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National Policy 62-203 Take-Over Bids and Issuer Bids
Part 3 Take-Over Bid and Early Warning Requirements
Section 3.1

Equity swap or similar derivative arrangement

An investor that is a party to an equity swap or similar derivative arrangement may under certain circumstances have deemed beneficial ownership, or control or direction, over the referenced voting or equity securities. This could occur where the investor has the ability, formally or informally, to obtain the voting or equity securities or to direct the voting of voting securities held by any counterparties to the transaction. This determination would be relevant for compliance with the early warning and take-over bid requirements under the Instrument.