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APPENDIX B

December 8, 1993
Bulletin #4667

To: All Representatives
Re: Trust Account Registration

To this point, Investors has only accepted investments purchased by trustees of a trust where the application indicated the registered owner to be trustee(s) followed by the words "in trust". As a result of developments in the law of trusts over the last number of years, Investors has determined that revisions to this policy is permissible and we will now be able to offer our clients some alternatives.

Effective immediately, Investors will also accept investments registered in the name of the trustee(s) in trust for specified individuals, or the trust itself. Example of these registrations are as follows:

Example 1: John Smith, in trust for Bobby Smith and Donna Smith

Example 2: John Smith and Jane Smith, in trust for the Smith Family Trust

The application form must be accompanied by a "Declaration of Trust". The Declaration of Trust (form CL2073 - english, CLF2073 - french) may be ordered through the normal channels. A sample of the form is attached.

Wherever possible, this Declaration of Trust should be completed for all account registrations where the trustee(s) are purchasing investments, although at this time Investors will continue to accept applications in the name of the trustee(s) followed by the words "in trust" without requiring the Declaration of Trust. For all other permissible trust account registrations, the Declaration of Trust must be completed.

Please be aware that due to system limitations, it is possible that not all names indicated in the application will be shown on the computer registration or on any documentation sent to our clients (including tax slips). Where the computer registration does not reflect all names shown on the application, the words "and others" will be added at the end of the registration.

Please note that at this time, due to differences in Quebec law, the alternative registrations set out are not available for our Quebec clients.