Disclaimer

Information on this website is provided by Hymas Investment Management as a public service. Only certain information regarding each issue is reported here and important information regarding the issues may be available in the prospectus for the issue and not reported here. Every effort has been made to ensure that the information on this site is accurate, but accuracy is not guaranteed. Some information may have been simplified [see, for example, the discussion of "Retraction"] for analytical convenience; users are urged to verify the summary information provided on this site with the prospectus prior to taking investment action. Nothing in this website should be taken as a recommendation for the purchase or sale of any securities; please consult your personal financial advisors. Hymas Investment Managment and/or its clients may from time to time have long or short positions in the securities discussed on this website.

Ticker / Long Name / Short Name

This column lists the indicated descriptors of the issue described in the row. The "Ticker" symbol is that used to specify the issue on the Toronto Stock Exchange. The "Long Name" is a description of the issue limited to fifty characters. The "Short Name" is a description of the issue limited to twenty characters.

Annual Dividend

This column specifies the annual dividend paid by the issue as specified in the prospectus.

If the issue is, or may become, a floating rate issue, the information required to compute this floating rate dividend is shown in an "Unordered List", e.g.:

• Unordered List, Line 1
• Line 2
• Line 3

Identification numbers specified in brackets following floating rate specifications are those used internally by HIMIPref™.

Redemptions

This column specifies options that may possibly be exercised at the option of the issuer. Each instance of an option is presented as a separate item in an "Unordered List".

For example, the options available to the issuer for the issue ABK.PR.C are:

• Redemption 2004-03-10 2004-03-10 60.800000
• Redemption 2005-03-10 2005-03-10 60.800000
• Redemption 2006-03-10 2006-03-10 60.800000
• Redemption 2007-03-10 2007-03-10 60.800000

Within each element of the list the following information is specified:

• Type of option (normally "Redemption")
• Start of Exercise Period
• End of Exercise Period
• Price per share received by the shareholder, per share, not including accrued dividends, if the option is exercised

Thus, for the ABK.PR.C issue in the example, we see that on March 10 (and on March 10 only) of four successive years, the issuer had the option to call the issue for a redemption price of $60.80

Retractions / Maturity

A Retraction is an option available to the shareholder, whereby the shareholder may force the issuer to purchase (or to find an alternate third-party to purchase) his shares at the indicated price. It should be noted that Hymas Investment Management is not aware of any retraction privileges which do not have accompanying Redemption options that are exercisable prior to the eligibility period for the Retraction at a price lower than that specified or implied by the Retraction - so it is most conservative to assume that such a Redemption Option will be exercised immediately prior to the first Retraction date.

It should also be noted that many Retraction options specify that the shareholder will not receive cash, but will receive common shares at a price of 95% that of market, to a total value equal to the par value of the preferred shares retracted. Allowing 1% of this total value for commissions and differences between the calculated market value and the price that the shareholder might actually recieve when selling these shares results in, for instance, a $26.04 = ($25.00 / 0.96) presumed retraction price on a share with a par value of $25 on which common is received at 95% of market and presumed to be sold immediately.

The term "Maturity" is used to denote the conversion of shares into cash in which neither the issuer nor the shareholder has an option; this conversion into cash is mandatory according to the prospectus.

Miscellaneous Info

• Payments are Dividends : "Yes" implies that payments should be considered taxable as dividends; "No" implies that the payments should be considered as interest income. It should be noted that for some issues this will result in an over-estimation of tax liability, as some issues will distribute their payments as "Return of Capital" or "Capital Gains". Given the uncertainty as to the extent to which the issuer will be able to pass on such favourable tax treatment of the annual payments, it is most conservative to assume that such payments will, in fact, be taxed as dividends.
• Cumulative Dividends : A dividend is cumulative if, in the event that the issuer does not make a scheduled dividend payment, that payment remains due to the holder. If the answer to this question is "No" and the dividends are non-cumulative, then once the dividend has been missed the rights to receive it are gone forever.
• Split-Share Corp : A "Split-Share Corporation" is a corporation set up for the purposes of making specific investments; leverage is used in these investments and is provided by the preferred shares. "No" implies that the company is an operating company.

There are several issues which exist as pairs. One issue of the pair will be a fixed rate preferred, with the fixed rate being reset every five years. The other issue is a "ratchet rate" floater. Each issue of the pair is convertable into the other on the reset date. Since the issuer has the ability to set a very low rate on the fixed-reset issue of the pair, it is assumed for HIMIPref™ analytical purposes (and, hence, for purposes of the information presented here) that conversion from the fixed-reset issue to the ratchet-rate-floater issue will be forced. This assumption will be reflected in the descriptions of dividends and redemptions.

For example, BAM.PR.G is fixed-reset, paired with the BAM.PR.E ratchet-floater. Officially, BAM.PR.G is redeemable at $25.00 every five years, on the exchange date, but for purposes of analysis it is assumed that conversion to BAM.PR.E is forced on the next exchange date and therefore becomes redeemable according to the provisions for that issue - viz., any time at $25.50.