of your complaint Calgary, Alberta or 1-800-207-0685 ). • results of their investigation T2P 3G6 • You also have the option of going to • an explanation of their final court, but you should first get advice VANCOUVER decision and from a lawyer. Royal Centre • options available to you for seeking 1055 West Georgia Street compensation if you are not satisfied Suite 2800 with the firm’s response. How can I get money back? P.O. Box 11164 Vancouver, British Columbia V6E 3R5 See our brochure online How Can I Get My Money Back? for more information. www.iiroc.ca

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4.8 (IIROC) HOW CAN I GET MY MONEY BACK? A GUIDE FOR INVESTORS The Ombudsman for Banking Services and Investments (OBSI)

HowPAMPHLET Can LINES I Get OBSI is Canada’s free, independent service for resolving investment and banking disputes My Money Back? with participating firms. Seeking Financial IIROC requires all the investment firms it A Guide for Investors Compensation regulates to take part in the OBSI process. Some firms may suggest PART 2 OF 2 you use their own internal ombudsman first, but it is If you’ve suffered a financial loss because your investment advisor or firm acted your choice whether or not improperly, you will likely ask, “How can to participate in that process. I get my money back?” It is voluntary. First of all, it’s important you act promptly. If you’ve already formally complained to your There are time limits attached to all of the investment firm and feel your complaint wasn’t options available to you. resolved to your satisfaction, you have up to The first step in seeking compensation is to 180 days from the time you receive the firm’s make a written complaint directly to your written response to submit a complaint to OBSI. investment advisor and his/her firm. They must It is important to know that if you choose to provide you with a substantive response to use a firm’s internal ombudsman, you will have your claim within 90 days. less than 180 days to complain to OBSI as the 180 time limit begins to apply after the firm’s Still not satisfied? written response to you. You do not need to appeal the firm’s decision to the internal Please go directly to OBSI or ombudsman before going to OBSI. consider the other options OBSI can recommend compensation up to outlined in this brochure. $350,000 but its decisions are not legally Investment Industry Regulatory binding. Many firms will compensate the Organization of Canada You can contact OBSI at: complainant but some choose not to. 1-888-451-4519 Protecting Investors and Supporting [email protected] Healthy Capital Markets Across Canada www.obsi.ca

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The Ombudsman for Banking Arbitration Services and Investments (OBSI) Going to Court OBSI is Canada’s free, independent service for Arbitration is a process where a qualified resolving investment and banking disputes arbitrator – chosen in consultation with both you with participating firms. and the investment firm – hears both sides and makes a final, legally binding decision about Seeking Financial IIROC requires all the investment firms it your complaint. Compensation regulates to take part in the OBSI process. IIROC requires all the investment firms it Some firms may suggest regulates to take part in this option if you you use their own internal choose to go to arbitration. ombudsman first, but it is The arbitrator acts as the judge in the If you’ve suffered a financial loss because proceedings and reviews facts presented by your investment advisor or firm acted your choice whether or not each side of the dispute. Either side can choose improperly, you will likely ask, “How can to participate in that process. to be represented by a lawyer, though this is not I get my money back?” It is voluntary. required. Arbitrators can award up to $500,000. First of all, it’s important you act promptly. There is no limit to the amount of compensation If you’ve already formally complained to your There are costs to using arbitration, often less There are time limits attached to all of the you can claim. It is a good idea to get advice from investment firm and feel your complaint wasn’t than the cost of going to court. The arbitration options available to you. a lawyer before pursuing legal action, as this can fees themselves are usually divided between the resolved to your satisfaction, you have up to be an expensive option. The first step in seeking compensation is to 180 days from the time you receive the firm’s two parties. When you file your case, you can make a written complaint directly to your written response to submit a complaint to OBSI. There is also a statute of limitations on legal decide whether to give the arbitrator the added investment advisor and his/her firm. They must action. This means there are legal time limits and power to award legal costs on top of any other It is important to know that if you choose to provide you with a substantive response to you could run out of time to pursue some of your award, in which case the unsuccessful party use a firm’s internal ombudsman, you will have your claim within 90 days. claims in court. would pay the other party’s legal costs. less than 180 days to complain to OBSI as the 180 time limit begins to apply after the firm’s If you choose legal action, your provincial law IIROC has designated two independent society can help you find a lawyer. For a list of arbitration organizations: Still not satisfied? written response to you. You do not need to appeal the firm’s decision to the internal provincial law societies, go to www.flsc.ca. Please go directly to OBSI or ombudsman before going to OBSI. ADR Chambers consider the other options OBSI can recommend compensation up to 1-800-865-5154 outlined in this brochure. $350,000 but its decisions are not legally www.adrchambers.com binding. Many firms will compensate the You can contact OBSI at: complainant but some choose not to. In Québec: Canadian Commercial 1-888-451-4519 Arbitration Centre [email protected] 1-800-207-0685 www.obsi.ca www.ccac-adr.org/en/

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Arbitration

Going to Court Arbitration is a process where a qualified arbitrator – chosen in consultation with both you and the investment firm – hears both sides and makes a final, legally binding decision about your complaint. IIROC requires all the investment firms it regulates to take part in this option if you choose to go to arbitration. The arbitrator acts as the judge in the proceedings and reviews facts presented by each side of the dispute. Either side can choose to be represented by a lawyer, though this is not required. Arbitrators can award up to $500,000. There is no limit to the amount of compensation There are costs to using arbitration, often less you can claim. It is a good idea to get advice from than the cost of going to court. The arbitration a lawyer before pursuing legal action, as this can fees themselves are usually divided between the be an expensive option. two parties. When you file your case, you can There is also a statute of limitations on legal decide whether to give the arbitrator the added action. This means there are legal time limits and power to award legal costs on top of any other you could run out of time to pursue some of your award, in which case the unsuccessful party claims in court. would pay the other party’s legal costs. If you choose legal action, your provincial law IIROC has designated two independent society can help you find a lawyer. For a list of arbitration organizations: provincial law societies, go to www.flsc.ca. ADR Chambers 1-800-865-5154 www.adrchambers.com

In Québec: Canadian Commercial Arbitration Centre 1-800-207-0685 www.ccac-adr.org/en/

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PAMPHLET LINES Compensation Options

TIME LIMIT* DECISION CHANNEL AWARD LIMIT COST TO COMPLAIN BINDING

OBSI Yes Up to $350,000 No No

Court Yes None Yes Yes

Arbitration Yes Up to $500,000 Yes Yes

Québec / AMF Yes Up to $200,000 No No

* It is important to understand the time limits of each option.

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In Québec: AMFIn Québec:Mediation AMF Mediation Services Services

If you live in QuébecIf youyou canlive usein Québec the free you services can use the free services of the Autorité desof marchés the Autorité financiers des marchés (AMF). financiers (AMF). You must first makeYou a formal must first complaint make toa formal your complaint to your investment firm. If investmentyou are not firm.satisfied If you with are its not satisfied with its response, you can askresponse, the firm you to cantransfer ask the your firm to transfer your complaint to the AMF.complaint to the AMF. The AMF will assessThe the AMF complaint will assess and may the complaintoffer and may offer mediation services, mediationthough firms services, are not though required firms are not requiredOther optionsOther if you options live in if you live in to participate. to participate. Manitoba, NewManitoba, Brunswick New Brunswick or Saskatchewanor Saskatchewan For more informationFor more on the information AMF: on the AMF: 1-877-525-0337 1-877-525-0337 Securities regulatorsSecurities in these provincesregulators can in these provinces can renseignementsconsommateur@[email protected] order a person or companyorder a personthat has or broken company that has broken www.lautorite.qc.ca/enwww.lautorite.qc.ca/en/ / provincial securitiesprovincial law to pay securities compensation. law to pay compensation. These orders are enforcedThese orderssimilar are to courtenforced similar to court judgements. judgements.

For more information,For more contact: information, contact: Manitoba SecuritiesManitoba Commission: Securities Commission: www.msc.gov.mb.cawww.msc.gov.mb.ca New Brunswick FinancialNew Brunswick and Consumer Financial and Consumer Services Commission:Services FCNB.ca Commission: FCNB.ca Financial and ConsumerFinancial Affairs and Authority Consumer of Affairs Authority of Saskatchewan: www.fcaa.gov.sk.caSaskatchewan: www.fcaa.gov.sk.ca

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PAMPHLET LINES PAMPHLET LINES Understanding UnderstandingIIROC’s Role IIROC’s Role

As an investor you can complain to IIROC and we As an investor you can complain to IIROC and we will review your complaint to determine whether will review your complaint to determine whether or not your advisor and/or firm has broken our or not your advisor and/or firm has broken our rules. If we find that our rules have been broken, rules. If we find that our rules have been broken, we may take disciplinary action including fines, we may take disciplinary action including fines, suspensions or permanent bans. However, IIROC suspensions or permanent bans. However, IIROC cannot providecannot compensation provide compensationto you or force to you or force an investmentan firm investment or individual firm advisor or individual to advisor to reimburse you.reimburse you.

If you have questions,If you have please questions, contact please contact IIROC at: IIROC at: Tel: 1-877-442-4322Tel: 1-877-442-4322 Fax: 1-888-497-6172Fax: 1-888-497-6172 Email: [email protected]: [email protected]

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Questions?

TORONTO (HEAD OFFICE) 121 King Street West Suite 2000 Toronto, Ontario M5H 3T9

MONTRÉAL 525 Viger Avenue West Suite 601 Montréal, Québec H2Z 0B2

CALGARY Bow Valley Square 3 255-5th Avenue S.W. Suite 800 Calgary, Alberta T2P 3G6

VANCOUVER Royal Centre 1055 West Georgia Street Suite 2800 P.O. Box 11164 Vancouver, British Columbia V6E 3R5 www.iiroc.ca

