Changes to National Policy 46-201 Escrow for Initial Public Offerings

1. National Policy 46-201 Escrow for Initial Public Offerings is changed by this Document.

2. Section 3.2 is changed

(a) in paragraph (a.i) by replacing "Aequitas NEO Exchange Inc." with "Cboe Canada Inc." wherever it occurs, and

(b) by deleting "or" at the end of paragraph (a.i) and by adding the following paragraph:

(a.ii) is a Canadian Securities Exchange senior tier issuer (the CSE senior tier) and is a Closed End Fund, Exchange Traded Fund or Structured Product (as defined in section 1.3 of the listing rules of the Canadian Securities Exchange, as amended from time to time); or.

3. Subsection 3.3(2) is changed

(a) by adding the following paragraph:

(a.i) is a CSE senior tier issuer and is not an exempt issuer;, and

(b) in paragraph (c) by replacing "Aequitas NEO Exchange Inc." with "Cboe Canada Inc.".

4. Subsection 4.4(1) is changed

(a) in paragraph (a) by replacing "Aequitas NEO Exchange Inc." with "Cboe Canada Inc.", and

(b) in paragraph (b) by adding "or a CSE senior tier issuer" after "Tier 1 issuer".

5. Section 3.1 of Form 46-201F1 Escrow Agreement is changed

(a) in paragraph (a) by replacing "Aequitas NEO Exchange Inc." with "Cboe Canada Inc.", and

(b) in paragraph (b) by adding "or a CSE senior tier issuer" after "Tier 1 issuer".

6. Form 46-201F1 Escrow Agreement is changed by replacing the signature blocks with the following:

If the Securityholder is an individual:

If the Securityholder is not an individual:

7. Schedule "B" to Form 46-201F1 Escrow Agreement is changed by replacing the signature blocks with the following:

Where the transferee is an individual:

Where the transferee is not an individual:

[Transferee]

8. These changes become effective on September 19, 2025.