All directors, officers and employees of IAM are subject to a code of business conduct and ethics (the ‘Code’) that outlines the standards by which they must conduct themselves in their business dealings. Compliance with the Code is a matter of utmost importance, and a breach of any of its provisions is grounds for warning, revision of responsibilities, suspension or dismissal, with or without notice, depending on the particular circumstances. The Code sets out specific rules dealing with conflicts of interest, confidential information, insider trading, personal trading by investment managers and others with access to information used in making investment decisions, and a variety of other matters. From time to time, as appropriate, the Code is supplemented by a memorandum delivered to directors, officers and employees clarifying or expanding provisions of the Code. All directors, officers and employees of IAM are required to review and sign the Code annually.

Further disclosure on corporate governance practices is included in the Corporation's Annual Information Form and Management Information Circular located at www.sedar.com.