Mutual fund disclosure

Co-operators Financial Investment Services Inc. (CFIS) is an introducing mutual fund dealer that distributes mutual funds from some leading investment fund managers through our exclusive agency network of offices across Canada (excluding Quebec). CFIS is a 100% owned subsidiary of Co-operators Financial Services Limited, a holding company that owns an extensive group of companies, including Co-operators General Insurance Company and Co-operators Life Insurance Company.

Mutual funds are offered through CFIS, an introducing mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (“MFDA”). Credential Asset Management Inc. (“CAM”) is a carrying dealer and member of the MFDA. With respect to any transactions you may enter into with CFIS, CAM will be responsible for trade execution and settlement, custody of cash and securities, and the production and mailing of client account statements in accordance with MFDA regulations.

When you purchase mutual funds through CFIS, you are dealing with representatives of CFIS. Representatives of CFIS may be dually licensed to sell insurance products, pursuant to their licencing with an affiliate of CFIS, including Co-operators General Insurance Company and Co-operators Life Insurance Company. Guaranteed Investment Certificates (GICs) are offered through Federated Agencies Limited and are not offered through CFIS. Activities conducted solely on behalf of such affiliates are not the business or responsibility of CFIS.

Securities regulatory authorities require CFIS to obtain information from you about your income, net worth, investment objectives, investment knowledge, risk tolerance and investment time horizon, among other information. You need to promptly advise us if there has been significant change to any of the information previously provided. Based on what you have told your representative, your representative provides you with recommendations with respect to mutual fund transactions intended to help you achieve your investment goals. While your representative will provide you with recommendations, you must make the decision on what actions are to be taken and provide your specific authorization for each investment transaction.

When you open a CFIS account, you are required to make full payment for purchases on or before the regular settlement date. Regular settlement date means the settlement date generally accepted according to industry practice for the relevant investment in the market in which the transaction occurs, specified in your trade confirmation. The normal settlement date is the following number of business days after the transaction date:

• Cash and GICs – same day as the transaction takes place
• Money market/cash equivalent mutual funds and mutual fund switches within the same fund family – one business day after transaction date
• All other mutual funds – three business days after the transaction date

Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.

Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation (CDIC) or any other government deposit insurer. Customers’ accounts are protected by the MFDA IPC within specific limits. Customers with accounts in Quebec are generally not covered by the IPC. Please refer to the IPC Coverage Policy on the website at www.mfda.ca/ipc for a description of the nature and limits of coverage or contact the IPC at 1-888-466-6332. For funds other than money market funds, unit values change frequently. There can be no assurance that money market funds will be able to maintain their net asset value per unit at a constant amount or that the full amount of your investment in a money market fund will be returned to you. Past performance of mutual funds cannot be guaranteed and may not be repeated.

CFIS will not open accounts for non-residents of Canada, residents of Quebec or minors. CFIS retains full discretion as to whether to open an account for a client.

This information is provided for informational purposes only and is not intended to provide specific financial, investment, tax, legal or accounting advice for you, and should not be relied upon in that regard or be considered predictive of any future market performance.

Co-operators^® is a registered trademark of The Co-operators Group Limited.