For the purposes of this Appendix D, the terms “connected issuer” and “related issuer” have the meanings given to them in section 1.1 of National Instrument 33-105 Underwriting Conflicts.

Baskin Financial Services Inc. (the “Corporation”) is registered under securities legislation of: (i) Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan as a portfolio manager, and (ii) Ontario and Quebec as an investment fund manager.

The Corporation does not intend to engage in activities as an adviser, dealer or underwriter in respect of the securities of the Corporation or related issuers of the Corporation. The Corporation primarily engages in activities as a portfolio manager for its client’s discretionary managed portfolios.  In exercising its discretionary authority to manage client portfolios, the Corporation may use pooled investment funds to implement all or part of the agreed upon investment strategy, as the Corporation considers appropriate and suitable to a client’s circumstances, objectives and risk tolerances.  This may include pooled investment funds, that the Corporation manages in its capacity as investment fund manager.  The pooled investment funds managed by the Corporation, including Baskin Fixed Income Pool, are connected issuers of the Corporation.

The records of any pooled investment fund managed by the Corporation will record your investment in your name.