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 92 2021-06-29 2:21 PM 4 a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a future, the seller will acquire a position in a future with associated liabilities for margin (see the section on Futures above). If the option is “covered” by the seller holding a corresponding position in the underlying interest or a future or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited. 4.9 RISK DISCLOSURE STATEMENT FOR FUTURES AND Certain exchanges in some jurisdictions permit deferred payment OPTIONS of the option premium, exposing the purchaser to liability for This brief statement does not disclose all of the risks and other margin payments not exceeding the amount of the premium. The significant aspects of trading in futures and options. In light of the purchaser is still subject to the risk of losing the premium and risks, you should undertake such transactions only if you understand transaction costs. When the option is exercised or expires, the the nature of the contracts (and contractual relationships) into which purchaser is responsible for any unpaid premium outstanding at you are entering and the extent of your exposure to risk. Trading in that time. futures and options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you Additional Risks Common to Futures and Options 4. Terms and Conditions of Contracts: You should ask the firm in light of your experience, objectives, financial resources and other with which you deal about the terms and conditions of the relevant circumstances. specific futures or options which you are trading and associated Futures obligations (e.g., the circumstances under which you may become 1. Effect of “Leverage” or “Gearing”: Transactions in futures carry a obligated to make or take delivery of the underlying interest of a high degree of risk. The amount of initial margin is small relative futures contract and, in respect of options, expiration dates and to the value of the futures contract so that transactions are restrictions on the time for exercise). Under certain circumstances “leveraged” or “geared”. A relatively small market movement the specifications of outstanding contracts (including the exercise will have a proportionately larger impact on the funds you have price of an option) may be modified by the exchange or clearing deposited or will have to deposit: this may work against you as house to reflect changes in the underlying interest. well as for you. You may sustain a total loss of initial margin funds 5. Suspension or Restriction of Trading and Pricing Relationships: and any additional funds deposited with the firm to maintain your Market conditions (e.g. illiquidity) and/or the operation of the rules position. If the market moves against your position or margin of certain markets (e.g. the suspension of trading in any contract levels are increased, you may be called upon to pay substantial or contract month because of price limits or “circuit breakers”) additional funds on short notice to maintain your position. If you may increase the risk of loss by making it difficult or impossible to fail to comply with a request for additional funds within the time effect transactions or liquidate/offset positions. If you have sold prescribed, your position may be liquidated at a loss and you will options, this may increase the risk of loss. be liable for any resulting deficit. Further, normal pricing relationships between the underlying 2. Risk-reducing Orders or Strategies: The placing of certain orders interest and the future, and the underlying interest and the option (e.g. “stop‑loss” order, where permitted under local law, or may not exist. This can occur when, for example, the futures “stop‑limit” orders) which are intended to limit losses to certain contract underlying the option is subject to price limits while the amounts may not be effective because market conditions may option is not. The absence of an underlying reference price may make it impossible to execute such orders. Strategies using make it difficult to judge “fair” value. combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” 6. Deposited Cash and Property: You should familiarize yourself with positions. the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event Options of a firm insolvency or bankruptcy. The extent to which you may 3. Variable Degree of Risk: Transactions in options carry a high recover your money or property may be governed by specific degree of risk. Purchasers and sellers of options should familiarize legislation or local rules. In some jurisdictions, property which had themselves with the type of option (i.e. put or call) which they been specifically identifiable as your own will be prorated in the contemplate trading and the associated risks. You should calculate same manner as cash for purposes of distribution in the event of a the extent to which the value of the options must increase for your shortfall. position to become profitable, taking into account the premium and all transaction costs. 7. Commission and Other Charges: Before you begin to trade, you should obtain a clear explanation of all commission, fees and other The purchaser of options may offset or exercise the options or charges for which you will be liable. These charges will affect your allow the options to expire. The exercise of an option results either net profit (if any) or increase your loss. in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a future, the purchaser 8. Transactions in Other jurisdictions: Transactions on markets in will acquire a futures position with associated liabilities for margin other jurisdictions, including markets formally linked to a domestic (see the section on Futures above). If the purchased options expire market, may expose you to additional risk. Such markets may worthless, you will suffer a total loss of your investment which be subject to regulation which may offer different or diminished will consist of the option premium plus transaction costs. If you investor protection. Before you trade you should enquire about are contemplating purchasing deep-out-of-the money options, any rules relevant to your particular transactions. Your local you should be aware that the chance of such options becoming regulatory authority will be unable to compel the enforcement of profitable ordinarily is remote. the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the Selling (“writing” or “granting”) an option generally entails firm with which you deal for details about the types of redress considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 93 2021-06-29 2:21 PM 4 available in both your home jurisdiction and other relevant Nature of an option jurisdictions before you start to trade. An Option is a contract entered into on a recognized market between 9. Currency Risks: The profit or loss in transactions in foreign a seller (sometimes known as a writer) and a purchaser where all currency-denominated contracts (whether they are traded in your the terms and conditions of the contract (called the ‘’specifications”), own or another jurisdiction) will be affected by fluctuations in other than the consideration (called the “premium”) for the Option currency rates where there is a need to convert from the currency are standardized and predetermined by the recognized market. The denomination of the contract to another currency. premium, paid by the purchaser to the seller is determined in the market on the basis of supply and demand, reflecting such factors as 10. Trading Facilities: Most open-outcry and electronic trading the duration of the Option, the difference between the exercise price facilities are supported by computer-based component systems of the Option and the market price of the underlying interest, the price for the order-routing, execution, matching, registration or clearing volatility and other characteristics of the underlying interest. of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain There are 2 types of Options: Calls and Puts. A call gives the purchaser losses may be subject to limits on liability imposed by the system a right to buy, and a Put the right to sell, a specific underlying interest provider, the market, the clearing house and/or member firms. at a stated exercise price and within a specified period of time or on a Such limits may vary; you should ask the firm with which you deal specific date. An Option subjects the seller to an obligation to honour for details in this respect. the right granted to the purchaser if exercised by the purchaser. Underlying interests can be shares of a specific corporation, bonds, 11. Electronic Trading: Trading on an electronic trading system notes, bills, certificates of deposit, commodities, foreign currency, the may differ not only from trading in an open-outcry market but cash value of an interest in a stock index or any other interest provided also from trading on other electronic trading systems. If you for in the specifications. undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the An Option transaction is entered into on a recognized market by a failure of hardware and software. The result of any system failure purchaser and a seller represented by their respective dealers. When may be that your order is either not executed according to your the transaction is concluded it is cleared by a clearing corporation instructions or is not executed at all. Your ability to recover certain affiliated with the recognized market on which the Option is traded. losses which are particularly attributable to trading on a market When an Option transaction is cleared by the clearing corporation using an electronic trading system may be limited to less than the it is divided into 2 contracts with the clearing corporation becoming amount of your total loss. the seller to the purchaser in the transaction and the purchaser to the seller. 12. Off-exchange Transactions: In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect offexchange Thus on every outstanding Option, the purchaser may exercise the transactions. The firm with which you deal may be acting as your Option against the clearing corporation and the seller may be called counterparty to the transaction. It may be difficult or impossible upon to perform his obligation through exercise of the option by the to liquidate an existing position, to assess the values, to determine clearing corporation. a fair price or to assess the exposure to risk. For these reasons, Options may also be classified according to delivery requirements: these reasons, these transactions may involve increased risks. actual delivery and cash delivery. An actual delivery requires the Off-exchange transactions may be less regulated or subject physical delivery of the underlying interest if the option is exercised. to a separate regulatory regime. Before you undertake such A cash delivery Option requires a cash payment of the difference transactions, you should familiarize yourself with applicable rules. between the aggregate exercise price and the value of the underlying interest at a specified time prior or subsequent to the time the Option APPENDIX is exercised. No securities commission or similar authority in Canada has in any way passed upon the merits of Options referred to herein and any Options are issued in series designated by an expiration month, an representation to the contrary is an offence. This document contains exercise price, an underlying interest and a unit of trading. At the time condensed information respecting the Options referred to herein. trading is introduced in Options with a new expiration month, the Additional information may be obtained from your broker. recognized market on which the Option is traded establishes exercise prices that reflect the current spot prices of the underlying interest. Disclosure Statement for Recognized Market Options Generally, 3 series of Options are introduced with exercise prices at, A high degree of risk may be involved in the purchase and sale of below and above the current spot price. When the spot price of the Options, depending to a large measure on how and why Options are underlying interest moves, additional Options may be added with used. Options may not be suitable for every investor. See “Risks in different exercise prices. Options having the same underlying interest options trading” and “Additional information”. and expiration month, but having different exercise prices, may trade Introduction at the same time. This disclosure statement sets forth general information relevant to Specifications of options the purchase and sale of Put and Call Options traded on a recognized Specifications of Options are fixed by the recognized market on which market and cleared through a clearing corporation. Information they are traded. These specifications may include such items as trading concerning the underlying interests on which Options are traded, units, exercise prices, expiration dates, last day of trading, and the time the terms and conditions of these Options, the recognized markets for determining settlement values. on which they trade and the applicable clearing corporations may be obtained from your dealer. Information on investment strategies and An Option may be bought or sold only on the recognized market possible uses of Options may also be obtained from your broker. on which the Option is traded. The recognized market and the clearing corporation may each impose restrictions on certain types This disclosure statement refers only to Options and clearing of transactions, and under certain circumstances may modify the corporations which have been recognized or qualified for purposes specifications of outstanding Options. In addition, a recognized market of this disclosure statement by provincial securities administrators or a clearing corporation may limit the number of Options which may where required. The Options discussed herein trade on markets which, be held by an investor and may limit the exercise of Options under for the purposes of this Disclosure Statement only, are referred to as prescribed circumstances. “recognized markets”.

94 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 94 2021-06-29 2:21 PM 4 Exercising options ii. The seller of a Call who does not own the underlying interest An Option may have either an American style exercise or European is subject to a risk of loss should the price of the underlying style exercise irrespective of where the recognized market is located. interest increase. If the Call is exercised and the seller is required An American style Option can be exercised by the purchaser at any to purchase the underlying interest at a market price above the time before the expiration. To do this, the purchaser notifies the exercise price in order to make delivery, he will suffer a loss. dealer through whom the Option was purchased. A purchaser should iii. The seller of a Put who does not have a corresponding short ascertain in advance from his dealer the latest date on which he may position (that is an obligation to deliver what he does not own) give such notice to his dealer. An European style Option may only be in the underlying interest will suffer a loss if the price of the exercised by the purchaser on a specified date. Upon receiving an underlying interest decreases below the exercise price, plus exercise notice from the purchaser’s dealer, the clearing corporation transaction costs minus the premium received. Under such assigns it to a member which may re-assign to it a client on a random circumstances, the seller of the Put will be required to purchase or other predetermined selection basis. the underlying interest at a price above the market price, with the Upon assignment, the seller must make delivery of (in the case of a result that any immediate sale will give rise to a loss. Call) or take delivery of and pay for (in the case of a Put) the underlying iv. The seller of a Call who owns the underlying interest is subject to interest. In the case of a cash delivery option, the seller must, in lieu the full risk of his investment position should the market price of delivery, pay the positive difference between the aggregate exercise the underlying interest decline during the life of the Call, or by the price and the settlement value of the underlying interest (in the case of specified date for exercise, as the case may be, but will not share in both a Call and a Put). any gain above the exercise price. A purchaser of an Option which expires loses the premium paid for the v. The seller of a Put who has a corresponding short position in the Option and his transaction costs. The seller of an Option which expires underlying interest is subject to the full risk of his investment will have as his gain the premium received for the Option less his position should the market price of the underlying interest rise transaction costs. during the life of the put, or by the specified date for exercise, as Trading of options the case may be, but will not share in any gain resulting from a Each recognized market permits secondary market trading of its decrease in price below the exercise price. Options. This enables purchasers and sellers of Options to close out vi. T ransactions for certain Options may be carried out in a foreign their positions by offsetting sales and purchases. By selling an option currency. Accordingly, purchasers and sellers of these Options with the same terms as the one purchased, or buying an Option with using Canadian dollars will by exposed to risks from fluctuations in the same terms as the one sold, an investor can liquidate his position the foreign exchange market as well as to risks from fluctuations in (called an “offsetting transaction”). Offsetting transactions must be the price of the underlying interest. made prior to expiration of an Option or by a specified date prior Ther to expiration. Offsetting transactions must be effected through the vii. e can be no assurance that a liquid market will exist for a broker through whom the Option was initially sold or purchased. particular Option to permit an offsetting transaction. For example, there may be insufficient trading interest in the particular Option; Price movements in the underlying interest of an Option will generally or trading halts, suspensions or other restrictions may be imposed be reflected to some extent in the secondary market value of the on the Option or the underlying interest; or some event may Option and the purchaser who wishes to realize a profit will have interrupt normal market operations; or a recognized market to sell or exercise his Option during the life of the option or on the could for regulatory or other reasons decide or be compelled to specified date for exercise, as the case may be. discontinue or restrict trading in the Option. In such circumstances Costs of options trading the purchaser of the Option would only have the alternative of Margin requirements: Prior to trading Options, a seller must deposit exercising his Option in order to realize any profit, and the seller with his dealer cash or securities as collateral (called “margin”) for the would be unable to terminate his obligation until the Option obligation to buy (in the case of a Put) or sell (in the case of a Call) the expired or until he performed his obligation upon being assigned underlying interest if the Option should be exercised. Minimum margin an exercise notice. rates are set by the recognized market on which the Option trades. viii. The seller of an American style Option has no control over when Higher rates of margin may be required by the seller’s broker . Margin he might be assigned an exercise notice. He should assume that an requirements of various recognized markets may differ. In addition, exercise notice will be assigned to him in circumstances where the they are subject to change at any time and such changes may apply seller may incur a loss. retroactively to Options positions previously established. ix. I n unforeseen circumstances there may be a shortage of Commission charges: Commissions are charged by dealers on the underlying interests available for delivery upon exercise of purchase or sale of Options as well as on the exercise of Options and actual delivery Options, which could increase the cost of or make the delivery of underlying interests. impossible the acquisition of the underlying interests and cause Risks in options trading: Options can be employed to serve a number the clearing corporation to impose special exercise settlement of investment strategies including those concerning investments in or procedures. related to underlying interests. SOME STRATEGIES FOR BUYING AND x. In addition to the risks described above which apply generally to SELLING OPTIONS INVOLVE GREATER RISK THAN OTHERS. the buying and selling of Options, there are timing risks unique to The following is a brief summary of some of the risks connected with Options that are settled by the payment of cash. trading in Options: The exercise of Options settled in cash results in a cash payment i. Because an Option has a limited life, the purchaser runs the risk of from the seller to the purchaser based on the difference between the losing his entire investment in a relatively short period of time. If exercise price of the Option and the settlement value. The settlement the price of the underlying interest does not rise above (in the case value is based on the value of the underlying interest at a specified of a Call) or fall below (in the case of a Put) the exercise price of the point in time determined by the rules of the recognized market. This Option plus premium and transaction costs during the life of the specified point in time could vary with the option. For example, the Option, or by the specified date for exercise, as the case may be, specified point in time could be the time for establishing the closing the Option may be of little or no value and if allowed to expire will value of the underlying interest on the day of exercise or in the case be worthless. of some options based on a stock index the time for establishing the

