With the emergence of multiple marketplaces in Canada, Peters & Co. Limited has instituted certain procedures that may affect our clients in this new trading environment and relevant trade characteristics.

1. Hours of Operation for Trading in Listed Canadian Securities

Peters & Co. Limited trading staff will be available for order execution between the hours of 9:30 a.m. and 4:00 p.m., Eastern Standard Time (EST), Monday to Friday, not including statutory Canadian holidays. Staff may be further available before and after these hours; however Peters & Co. Limited cannot guarantee any order taking and/or trade execution outside of the hours noted above.

2. Principal Marketplace

Unless otherwise notified by Peters & Co. Limited, the principal marketplace for all securities listed on the Toronto Stock Exchange (TSX) will be the TSX, whether or not the security is trading on various other alternative marketplaces.

Unless otherwise agreed to between an Investment Advisor or Registered Representative of Peters & Co. Limited and the client:

• a) an order received prior to 9:30 a.m. will book to the pre-opening of the principal marketplace (TSX) for execution on the opening; and
• b) an order received after 4:00 p.m. will be entered the next business day to the pre-opening of the principal marketplace (TSX).

3. Standard Routing of Orders

Day Orders

A Day Order is an order that is only valid on and for the day it is entered. Day Orders will only be valid between the hours of 9:30 am. and 4:00 p.m. EST. A Day Order received prior to the opening of the principal marketplace at 9:30 a.m. EST (TSX) will not route to an alternative marketplace. Instead the order will route into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace, the order will be entered into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy) or offer (sell) and/or best historical liquidity and where Peters & Co. Limited feels the order has the highest probability of execution. From there, the order will trade on any marketplace Peters & Co. Limited has access to and/or can access for the purpose of best execution. The order will expire, if not filled in full, at the closing of the particular market where the last portion of the order remains live (unless otherwise agreed to between the client Trader/Investment Advisor/Registered Representative of Peters & Co. Limited.

Special Terms Orders

Special Terms Orders (STO) are orders with specific terms that are not executable in the regular marketplace. STO orders will only post to the Special Terms Market of the principal marketplace, currently the TSX, unless they are immediately executable on an alternative marketplace at the time of entry and they will only be live between 9:30 a.m. and 4:00 p.m., at which time they expire.

Open or Good Till Cancelled Orders

Good Till Cancelled Orders (GTC) are orders that the client wants to remain open until a specified date of expiry. These orders will be entered in the principal marketplace, currently the TSX, if they are not immediately executable on an alternative marketplace at the time of entry (on or after 9:30 a.m. EST). The order will remain in the principal marketplace until executed or expiry, whichever comes first.

Market Orders

A Market Order is when the client has instructed a dealer to buy or sell at whatever prices available are in the marketplace to help ensure a complete and full fill. These orders require immediate completion. A market order received prior to the opening of the principal marketplace at 9:30 a.m. (currently the "TSX) will not book to an alternative marketplace. Instead, it will book into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace, the order will be entered into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where Peters & Co. Limited feels the order has the highest probability of being executed. From there, the order will trade on any marketplace Peters & Co. Limited has access to and/or can access for the purpose of best execution. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes. In the case of an order where the last portion remains on the TSX, this will expire at 4:00 p.m. EST.

Market on Close Orders

A Market on Close order must trade on the close, at the calculated closing price, of the principal marketplace. Currently the TSX is the only marketplace that offers a Market on Close facility. All Market on Close orders will therefore be entered into the TSX, as the principal marketplace. This is an anonymous price facility and therefore, you do not know the price at which your order will be executed until after execution has been completed. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your Investment Advisor.

Limit Orders

A limit order has a specific minimum sale price or maximum purchase price provided by the client. A limit order received prior to the opening of the principal marketplace at 9:30 a.m. (currently the "TSX") will not book to an alternative marketplace. Instead they will book into the opening sequence of the principal marketplace. On or after 9:30 a.m., if a limit order is not immediately executable on any marketplace, the client may designate their marketplace of choice for booking of the unexecutable order. If the client does not direct the unexecutable order to a specific marketplace, the order will be entered into the "best market" at the time of entry. "Best market" is defined as the market with the best bid (buy price) or offer (sell price) and/or best historical liquidity and where Peters & Co. Limited feels the order has the highest probability of being executed. From there, the order will trade on any marketplace Peters & Co. Limited has access to and/or can access for the purpose of best execution. The order will expire, if not filled in full, on the market where the last portion of the order remains live until that marketplace closes. For an order where the last portion remains on the TSX, this will expire at 4:00 p.m. EST.

4. Disclosure of Marketplace

An order executed using one or more marketplaces or alternative marketplaces in either Canada or the United States will be reported to the client using a trade confirmation that will read (not limited to the following): "we confirm the following purchase/sale for your account traded on a Multiple Marketplaces."

If multiple prices or marketplaces were used in the completion of the order, a further disclaimer will be provided which reads: "multiple marketplaces and/or average prices used, details available on request." Should you receive such a confirmation, you are free to contact your Investment Advisor or any member of Peters & Co. Limited's Compliance Department, and we will ensure full details are provided for all purchases/sales done to complete your order.