10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400 - 1 -

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GENERAL DISCLOSURE STATEMENT

Client Name: Client Name:

The disclosures contained herein are general in nature and make reference to a number of issues including compensation, fees, performance, confidentiality and more. Equity Associates Inc. encourages all investors to read the Fund Facts document for a more detailed explanation of the risks & fees associated with each investment as well as the compensation provided to advisors and dealers.

Front End Load Mutual funds purchased with a Front End Load may be subject to an up front sales charge that may range from 0-5%. This fee will be deducted from the invested funds and will reduce the dollar value of the funds purchased by an amount equal to the commission fee charged. Typically these funds are not subject to redemption fees but may require the funds to remain invested for a minimum period of time or be subject to an early redemption fee.

Deferred Sales Charge (DSC) Mutual funds purchased on a Deferred Sales Charge schedule are not subject to an up front fee, all funds provided for investment will go to purchase mutual funds. Typically DSC funds are subject to a fee if redeemed prior to the expiry of the DSC schedule that can range from 5-7 years resulting in fees ranging from 0-6% or more depending on the funds purchased. Please see the Fund Facts document for the DSC schedule applicable to the funds you are purchasing.

No Load Mutual funds listed as “No Load” funds may be Front End Load funds purchased at 0% or funds with no sales charge at all. Again these funds may require a minimum investment period or may be subject to an early redemption fee. Please see the Fund Facts document for further details.

Service Fees Many mutual funds provide ongoing compensation to advisors to acknowledge the work done on an annual, quarterly or monthly basis by the advisor in continuing to service the account by among many other things, providing advice, statements and answering any of the questions or concerns raised by the investor. These fees vary for each fund but in general are lower for DSC funds and higher for Front End Load or No Load funds. Please see the Fund Facts document for further details.

Other Some fund management companies may provide additional compensation to representatives such as subsidies for educational seminars and conferences, reimbursement for advertising, promotion, merchandising and other programs. The payment of any such fees must be in accordance with National Instrument 81-105 and other relevant Provincial and National regulations as stipulated by the MFDA, OSC, CSA and other provincial commissions.

Self-Directed Retirement Savings Plans (SDRSP) The trustee of retirement products such as the SDRSP charge an Administration fee for the record keeping and reporting they are required

to make in order to operate such a product. These fees may be deducted directly from the plan itself or may be charged directly to the investor

outside of the plan. Please review the documentation for each product

Introducing Carrying Dealer Disclosure (MRS, B2B, etc.) Equity Associates Inc. is an Introducing Dealer and MRS and B2B are Carrying Dealers. With respect to any transactions entered into, each Carrying Dealer will be responsible for trade execution, trade settlement, custody of cash and securities, the preparation of confirmations and statements. Equity Associates Inc. will be responsible for determining the suitability and ensuring appropriate supervision is performed for all trading activity in my account. The Carrying Dealers may pay a portion of it’s fees to Equity Associates Inc. and Equity Associates Inc. may pay the Carrying Dealers for trade execution on my behalf.

Settlement of Trades Most mutual funds price at the end of each trading day, however, some funds price on a weekly or monthly basis. Be sure to read the Fund Facts document for each fund carefully to understand the pricing schedule. A fund that prices only once a week will result in a delay in the settlement of any purchases or redemptions for up to 5 days or until the fund is next valued according to it’s pricing schedule. Accordingly Equity Associates Inc. and it’s Partners will use all best efforts to ensure all transactions are processed in a timely fashion, however we cannot guarantee trade dates due to the number of variables involved in completing any trade.

Privacy & Confidentiality As a business carrying on “commercial activity” and registered in the Province of Ontario, Equity Associates Inc. is subject to Bill C-6 “The Personal Information Protection and Electronic Documents Act”. Accordingly the collection, use, storage and disclosure of all personal information as defined by the Act must be disclosed to all individuals who provide such information to Equity Associates Inc. The information collected by Equity Associates Inc. is for the sole and specific purpose of reporting and processing mutual fund transactions in accordance with the then current applicable rules, regulations and legislation governing this industry and for no other purpose whatsoever.