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 95 2021-06-29 2:21 PM 4 value of the underlying interest which is based on the opening prices of Preliminary Note Regarding the Scope of this constituent stocks on the day following the last day of trading. Options Information Statement for which the settlement value is based on opening prices may not, This information statement relates to strip securities that are based on unless the applicable recognized market announces a rule change to bonds of the Government of Canada, a Canadian province, or certain the contrary, trade on that day. foreign governments or political subdivisions thereof. Provincial The settlement value for Options, futures contracts and futures securities regulations create an exemption from dealer registration Options may not be calculated in the same manner even though each and prospectus requirements for these types of securities. may be based on the same underlying interest. Strip securities may also be based on Canadian corporate bonds. Where the settlement value of a cash delivery option is determined While some of the information in this Information Statement may also after the exercise period, the purchaser who exercises such Option will be relevant to corporate bond-based strips, corporate bond-based suffer from any unfavourable change in the value of the underlying strips are outside the scope of this Information Statement. If you are interest from the time of his decision to exercise to the time settlement planning to purchase a strip or strip package based on a corporate value is determined. With actual delivery Options, this risk can be Canadian bond, please note that such securities are not governed covered by a complementary transaction in the actual market for the by the regulations referred to above, but rather, may be subject to underlying interest. certain decisions issued by Canada’s securities regulatory authorities exempting certain Canadian corporate bond-based strip securities The seller of a cash delivery Option is not informed that he has been from various regulatory requirements, including Section 2.1 of National assigned an exercise notice until the business day following exercise, at Instrument 44-102 – Shelf Distributions and Section 2.1 of National the earliest, and the seller will suffer from any unfavourable change in Instrument 44-101 – Short Form Prospectus Distributions. See e.g. the value of the underlying interest from the time of determination of RBC Dominion Securities Inc. et al., (2013) 36 OSCB 3867 (Apr. 8), the settlement value to the time he learns that he has been assigned. online: www.osc.gov.on.ca/en/SecuritiesLaw_ord_20130411_2110_ Unlike the seller of an actual delivery Option, the seller of a cash rbc-dominion.html. Pursuant to each such decision, Canadian delivery Option cannot satisfy his assignment obligations by delivery of securities dealers file with the applicable Canadian securities the lower valued underlying interest, but must pay cash in an amount regulatory authorities a short form base shelf prospectus and certain determined by the settlement value. supplements thereto, pursuant to which certain Canadian corporate- The type of risk discussed above makes spreads and other complex bond based strip securities may be distributed on an on-going basis Option strategies involving cash delivery Options substantially more without a full prospectus (the “CARs1 and PARs2 Programme”). For each risky than similar strategies involving actual delivery options. decision, the applicable shelf prospectus and its supplements may be Tax consequences found on the System for Electronic Document Analysis and Retrieval or The income tax consequences of trading in Options are dependent “SEDAR” at www.sedar.com. upon the nature of the business activities of the investor and the Risk and other disclosures relating to securities issued as part of transaction in question. Investors are urged to consult their own the CARs and PARs Programme are set forth in the shelf prospectus professional advisers to determine the consequences applicable to and supplements published on SEDAR, and investors considering their particular circumstances. purchasing such securities are advised to consult these documents, Additional information since considerations unique to securities issued as part of the CARs Before buying or selling an option an investor should discuss with his and PARs Programme are not addressed herein. dealer: Strip Bonds and Strip Bond Packages (“Strips”) • his investment needs and objectives; A strip bond — commonly referred to as a “strip”— is a fixed-income • the risks he is prepared to take; product that is sold at a discount to face value and matures at par. This • the specifications of options he may wish to trade; means the holder is entitled to receive the full face value at maturity. • commission rates; Strips do not pay interest, but rather, the yield at the time of purchase • margin requirements; is compounded semi-annually and paid at maturity. Since the return • any other matter of possible concern. on a strip is fixed at the time of purchase, strips may be a suitable Specifications for each Option are available on request from your investment where the holder requires a fixed amount of funds at a dealer and from the recognized market on which the option is specific future date. traded. Should there be any difference in interpretation between this A strip is created when a conventional debt instrument, such as document and the specifications for a given Option, the specifications a government or corporate bond, discount note or asset-backed shall prevail. security (i.e., the “underlying bond”), is separated into its “interest” and “principal” component parts for resale. Components are fungible and may be pooled together where they share the same issuer, payment date and currency and have no other distinguishing features. The two types of components may be referred to as follows: • The “coupon”: the interest-paying portion of the bond; and • The “residual”: the principal portion. A strip bond package is a security comprised of two or more strip 4.10 STRIP BONDS AND STRIP BOND PACKAGES components. Strip bond packages can be created to provide holders with a regular income stream, similar to an annuity, and with or INFORMATION STATEMENT without a lump sum payment at maturity.3 By laddering strips with We are required by provincial securities regulations to provide you staggered maturities or other payment characteristics, holders can with this Information Statement before you can trade in strip bonds strategically manage their cash flow to meet their future obligations or strip bond packages based on bonds of the Government of Canada, and specific needs. a Canadian province, or certain foreign governments or political subdivisions thereof. Please review it carefully. Strips vs. Conventional Bonds Strips are offered on a variety of terms and in respect of a variety of underlying bonds, including government bonds issued by the Government of Canada or provincial, municipal and other government

96 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 96 2021-06-29 2:21 PM 4 agencies, or a foreign government. CARs and PARs are examples of Term to maturity Commission or dealer strips derived from high-quality corporate bonds. Some differences in years and yield after mark-up amount per between strips and conventional bonds that you may wish to consider commission or dealer mark- $100 of maturity amount include the following: up (assuming a yield before commission of 5.5%) $0.25 $0.75 $1.50 • strips are sold at a discount to face value and mature at par, similar to T-bills. Unlike conventional interest-bearing debt securities, 1 5.229% 4.691% 3.892% strips do not pay interest throughout the term to maturity; rather, 2 5.357% 5.073% 4.650% the holder is entitled to receive a fixed amount at maturity. The 5 5.433% 5.299% 5.100% yield or interest earned is the difference between the discounted purchase price and the maturity value; thus, for a given par value, 10 5.456% 5.368% 5.238% the purchase price for a strip will typically be lower the longer the 15 5.462% 5.385% 5.272% term to maturity; 25 5.460% 5.382% 5.267% • a strip with a longer term to maturity will generally be subject to greater price fluctuations than a strip of the same issuer and yield Prospective purchasers or sellers of strips should ask their investment but with a shorter term to maturity; dealer or financial institution about the bid and ask prices for • strips typically offer higher yields over T-Bills, GICs and term strips and may wish to compare the yield to maturity of the strip, deposits, and over conventional bonds of the same issuer, term and calculated after giving effect to any applicable mark-up or commission, credit rating; against the similarly calculated yield to maturity of a conventional • the higher yield offered by strips reflects their greater price volatility. interestbearing debt security. Like conventional bonds, the price of a strip is inversely related to its yield. Thus, when prevailing interest rates rise, strip prices fall, and Secondary Market and Liquidity vice versa. However, the rise or fall of strip prices is typically more Strips may be purchased or sold through investment dealers and extreme than with conventional bonds of the same issuer, term and financial institutions on the “over-the-counter” market rather than on credit rating. The primary reason for this greater volatility is that no an exchange. Where there is an active secondary market, a strip may interest is paid in respect of a strip bond prior to its maturity; be sold by a holder prior to maturity at the prevailing market price in • unlike conventional bonds that trade in $1,000 increments, strips order to realize a capital gain or to access funds. However, liquidity may be purchased in $1 multiples above the minimum investment may be limited for certain strip bonds and strip bond packages, and, amount, thereby enabling a holder to purchase a strip for any as noted above, investment dealers and financial institutions are desired face value amount above the minimum investment amount; not obligated to maintain a secondary market for strips sold by or and through them. As a result, there can be no assurance that a market for • strips are less liquid than conventional bonds of the same issuer, particular strip bonds or strip bond packages will be available at any term and credit rating: there may not be a secondary market for given time, and investors should generally be prepared to hold strips certain strips and strip bond packages, and there is no requirement to maturity or run the risk of taking a loss. or obligation for investment dealers or financial institutions to Other Risk Considerations maintain a secondary market for strips sold by or through them; as Potential purchasers of strips should conduct their own research a result, purchasers should generally be prepared to hold a strip to into the term, yield, payment obligations and particular features of a maturity, since they may be unable to sell it—or only able to sell it at strip prior to purchase. While not an exhaustive list, you may wish to a significant loss—prior to maturity. consider some of the following potential risks: Credit risk of the issuer – strips represent a direct payment obligation Dealer Mark-ups and Commissions of the government or corporate issuer, thus any change to an issuer’s When purchasing or selling a strip bond or a strip bond package, credit rating or perceived credit worthiness may affect the market the prospective purchaser or seller should inquire about applicable price of a strip, and the impact may be more severe than the impact on commissions (mark-ups or mark-downs) when executing the trade conventional bonds of the same issuer. through an investment dealer or financial institution, since such commissions will reduce the effective yield (if buying) or the net Interest rate risk – if interest rates rise, the market value of a strip will proceeds (if selling). Investment dealers must make reasonable efforts go down, and this drop in market value will typically be more severe to ensure the aggregate price, inclusive of any mark-up or mark- than the drop in market value for the corresponding conventional bond down, is fair and reasonable taking into consideration all reasonable from the same issuer for the same term and yield. If interest rates rise factors. Commissions quoted by investment dealers generally range above the yield of the strip at the time of purchase, the market value of between $0.25 to $1.50 per $100 of maturity amount of the strip, the strip may fall below the original price of the strip. with commissions typically at the higher end of this range for small Market and liquidity risk – strips are not immune to market or liquidity transaction amounts, reflecting the higher relative costs associated risks and may have specific terms and conditions that apply in the with processing small trades. event of a market disruption or liquidity event. If liquidity is low, it The table below illustrates the after-commission yield to a strip holder may be difficult to sell a strip prior to maturity and there may be large with different terms to maturity and assuming a before-commission spreads between the bid and ask prices. There can be no assurance yield of 5.5%. All of the yield numbers are semiannual. For example, a that a market for particular strip bonds or strip bond packages will be strip bond with a term to maturity of one year and a commission of 25 available at any given time. cents per $100 of maturity amount has an after-commission yield of Currency risk – strips may pay out in a currency other than Canadian 5.229%. The before-commission cost of this particular strip bond will dollars. Currency fluctuations may enhance, nullify or exacerbate your be $94.72 per $100 of maturity amount while the after-commission investment gains or losses. cost will be $94.97 per $100 of maturity amount. In contrast, a strip Component risk – you should ensure that you understand and are bond with a term to maturity of 25 years and a commission of $1.50 comfortable with the underlying components, terms, risks and features per $100 of maturity amount has an after-commission yield of 5.267%. of a strip bond or strip bond package prior to purchase. For example, The before-commission cost of this particular strip bond will be $25.76 strips may be derived from asset-backed securities or callable or per $100 of maturity amount while the after-commission cost will be retractable bonds, and may have features such as inflation indexation $27.26 per $100 of maturity amount.4 or structured payments.

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 97 2021-06-29 2:21 PM 4 Price volatility – strips are generally subject to greater price volatility Plans”). Depending on the circumstances, strip bonds issued by than conventional bonds of the same issuer, term and credit rating, corporations may also be “qualified investments” for Registered Plans. and will typically be subject to greater price fluctuations in response to changes to interest rates, credit ratings and liquidity and market events. The table below shows the impact that prevailing interest rates Annual Taxation of Strip Bonds can have on the price of a strip. For example, as indicated in the table The Canada Revenue Agency takes the position that strip bonds are below, an increase in interest rates from 6% to 7% will cause the price a “prescribed debt obligation” within the meaning of the Tax Act. of a 5 year strip bond with a maturity value of $100 to fall by Consequently, a purchaser will be required to include in income in each 4.73% – a larger percentage drop than for a $100 5 year traditional year a notional amount of interest, notwithstanding that no interest bond, whose price would fall only 4.16%, assuming the same increase in will be paid or received in the year. Strips may therefore be more interest rates. attractive when purchased and held in non-taxable accounts, such as self-directed Registered Plans, pension funds and charities. In general terms, the amount of notional interest deemed to accrue Market price volatility each year will be determined by using the interest rate which, when Price applied to the total purchase price (including any dealer mark-up Price with with rate or commission) and compounded at least annually, will result in a Market Market rate drop % price increase % price cumulative accrual of notional interest from the date of purchase to price yield to 5% change to 7% change the date of maturity equal to the amount of the discount from face 6% 5 Year $100.00 6.00% $104.38 +4.38% $95.84 - 4.16% value at which the strip bond was purchased. Bond For individuals and certain trusts, the required accrual of notional 5 Year $74.41 6.00% $78.12 +4.99% $70.89 - 4.73% interest in each year is generally only up to the anniversary date of Strip Bond the issuance of the underlying bond. For example, if a strip bond 6% 20 Year $100.00 6.00% $112.55 +12.55% $89.32 -10.68% is purchased on February 1 of a year and the anniversary date of Bond the issuance of the underlying bond is June 30, only five months of 20 Year $30.66 6.00% $37.24 +21.49% $25.26 -17.61% notional interest accrual will be required in the year of purchase. Strip Bond However, in each subsequent year, notional interest will be required to be accrued from July 1 of that year to June 30 of the subsequent year Custodial Arrangements (provided that the strip bond is still held on June 30 of the subsequent Due to the high risk of forgery, money laundering and similar illegal year). activities – and the costs associated with such risks – with physical strips and bearer instruments, most investment dealers and financial In some circumstances the anniversary date of the issuance of institutions will only trade or accept transfer of book-based strips. the underlying bond may not be readily determinable. In these CDS Clearing and Depository Services Inc. (“CDS”) provides strip circumstances individual investors may wish to consider accruing bond services, including book-based custodial services for strips and notional interest each year to the end of the year instead of to the underlying bonds. Custodian banks or trust companies may also create anniversary date. and take custody of strips that are receipt securities, and may permit A corporation, partnership, unit trust or any trust of which a holders to obtain a registered certificate or take physical delivery of corporation or partnership is a beneficiary is required for each taxation the underlying coupon(s) or residue(s). However, if the holder decides year to accrue notional interest to the end of the taxation year and not to take physical delivery, he or she should be aware of the risks, just to an earlier anniversary date in the taxation year. including the risk of lost ownership, associated with holding a bearer Disposition of Strip Bonds Prior To Maturity security which cannot be replaced. In addition, the holder should be A purchaser who disposes of a strip bond prior to, or at, maturity, is aware that the secondary market for physical strips may be more required to include in the purchaser’s income for the year of disposition limited than for book-based strips due to the risks involved. Investors notional interest accrued to the date of disposition that was not in strip components held by and at CDS are not entitled to a physical previously included in the purchaser’s income as interest. If the amount certificate if the strips are Book Entry Only. received on a disposition exceeds the total of the purchase price and the amount of all notional interest accrued and included in income, Canadian Income Tax Summary the excess will be treated as a capital gain. If the amount received on The Canadian income tax consequences of purchasing strip bonds and disposition is less than the total of the purchase price and the amount strip bond packages are complex. Purchasers of strip bonds and strip of all notional interest accrued and included in income, the difference bond packages should refer questions to the Canada Revenue Agency will be treated as a capital loss. (http://www.cra-arc.gc.ca/) or consult their own tax advisors for advice Strip Bond Packages relating to their particular circumstances. For tax purposes, a strip bond package is considered a series of The following is only a general summary regarding the taxation of strip separate strip bonds with the income tax consequences as described bonds and strip bond packages under the Income Tax Act (Canada) above applicable to each such component of the strip package. Thus a (the “Tax Act”) for purchasers who are residents of Canada and hold purchaser of a strip bond package will normally be required to make their strip bonds and strip bond packages as capital property for a calculation in respect of each component of the strip bond package purposes of the Tax Act. The following does not constitute legal advice. and then aggregate such amounts to determine the notional interest Qualified Investments accrued on the strip bond package. As an alternative, in cases where Strip bonds and strip bond packages that are issued or guaranteed the strip bond package is issued at or near par and is kept intact, the by the Government of Canada or issued by a province or territory of Canada Revenue Agency will accept tax reporting that is consistent Canada are “qualified investments” under the Tax Act and are therefore with reporting for ordinary bonds (i.e., reported on a T5 tax slip as eligible for purchase by trusts governed by registered retirement accrued interest where it is matched by cash flow), including no savings plans, registered retirement income funds, registered obligation to report premium or discount amortization where the strip education savings plans, deferred profit sharing plans, registered bond package is subsequently traded on the secondary market. disability savings plans and tax-free savings accounts (“Registered

