v11 DIVIDEND REINVESTMENT PLAN

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1 DIVIDEND REINVESTMENT PLAN

2 November 29, 2013 A MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear Shareholder, Regal Lifestyle Communities Inc. (the Company ) is pleased to offer through the Dividend Reinvestment Plan (the Plan ) a convenient and economical way for eligible shareholders ( Holders ) of common shares ( Common Shares ) of the Company to increase their holdings and maximize their investment in the Company. The Plan provides Holders with an opportunity to reinvest dividends into Common Shares of the Corporation without paying any administration fees or commissions. Common Shares purchased under the Plan will, at the discretion of the Company (i) be purchased on the Canadian open market (a Market Purchase ) including through the facilities of the Toronto Stock Exchange (the TSX ), (ii) be issued by the Company from treasury (a Treasury Purchase ), or (iii) be acquired through some combination of Market Purchases and Treasury Purchases. If the Company elects to issue Common Shares pursuant to a Treasury Purchase, Common Shares will be purchased under the Plan at a 3% discount to the Average Market Price (as defined herein). The enclosed information outlines in detail the features and benefits of the Plan. Only residents of Canada may participate in the Plan. If you are an eligible Holder and you hold your shares with an intermediary, we invite you to participate in the Plan, simply by notifying the bank or brokerage firm with whom you hold your shares of your interest in the Plan. Registered Holders can enroll directly through Computershare Trust Company of Canada (the Plan Agent ) on line at If you require further information regarding the Plan, please contact the Plan Agent ( toll free). On behalf of the directors and officers of Regal Lifestyle Communities Inc., we hope you will continue to share in the growth of the Company. Sincerely, Simon Nyilassy - 2 -

3 Dividend Reinvestment Plan 1. Purpose The Dividend Reinvestment Plan (the Plan ) provides eligible holders ( Holders ) of common shares ( Common Shares ) of Regal Lifestyle Communities Inc. (the Company ) with an opportunity to increase their holdings in the Company by reinvesting their Dividends (as defined herein) into Common Shares. Common Shares purchased under the Plan will, at the discretion of the Company (i) be purchased on the Canadian open market (a Market Purchase ) including through the facilities of the Toronto Stock Exchange (the TSX ), (ii) be issued by the Company from treasury (a Treasury Purchase ), or (iii) be acquired through some combination of Market Purchases and Treasury Purchases. If the Company elects to issue Common Shares from treasury, Common Shares will be purchased under the Plan at a 3% discount to the Average Market Price (as defined herein). The Plan allows Holders to reinvest Dividends paid on Common Shares, in additional Common Shares without paying any administration fees or commissions. The Plan enables the Company to issue additional equity capital to existing Holders in an efficient and cost-effective manner. 2. Definitions Average Market Price means the arithmetic average of the daily volume weighted average trading price of the Common Shares on the TSX for the five (5) trading days immediately preceding the applicable Dividend Payment Date. Business Day means any day in which the Plan Agent s offices are generally open for the transaction of commercial business other than a Saturday, Sunday or other day on which banks are required to be closed in Toronto, Ontario or a day on which the TSX does not publicly trade. CDS means CDS Clearing and Depository Services Inc., which acts as a nominee for CDS Participants ( Canadian investment dealers and brokerage firms), or its nominee, as applicable. Dividend means a regular cash dividend declared payable by the Company. Dividend Payment Date means the date upon which the Dividend becomes payable. Dividend Record Date means the date for determining shareholders entitled to receive payment of a particular Dividend

