A reporting issuer that is required by Canadian securities legislation to send proxy-related materials to the registered holders of any class or series of its securities shall, subject to section 2.10 and subsection 2.12(3) send the proxy-related materials to beneficial owners of the securities, by either sending
(a) directly to NOBOs, and indirectly under section 2.12 to OBOs; or
(b) indirectly under section 2.12 to beneficial owners.