The ex-dividend date is set and published by TSX through certain subscription products provided by TMX Datalinx®, such as the TSX Daily Record, Dividend by Declaration and Dividend by Ex-Date. No other resources should be relied upon to confirm the ex-dividend date of a distribution. LATE NOTICE Failure to give notice of a declared dividend within the required number of trading days prior to the record date creates the possibility of unnecessary confusion in the market. Disputes may arise over who is entitled to the payment of the dividend and the market price of the stock may not reflect the amount of the dividend declared. There may also be a delay and some uncertainty in connection with the registration of new security holders. TSX’s policy regarding an Issuer which fails to follow the proper procedure is to hold such Issuer liable for dividend claims made by both buyers and sellers of the securities involved. IS FORM 5 REQUIRED FOR ALL DIVIDENDS/DISTRIBUTIONS? Yes, a Form 5 is required for all cash and non-cash dividends, and distributions of units and/or other securities (with the exception of notional distributions as set out below). EXCEPTION - NOTIONAL DISTRIBUTIONS A Form 5 is not required for a dividend paid entirely in securities which are immediately consolidated following the dividend, that results in no change to the number of securities held by security holders. In such cases, Issuers must disseminate a news release with the estimated distribution amount at least four trading days prior to the record date. Upon determination of the exact amount of any estimated distribution, the Issuer must disseminate the final details by way of press release in accordance with TSX’s Timely Disclosure Policy. TSX will not effect ex-dividend trading for such distributions. Please refer to Sections 428 to 435.2 (Dividends and Other Distributions to Security Holders) of the Manual and Form 5 for additional details and requirements regarding dividends and other distributions to security holders. (ii) Form 1 Filing for ETPs Section 1107(a)(ii) (Additional Listings - ETPs) of the Manual states that ETPs are required to provide TSX a Form 1 - Change in Outstanding and Reserved Securities (“Form 1”) on a monthly basis. However, since securities of ETPs are offered on a continuous basis, in order to simplify the reporting procedure for ETPs and to provide accurate and timely information to the market, TSX has implemented a process whereby the ETP may set up an automatic electronic filing which updates the issued and outstanding number of each security at the end of each trading day (the “Daily File”). The Daily File fulfills the requirement to file a Form 1. Please reach out to the applicable TSX staff member that manages the ETP for more information about the Daily File. 15
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