4 DRS Advice means a Direct Registration System (DRS) Advice, which details transactions, if any, and confirms the number of securities held in book-entry form. Enrollment Form means a Reinvestment Enrollment Participation Declaration Form that is approved by the Company and the Plan Agent and may be amended from time to time. Nominee means a broker, investment dealer, financial institution (Intermediary) or other nominee who holds Common Shares on behalf of eligible beneficial owners of common shares. Participant means registered holders or beneficial owners of at least one Common Share who, on the applicable Dividend Record Date for a Dividend, are resident in Canada for the purposes of the Income Tax Act (Canada) and elect to participate in the Plan by, in the case of registered holders, completing and delivering the appropriate enrollment form to the Plan Agent or, in the case of beneficial owners, having their Nominee register through CDS & Co. as applicable, as more particularly described in the Plan; and Plan Agent means Computershare Trust Company of Canada, its successors or assigns or such other trust company as is appointed by the Company from time to time to act as Plan Agent under the Plan. 3. Advantages Under the Plan: Participants may purchase additional Common Shares with the cash dividends paid on the Common Shares which are held by the Participant through an intermediary or registered in the Participant s name pursuant to the Plan. If the Company elects to issue Common Shares from treasury, the price at which Common Shares will be issued on reinvestment of Dividends on Common Shares will be equal to the Average Market Price, less a discount of 3%. No commissions, service charges or brokerage fees are payable by Participants in connection with the issuance of Common Shares from treasury under the Plan. However, Participants who enrol in the Plan through their Nominee may be subject to fees charged by their Nominee. Full investment of Dividends is possible under the Plan because the Plan permits fractions of Common Shares (to six decimal places) as well as whole Common Shares to be purchased and held for Participants. Dividends in respect of Common Shares purchased under the Plan will be held by the Plan Agent for the Participants accounts and automatically invested under the Plan in additional Common Shares of the Company. 4. Administration Computershare Trust Company of Canada acts as Plan Agent under the Plan. If Computershare Trust Company of Canada ceases to act as Plan Agent for any reason, another agent will be - 4 -

5 designated by the Company to act as Plan Agent, in its discretion and Participant and Nominee will be promptly notified of the change. The Plan Agent acts for and on behalf of the Participants. On each Dividend Payment Date, the Company shall pay to the Plan Agent on behalf of the Participants all cash dividends payable in respect of such Participants Common Shares. The Plan Agent will use such funds to purchase additional Common Shares for the Participant. Additional Common Shares purchased under the Plan will be registered in the name of the Plan Agent or its nominee, as agent for the Participants. The Company, in conjunction with the Plan Agent, may from time to time adopt rules and regulations to facilitate the administration of the Plan. The Company also reserves the right to regulate and interpret the Plan as it deems necessary or desirable to ensure the efficient and equitable operation of the Plan. The terms of the Plan are intended to comply with the requirements of the Tax Act (as defined below) and the administrative policies and assessing practices of the Canada Revenue Agency, and shall be interpreted and administered in accordance with all such requirements notwithstanding any other provision of this Plan to the contrary. 5. Participation This Plan, allows Registered Participants and Beneficial Participants resident in Canada for the purposes of the Income Tax Act (Canada) to enroll in the Plan. Registered Shareholders Eligible Registered shareholders may become a Participant in the Plan (a Registered Participant ) at any time by enrolling online through the Plan Agent s self-service web portal, Investor centre at or by downloading and duly completing and signing an Enrollment Form and returning it to the Plan Agent no later than 4:00 p.m. (Toronto time) on the fifth (5) Business Day immediately preceding a Dividend Record Date. An Enrollment Form may be obtained at any time upon request to the Plan Agent by calling If the Plan Agent receives the completed Enrollment Form after 4:00 p.m. (Toronto time) on the fifth (5) Business Day immediately preceding a Dividend Record Date, the cash dividend in respect of that Dividend Record Date will be paid to the shareholder in the usual manner and participation in the Plan will commence with the next dividend. Participants should note that Common Shares acquired outside of the Plan may not be registered in exactly the same name or manner as Common Shares enrolled in the Plan and therefore may not be automatically enrolled in the Plan. Participants purchasing additional Common Shares outside of the Plan are advised to contact the Plan Agent to ensure that all Common Shares owned by them are enrolled in the Plan

