Average Market Prices
Historic average market prices for the Dividend Reinvestment Plan ("DRIP") and Share Purchase Plan ("SPP"; also referred to as Optional Cash Purchases "OCP"):
About the price of additional common shares
The price at which the Agent will purchase newly issued common shares from treasury for purposes of the Plan will be equal to the Average Market Price for common shares. There may also be a discount of up to 5% to the Average Market Price for common shares issued from treasury and paid in connection with the dividend reinvestment and stock dividend options of the Plan. The Bank will announce via press release and in dividend announcements whether purchases of common shares under the Plan will be made on the secondary market or from treasury and the applicable discount, if any, to the Average Market Price for common shares issued from treasury only in connection with the dividend reinvestment and the stock dividend options of the Plan. The price at which the Agent will purchase common shares on the secondary market will be equal to 100% of the Average Market Price in all cases.
For the purposes hereof, when referring to the distribution of newly issued common shares from treasury under the Plan, the Average Market Price will be the weighted average market price for all trades of the common shares of the Bank on the Toronto Stock Exchange (the "TSX"), based on the daily trading volume and prices published in the "Daily Record" of the TSX for the five trading days on which at least a board lot of common shares of the Bank was traded ending on the business day immediately preceding the relevant Common Dividend Date, Preferred Dividend Date or Optional Purchase Date, as the case may be. When referring to the distribution of common shares purchased on the secondary market under the Plan, the Average Market Price will be the average price paid by the Agent for all the Banks' common shares purchased to satisfy dividend payments, reinvestments or optional cash payments, as applicable.