Investor Protection

CIPF [Logo] The securities industry created some 40 years ago the Canadian Investor Protection Fund (CIPF) in order to ensure the protection of clients' assets in case of insolvency or bankruptcy of a Canadian investment dealer. CIPF is sponsored by the Investment Industry Regulatory Organization of Canada (IIROC). Only clients of approved participants of the Montréal Exchange that are IIROC members are covered by CIPF. As foreign approved participants are neither IIROC nor CIPF members, their clients do not benefit from CIPF protections.

CIPF compensation plan is financed through assessments paid by all IIROC members, which include, among others, all Canadian approved participants of the Montréal Exchange. Protection of client assets (cash and securities, including futures and options contracts) is subject to certain limits and conditions set by CIPF and market losses and fluctuations are not covered. The limit on the coverage provided for both the general and separate accounts of a client is C$1,000,000, for any combination of cash and securities. However, if you have more than one account with a CIPF Member, coverage may be combined.

To obtain the list of investment dealers participating in CIPF and more information on this organization and on the coverage it gives to client accounts, please visit its website at http://www.cipf.ca.