6 Beneficial Shareholders An eligible beneficial owner of Common Shares whose shares are not registered in his or her own name and may become a Participant in the Plan (a Beneficial Participant ) if they arrange for their Nominee to enroll in the Plan on their behalf. Beneficial owners of Common Shares should contact their Nominee to provide instructions on how they would like to participate in the Plan. Shareholders should be aware that certain Nominees may not allow participation in the Plan and the Corporation is not responsible for monitoring or advising which Nominees allow participation. Please note that there may be fees or transfer costs charged by Intermediaries for beneficial Shareholders to become registered Shareholders. These fees and costs will not be covered by the Company or the Plan Agent. All Participants Once a Registered Participant has enrolled in the Plan, participation continues automatically until the Registered Participant s participation in the Plan is terminated in accordance with the Plan. Beneficial Participants should contact their Nominee to determine the procedures for terminating their participation in the Plan. The Company will forward to the Plan Agent all of the enrolled Participant s Dividends on Common Shares and direct the Plan Agent to invest such amounts in Common Shares of the Company for the benefit of the Participant in accordance with the Plan. The Plan Agent will apply such funds received under the Plan to the purchase of additional Common Shares under the Plan. No interest will be paid to Participants on any funds held for investment under the Plan. 6. Non-Residents of Canada Residents of any jurisdiction outside of Canada are not permitted to participate in the Plan. Upon ceasing to be a resident of Canada for purposes of the Income Tax Act (Canada), the Registered Participant s, participation the Plan will be automatically terminated by the Plan Agent. Beneficial Participants should contact their nominee to determine the procedure for terminating their participation in the Plan... The Company, the Plan Agent and any Nominee reserve the right to deny participation in the Plan to, and to not accept an enrolment in the Plan from any person or agent of such person who appears to be, or who the Company, the Plan Agent or such Nominee has reason to believe is, not a resident of Canada for purposes of the Income Tax Act (Canada). 7. Source and Price of Common Shares On each Dividend Payment Date, the Company will, on behalf of the Participants, pay to the Plan Agent all cash dividends payable on Common Shares enrolled in the Plan. Those cash dividends will be aggregated and used by the Plan Agent to purchase Common Shares (including fractional Common Shares, calculated to six decimal places), by way of Treasury Purchase, Market Purchase or a combination thereof, on behalf of Participants. The price allocated to each Common Share, or fraction thereof, acquired by the Plan Agent in - 6 -

7 connection with a Dividend Payment Date (the Subscription Price ) through: (i) a Treasury Purchase will be the Average Market Price less a 3% discount; (ii) a Market Purchase will be average of the price paid (excluding brokerage commissions, fees and all transaction costs) per share for all Common Shares (the Market Purchase Price ) purchased by the Plan Agent in respect of the Plan during the five (5) business days following the relevant Dividend Payment Date (the Investment Period ); and (iii) a combination of a Treasury Purchase and a Market Purchase will be the volume weighted average of the Average Market Price and the Market Purchase Price. If insufficient Common Shares are available in the market during the Investment Period to satisfy the requirements of the Plan, any deficient will be made up by the Company issuing shares from treasury at a price equal to the Average Market Price and no discount will be applicable in these circumstances. Each Registered Participant s account will be credited with that number of Common Shares purchased for the Registered Participant, including fractional Common Shares computed to six decimal places, which is equal to the amounts to be invested for each Registered Participant divided by the applicable purchase price. In the case of Beneficial Participants, their account will be maintained by the Beneficial Participant s Nominee and should contact their respective Nominees with any questions regarding the allocation to Beneficial Participants of any Common Shares purchased under the Plan. Beneficial Participants should contact their Nominee as to the manner in which fractional entitlements will be held. Dividends paid on Common Shares held by the Plan Agent for the account of a Registered Participant under the Plan will be automatically reinvested in Common Shares during the relevant month for such dividend payment. 8. Costs No commission, service charges or brokerage fees are payable by Participants in connection with the purchase of additional Common Shares under the Plan. All administrative costs of the Plan, including the fees and expenses of the Plan Agent, will be paid by the Company. However, Participants who enroll in the Plan through their Nominee may be subject to fees charged by their Nominee. 9. Accounts and Reports to Participants An account will be maintained by the Plan Agent for each Registered Participant in the Plan. An unaudited statement of account will be mailed to each Registered Participant on a quarterly basis. The statements will be mailed as soon as practicable following the last day of March, June, September and December. These statements are a Registered Participant s continuing record of purchases and should be retained for income tax purposes. In addition, each Registered Participant will be sent annually by the Plan Agent the appropriate information for tax reporting purposes. Registered Participants are responsible for calculating and monitoring their own adjusted cost base in Common Shares for income tax purposes, as certain averaging rules may apply and such calculations may depend on the cost of other Common Shares held by the Participant