Account Registration Generally; accounts opened at Equity Associates Inc will be registered in the Client’s Name at the Mutual Fund Companies. Equity Advisors can also open accounts through a Carrying Dealer (ei: B2B Trust or MRS Trust). These accounts will be registered in the Carrying Dealer’s Name at the Mutual Fund Companies.

Information provided to third parties Your personal information (ei: name, address, sin, etc) and those of any other individuals named on the account will be provided electronically to Mutual Fund Companies, Carrying Dealers and Regulators. This will be done for the purpose of initiating trades and updating databases for tax reporting, statement generation and transaction confirmation mailings. Personal information may also be shared with regulatory and other governing bodies to assist them in their oversight and investigating activities

Security Equity Associates Inc. has taken steps to ensure that access to your private

information is limited to authorized personnel only through the use of on-site security personnel, electronic security cards, controlled access to filing

cabinets, electronic firewalls, passwords and controlled access to computer

rooms and servers.

10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400 - 2 -

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LEVERAGE DISCLOSURE DOCUMENT BORROWING MONEY TO INVEST

Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

Here are some risks and factors that you should consider before borrowing to invest:

Is it Right for You?

Borrowing money to invest is risky. You should only consider borrowing to invest if:

o You are comfortable with taking risk.

o You are comfortable taking on debt to buy investments that may go up or down in value.

o You are investing for the long-term.

o You have a stable income.

You should not borrow to invest if:

Your Advisor & The Business of Equity Associates Inc. Equity Associates Inc. is proud to sponsor the mutual fund license of_________________________________________________as an Advisor. We refer to

your Advisor as a Partner and in many cases they may in fact own shares in Equity Associates Inc. Each Partners ownership does entitle them to a share of the

profits of the firm. Equity Associates Inc. is a Mutual Fund Dealer and a member of the Mutual Fund Dealers Association of Canada. Your advisor may also be licensed to sell or advise on insurance based products or may provide financial planning or other services to you that are not related to Equity Associates Inc.

You are advised that any such activity is outside of, and not the responsibility of Equity Associates Inc.

Understanding Your Risk Tolerance and Objectives It is important you understand the basis upon which your advisor is making recommendations to you. Understanding and defining your risk tolerance and objective are essential for this process. Your Advisor will take time to review your risk tolerance and objectives and document these on the New Account Application Form. The New Account Application Form defines each risk and objective classification and how these criteria relate to the investments selected for you. It is your responsibility to become familiar with these classifications in order to understand the recommendations that are being made to you. We strongly recommend you ask your Advisor for clarification if you have any questions.

Reporting Equity Associates Inc., will provide you with quarterly and annual statements. These statements will summarize the activities in the accounts held with Equity Associates Inc. for the designated period. You will also receive information from the fund companies from whom you have purchased funds. This will include statements and confirmations for purchases, redemptions and fund switches.

Compensation Equity Associates Inc. Advisors receive commissions for the sale of investment products. Mutual Funds also pay an ongoing trailer fee to Advisors. Your Advisor may elect to charge a fee for his/her service. In these cases the fees will be clearly disclosed to you prior to the engagement of these services.

There may be cases where your Advisor refers you to a third party provider. In these cases your Advisor may receive a Referral Fee.

At the time of the referral you will receive a full disclosure of the Referral Arrangement and compensation structure. Clients may speak to their Advisor for more information regarding compensation.

Nature of the Relationship You are responsible for making the investment decisions in your accounts, but can rely on the advice given by your Equity Associates Inc Advisor. Your Equity Associates Inc. Advisor is responsible for this advice and ensuring that it is suitable based on your investment needs and objectives.

