The OSC, AMF, ASC and BCSC have entered into an Exchange of Letters with Chile's Superintendencia de Valores y Seguros intended to facilitate the public offering of securities of Canadian reporting issuers in Chile on an exempt basis.

Pursuant to Chilean law, SVS Chile may exempt from its securities registration requirements public offerings of any foreign securities, including securities issued by Canadian-based issuers, provided such securities are issued by issuers under the supervision of a regulator with whom the SVS Chile has entered into a cooperation arrangement, which supports Chilean investors having access to public information regarding the foreign issuer and its securities.

According to the Exchange of Letters, SVS Chile has agreed to provide Canadian regulators with information and trade data in the case of concerns regarding market manipulation, abuse or fraud involving Canadian issuers listed in Chile. Other members of the CSA wishing to become a participant to the Exchange of Letters may do so at any time by executing a counterpart of the letter and providing notice to the SVS Chile and the other Canadian participating regulators.