8 Beneficial Participants should contact their Nominee with any questions regarding their account and to determine the type of reporting they will receive. 10. Certificates for Common Shares held under the Plan Common Shares purchased under the Plan will be registered in the name of the Plan Agent (or its nominee), as agent for Participants in the Plan, and certificates or DRS Advice for such Common Shares will not be issued to Registered Participants unless specifically requested. A Registered Participant who is enrolled in the Plan may withdraw whole Common Shares under the Plan without terminating participation in the Plan by following the instructions online at or by duly completing the withdrawal portion of the voucher located on the reverse of the Registered Participant s periodic statement of account and sending such completed voucher to the Plan Agent. Upon receipt of such duly completed voucher, the Plan Agent will arrange to have a Common Share certificate or a DRS Advice issued in the Registered Participant s name. Common Share certificate or DRS Advice will be sent to a Registered Participant within two weeks of receipt by the Plan Agent of a Registered Participant s online request or a duly completed voucher requesting withdrawal of whole Common Shares. Any remaining whole Common Shares and fractions of a Common Share will continue to be held for the Registered Participant s account under the Plan. Each Registered Participant s account under the Plan is maintained in the name in which the Registered Participant entered the Plan. Consequently, certificates or DRS Advice for whole Common Shares will be similarly registered when issued. Beneficial Participants should consult their Nominee with any questions regarding the withdrawal of common shares held under the Plan in their respective accounts. 11. Termination of Participation Participation in the Plan may be terminated by a Registered Participant who is enrolled in the Plan at any time by duly completing and signing the termination portion of the voucher located on the reverse of the Registered Participant s periodic statement of account and sending such completed and signed voucher to the Plan Agent no later than 4:00 p.m. (Toronto time) on the fifth (5) Business Day immediately preceding a Dividend Record Date or by following the instructions at the Plan Agent s Investor Centre web portal, at within such timeframe. If the completed request is received by 4:00 p.m. (Toronto time) at least five (5) Business Days prior to a Dividend Record Date, termination of the Registered Participant s participation in the Plan will be effective in respect of that Dividend Record Date. Otherwise, the termination will be effective in respect of the next succeeding Dividend Record Date. For greater certainty, termination by a Registered Participant will not prevent such shareholder from participating in the Plan at a later date. No termination requests will be processed between the Dividend Record Date and the related Dividend Payment Date. When a Registered Participant terminates participation in the Plan, the Registered Participant will receive a certificate or DRS Advice for the whole Common Shares held for such Registered - 8 -

9 Participant s account along with a cash payment for any fraction of a Common Share so held. The amount of the cash payment for any fractional Common Shares will be (i) determined by the prevailing market price received at the time of sale or (ii) based on the closing market price of the Common Shares on the TSX on the date of sale. Beneficial Participants should contact their Nominee with any questions regarding the termination of their participation in the Plan, including with respect to fractional Common Share entitlements. Participation in the Plan will be terminated automatically upon receipt by the Plan Agent of a written notice of the death of a Registered Participant. A certificate or DRS Advice for whole Common Shares held for the deceased Registered Participant s account will be issued by the Plan Agent in the name of the deceased Registered Participant or in the name of the estate of the deceased Registered Participant, as appropriate, and the Plan Agent will send such certificate or DRS Advice along with a cash payment for any fraction of a Common Share, calculated in same manner as set out for the treatment of fractional Common Shares on termination of participation in the Plan as described above, to the legal representative of the deceased Registered Participant. Participation in the Plan may be terminated, at the option of the Company, if the number of Common Shares purchased through the Plan by a Participant over a period of 12 consecutive months does not exceed a certain minimum number of whole Common Shares determined by the Company, at its discretion, from time to time. Initially, this minimum number is set at one whole Common Share. Written notice of any such termination shall be given by the Company to the Plan Agent no later than 4:00p.m (Toronto time) at least five (5) Business Days prior to a Dividend Record date. In the event that participation is terminated by the Company for this reason, share certificates or DRS Advice will be issued for all whole Common Shares held in the Participant s account. Payment in respect of any fractional Common Shares will be made to the Participant in cash, calculated in same manner as set out for the treatment of fractional Common Shares on termination of participation in the Plan as described above. 12. Rights Offering In the event the Company makes available to holders of Common Shares rights to subscribe for additional Common Shares or other securities, rights certificates will be issued by the Company to each Registered Participant (including CDS and Nominees holding Common Shares as registered holder on behalf of Beneficial Participants) in respect of whole Common Shares held for a Registered Participant s account under the Plan on the record date for such rights issue. No rights will be issuable on a fraction of a Common Share held in a Participant s account. 13. Subdivisions If Common Shares are distributed pursuant to a stock split or stock dividend on Common Shares, such Common Shares received by the Plan Agent for Participants under the Plan will be retained by the Plan Agent and credited by the Plan Agent proportionately to the accounts of the Registered Participants (including CDS and Nominees holding Common Shares as registered holder on behalf of Beneficial Participants) in the Plan

