Objecting Beneficial Owner (OBO)

The term objecting beneficial owner or OBO is used for the purposes of proxy solicitation rules of Canadian securities laws and is defined in National Instrument 54-101 – Communication with Beneficial Owners of Securities of a Reporting Issuer. The terms refers to a beneficial owner of securities who has provided instructions to the intermediary that maintains its account that it objects to the disclosure of information about the beneficial owner and its ownership of securities of an issuer.