termination date, what will continue to trade is the cash entitlement. In other words, the securities that will continue to trade are a proxy for the cash entitlement. (iv) Normal Course Issuer Bids & Non-Independent Plans Section 629 (Special Rules Applicable to Normal Course Issuer Bids) of the Manual requires Issuers intending to commence a normal course issuer bid (“NCIB”) to prepare and submit to TSX draft copies of certain documents before they are submitted to TSX in final form. In order to provide TSX time to review and comment on the relevant documents before they are finalized, Issuers must file the following documents with TSX at least seven business days prior to the commencement date of the NCIB: • a draft copy of the Form 12—Notice of Intention to Make a Normal Course Issuer Bid; • a draft copy of the press release; • a draft copy of the automatic security purchase plan, if applicable; and • for Issuers intending to purchase a number of securities based on their public float, a detailed calculation of the public float. NON-INDEPENDENT PLANS Issuers are reminded that a trustee or other purchasing agent (a “trustee”) for a pension, stock purchase, stock option, dividend reinvestment or other plan in which employees or security holders of a listed Issuer may participate, is deemed to be making an offer to acquire securities on behalf of the listed Issuer where the trustee is deemed to be non-independent. Trustees that are deemed to be non-independent are subject to certain requirements applicable to NCIBs, specifically, the Annual Limit and Daily Limit (as defined in Staff Notice 2022-0001), as well as Subsections 629(k) and (l) of the Manual. For additional information and guidance, please refer to Sections 628 and 629 of the Manual and Staff Notice 2022-0001. 12
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