10 14. Holder Voting Common Shares held for a Registered Participant s account under the Plan on the record date for a vote of shareholders will be voted in accordance with the instructions of the Registered Participant given on a form to be furnished to the Registered Participant by the Plan Agent. Common Shares for which instructions are not received will not be voted. Beneficial Participants wishing to vote Common Shares held for their benefit under the Plan should consult their Nominee. In no circumstance will fractional Common Shares be eligible to vote. 15. Responsibilities of the Company and the Plan Agent Neither the Company nor the Plan Agent shall be liable to any Holder for any act or for any omission to act in connection with the operation of the Plan including, without limitation, any claims for liability: The following is a summary of the principal Canadian federal income tax considerations generally applicable to a Participant in the Plan that, for purposes of the Income Tax Act (Canada) (the Tax Act ), and at all relevant times: (i) is resident or deemed to be resident in Canada; (ii) deals at arm s length with the Company; (iii) is not affiliated with the Company; and (iv) holds Common Shares acquired under the Plan as capital property (a Canadian Participant ) a) arising out of failure to terminate a Registered Participant s account upon such Registered Participant s death prior to receipt of notice in writing of such death or arising out of a Nominee s failure to terminate, a Participant s participation in the Plan upon such Participant s death; b) with respect to the prices at which Common Shares are purchased for the Participant s account and the times such purchases are made; c) arising out of any contravention by any Participant of applicable securities laws with respect to his, her or its participation in the Plan or the acquisition or disposition of Common Shares; d) with respect to any actions taken as a result of inaccurate or incomplete information or instructions; e) arising in connection with income taxes (together with any applicable interest and/or penalties) payable by Participants in connection with their participation in the Plan; and f) with respect to any decision to amend, suspend, terminate or replace the Plan in accordance with the terms hereof. Registered Participants and Beneficial Participants should recognize that neither the Company nor the Plan Agent can assure a profit or protect them against a loss of the Common Shares purchased under the Plan. No assurance is given that Dividends will be declared in any particular amount or at all on the Common Shares. 16. Certain Canadian Federal Income Tax Considerations

11 This summary does not apply to a Canadian Participant: (i) that is a financial institution for purposes of the mark to market rules contained in the Tax Act; (ii) that is a specified financial institution (as defined in the Tax Act); (iii) an interest in which is a tax shelter investment (as defined in the Tax Act); (iv) that reports its Canadian tax results (as defined in the Tax Act) in a currency other than the Canadian currency; or (v) that has entered or will enter into, with respect to the Common Shares, a derivative forward agreement within the meaning of proposed amendments to the Tax Act contained in a Notice of Ways and Means Motion tabled by the Minister of Finance (Canada) on March 21, This summary is based upon (i) the current provisions of the Tax Act and the regulations thereunder in force as of the date hereof, (ii) all specific proposals to amend the Tax Act and the regulations thereunder publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the Proposals ), (iii) the current provisions of the Canada-United States Tax Convention (1980) (the Canada-U.S. Treaty ), and (iv) counsels understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency (the CRA ) publicly available prior to the date hereof. No assurance can be given that the Proposals will be enacted in the form proposed or at all. This summary does not otherwise take into account or anticipate any changes in law, whether by way of legislative, judicial or administrative action or interpretation, nor does it address any provincial, territorial or foreign tax considerations. This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations, and is not intended to be, nor should it be construed to be, advice to any particular Canadian Participant. Canadian Participants are urged to consult their own tax advisors with respect to the consequences under the Tax Act of participating in the Plan having regard to their own particular circumstances. Reinvestment of Cash Dividends A Canadian Participant will generally be subject to tax under the Tax Act on all Dividends that are reinvested in Common Shares under the Plan in the same manner as the Canadian Participant would have been if such Dividends had been received directly by the Participant in cash. For example, in the case of a Canadian Participant who is an individual, such Dividends will be subject to the gross-up and dividend tax credit rules normally applicable to taxable dividends received from taxable Canadian corporations. In the case of a Canadian Participant that is a corporation, such Dividends will be included in computing the corporation s income and will generally be deductible in computing its taxable income. Disposition of Common Shares A Canadian Participant who disposes of Common Shares acquired under the Plan will realize a capital gain (or capital loss) equal to the amount by which the proceeds of disposition of the Common Shares, net of any reasonable costs of disposition, exceed (or are exceeded by) the aggregate of the adjusted cost base of the Common Shares disposed of by the Canadian Participant

