QUEBEC REGULATORY AUTHORITIES

Autorité des Marchés Financiers

The Autorité des marchés financiers (the "AMF" or the "Authority") is the body mandated by the Québec government to regulate Québec's financial markets and assist consumers of financial products and services. The AMF is unique in that it oversees, in an integrated manner, the areas of insurance, securities, derivatives, deposit institutions-other than banks-and the distribution of financial products and services. For more information, please visit www.lautorite.qc.ca .

About the Fonds d'indemnisation des services financiers

The Fonds d’indemnisation des services financiers (financial services compensation fund) was established in 1999 under the Act respecting the distribution of financial products and services. The fund compensates victims of fraud, fraudulent tactics or embezzlement for which a firm, independent representative, independent partnership, mutual fund dealer or scholarship plan dealer is responsible when offering a financial product or service. On June 13, 2018, coverage under the fund was extended to compensate victims of fraud in relation to financial products and services offered by representatives, firms, independent representatives, independent partnerships, mutual fund dealers or scholarship plan dealers. The compensation is payable regardless of the sector or sector class in which the representative or firm is authorized to act. Therefore, even if representatives do not act within the authorized limits of their right to practice, compensation may be possible. For more information, please visit www.lautorite.qc.ca .

QUEBEC Affiliations

Investment Funds Institute of Canada

PFSL Investments Canada Ltd., mutual fund dealer, is a member of the Investment Funds Institute of Canada (“IFIC”). IFIC is the voice of Canada’s investment funds industry, including fund managers, distributors and industry service organizations. IFIC proactively influences and advances industry issues within the regulatory framework, members’ efficiencies, knowledge and proficiency.

For more information, please visit www.ific.ca .

CFIQ

Conseil des fonds d'investissement du Québec

The Conseil des fonds d’investissement du Québec (CFIQ) serves as the voice of IFIC in Quebec. Operating under the direction of its regional governing council and through the work of its committees, CFIQ gives the industry’s Quebec members a representative and proactive voice on the important issues of the day. The members of CFIQ include the majority of investment funds firms and fund managers, dealers, and the professional and business services firms that support the industry in Quebec.