Permitted Client

A Canadian financial institution, or a bank listed on Schedule III to the Bank Act.

The Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act.

A subsidiary of any person referred to in the above bullets, if the person owns all of the voting securities.

A person registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer.

An entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in the above bullets.

The Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada.

A municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec.

An investment fund if one or both of the following apply:

In respect of a dealer, a registered charity under the Income Tax Act, that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity.

In respect of an adviser, a registered charity under the Income Tax Act that is advised by an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity.

An individual who beneficially owns financial assets (as defined in section 1.1 of National Instrument 45-106) of at least $5,000,000.

A person or company that is entirely owned by an individual or individuals referred to in the preceding bullet, who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of which is a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act, S.C. 1991, c. 45, or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction.

A person or company, other than an individual or an investment fund, that has net assets of at least $25 million as shown on its most recently prepared financial statements.

A person or company that distributes securities of its own issue in Canada only to persons or companies referred to in the preceding bullets.