12 For the purpose of determining the adjusted cost base of a Common Share to a Canadian Participant at any time, the cost to a Canadian Participant of a Common Share will be determined at any time by averaging the cost of the Common Share with the adjusted cost base of any other Common Shares owned by the Canadian Participant as capital property at that time. For the purposes of the Tax Act, the cost of a Common Share acquired under the Plan will be the Subscription Price. Participants should consult their own tax advisors with respect to the tax consequences under the Tax Act of receiving cash in lieu of a fractional Common Share upon termination of participation in the Plan as such tax consequences will depend, in part, upon the manner in which such fractional share is disposed of. Capital Gains In general, one-half of any capital gain (a Taxable Capital Gain ) realized by a Canadian Participant in a particular taxation year is required to be included in computing income for that year and one-half of any capital loss (an Allowable Capital Loss ) realized by a Canadian Participant in a particular taxation year must be deducted against Taxable Capital Gains realized in the taxation year, subject to and in accordance with the provisions and limitations of the Tax Act. Allowable Capital Losses in excess of Taxable Capital Gains realized by a Canadian Participant in a particular taxation year may be carried back and applied against Taxable Capital Gains realized by the Canadian Participant in any of the Canadian Participant s preceding three taxation years or carried forward to any subsequent taxation year, subject to and in accordance with the provisions of the Tax Act. 17. Amendment, Suspension or Termination of the Plan The Company reserves the right to amend, suspend or terminate the Plan at any time upon not less than thirty (30) days prior notice to the Plan Agent and Registered Participants, but such action shall have no retroactive effect that would prejudice the interests of Participants. Amendments to the Plan will be subject to the prior approval of the Toronto Stock Exchange. The Plan Agent and all Registered Participants (including CDS and Nominees holding Common Shares as registered holder on behalf of Beneficial Participants) will be sent written notice of any such amendment, suspension or termination. In the event of termination of the Plan by the Company, certificates or DRS Advice for whole Common Shares held for Registered Participants accounts (including CDS and Nominees holding Common Shares as registered holder on behalf of Beneficial Participants) under the Plan and cash payments for any fraction of a Common Share will be remitted with due dispatch by the Plan Agent to the Registered Participants Fractional Common Shares will be sold by the Plan Agent on a comingled basis on the Canadian open market which includes the facilities of the TSX, and the cash payment for a fractional Common Share interest will be the prevailing market price at the time of sale. In the event of suspension of the Plan by the Company, no investment will be made by the Plan Agent on the Dividend Payment Date immediately following the effective date of such suspension. Any Dividends on Common Shares which are subject to the Plan and which are paid after the effective date of such suspension will be

13 remitted in cash by the Plan Agent to the Registered Participants (including CDS and Nominees holding Common Shares as registered holder on behalf of Beneficial Participants). 18. Interpretation Any issues of interpretation arising in connection with the Plan or its application shall be conclusively determined by the Company. 19. Personal Liability The obligations of the Company hereunder are not personally binding upon any director of the Company, any Holder or any annuitant under a plan of which a Holder acts as trustee or carrier, and resort shall not be had to, nor shall recourse or satisfaction be sought from, any of the foregoing, but the property of the Company only shall be bound by such obligations. Any obligation of the Company set out herein shall to the extent necessary to give effect to such obligation be deemed to constitute, subject to the provisions of the previous sentence, an obligation of the directors of the Company in their capacity as directors of the Company. 20. Compliance with Laws The operation and implementation of the Plan is subject to compliance with all applicable legal requirements, including obtaining all appropriate regulatory approvals and exemptions from registration and prospectus requirements, and the requirements of any stock exchange on which the Common Shares are listed. The Company may limit the Common Shares issuable under the Plan in connection with any discretionary exemptive relief relating to the Plan granted by any securities regulatory authority. 21. Governing Laws The Plan shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 22. Notices All notices or other documents required to be given to Participants under the Plan shall be publicly announced by the Company and the Company will notify Participants in accordance with applicable securities law requirements. Notices to the Plan Agent and/or the Company shall be sent to: Computershare Trust Company of Canada 100 University Avenue, 8th Floor North Tower Toronto, Ontario M5J 2Y1 Attention: Dividend Reinvestment Department Or by calling the National Customer Contact Centre at: Telephone: (514) (all other countries)

14 Toll-free: (in North America) Or by contacting us at Effective Date of the Plan The effective date of the Plan is November 29,