TSX ETF Guide

appropriate. PIFs, Declarations and Form 3s are filed online through our secure web-based filing system, TMX LINX®. Individuals must create an account and log on to TMX LINX® at linx.tmx.com to access the forms. (iv) Take-Over Bid Provisions Issuers that have more than one class of voting security are reminded that their declaration of trust or articles of incorporation must include take-over bid protective provisions, and disclosure of such provisions must be included in the relevant prospectus. For example, an Issuer has two classes of voting securities: (i) listed Class A Units; and (ii) unlisted Class U Units. The provision should state that if there is a bid for unlisted Class U Units, holders of the listed Class A Units can participate in the bid. An example of such provision is as follows: “The Fund Trust Agreement also provides that if, prior to the termination of the Fund, a formal bid (as defined in the Securities Act (Ontario)) is made for all of the Class U Units and such bid would constitute a formal bid for all Class A Units if the Class U Units had been converted to Class A Units immediately prior to such bid and the other offer does not include a concurrent identical take-over bid, including in terms of price (relative to the Net Asset Value per Unit of the class), for the Class A Units then the Fund shall provide the holders of Class A Units the right to convert all or a part of their Class A Units into Units of the applicable class and to tender such units to the other offer, as applicable. In the circumstances described above, the Fund shall by press release provide written notice to the holders of the Class A Units that such an offer has been made and of the right of such holders to convert all or a part of their Class A Units into Units of the applicable class and to tender such units to other offer.” Certain Issuers may be exempted from protective take-over bid requirements of the applicable securities legislation. In such cases, TSX will likely not require the take-over bid protection provision detailed above. Please discuss any such take-over bid protection provision with the applicable TSX staff member. 8

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