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WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 98 2021-06-29 2:21 PM 4 1 CARs are corporate strip bonds comprised of coupon and residual Northwest Territories securities. Your signature must be witnessed by one person, who cannot be the 2 PARs are a form of strip bond package where the coupon rate is attorney you are appointing or his or her spouse or common-law partner. reduced to current yields, thus allowing the package to be sold at par. Nova Scotia 3 A bond-like strip bond package has payment characteristics Your signature must be witnessed by one person, who: resembling a conventional bond, including regular fixed payments and a lump-sum payment at maturity. In contrast, an annuity-like • must be an adult (19 years or older) strip bond package provides regular fixed payments but no lump- • cannot be the attorney you are appointing or his or her spouse sum payment at maturity. Nunavut 4 The purchase price of a strip bond may be calculated as follows: Your signature must be witnessed by one person who must sign the power Purchase Price = Maturity (Par) Value / (1 + y/2)2n of attorney or trading authorization in front of you, and cannot be an attorney you are appointing or his or her spouse or common-law where “y” is the applicable yield (before or after commission) and “n” is the number of years until maturity. For example, the purchase partner. price (per $100 of maturity value) for a strip bond that has a yield of Ontario 5.5% and 25 years until maturity is: 100/(1+0.0275)50 = $25.76. Your signature must be witnessed by two adults (18 years or older), who cannot be: • an attorney you are appointing, or his or her spouse or common-law 4.11 POWER OF ATTORNEY AND TRADING AUTHORITY partner WITNESS REQUIREMENTS • your spouse, common-law partner, child or someone you have Alberta demonstrated you intend to treat as your child You must sign the document in front of one person (a witness), who • someone whose property is under guardianship now or who has a must also sign it in front of you. guardian of the person. If you are physically unable to sign, another person can sign on your Prince Edward Island behalf, at your direction. The person signing on your behalf cannot Your signature must be witnessed by one person, who cannot be the be the attorney you are appointing or his or her spouse or adult attorney you are appointing or his or her spouse. interdependent (common-law) partner. Quebec You and your witness must be present while the person signs for you. Your signature must be witnessed by one adult (18 years or older) who is Your witness cannot be: mentally competent and does not have any interest in the act. • the attorney you are appointing, or his or her spouse or adult Saskatchewan interdependent partner Your signature must be witnessed by two people, or one person who is a • your spouse or adult interdependent partner lawyer. Your witnesses: • a person signing on your behalf or his or her spouse or adult • must be adults (18 years or older) interdependent partner. • must be mentally capable of acting as witnesses • cannot be the attorney you are appointing or members of his or her British Columbia You, your attorneys and your witnesses must each write the date on family. the power of attorney or trading authorization. Your signature and You must provide a witness certificate to CIBC Wood Gundy. your attorneys’ signatures must be witnessed by: Yukon • a practicing member of the Law Society of British Columbia or a You must sign the power of attorney or trading authorization (or member of the Society of Notaries Public of British Columbia, or acknowledge your signature on the power of attorney or trading • two people who: authorization) in front of a lawyer who: • must be able to understand the language you’re using to • is a practicing member of the Law Society of Yukon, and communicate, or have an interpreter’s help • is not the attorney or the attorney’s spouse. • cannot be minors, the attorney you are appointing, or his or her The lawyer will give you a Certificate of Legal Advice and you must give it spouse, common-law partner, child, parent, employee or agent to CIBC Wood Gundy. • are present together with the person signing. Manitoba Your signature must be witnessed in Manitoba by one person, who: • must be a lawyer, judge, medical practitioner, notary, a person approved to solemnize marriages or police or RCMP officer • cannot be the attorney you are appointing, or his or her spouse or common-law partner. New Brunswick You must sign in front of a lawyer who is a practicing member of the Law Society of New Brunswick.

The lawyer will give you a written statement and you must give it to CIBC Wood Gundy.

Newfoundland & Labrador Your signature must be witnessed by one person, who cannot be the attorney you are appointing or his or her spouse.

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4.12 CANADIAN INVESTOR PROTECTION FUND (CIPF) OFFICIAL BROCHURE

WHAT DOES THE CANADIAN INVESTOR PROTECTION FUND Canadian DO FOR INVESTORS? Investor If you have an account with a member firm, and that Protection firm fails, CIPF works to ensure that any property Fund being held for you by the firm at that time is given back to you, within certain limits. Property can include cash and securities.

To help you get started, a list of the initial steps that you may wish to take if your firm fails is available on CIPF’s website at www.cipf.ca.

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What does CIPF cover?

CIPF COVERS: DOES CIPF GUARANTEE THE VALUE OF Missing property – This is property held by a member YOUR INVESTMENT? firm on your behalf that is not returned to you following No. CIPF does not guarantee the value of your property. the firm’s insolvency. Missing property can include: EXAMPLE OF HOW CIPF COVERAGE WORKS • cash • securities If you bought one hundred shares of Company X at $50 per share through a member firm, and the share • other property described in CIPF’s Coverage Policy value on the day of the member firm’s insolvency was $30, CIPF’s objective would be to ensure the return A “security” is a type of financial instrument. Some of the one hundred shares to you because that’s the examples of securities are: bonds, GICs (guaranteed property in your account at the date of insolvency. If investment certificates) and shares or stock of a the one hundred shares are not returned to you, CIPF company. A share or stock is an ownership interest would provide compensation based on the value of in a company issued by that company. The company the missing shares on the day of the member firm’s or other legal entity that issues the securities is often insolvency. In this example, that’s $30 per share. called the “issuer” of the securities. WHO PAYS FOR THIS COVERAGE AND CIPF DOES NOT COVER: HOW DO I GET IT? Not all losses that may arise are covered by CIPF. For You’re automatically eligible for coverage if you have example, CIPF does not cover losses resulting from any an account with a member firm that is used solely of the following: for investing in securities or in futures contracts. And because CIPF is funded by its member firms, you do • a drop in the value of your investments for any reason not pay a fee for CIPF protection. Non-residents and • investments that were not suitable for you non-citizens are eligible for coverage. • fraudulent or other misrepresentations that were made to you • misleading information that was given to you • important information that was not disclosed to you • poor investment advice • the insolvency or default of the company or organization that issued your security (the entity that you invested in) • other exclusions identified in the CIPF Coverage Policy

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Get CIPF

WHO ARE CIPF MEMBER FIRMS? Protection – Member firms are investment dealers that are members of IIROC (Investment Industry Regulatory Organization of Canada). Approximately 170 Invest with investment dealers across Canada are CIPF members. Please see CIPF’s website for a list. an IIROC WHAT ARE THE COVERAGE LIMITS? CIPF will provide compensation for the value of the missing property as at the date of insolvency, up to the Regulated limits prescribed in the CIPF Coverage Policy. For an individual holding one or more accounts with Member a member firm, the limits on CIPF protection are as follows:

• $1 million for all general accounts combined, plus • $1 million for all registered retirement accounts combined, plus • $1 million for all registered education savings plans (RESPs) combined. The limits of coverage for other types of clients are outlined on CIPF’s website. All coverage by CIPF is subject to the terms and conditions of the CIPF Coverage Policy and Claims Procedures.

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www.cibcwoodgundy.com

Check the Member Directory on CIPF’s website to confirm you are dealing with a member of the Canadian Investor Protection Fund.

Canadian Investor Protection Fund 100 King Street West, Suite 2610, Box 481 Toronto, Ontario, Canada M5X 1E5

For more information on CIPF, please visit www.cipf.ca or call toll-free at 1.866.243.6981 or 416.866.8366 or e-mail: [email protected].

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The information contained on this page is only applicable to the AAA chequing account which is held at CIBC and is eligible for CDIC coverage. CIBC Wood Gundy is not a CDIC member and unless you are informed to the contrary, cash balances in other non-registered accounts and securities sold are not insured by the CDIC.

Protecting your deposits

Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that protects your deposits for up to $100,000 per insured category at financial institutions that are CDIC members. Coverage is free and automatic – you don’t have to sign up.

What’s covered? What’s not covered? z Savings and chequing accounts z Mutual funds, stocks, and bonds

z Guaranteed Investment Certificates (GICs) z Exchange Traded Funds (ETFs) and other term deposits

z Foreign Currency Deposits Not every deposit you make at your financial institution is eligible for CDIC protection. Visit www.cdic.ca to learn more.

Add up your coverage! You $100,000 (in your name alone) We protect deposits in CDIC members You and another $100,000 to help with your savings goals. If you (joint total) deposit money in savings accounts, Your savings in trust $100,000 (for each beneficiary, chequing accounts or GICs and other includes RESPs) term deposits, it is protected for up Your tax-free savings $100,000 (TFSA) Your total to $100,000. protection in each Your retirement savings $100,000 (RRSP) CDIC member Your retirement income $100,000 (RRIF) Your property taxes $100,000 (for mortgaged properties)

What happens if a CDIC member fails? Your money belongs in your hands. CDIC works hard to protect your savings and your access to financial services. If your institution closes, we will provide access to your insured funds (including interest) within days. It’s automatic – we will contact you.

What you can do z Know what is covered and what is not z Keep your contact information up-to-date at your financial institution z Make sure your broker or financial advisor knows about CDIC’s rules for deposit protection

Want to know more? CDIC is a federal Crown corporation, and is fully funded by CDIC members.

Visit our website Call us Follow us cdic.ca 1-800-461-2342

This document contains general information and is not intended as legal or financial advice. April 2020

