Cumberland Associates Investment Counsel Inc. 416.482.5337 FRANCAIS

Cumberland Counsel, its affiliates and funds managed by its affiliates (the “Cumberland Group of Companies”) are committed to controlling the collection, use and disclosure of personal information. Controlling and safeguarding the collection, use and disclosure of personal information is an ongoing process. Cumberland Counsel will continue to review its personal information management practices and will update them as necessary in order to better protect the privacy of individuals.

This Privacy Policy applies to the Cumberland Group of Companies. This Privacy Policy does not apply to the personal information of employees of Cumberland Counsel.

Collection of Personal Information
Cumberland Counsel collects various types of personal information about you in carrying on our business, including information such as your name, address, telephone, email address, birth date, social insurance number (“SIN”) and financial information, such as investment history, account information and credit information.

Cumberland Counsel also collects personal information about you from outside sources such as credit bureaus, financial institutions or references for identity verification purposes, or to determine creditworthiness or eligibility for certain products.

Cumberland Counsel collects your personal information in order to establish a relationship with you and provide you with products and services that you request. Cumberland Counsel requires your personal information in order to allow it to meet regulatory or contractual requirements relating to the products and services provided to you.

Use of Personal Information
Cumberland Counsel may use personal information about you for legitimate business purposes that may include the following:
• To identify you;
• To ensure Cumberland Counsel’s records are accurate;
• To establish and administer your account;
• To determine eligibility for products and services;
• To execute your transactions;
• To maintain, store, record and determine your account holdings and transaction records;
• To verify previously given information when necessary;
• To provide you and your representatives with account statements, reports or other information;
• To provide you with financial statements, tax receipts, proxy mailings, transaction confirmations and other information that may be requested or needed to service your account;
• To provide you with quality customer service and support on your investment needs;
• To respond to any special needs or inquiries that you may have; and
• To satisfy legal or regulatory requirements.

Disclosure of Personal Information
To carry out its legitimate business purposes, Cumberland Counsel may from time to time disclose your personal information to regulatory agencies (e.g., the Canada Revenue Agency), companies affiliated with Cumberland Counsel, and other third parties to perform services on behalf of Cumberland Counsel for the purposes explained in this Privacy Policy and as permitted or required by law.

For regulatory purposes, securities regulators require access to personal information of our current and former clients, employees, agents, directors, officers, partners and others that has been collected or used by regulated persons. Security regulators collect, use or disclose such personal information obtained from regulated persons for regulatory purposes, including:
• Surveillance of trading-related activity;
• Sales, financial compliance, trade desk review and other regulatory audits;
• Regulatory databases; and
• Enforcement or disciplinary proceedings.

Cumberland Counsel transfers personal information to third parties for reasons such as transaction clearing, regulatory reporting, credit checks, data processing, data warehousing or administrative services such as providing monthly statements, transaction slips and asset custody. These third parties provide services for Cumberland Counsel and do not make any independent use of the personal information provided by Cumberland Counsel. Cumberland Counsel uses contractual or other means to ensure that third parties protect personal information to a level comparable to that provided by Cumberland Counsel.

Cumberland Counsel’s third party service providers may be located outside of Canada. Your personal information may be transferred, stored and/or processed outside of Canada and in that case, your personal information would be subject to the laws of the country to which it is transferred. That country may have laws that require that your personal information be disclosed to the government or others under different circumstances than would Canada.

In the event of a sale, amalgamation, re-organization, transfer or financing of parts of our some or all of our business, your personal information may be disclosed to an acquiring organization, either as part of due diligence and/or on completion of the transaction. If your personal information is ever disclosed to an unaffiliated third party in this context, Cumberland Counsel will require that third party to agree to protect your personal information in accordance with this Privacy Policy.

Consent
In general, Cumberland Counsel will seek consent for the collection, use and disclosure of your personal information at the time of collection.

In some instances, legal or security reasons may make it impossible or impractical for Cumberland Counsel to seek consent. For example, when information is being collected for the detection and prevention of fraud or for law enforcement, seeking the consent of the individual might defeat the purpose of collecting the information. Seeking consent may be impossible or inappropriate when the individual is a minor, seriously ill or mentally incapacitated, in which case consent must be obtained from guardians or legal representatives of such individuals.

You may withdraw consent to the use and disclosure of your personal information at any time, subject to legal or contractual restrictions. Cumberland Counsel must be provided with reasonable notice if you wish to withdraw consent. The period of reasonable notice will vary depending on the nature of the information and the uses to which it is being put by Cumberland Counsel. If you withdraw your consent, Cumberland Counsel will no longer be able to provide you with products and services.

Retention of Personal Information
Cumberland Counsel is subject to legislative requirements with respect to information retention periods. Following expiry of legal retention periods, Cumberland Counsel will destroy, erase or make anonymous personal information that is no longer required to fulfill the identified purposes. Cumberland Counsel has developed guidelines to govern the destruction of personal information.

Safeguarding Personal Information
Cumberland Counsel has developed security safeguards to try to protect personal information against loss or theft, as well as unauthorized access, disclosure, copying, use or modification of personal information, regardless of the format in which the information is held. The methods of protection include:
• physical measures (e.g., locked filing cabinets and restricted access to offices);
• organizational measures (e.g., security clearances and limiting access on a “need to know” basis); and
• technological measures (e.g., the use of passwords and encryption).

Responding to Privacy Concerns
Cumberland Counsel has implemented policies and practices that give effect to the principles and procedures in this Privacy Policy, including:
• implementing procedures to protect personal information;
• establishing procedures to receive and respond to complaints and inquiries;
• training staff and communicating to staff information about Cumberland Counsel’s policies and practices; and
• developing information to explain Cumberland Counsel’s policies and procedures.

If you have questions or concerns about this Privacy Policy or about your personal information that has been collected by Cumberland Counsel or if you wish to request access to your personal information, please contact Cumberland Counsel’s Privacy Compliance Officer using the following information: Privacy Compliance Officer, Cumberland Associates Investment Counsel Inc., 99 Yorkville Avenue, Suite 300, Toronto, Ontario M5R 3K5, Tel. 416-482-5337 or to CAICI@bloomberg.net. The designation of a Privacy Compliance Officer does not relieve Cumberland Counsel from responsibility for compliance with these principles. Cumberland Counsel monitors compliance with the policies and procedures in this Privacy Policy on an ongoing basis.