October 2021

To: Board of Directors

Re: RBC Interest Rates on Reserve Accounts

Dear Board Members,

Further to our letter dated May 2021 advising of updates to reserve fund interest rates, we have recently been
advised by RBC that in restructuring the reserve accounts, activity fees would be applicable for every transaction.
The details of these charges were unfortunately omitted during our original communications with RBC. Once our
diligent accounting team discovered the activity fees, we immediately communicated with RBC for clarification
and reasoning.

RBC informed us that directly charging our clients for their banking activity could not be avoided and as such, our
accounts have been converted to their previous structure (no action is required by the Board) so that these fees
can be centrally billed to COS. As a result, RBC’s internal system will not allow us to keep the same interest rates
that were negotiated in May 2021, and with the conversion of the accounts, the new interest rates will be:

For accounts with balance of $0.00 to $99,999.99 – 0.00%
For accounts with balance of $100,000 to $499,999 – 0.15%
For accounts with balance of $500,000 and above – 0.25%

We recommend that you, as the Board, consider investing your reserve funds in GICs for a better interest return
until the market improves and COS can negotiate a better interest rate on your behalf.

COS remains fully committed to supporting its clients and the overall COS community, and has a business plan to
approach RBC to renegotiate reserve bank account interest on behalf of our clients, once interest rates improve.

Thank you for trusting us with your business, please take care of yourselves, stay healthy and do not hesitate to
reach out to your COS team with any questions.

Sincerely,

Ian Davidson, President & CEO
Condominium Office Solutions