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4.14 REFERRALREFERRAL DISCLOSURE DISCLOSURE STATEMENT STATEMENT

CIBC Wood Gundy (a division of CIBC World Markets Inc.) and CIBC Private Investment Counsel (a division of CIBC Asset Management Inc.), CIBC Asset CIBC Wood Gundy (a division of CIBC World Markets Inc.) and CIBC Private Investment Counsel (a division of CIBC Asset Management Inc.), CIBC Asset Management Inc.– Institutional Advisory Group, CIBC Investor’s Edge (a division of CIBC Investor Services Inc.), CIBC Trust Corporation, Canadian Imperial Management Inc.– Institutional Advisory Group, CIBC Investor’s Edge (a division of CIBC Investor Services Inc.), CIBC Trust Corporation, Canadian Imperial Bank of Commerce (“CIBC”), CIBC Bank and Trust Company (Cayman) Limited, CIBC Trust Company (Bahamas) Limited, CIBC Commercial Banking Mid- Bank of Commerce (“CIBC”), CIBC Bank and Trust Company (Cayman) Limited, CIBC Trust Company (Bahamas) Limited, CIBC Commercial Banking Mid- Market Investment Banking, CIBC Mortgages, FirstCaribbean International Bank (Bahamas) Limited and, Atlantic Trust Company, N.A. and AT Investment Market Investment Banking, CIBC Mortgages, FirstCaribbean International Bank (Bahamas) Limited and, Atlantic Trust Company, N.A. and AT Investment Advisers, Inc. (the “Participants”) have entered into referral arrangements (the “Referral Arrangements”). The purpose of the Referral Arrangements is ReAdvisers,ferra Inc.l (theDi “Participants”)sclosur havee Senteredtat intoem referralen arrangementst (the “Referral Arrangements”). The purpose of the Referral Arrangements is to facilitate referrals between the Participants when a particular Participant identifies a client or prospective client need that can be met by another to facilitate referrals between the Participants when a particular Participant identifies a client or prospective client need that can be met by another Participant. CIBCParticipant. Wood Gundy (a division of CIBC World Markets Inc.) and CIBC Private Investment Counsel (a division of CIBC Asset Management The Participant receiving the referral (the “Receiving Party”) will pay a referral fee (plus applicable taxes if required) as described below (the “Referral Inc.), TheCIBC Participant Asset Management receiving the referralInc. – Institutional(the “Receiving Advisory Party”) will Group, pay a referralCIBC Investor’s fee (plus applicable Edge (a taxesdivision if required) of CIBC as I nvestordescribed S belowervices (the Inc.), “Referral CIBC Fee”) to the referring Participant (the “Referring Party”) for a successful referral of such a client or prospective client (the “Referred Client”). Clients and TrustFee”) Co rporation,to the referring Canadian Participant Im perial(the “Referring Bank ofParty”) Commerce for a successful (“CIBC”), referral CIBC of suchBank a clientand orTrust prospective Company client (Cayman) (the “Referred Limited, Client”). CIBC Clients Trust and prospective clients do not pay any fee for a referral. Where indicated below, the Participant representative who initiated the referral (the “Referring Companyprospective (Bahamas) clients Limited,do not pay CIBC any feeCommercial for a referral. Banking Where Midindicated-Market below, Investment the Participant Banking, representative CIBC Mortgages, who initiated FirstCaribbean the referral (the International “Referring Individual”) may also receive a Referral Fee. Alternatively, referrals may be considered in assessing the overall performance of the Referring Individual’s, BankIndividual”) (Bahamas) may Limited also receive, CIBC a National Referral Fee.Trust Alternatively, Company referralsand CIBC may Private be considered Wealth in assessingAdvisors, the Inc.overall (the performance “Participants”) of the Referring have Individual’s,entered and/or be included in calculating a Referring Individual’s overall sales/revenues. If so, referrals may contribute to discretionary bonuses and/or annual into and/orreferral be includedarrangements in calculating (the a Referring “Referral Individual’s Arrangements”). overall sales/revenues. The purpose If so, referralsof the Referralmay contribute Arrangements to discretionary is to bonuses facilitate and/or referrals annual gross commissions earned and applicable commission rates. For additional information about referrals, please consult with your Investment Advisor or gross commissions earned and applicable commission rates. For additional information about referrals, please consult with your Investment Advisor or betweenPortfolio Manager. the Participants when a particular Participant identifies a client or prospective client need that can be met by another Participant.Portfolio Manager. While we expect that all referrals will be in the best interests of clients and prospective clients, this disclosure is being provided to you in order to While we expect that all referrals will be in the best interests of clients and prospective clients, this disclosure is being provided to you in order to address any potential conflict of interest as a result of the fact that the Referring Party will receive a fee for referring you. The Participantaddress any receivingpotential conflict the referral of interest (the as “Receiving a result of theParty”) fact thatwill thepay Referring a referral Party fee will(plus receive applicable a fee for taxes referring if required) you. as described below (the “Referral Fee”) to the referring Participant (the “Referring Party”) for a successful referral of such a client or prospective client (the “Referred Client”). Clients and prospective clients do not pay any fee for a referral. Where indicated below, the Participant SERVICES THAT MAY ACTIVITIES ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING representative who initiatedSERVICES the THAT referral MAY (the “Referring Individual”)ACTIVITIES may also receiveACTIVITIES a Referral NOT Fee. Alternatively,REFERRAL FEE PAIDreferrals TO REFERRING may be BE PROVIDED BY CATEGORY(IES) OF PERMITTED UNDER PERMITTED UNDER PARTY & REFERRING INDIVIDUAL considered in assessing theBE PROVIDEDoverall performance BY CATEGORY(IES) of the Referring OF PERMITTED Individual’s, UNDER and/or PERMITTED be included UNDER in calculatingPARTY &a REFERRING Referring INDIVIDUAL Individual’s EACH PARTICIPANT REGISTRATION REGISTRATION REGISTRATION (WHERE SPECIFIED) overall sales/revenues. IfEACH so, PARTICIPANTreferrals may contributeREGISTRATION to discretionaryREGISTRATION bonuses and/orREGISTRATION annual gross commissions(WHERE earned SPECIFIED) and applicable

commission rates. For• Broker-dealer additional services information• Investment about dealer referrals, in all • Trading please consult with• Investment your Investment fund Advisor• 30% of Forees Portfolioearned by WG Manager. on Referred • Broker-dealer services provinces• Investment and territories; dealer in all • Trading management• Investment fund Assets• in 30% the offirst Fees year earned after acbycount WG on opening. Referred • Discretionary portfolio provinces and territories;• Advising, including management Assets in the first year after account opening. • Discretionary portfolio member of the • Advising, including While we expect thatmanagement all referrals services will be in themember best of interests the discretionary of clients account and prospective clients, this disclosure• Every year thereafter, is being 10% p ofrovided Fees earn edto by you WG in management services Investment Industry discretionary account • Every year thereafter, 10% of Fees earned by WG Investment Industry management and on Referred Assets order to address any• Non-discretionary potential conflict ofRegulatory interest Organization as a result ofmanagement the fact thatand the Referring Party will receiveon Referred a feeAssets for referring you. • Non-discretionary Regulatory Organizationsecurities investment “Fees” portfolio advisory of Canada (IIROC) securities investment “Fees” portfolio advisory of Canada (IIROC) services means all fee-based and transactional charges services services services (includingmeans commissions) all fee-based in anrespd transactionalect of assets heldcharges in a WG(including client account commissions) and levied in resp on suchect of account assets held CIBC Wood Gundy, a division of CIBC World Markets Inc. (WG) (but exclin uadi WGng traclientilers, account structured and traileleviedrs on, such account insura(ncebut feesexcl uandding commissions, trailers, structured WG Asset traile rs, Advantageinsura Accountnce fees (AAA)and commissions, Fees, registere WGd planAsset Advantage Account (AAA) Fees, registered plan Services that may be provided • Broker-dealer services fees and any payment involving manual cheques), net of feesany taxesand any and payment any investment involving manual cheques), CIBC Wood Gundy, • Discretionary portfolio management services managementnet of any fees taxes payable and anyby WG investment to investment CIBC Wood Gundy, management fees payable by WG to investment a division of managers. Commissions vary depending upon a a division of • Non-discretionary portfolio advisory services managers. Commissions vary depending upon a CIBC World Markets number of factors, including the type, number and CIBC World Markets price ofnumber securities of factors, traded; includi applicableng the surcharges type, number and Inc. price of securities traded; applicable surcharges Category(ieInc.s) registration • Investment dealer in all provinces and territories; memberand ofhow the the tradeInvestment is effected (throughIndustry a domestic (WG) and how the trade is effected (through a domestic (WG) or foreign exchange), and are subject to change Regulatory Organization of Canada (IIROC) from torime fore to igntime. exchange), Please refer and t areo the subj CIBCect Wood to change Gundyfrom Fee Scheduletime to time., the PleaseCIBC Wood refer Gundy to the CIBC Wood Activities permitted under • Trading DetailsG undyof Commissions Fee Schedule Charges, the CIBC Schedule Wood and/orGundy your WGDet Accountails of Commissions Agreement foChargesr all such Schedule Fees. and/or registration • Advising, including discretionary account managementyour andWG Account securities Agreement for all such Fees. investment services “Referred Assets” means“Referred all assets Assets”managed, administered or otherwisemeans serviced all assets as a managed, direct result administered of referring or Activities not permitted • Investment fund management the Referredotherwise Client serviced to the Receivingas a direct Party, result of referring under registration includingthe exterReferrednal assets Client consolidatedto the Receiving by theParty, Receivingincluding Party exter and andditionalal assets acconsolidatedcounts opened by the with theReceiving Receiving Party Party and by a membersdditional acofcoun the samets opened househowithld orthe organization Receiving Party as the by Refmemberserred Client. of the same household or organization as the Referred Client. • Discretionary portfolio • Portfolio manager in all • Advising, including • Trading • 30% of Fees earned by CPIC on Referred Assets • Discretionary portfolio • Portfolio manager in all • Advising, including • Trading • 30% of Fees earned by CPIC on Referred Assets management services provinces and territories discretionary account (other than trades in CIBC in the first year after account opening. management services provinces and territoriesmanagementdiscretionary and account (other than trades in CIBC in the first year after account opening. (CPIC may engage in trading • CPIC has obtained management and Pooled Funds, Imperial Pools • Every year thereafter, 10% of Fees earned by (CPIC may engage in trading • CPIC has obtained securities investment Pooled Funds, Imperial Pools • Every year thereafter, 10% of Fees earned by in CIBC Pooled Funds, exemptive relief from securities investment and Class O Renaissance CPIC on Referred Assets. in CIBC Pooled Funds, exemptive relief from services Funds underand Class the Oterms Renaissance of CPIC on Referred Assets. Imperial Pools and Class the requirement to services Imperial Pools and Class the requirement to the exemptiveFunds under relief obtainedthe terms of“Fees” O Renaissance Funds in register as exempt “Fees” relationO to Renaissance the provision Funds of in register as exempt from thethe requirement exemptive relief to obtainedmeans all gross fee-based or transactional CIBC Private market dealer in all means all gross fee-based or transactional CIBC Private these services)relation to the provision of market dealer in all registerfrom as exempt the requirement market to charges levied on the account (on a pre-tax basis). Investment provinces and territories charges levied on the account (on a pre-tax basis). Investment these services) provinces and territories dealer inregister all provinces as exempt and marketPlease refer to CIBC Private Investment Counsel Counsel, a division in regards to CIBC dealer in all provinces and Please refer to CIBC Private Investment Counsel Counsel, a division in regards to CIBC territories) Inc. Fee Schedule for all such Fees. of CIBC Asset Pooled Funds, Imperial territories) Inc. Fee Schedule for all such Fees. of CIBC Asset Pools andPooled Class Funds, O Imperial • Investment fund “Referred Assets” Management Inc. Pools and Class O • Investment fund “Referred Assets” Management Inc. Renaissance Funds management means all assets managed, administered or (CPIC) Renaissance Funds management otherwisemeans serviced all assets as a managed, direct result administered of referring or (CPIC) • Financial Planning in otherwise serviced as a direct result of referring • Financial Planning in the Referred Client to the Receiving Party, Quebec, under Autorité the Referred Client to the Receiving Party, Quebec, under Autorité including external assets consolidated by the des Marchés Financiers including external assets consolidated by the des Marchés Financiers Receiving Party and additional accounts opened with theReceiving Receiving Party Party and by additional members accounts of the opened same householdwith the Receiving or organization Party by as members the Referred of the Client.same household or organization as the Referred Client.

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REFERRAL DISCLOSURE STATEMENT

SERVICES THAT MAY ACTIVITIES ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING Referral fee paid to BEref PROVIDEDerring BY •CATEGORY(IES)30% of Fees OF earnedPERMITTED by W UNDERG on R eferredPERMITTED Assets UNDER in t he firstPARTY year & afterREFERRING account INDIVIDUAL opening; EACH PARTICIPANT REGISTRATION REGISTRATION REGISTRATION (WHERE SPECIFIED) party & referring individual • Every year thereafter, 10% of Fees earned by WG on Referred Assets. (where specified) • Discretionary portfolio • Portfolio manager in all • Advising, including • Trading • 30% of Fees earned by CAMI-IAG on Referred “Fees” means all fee-based and transactional charges (including commissions) in respect of management services provinces and territories discretionary account (other than trades in CIBC Assets in the first year after account opening. management and (CAMI-IAG may engage • aCAMI-IAGssets heldhas obtained in a WG client account andPooled levied Funds, onImperial such Pools account“Fees” (but excluding trailers, securities investment in trading in CIBC Pooled exemptive relief from and Class O Renaissance means all gross fee-based charges levied on a structured trailers, insuranceservices fees and commissions, WG Asset Advantage Account (AAA) Funds, Imperial Pools and the requirement to Funds under the terms of client account (on a pre-tax basis). Please refer to Class O Renaissance Funds Fees,register as solicitation exempt a•nd Investment IA invoiced fund consultationthe exemptive relief fees, obtained registered your fee schedule plan fees for all andsuch fees.any payment in relation to the provision involvingmarket dealer manual in all cheques),management net of any taxesfrom the and requirement any investmentto management fees payable “Referred Assets” of these services) provinces and territories register as exempt market by WG to investment managers. Commissionsdealer in all provinces vary dependingand means allup assetson a managed, number administered of factors, or in regards to CIBC • Non-discretionary territories) otherwise serviced as a direct result of referring includingPooled Funds, t heImperial type, number and price of securities traded; applicable surcharges and how the CIBC Asset portfolio advisory the Referred Client to the Receiving Party, Pools and Class O services trade is effected (through a domestic or foreign exchange), includingand are external subject assets to consolidated change fbyrom the Management Inc.– Renaissance Funds Institutional (CAMI-IAG may engage time to time. Receiving Party and additional accounts opened Advisory Group in trading in CIBC Pooled • Investment fund with the Receiving Party by members of the same Funds, Imperial Pools and Pleasemanager withrefer respect to t tohe CIBC Wood Gundy Fee Schedule, the CIBChousehold Wood or Gundy organization Details as the Referredof Client. (CAMI-IAG) Class O Renaissance Funds Ctheommissions CIBC Pooled Funds Charges Schedule and/or your WG Account Agreement for all such Fees. in relation to the provision in Ontario and Quebec of these services) • Commodity trading “managerReferr ine dOntario Assets” means all assets managed, administered or otherwise serviced as • aDerivatives direct portfolio result of referring the Referred Client to the Receiving Party, including externalmanager in Quebecassets consolidated by the Receiving Party and additional accounts opened with the • ReceivingInvestment advisor Party by members of the same household or organization as the Referred Client. with the U.S. Securities Exchange Commission