Products and Services Offer by Equity Associates Inc. Equity Associates Inc. is a registered Mutual Fund and Exempt Market Dealer. Mutual Funds from various Mutual Fund Companies are sold through Equity Associates Inc. Equity Associates Inc., has no further affiliation with these Mutual Fund Companies. From time to time Equity Associates Inc. may also offer Exempt Market products.

Handling of Cash and Cheques Equity Associates Inc., cannot accept cash from clients. Please ensure that all cheques are made payable to Equity Associates Inc., In Trust.

Suitability of Orders Your Advisor and Equity Associates Inc. will ensure that all orders or recommendations made to you are suitable to your risk tolerance, objectives and circumstances. We require that you maintain current and accurate information on file with your Advisor. Should there be a change in your circumstances please contact your Advisor as this may warrant a review or update on your investment account.

Events that would trigger a review could include any of the following:

A transfer to Equity Associates Inc.

When we become aware of a Material Change to yourcircumstances

When there is a change of your Advisor

At the time of a new purchase either solicited orunsolicited.

10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400- 3 -

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o You have a low tolerance for risk

o You are investing for a short period of time.

o You intend to rely on income from the investments to pay living expenses.o You intend to rely on income from the investments to repay the loan. If this income stops or decreases you

may not be able to pay back the loan.

You Can End Up Losing Money

If the investments go down in value and you have borrowed money, your losses would be larger than had youinvested using your own money.

Whether your investments make money or not you will still have to pay back the loan plus interest. You may haveto sell other assets or use money you had set aside for other purposes to pay back the loan.

If you used your home as security for the loan, you may lose your home.

If the investments go up in value, you may still not make enough money to cover the costs of borrowing.

Tax Considerations

You should not borrow to invest just to receive a tax deduction.

Interest costs are not always tax deductible. You may not be entitled to a tax deduction and may be reassessedfor past deductions. You may want to consult a tax professional to determine whether your interest costs will bedeductible before borrowing to invest.

Your advisor should discuss with you the risks of borrowing to invest.

MUTUAL FUND DEALERS ASSOCIATION OF CANADA CLIENT COMPLAINT FORM

Clients of a mutual fund dealer who are not satisfied with a financial product or service have a right to make a complaint and to seek resolution of the problem. MFDA Member dealers have a responsibility to their clients to ensure that all complaints are dealt with fairly and promptly. If you have a complaint, these are some of the steps you can take:

Contact your mutual fund dealer. Member firms are responsible to you, the investor, for monitoring the actions oftheir representatives to ensure that they are in compliance with by-laws, rules and policies governing their activities. The firm will investigate any complaint that you initiate and respond back to you with the results of their investigation within the time period expected of a Member acting diligently in the circumstances, in most cases within three months of receipt of the complaint. It is helpful if your complaint is in writing.

Contact the Mutual Fund Dealers Association of Canada (“MFDA”), which is the self-regulatory organization inCanada to which your mutual fund dealer belongs. The MFDA investigates complaints about mutual fund dealersand their representatives, and takes enforcement action where appropriate. You may make a complaint to theMFDA at any time, whether or not you have complained to your mutual fund dealer. The MFDA can be contacted:

o By completing the on-line complaint form at www.mfda.ca

o By telephone in Toronto at (416) 361-6332, or toll free at 1-888-466-6332

o By e-mail at complaints@mfda.ca1

o In writing by mail to 121 King Street West, Suite 1000, Toronto, ON M5H 3T9 oro by fax at (416) 361-9073

Compensation:

The MFDA does not order compensation or restitution to clients of Members. The MFDA exists to regulate the operations, standards of practice and business conduct of its Members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry. If you are seeking compensation, you may consider the following:

1 You may wish to consider issues of internet security when sending sensitive information by standard e-mail

10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400- 4 -

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Ombudsman for Banking Services and Investments (“OBSI”): After the dealer’s Compliance Department hasresponded to your complaint, you may contact OBSI. You may also contact OBSI if the dealer’s ComplianceDepartment has not responded within 90 days of the date you complained. OBSI provides an independent andimpartial process for the investigation and resolution of complaints about the provision of financial services toclients. OBSI can make a non-binding recommendation that your firm compensate you (up to $350,000) if itdetermines that you have been treated unfairly, taking into account the criteria of good financial services andbusiness practice, relevant codes of practice or conduct, industry regulation and the law. The OBSI process isfree of charge and is confidential. OBSI can be contacted:

o By telephone in Toronto at (416) 287-2877, or toll free at 1-888-451-4519

o By e-mail at ombudsman@obsi.ca

Legal Assistance: You may consider retaining a lawyer to assist with the complaint. You should be aware thatthere are legal time limits for taking civil action. A lawyer can advise you of your options and recourses. Once theapplicable limitation period expires, you may lose rights to pursue some claims.

Manitoba, New Brunswick and Saskatchewan: Securities regulatory authorities in these provinces have the powerto, in appropriate cases, order that a person or company that has contravened securities laws in their provincepay compensation to a claimant. The claimant is then able to enforce such an order as if it were a judgment of thesuperior court in that province. For more information, please visit:

Manitoba: www.msc.gov.mb.ca New Brunswick: www.nbsc-cvmnb.ca Saskatchewan: www.sfsc.gov.sk.ca

Québec: The Autorité des marchés financiers (“AMF”) pays indemnities to victims of fraud, fraudulent tactics orembezzlement where those responsible are individuals or firms authorized to practice under the legislationgoverning the provision of financial services in Quebec. It also rules on the eligibility of claims and sets theamount of the indemnities to be paid to victims. Consumers can thus be compensated to a maximum of $200,000per claim, through funds accumulated in a financial services compensation fund. For more information, pleasevisit www.lautorite.qc.ca.

Equity Associates Inc., Complaint Handling Process

At Equity Associates Inc. we take all customer issues seriously and are committed to finding fair and reasonable solutions. We have procedures in place to handle any written or verbal complaints received from clients in a fair and prompt manner. This is a summary of those procedures, which we provide to new clients. Clients wishing to complain to Equity Associates Inc., may make their complaint to our head office by contacting the Chief Compliance Officer. All complaints are forwarded to qualified compliance or supervisory personnel to be handled. We encourage clients to make their complaint in writing or by email where possible. You may raise your concerns to us either verbally or in writing, however, depending on the nature of the complaint we may require written statements. Where clients have difficulty putting their complaint in writing, they should advise us so that we can provide assistance. For confidentiality reasons, we will only deal with the client or another individual who has the client’s express written authorization to deal with us. Upon receipt of your complaint we send you an acknowledgement letter within 5 days as well as a copy of the this summary and the Client Complaint Information Form,. This letter confirms your complaint is being review and who you may contact during the review process. We will thoroughly review your concerns which will include a review of your account holdings and any other relevant source and the recommendations made to you by the sales associate. A written response will be sent to you within 90 days. Our response may be an offer to resolve your complaint, a denial of the complaint with reasons or another appropriate response. Our response will summarize your complaint, our findings and will contain a reminder about your options with the Ombudsman for Banking Services and Investments.

Clients may contact us at any time to provide further information or to inquire as to the status of their complaint, by contacting the individual handling their complaint or by contacting the Chief Compliance Officer. Should you have any concerns please send your correspondence to:

10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400- 5 -

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Attention: Chief Compliance Officer Equity Associates Inc. 10761 Victoria Square Blvd., Suite 204, Markham, Ontario L6C 1J3 Phone: 905-305-0400 Fax: 905-887-6546

By signing below you acknowledge receipt and understanding of the General Disclosure Statement, Leverage Disclosure and client complaint process. Should you have any questions regarding the content of these disclosures, you understand they can be addressed by your Equity Associates Advisors.

Client Name Client Name

Client Signature Date (mm/dd/yyyy) Client Signature Date (mm/dd/yyyy)

Advisor Signature Date (mm/dd/yyyy)