Escrowed Securities

The outstanding securities ofan issuer that are not freely tradable, because they are subject to an escrow agreement that restricts the ability of certain security holders of that issuer from trading or otherwise dealingin those securities until certain conditions are satisfied.

Equity Value

An option contract that grants the holder the right to buy or sell a specific number of shares of stock at a specified price during a specific period of time.

Equity Option

An option contract that grants the holder the right to buy or sell a specific number of shares of stock at a specified price during a specific period of time.

Equity Financing

The dollar value of securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. The value equals the number of securities multiplied by the offering price. The various forms of financial instruments may have an effect on determining the price or the number of securities.

Equities

Common and preferred stocks, which represent a share in the ownership of a company.

Energy or Royalty Trust

Investment vehicles that may engage in the development, acquisition, and/or production of oil and gas reserves. The trust receives royalty income fromproducing properties (essentially, net cash flow) and then sells interests in the trust (called trust units) to investors. Conventional oiland gas royalty trusts are actively managed portfolios holding assets of mature producing properties. Substantially all of the cash flow generated by the oil and gas assets, net of certaindeductions, such as administrative expenses andmanagement fees, is passed on to the unit holders as royalty income. Capital expenses may also be deducted, but are usually subject to restrictions on the amount. The distributions are highly dependent uponthe cash flow generated by the trust. In general, the largest variable in determining the level of cash flow is the price of crude oil and natural gas.
Royalty trusts provide an alternative (from owning theshares of individual companies) for investors to participate in the oil and gassector.

Exchange Offering Prospectus (EOP)

A form of prospectus that allows a company to conduct a prospectus offering through the facilities of a stock exchange,rather than issuing them directly to the public. The company then applies to list the securities on the exchange.

Exchangeable Security

A security of an issuer that isexchangeable for securities of another issuer (usually a subsidiary) in accordance with the terms of the exchange feature. The exchange may be at the option of the holder or at the option of the issuer of the securities.

Exchange-Traded Fund (ETF)

A special type of financial trust that allows an investor to buy an entire basket of stocks through a single security, which tracks and matches the returns of a stock market index. ETFs areconsidered to be a special type of index mutual fund, but they are listed on an exchange and trade like a stock. Also known as an index participation unit (IPU).

Ex-D Date

Ex-dividend/distribution date. The date that the buyer of a stock is not entitled to the upcoming declared dividend/distribution, because the buyer will not be a holder of record. The ex-d date is two clearing days before therecord date. The exchange that the issue is listed on sets the ex-d date.