• Self-directed/discount • Investment dealer in • Trading • Advising • $150 for each CIBC Investor’s Edge account broker-dealer services all provinces and opened. • Investment fund territories; member of management • An additional $100 if, six months after the the Investment Industry account was opened, the account balance is Regulatory Organization greater than or equal to $50,000. of Canada (IIROC) CIBC Investor’s • Plus, 5% of commissions generated in the CIBC Edge, a division Investor’s Edge account every year. Commissions vary depending upon the service package of CIBC Investor purchased; the type, number and price of CIBCServices Priv aInc.te Investment Counsel, a division of CIBC Asset Management Inc. (CPIC) securities traded; how the trade is effected (IE) (online or through a CIBC Investor’s Edge Investment Representative; through a domestic Services that may be provided • Discretionary portfolio management services or foreign exchange), and are subject to change from time to time. Please refer to the CIBC Investor’s Edge Commissions and Fees Schedule Category(ies) registration • Portfolio manager in all provinces and territories; or contact an IE Investment Representative for more information about commission rates. • Financial Planning in Quebec, under Autorité des Marchés Financiers. • Trust and estates • Portfolio manager in all • Advising, including • Trading One-time CIBC Trust Fees Activities permittedservices under provinces and territories discretionary account (other than trades in Imperial (including Estate Administration Fees, Power of Attorney • Advising, includingmanagement discretionary and account management and securities registration (exceptinvestment Ontario and services Pools under the terms of the Set-up Fees, and Trust Set-up Fees): Newfoundland & Labrador securities investment exemptive relief obtained • 20% of fees collected by CIBC Trust once CIBC pursuant to an exemption services from the requirement to Trust begins to act under the appointment from registration for Note that referrals involving register as exempt market Activities not permitted •financialTrading intermediaries) in non-proprietaryCIBC Trust only relateproducts; to the dealer in all provinces and Ongoing CIBC Trust Fees provision of Trusts & Estates territories) under registration • CIBC Trust has relief (including Power of Attorney Administration Fees and Trust • Investment fund managementServices, which do not. from the requirement Administration Fees): to register as exempt require registration under securities regulations • 30% of Fees collected by CIBC Trust on Referred market dealer in all Referral fee paid to referring Business in the first year after account opening. •provinces30% and of territoriesFees earned by CPIC on Referred Assets in the first year after account opening; party & referring individual • Every year thereafter, 10% of Fees earned by CPIC on Referred• Every year Assets. thereafter, 10% of Fees collected by (wheCIBCre s Trustpec i fied) CIBC Trust on Referred Business. Corporation – Trusts • For referrals from CIBC Wood Gundy, if the & Estates Services “Fees” means all gross fee-based or transactional charges leviedReferred on Business the account assets are (on custodied a pre at-tax CIBC (CIBC Trust – T&E basis). Please refer to CIBC Private Investment WoodCounsel Gundy then Inc. no referralFee payments for Services ) Schedule for all such Fees. Ongoing CIBC Trust Fees will be paid. “Fees” means all gross fee-based or transactional “Referred Assets” means all assets managed, administeredcharges levied onor a clientotherwise account (on a pre-taxserviced as a direct result of referring the Referred Clientbasis). Pleaseto referthe to the following Receiving CIBC TrustParty, Compensation Agreements for all such Fees: including external assets consolidated by the Receiving PartyCompensation and additional Agreement – accountsEstate Administration, opened with the Receiving Party by members of the same householdCompensation or organization Agreement – Power as the of Attorney Referred Administration, Compensation Agreement – Trust Client. Administration, Compensation Agreement – Liquidator + Mandatary (Quebec), Compensation Agreement – Liquidator (Quebec), Quebec Estate Agency Fee Schedule, Quebec Trust Agency Fee Schedule.

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REFERRAL DISCLOSURE STATEMENT

CIBC Asset Management Inc. – Institutional Advisory Group (CAMI-IAG)

Services that maySERVICES be THAT MAY • Discretionary portfolioACTIVITIES management servicesACTIVITIES NOT REFERRAL FEE PAID TO REFERRING provided BE PROVIDED BY CATEGORY(IES)(CAMI-IAG OF may engagePERMITTED in trading UNDER in CIBCPERMITTED Pooled UNDER Funds, ImperialPARTY P &ools REFERRING and Class INDIVIDUAL O EACH PARTICIPANT REGISTRATION REGISTRATION REGISTRATION (WHERE SPECIFIED) Renaissance Funds in relation to the provision of these services) Non-discretionary portfolio advisory services • “Referred Business” CIBC Trust (CAMI-IAG may engage in trading in CIBC Pooled Funds, Imperialmeans all new Pools business and acquired Class by O the Receiving Corporation – Trusts Renaissance Funds in relation to the provision of these Partyservices) as a direct result of referring the Referred & Estates Services Client to the Receiving Party, including assets Category(ies) registration managed, administered or otherwise serviced, (CIBC Trust – • Portfolio manager in all provinces and territories external assets consolidated by the Receiving T&E Services ) • CAMI-IAG has obtained exemptive relief from the requirementParty and additional to register accounts openedas exempt with the Continued Receiving Party by members of the same market dealer in all provinces and territories in regards householdto CIBC orPooled organization Funds, as the Imperial Referred Client. Pools and Class O Renaissance Funds • Banking and credit • •Not a Investmentsecurities fund• May manager not engage with in any respect • May tonot the engage CIBC in any Pooled All Products Funds & i nServices* Ontario Except and Residential Quebec products and services registrant registrable activities registrable activities Mortgages: • Commodity trading manager in Ontario • GICs Note: Investment products Note: CIBC SI may only Note: CIBC SI may not • 30% of the Commission Value of the Referred •and servicesDerivatives are provided portfolioengage inma mutualnager fund in Quebecengage in advising, Business in the first year after account opening. • Mortgage products by CIBC Securities Inc. (CIBC trading; CIBC ISI may only investment fund • Investment advisor with the U.S. Securities Exchange Commission• Every year thereafter, 10% of the Commission • Enrollment services SI), a mutual fund dealer engage in trading and management or trading Value of the Referred Business. for credit insurance licensed by the Mutual advising activities. activities (other than mutual Activities permitteproductsd under •Fund DealersAdvising, Association ofincluding discretionary fundaccount trading); CIBC ISImanagement may “Commission Value”and securities registration Canada (MFDA), and by CIBC not engage in investment means the internal commission and/or trailer Investorinvestment Services Inc. (CIBC services fund management activities. value assigned by CIBC and credited to CIBC ISI), an investment dealer employees for various sales and service activities. •licensedInvestment by the Investment fund management As commission and trailer values vary depending Industry Regulatory upon a number of factors, including the type of Activities not permitted Organization of Canada •(IIROC).Trading (other than trades in CIBC Pooled Funds, Imperialproduct, Po interestols rate and and Class term; theO type of ser- under registration vice used and service fees paid; and the amount Renaissance Funds under the terms of the exemptive reliefof funds obtained advanced or fdrawn,rom andthe are subject to requirement to register as exempt market dealerchange in fromall timeprovinces to time, please and contact your territories) CIBC Financial Advisor or a CIBC representative for more information. Referral fee paid to referring “Referred Business” • 30% of Fees earned by CAMI-IAG on Referred Assetsmeans in allthe new firstbusiness year acquired after by the account Receiving party & referring individual opening. Party as a direct result of referring the Referred (where specified) Client to the Receiving Party, including assets “Fees” means all gross fee-based charges levied on a client managed,account administered (on a pre or-tax otherwise basis) serviced,. Please refer to your fee schedule for all such fees. external assets consolidated by the Receiving Canadian Imperial Party and additional accounts opened with the Bank of Commerce Receiving Party by members of the same “Referred Assets” means all assets managed, administeredhousehold oror organization otherwise as the Referredserviced Client. as (except for MMIB) a direct result of referring the Referred Client to the Receiving Party, including (CIBC) Note that mutual fund products are provided by CIBC SI. external assets consolidated by the Receiving Party and additionalResidential Mortgages: accounts opened with the Receiving Party by members of the same household or organizationWhere permitted as by the federal Referred and provincial Client. legislation: • a one-time Referral Fee of 25 basis points for new, open residential mortgage products and CIBC Investor’s Edge, a division of CIBC Inv estor Se rvices Inc. (IE ) additional funds on refinanced open mortgages • a one-time Referral Fee of 35 basis points for new, closed mortgage products and additional Services that may be provided • Self-directed/ discount broker-dealer services funds on refinanced closed mortgages. The Referral Fee is calculated on the loan amount, Category(ies) registration • Investment dealer in all provinces and territories; ormember incremental increaseof the for refinancings, accepted Investment Industry Regulatory Organization of Canada (IIROC)by the Referred Client. No Referral Fee is payable in respect of ports (i.e., Activities permitted under transfers of existing mortgages from one home • Trading to another), renewals, conversions (i.e., converting registration an existing mortgage from one mortgage product Activities not permitted under to another) or straight refinances of residen- • Advising tial mortgages where no additional funds are registration • Investment fund management extended. Regarding referrals from WG, subject to certain Referral fee paid to referring • $150 for each CIBC Investor’s Edge account opened; conditions, WG may remit in cash or deferred equity the Referral Fee WG receives to the WG party & referring individual • An additional $100 if, six months after the account was opened,Referring the Individual. account balance is (where specified) greater than or equal to $50,000; • Banking products and • Not a Canadian • May not engage in any • May not engage in any • 30% of the set-up and annual fees levied on the services •securitiesPlus, registrant 5% of commregistrableissions activities generated in registrablein the CIBC activities Investor’s in Referred Edge Client’s account account everyand received year. by CIBC Commissions varyCanada depending uponCanada the service packageCayman purchased; in the first year the after type, account opening. • Trust services CIBC Bank and number and price of securities traded; how the trade is effected• Every year (onlinethereafter, 10%or throughof the annual fee • Investment services Trust Company a CIBC Investor’s Edge Investment Representative; throughlevied on the a domesticReferred Client’s or accountforeign and (Cayman) Limited exchange), and are subject to change from time to time. received by CIBC Cayman. (CIBC Cayman) Please refer to the CIBC Private Wealth Management Schedule of Fees Standard Terms Please refer to the CIBC Investor’s Edge Commissions and Conditions Fees forSchedule CIBC Cayman or for contact the set-up an IE Investment Representative for moreand annual fees.information about commission rates.

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REFERRAL DISCLOSURE STATEMENT

CIBC Trust CorpSERVICESoration THAT – T rMAYus ts & Estates Services (CACTIVITIESIBC Tru st – T&ACTIVITIESE Servic NOTes) REFERRAL FEE PAID TO REFERRING BE PROVIDED BY CATEGORY(IES) OF PERMITTED UNDER PERMITTED UNDER PARTY & REFERRING INDIVIDUAL EACH PARTICIPANT REGISTRATION REGISTRATION REGISTRATION (WHERE SPECIFIED) Services that may be provided • Trust and estates services • Trust and company • Not a Canadian • May not engage in any • May not engage in any • 30% of the set-up and annual fees levied on the Category(ies) regisadministrationtration services •securitiesPortfolio registrant managerregistrable in all provinces activities in and territoriesregistrable activities; in Referred Client’s account and received by CIBC Canada Canada Bahamas in the first year after account opening. • Mutual fund (except Ontario and Newfoundland & Labrador pursuant to an exemption from CIBC Trust Company administration services • Every year thereafter, 10% of the annual fee registration for financial intermediaries) levied on the Referred Client’s account and (Bahamas) Limited • Bank and trust company • CIBC Trust has relief from the requirement to register asreceived exempt by CIBC market Bahamas. dealer in (CIBC Bahamas) management of banks all provinces and territories. Please refer to the CIBC Private Wealth • Discretionary Management Schedule of Fees Standard Terms investment services and Conditions for CIBC Bahamas for the set-up Activities permitted under • Advising, including discretionary account managementand annualand fees.securities registration • Financial advisory • Not a investmentsecurities services• May not engage in any • May not engage in any • One-time fee of 10% of the value of the success CIBC Commercial services to mid-market registrantNote that referralsregistrable involving activities CIBC Trustregistrable only relate activities to the provisionfee of Trusts & Estates Banking Mid-Market institutional clients in Services, which do not require registration under securities(i.e., the fee regulations paid upon successful closing of a merger, Investment Banking connection with merger, acquisition or divestiture transaction) (MMIB) acquisition and divestiture transactions

Activities not perm• Mortgageitted u productsnder • •Not a Tradingsecurities (other • thanMay not trades engage in ianyn Imperial• May not Pools engage inunder any theResidential terms Mortgages: of the registrant registrable activities registrable activities Where permitted by federal and provincial registration exemptive relief obtained from the requirement to registerlegislation: as exempt market dealer in all provinces and territories) • a one-time Referral Fee of 25 basis points for new, open mortgage products and additional funds on refinanced open mortgages Referral fee paid to referring One-time CIBC Trust Fees party & referring individual • a one-time Referral Fee of 35 basis points for (including Estate Administration Fees, Power of Attorney Set-upnew, Fees, closed and mortgage Trust Setproducts-up and additional (where specified) Fees) funds on refinanced closed mortgages The Referral Fee is calculated on the loan amount, or for incremental increase for refinancings, • 20% of fees collected by CIBC Trust once CIBC Trust beginsaccepted to act under by the Referred the Client. No Referral Fee appointment is payable in respect of ports (i.e., transfers of existing mortgages from one home to another), renewals, conversions (i.e., converting an existing mortgage from one mortgage product to another) Ongoing CIBC Trust Fees or straight refinances of residential mortgages CIBC Residential (including Power of Attorney Administration Fees and Trustwhere Administration no additional funds areFees) extended. Subject Mortgages to certain conditions, WG may remit in cash or deferred equity the Referral Fee WG receives to (eMortgages) and • 30% of Fees collected by CIBC Trust on Referred Businessthe WGin the Referring first Individual. year after Commercial account opening; Mortgages (Business Commercial Non-CMHC Insured Mortgages: Banking) • Every year thereafter, 10% of Fees collected by CIBC Trust• a one-time on ReferralReferred Fee of Business 50 basis points; of the funded loan amount for the first $1,000,000 (together, “CIBC • For referrals from CIBC Wood Gundy, if the Referred Business assets are custodied Mortgages”) • an additional one-time Referralwill beFee of 25 basis at CIBC Wood Gundy then no referral payments for Ongoingpoints CIBC of additional Trust Fees amounts from $1,000,001 to paid. and including $5,000,000 • an additional one-time Referral Fee of 10 basis points of additional amounts from $5,000,001 “Fees” means all gross fee-based or transactional tocharges and including, levied $10,000,000 on a client The Referral Fee for mortgages in excess of account (on a pre-tax basis). Please refer to $10,000,000 the follo will bewing subject toCIBC negotiation Trust between Compensation Agreements for all such Fees: CompensationCIBC Mortgages Agreem and WG ent–please –contact Estate your WG Administration, Compensation Agreement – Power Investmentof Attorney Advisor for moreAdministration, information. Compensation Agreement – Trust Administration, Example:Compensation Agreement – Liquidator + Mandatary (Quebec), Compensation MortgageAgreement Amount: $8,500,000 – Liquidator (Quebec), Quebec Estate Agency Fee Schedule, Quebec$1,000,000 Trust @ Agency.0050 = $ 5,000 Fee Schedule. $4,000,000 @ .0025 = $10,000 “Referred Business” means all new business acquired $3,500,000 by the @ Receiving.0010 = $ 3,500 Party as a direct result of referring the Referred Client to tTotalhe Referral Receiving Fee = $18,500 Party, including FirstCaribbean • Banking and credit •assets Not a Canadian managed, a• dministeredMay not engage in anyor otherwi• May not seengage serviced, in any • N/Aexternal – FCIB Bahamas assets makes consolidated referrals to WG, but International Bank products and services bysecurities the registrant Receiving registrableParty activitiesand additionalregistrable activitiesaccounts openeddoes not receive wi referralsth t hefrom WGReceiving (Bahamas)Limited • Mortgage products Party by members of the same household or organization as the Referred Client. (FCIB Bahamas) • Investment services

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REFERRAL DISCLOSURE STATEMENT

Canadian ImperSERVICESial Ban kTHAT of CMAYom merce (except for MMACTIVITIESIB) (CIB C) ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING Services that may bBEe pPROVIDEDrovided BY CATEGORY(IES)Banking OF andPERMITTED credit products UNDER andPERMITTED services UNDER PARTY & REFERRING INDIVIDUAL EACH PARTICIPANT REGISTRATION• REGISTRATION REGISTRATION (WHERE SPECIFIED) • GICs • Trust services • Not a Canadian• Mortgage products• May not engage in any • May not engage in any • 30% of Fees earned by Atlantic Trust on Referred securities registrant registrable activities registrable activities Assets in the first year after account opening • Investment services • Enrollment services for credit insurance products • Every year thereafter until the account is closed, Category(ies) registration • Not a securities registrant but up to a maximum of 10 years, 10% of annual Fees earned by Atlantic Trust on Referred Note: Investment products and services are provided Business. by CIBC Securities Inc. (CIBC SI), Atlantic Trust Company, a mutual fund dealer licensed by the Mutual“Fees” Fund Dealers Association of Canada (MFDA), and by CIBC Investor Services Inc. (CIBCmeans ISI), all angross investment fee-based or transactional dealer licensed charges N.A. and AT levied on a client account (on a pre-tax basis). Investment by the Investment Industry Regulatory Organization of PleaseCanada refer (IIROC).to the fee schedule for all such Fees. Advisers, Inc. “Referred Assets” A(together,ctivitie Atlantics perm itted under • May not engage in any registrable activities means all new business acquired by the Receiving registTrust)ration Party as a direct result of referring the Referred Note: CIBC SI may only engage in mutual fund trading; CIBCClient ISI to may the Receiving only engage Party, including in trading assets and advising activities. managed, administered or otherwise serviced, external assets consolidated by the Receiving Activities not permitted under Party and additional accounts opened with the • May not engage in any registrable activities Receiving Party by members of the same registration household or organization as the Referred Client. Note: CIBC SI may not engage in advising, investment fund management or trading activities (other than mutual fund trading); CIBC ISI may not engage in investment fund management activities.

Acknowledgements:Referral fee pai d to referring All Products & Services* Except Residential Mortgages: party & referring individual You acknowledge receipt and understanding of the above• referral30% disclosure,of the Commission and further Valueconfirm of your the understandingReferred Business and where in theapplicable first year represent after to account the Referring Party(wh andere the sp Receivingecified) Party that: opening; • If you consent to a referral, we may disclose Information• aboutEvery you toyear the Receivingthereafter, Party 10%in order of to tmakehe Commission the referral and Valueallow for of the the ongoing Referred administrationBusiness. of the referral. The word “Information” means financial and financially-related information about you, including information to identify you or qualify you for products and services, or information needed for regulatory requirements.“Commission Value” means the internal commission and/or trailer value assigned by • All activity requiring registration resulting from the ReferralCIBC Arrangement and credited will be to provided CIBC byemployees the Receiving forParty various or outsourced sales to aand party service duly licensed activities. or registered As to carry on such activity. • The Referring Party does not have authority to make anycommission commitments and for ortrailer on behalf val ofues the varyReceiving depending Party; you uponwill deal a directly number with of the factors, Receiving including Party in respect the of any products or services the Receiving Party may providetype ofto you.product, interest rate and term; the type of service used and service fees paid; • The Referring Party and its employees and officers area ndnot tandhe amwill ountnot be ofdeemed funds to advanced be agents, employeesor drawn, or and representatives are subject of tothe change Receiving from Party, time and the t oReceiving Party is not responsible for any acts, omissions, statementstime, or pleasenegligence contact of the Referring your Party CIBC or anyFinancial employee or A dvisorofficer of orthe Referring a CIBC Party. representative for • Referral Fees are paid by the Receiving Party and maymo changere information. from time to time. • You are under no obligation to purchase any product or service of the Receiving Party. “Referred Business” means all new business acquired by the Receiving Party as a direct result of referring the Referred Client to the Receiving Party, including assets managed, administered or otherwise serviced, external assets consolidated by the Receiving Party and additional accounts opened with the Receiving Party by members of the same household or organization as the Referred Client. Note that mutual fund products are provided by CIBC SI.

Residential Mortgages: Where permitted by federal and provincial legislation: • a one-time Referral Fee of 25 basis points for new, open residential mortgage products and additional funds on refinanced open mortgages; • a one-time Referral Fee of 35 basis points for new, closed mortgage products and additional funds on refinanced closed mortgages. The Referral Fee is calculated on the loan amount, or incremental increase for re-financings, accepted by the Referred Client. No Referral Fee is payable in respect of ports (i.e., transfers of existing mortgages from one home to another), renewals, conversions (i.e., converting an existing mortgage from one mortgage product to another) or straight refinances of residential mortgages where no additional funds are extended. Regarding referrals from WG, subject to certain conditions, WG may remit in cash or deferred equity the Referral Fee WG receives to the WG Referring Individual. October 2017

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REFERRAL DISCLOSURE STATEMENT

CIBC Bank and Trust Company (Cayman) Limited (CIBC Cayman) SERVICES THAT MAY ACTIVITIES ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING BE PROVIDED BY CATEGORY(IES) OF PERMITTED UNDER PERMITTED UNDER PARTY & REFERRING INDIVIDUAL Services that may EACHbe p rPARTICIPANTovided REGISTRATION• Banking productsREGISTRATION and services REGISTRATION (WHERE SPECIFIED) • Trust services • Trust and company • Not a Canadian • May not engage in any • May not engage in any • 30% of the set-up and annual fees levied on the administration services securities• registrantInvestment registrableservices activities in registrable activities in Referred Client’s account and received by CIBC Canada Canada Bahamas in the first year after account opening. • Mutual fund Category(ies) registration CIBC Trust Company administration services • Not a Canadian securities registrant • Every year thereafter, 10% of the annual fee levied on the Referred Client’s account and (Bahamas) Limited • Bank and trust company Activities permitted under received by CIBC Bahamas. (CIBC Bahamas) management of banks • May not engage in any registrable activities in Canada Please refer to the CIBC Private Wealth registration • Discretionary Management Schedule of Fees Standard Terms investment services Activities not permitted under • May not engage in any registrable activities in Canadaand Conditions for CIBC Bahamas for the set-up registration and annual fees. Referral fee paid • tFinancialo refe advisoryrring • Not a securities30% of the• sMayet-up not engage and annual in any fees• May levied not engage on in the any Referred• One-time Client’s fee of 10% account of the value a ndof the received success CIBC Commercial services to mid-market registrant• registrable activities registrable activities fee party & referring individual by CIBC Cayman in the first year after account opening; Banking Mid-Market institutional clients in (i.e., the fee paid upon successful closing of a merger, Investment(where s pBankingecified) connection with merger, • Every year thereafter, 10% of the annual fee levied on acquisitionthe Referred or divestiture Client’s transaction) account and (MMIB) acquisition and divestiture transactions received by CIBC Cayman.

• Mortgage products • Not a Pleasesecurities refer to the• May CIBC not engage Private in any Wealth • May Management not engage in any ScheduleResidential of Mortgages:Fees Standard Terms and registrant registrable activities registrable activities Where permitted by federal and provincial Conditions for CIBC Cayman for the set-up and annual fees.legislation: • a one-time Referral Fee of 25 basis points for new, open mortgage products and additional CIBC Trust Company (Bahamas) Limited funds on refinanced open mortgages • a one-time Referral Fee of 35 basis points for (CIBC Bahamas) new, closed mortgage products and additional funds on refinanced closed mortgages Services that may be provided • Trust and company administration services The Referral Fee is calculated on the loan amount, • Mutual fund administration services or for incremental increase for refinancings, accepted by the Referred Client. No Referral Fee • Bank and trust company management of banks is payable in respect of ports (i.e., transfers of • Discretionary investment services existing mortgages from one home to another), renewals, conversions (i.e., converting an existing mortgage from one mortgage product to another) Category(ies) registration • Not a Canadian securities registrant or straight refinances of residential mortgages CIBC Residential where no additional funds are extended. Subject ActMortgagesivities pe rmitted under to certain conditions, WG may remit in cash or • May not engage in any registrable activities in Canadadeferred equity the Referral Fee WG receives to r(eMortgages)egistration and the WG Referring Individual. Commercial MortgagesActivitie (Businesss not permitted under • May not engage in any registrable activities in CanadaCommercial Non-CMHC Insured Mortgages: regisBanking)tration • a one-time Referral Fee of 50 basis points of the funded loan amount for the first $1,000,000 R(together,eferral f “CIBCee pa id to referring Mortgages”) • 30% of the set-up and annual fees levied on the Referred• an additional Client’s one-time a ccountReferral Fee and of 25 received basis party & referring individual by CIBC Bahamas in the first year after account opening;points of additional amounts from $1,000,001 to and including $5,000,000 (where specified) • Every year thereafter, 10% of the annual fee levied on the Referred Client’s account and • an additional one-time Referral Fee of 10 basis received by CIBC Bahamas. points of additional amounts from $5,000,001 to and including, $10,000,000 Please refer to the CIBC Private Wealth Management ScheduleThe Referral of Fee Fees for mortgages Standard in excess Terms of and $10,000,000 will be subject to negotiation between Conditions for CIBC Bahamas for the set-up and annualCIBC fees. Mortgages and WG –please contact your WG Investment Advisor for more information. Example: CIBC Commercial Banking Mid-Market Investment Banking (MMIB) Mortgage Amount: $8,500,000 $1,000,000 @ .0050 = $ 5,000 Services that may be provided • Financial advisory services to mid-market institutional$4,000,000 clients @ in .0025 connection = $10,000 with merger, acquisition and divestiture transactions $3,500,000 @ .0010 = $ 3,500 Total Referral Fee = $18,500 Category(ies) registration • Not a securities registrant FirstCaribbean • Banking and credit • Not a Canadian • May not engage in any • May not engage in any • N/A – FCIB Bahamas makes referrals to WG, but AInternationalctivities p Bankermitteproductsd unde andr services securities• registrantMay not engageregistrable in any activities registrableregistrable activities activities does not receive referrals from WG r(Bahamas)Limitedegistration • Mortgage products (FCIB Bahamas) • Investment services Activities not permitted under • May not engage in any registrable activities registration Referral fee paid to referring • One-time fee of 10% of the value of the success fee. party & referring individual (i.e., the fee paid upon successful closing of a merger, acquisition or divestiture (where specified) transaction)

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CIBC Residential Mortgages (eMortgages) and Commercial Mortgages (Business Banking) (together, “CIBCSERVICES Mortg aTHATges MAY”) ACTIVITIES ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING BE PROVIDED BY CATEGORY(IES) OF PERMITTED UNDER PERMITTED UNDER PARTY & REFERRING INDIVIDUAL Services that may EACHbe pr PARTICIPANTovided REGISTRATION• Mortgage productsREGISTRATION REGISTRATION (WHERE SPECIFIED)

Category(ies) regis• tTrustrat iandon company • Not a •CanadianNot a securities• May notregistrant engage in any • May not engage in any • 30% of the set-up and annual fees levied on the administration services securities registrant registrable activities in registrable activities in Referred Client’s account and received by CIBC Canada Canada Bahamas in the first year after account opening. Activities permitte• Mutuald und funder • May not engage in any registrable activities rCIBCegi sTrusttrat Companyion administration services • Every year thereafter, 10% of the annual fee levied on the Referred Client’s account and • Bank and trust company (Bahamas) Limited received by CIBC Bahamas. Ac(CIBCtivit Bahamasies not )permmanagementitted und eofr banks • May not engage in any registrable activities Please refer to the CIBC Private Wealth registration • Discretionary Management Schedule of Fees Standard Terms investment services Referral fee paid to referring party & Residential Mortgages: and Conditions for CIBC Bahamas for the set-up referring individual (where specified) Where permitted by federal and provincial legislation: and annual fees. • Financial advisory • Not a •securitiesa one -time •R Mayeferral not engage Fee inof any 25 basis• May points not engage for in nanyew, o•pen One-time mo rtgagefee of 10% p ofroducts the value ofand the success CIBC Commercial services to mid-market registrant additional fundsregistrable on ractivitiesefinanced oregistrablepen mortgages activities ; fee Banking Mid-Market institutional clients in • a one-time Referral Fee of 35 basis points for (i.e.,new, the fee closed paid upon successful mortgage closing of a merger, Investment Banking connection with merger, acquisition or divestiture transaction) (MMIB) acquisition and products and additional funds on refinanced closed mortgages. divestiture transactions The Referral Fee is calculated on the loan amount, or for incremental increase for • Mortgage products • Not a securities • May not engage in any • May not engage in any Residential Mortgages: registrantre-financings, acceptedregistrable activities by the Referredregistrable Client. activities No ReferralWhere permitted Fee isby federalpayable and provincial in respect of ports (i.e., transfers of existing mortgages legislation:from one home to another), renewals, conversions (i.e., converting an existing mortgage• a one-time from Referral one Fee mortgage of 25 basis points product for to another) or straight refinances of residential mortgagesnew, open mortgagewhere productsno additional and additional funds funds on refinanced open mortgages are extended. Subject to certain conditions, WG may remit in cash or deferred equity • a one-time Referral Fee of 35 basis points for the Referral Fee WG receives to the WG Referring Individual.new, closed mortgage products and additional funds on refinanced closed mortgages Commercial Non-CMHC Insured Mortgages: The Referral Fee is calculated on the loan amount, • a one-time Referral Fee of 50 basis points of the fundedor for incremental loan amount increase forfor refinancings, the first accepted by the Referred Client. No Referral Fee $1,000,000; is payable in respect of ports (i.e., transfers of • an additional one-time Referral Fee of 25 basis pointsexisting of additional mortgages amounts from one home from to another), $1,000,001 to and including $5,000,000; renewals, conversions (i.e., converting an existing mortgage from one mortgage product to another) • an additional one-time Referral Fee of 10 basis pointsor of straight additional refinances amounts of residential from mortgages CIBC Residential $5,000,001 to and including, $10,000,000 where no additional funds are extended. Subject Mortgages to certain conditions, WG may remit in cash or The Referral Fee for mortgages in excess of $10,000,000deferred equity the Referral will beFee WG subject receives tot o (eMortgages) and the WG Referring Individual. Commercial negotiation between CIBC Mortgages and WG – please contact your WG Commercial Non-CMHC Insured Mortgages: Mortgages (Business Investment Advisor for more information. Banking) • a one-time Referral Fee of 50 basis points of the (together, “CIBC Example: funded loan amount for the first $1,000,000 Mortgages”) Mortgage Amount: $8,500,000 • an additional one-time Referral Fee of 25 basis points of additional amounts from $1,000,001 to $1,000,000 @ .0050 = $ 5,000 and including $5,000,000 $4,000,000 @ .0025 = $10,000 • an additional one-time Referral Fee of 10 basis $3,500,000 @ .0010 = $ 3,500 points of additional amounts from $5,000,001 Total Referral Fee = $18,500 to and including, $10,000,000 The Referral Fee for mortgages in excess of $10,000,000 will be subject to negotiation between CIBC Mortgages and WG –please contact your WG FirstCaribbean International Bank (Bahamas) Limited Investment Advisor for more information. Example: (FCIB Bahamas) Mortgage Amount: $8,500,000 Services that may be provided $1,000,000 @ .0050 = $ 5,000 • Banking and credit products and services $4,000,000 @ .0025 = $10,000 • Mortgage products $3,500,000 @ .0010 = $ 3,500 • Investment services Total Referral Fee = $18,500

CaFirstCaribbeantegory(ies) regis• Bankingtratio nand credit • Not a •CanadianNot a Canadian• May not se engagecurities in any registrant • May not engage in any • N/A – FCIB Bahamas makes referrals to WG, but International Bank products and services securities registrant registrable activities registrable activities does not receive referrals from WG A(Bahamas)Limitedctivities permitte• Mortgaged unde rproducts • May not engage in any registrable activities re(FCIBgist rBahamasation ) • Investment services Activities not permitted under • May not engage in any registrable activities registration Referral fee paid to referring party • N/A – FCIB Bahamas makes referrals to WG, but does not receive referrals from WG & referring individual (where specified)

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REFERRAL DISCLOSURE STATEMENT

CIBC National Trust Company and CIBC Private Wealth Advisors, Inc. SERVICES THAT MAY ACTIVITIES ACTIVITIES NOT REFERRAL FEE PAID TO REFERRING Services that may bBEe p PROVIDEDrovided BY CATEGORY(IES) OF PERMITTED UNDER PERMITTED UNDER PARTY & REFERRING INDIVIDUAL EACH PARTICIPANT REGISTRATION• Trust servicesREGISTRATION REGISTRATION (WHERE SPECIFIED) • Investment services • Trust and company • Not a Canadian • May not engage in any • May not engage in any • 30% of the set-up and annual fees levied on the Category(ies) regisadministrationtration services securities• registrantNot a Canadianregistrable securities activities registrant in registrable activities in Referred Client’s account and received by CIBC Canada Canada Bahamas in the first year after account opening. • Mutual fund CIBCActi Trustvitie Companys permitteadministrationd under services • May not engage in any registrable activities • Every year thereafter, 10% of the annual fee levied on the Referred Client’s account and registration • Bank and trust company (Bahamas) Limited received by CIBC Bahamas. (CIBC Bahamas) management of banks Activities not permitted under Please refer to the CIBC Private Wealth • Discretionary • May not engage in any registrable activities Management Schedule of Fees Standard Terms registration investment services and Conditions for CIBC Bahamas for the set-up Referral fee paid to referring party & and annual fees. Where the Receiving Party is CIBC National Trust Company: referring individual (where specified) • Financial advisory • Not a securities • May not engage in any • May not engage in any • One-time fee of 10% of the value of the success CIBC Commercial services to mid-market registrant• 30% of Feesregistrable earned activities by CIBC Natregistrableional Trust activities Companyfee on Referred Assets in the first year after account opening; Banking Mid-Market institutional clients in (i.e., the fee paid upon successful closing of a merger, Investment Banking connection with merger, • Every year thereafter until the account is closed, butacquisition up to aor divestituremaximum transaction) of 10 years, (MMIB) acquisition and divestiture transactions 10% of annual Fees earned by CIBC National Trust Company on Referred Business.

• Mortgage products • Not a securities • May not engage in any • May not engage in any Residential Mortgages: registrant“Fees” means allregistrable gross feeactivities-based orregistrable transactional activities chargesWhere levied permitted on by a federal client and account provincial (on a pre-tax basis). Please refer to the fee schedule for all suchlegislation: Fees. • a one-time Referral Fee of 25 basis points for “Referred Business” means all new business acquirednew, byopen themortgage Receiving products and P artyadditional as a direct result of referring the Referred Client to fundsthe on Receivingrefinanced open Party, mortgages including assets managed, administered or otherwise serviced,• a one-time external Referral Feeassets of 35 basisconsolidated points for by the Receiving Party and additional accounts openednew, closedwith mortgage the R productseceiving and additionalParty by funds on refinanced closed mortgages members of the same household or organization as The the Referral Referred Fee is calculatedClient. on the loan amount, or for incremental increase for refinancings, accepted by the Referred Client. No Referral Fee Where the Receiving Party is CIBC Private Wealth Advisiso rpayables, Inc .in: respect of ports (i.e., transfers of existing mortgages from one home to another), • 50% of Fees earned by CIBC Private Wealth Advisors,renewals, Inc. on conversions Referred (i.e., Assets converting for an three existing years. mortgage from one mortgage product to another) or straight refinances of residential mortgages where no additional funds are extended. Subject CIBC Residential “Fees” means all gross fee-based or transactional charges levied on a client account (on a Mortgages to certain conditions, WG may remit in cash or pre-tax basis). Please refer to the fee schedule for all suchdeferred Fees. equity the Referral Fee WG receives to (eMortgages) and the WG Referring Individual. Commercial Mortgages (Business “Referred Assets” means all new business acquired byCommercial the R eceivingNon-CMHC InsuredParty Mortgages: as a direct Banking) result of referring the Referred Client to the Receiving Party,• a one-time including Referral Feeassets of 50 basismanaged, points of the (together, “CIBC administered or otherwise serviced, external fundedassets loan amount consolidated for the first $1,000,000 by the Mortgages”) • an additional one-time Referral Fee of 25 basis Receiving Party and additional accounts opened with thepoints Receiving of additional amountsParty fromby members$1,000,001 to of the same household or organization as the Referredand Client. including $5,000,000 • an additional one-time Referral Fee of 10 basis points of additional amounts from $5,000,001 to and including, $10,000,000 Acknowledgements: The Referral Fee for mortgages in excess of $10,000,000 will be subject to negotiation between CIBC Mortgages and WG –please contact your WG You acknowledge receipt and understanding of the above referral disclosure, and further confirm yourInvestment understanding Advisor for moreand information.where applicable represent to the Referring Party and the Receiving Party that: Example: • If you consent to a referral, we may disclose Information about you to the Receiving Party in orderMortgage to make Amount: the $8,500,000 referral and allow for the ongoing administration of the referral. The word “Information” means financial and financially$1,000,000 related @ .0050 information = $ 5,000 about you, including information to identify you or qualify you for products and services, or information needed$4,000,000 for @ regulatory .0025 = $10,000 requirements. • All activity requiring registration resulting from the Referral Arrangement will be provided by the$3,500,000 Receiving @ Party.0010 = $o 3,500r outsourced to a party duly licensed or registered to carry on such activity. Total Referral Fee = $18,500 • FirstCaribbeanThe Referring Party• Banking do andes credit not have authority• Not a Canadian to make any• commitmentsMay not engage in any for or• onMay behalf not engage of tinhe any R eceiving• N/A – FCIBParty; Bahamas you willmakes deal referrals directly to WG, butwith Internationalthe Receiving Bank Partyproducts in andrespect services of anysecurities products registrant or servicesregistrable the Receiving activities Partyregistrable may pro activitiesvide to you.does not receive referrals from WG •(Bahamas)LimitedThe Referring• PartyMortgage and products its employees and officers are not and will not be deemed to be agents, employees or representatives of (FCIBthe Bahamas Receiving) • InvestmentParty, and services the Receiving Party is not responsible for any acts, omissions, statements or negligence of the Referring Party or any employee or officer of the Referring Party. • Referral Fees are paid by the Receiving Party and may change from time to time. • You are under no obligation to purchase any product or service of the Receiving Party.

112 CIBC Wood Gundy account information and disclosures booklet | June 30, 2021

WG Disclosure Booklet_TEXT_EN_June2021_Rev1.indd 112 2021-06-29 2:21 PM www.cibcwoodgundy.com

CIBC Private Wealth Management consists of services provided by CIBC and certain of its subsidiaries, including CIBC Wood Gundy, a division of CIBC World Markets Inc. Insurance services are available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are available through CIBC Wood Gundy Financial Services (Quebec) Inc. “CIBC Private Wealth Management” is a registered trademark of CIBC, used under license. “Wood Gundy” is a registered trademark of CIBC World Markets Inc. © 2021, CIBC World Markets Inc., Brookfield Place, P.O. Box 500, Toronto, Ontario, Canada M5J 2S8. Telephone: (416) 594-7000.