Dividends

Tree Island Steel Ltd.

Tax Treatment for Canadian Residents

Unless otherwise indicated, dividends paid by Tree Island Steel Ltd. will be designated as “eligible dividends” for Canadian income tax purposes.  An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend credit.

If you are a shareholder that receives dividends outside of a RRSP, RRIF, DPSP or a TFSA you can expect to be provided with a T5 slip on or before the last day of February the year following the payment of the dividends communicating the taxable amount of dividends paid to you.  The T5 slip will be provided by Computershare Trust Company of Canada or from your broker, investment dealer, financial institution or other nominee as applicable.  Questions regarding information on the T5 slip should be directed to the party that provided the T5 slip.  Questions regarding the taxation of eligible dividends should be directed to your tax advisor or to the Canadian Revenue Agency.

Tax Treatment for Non-Canadian Residents

For a non-Canadian resident, dividends paid by Tree Island Steel Ltd. will be subject to Canadian withholding tax at the rate of 25% unless the rate is reduced under the provisions of a tax treaty between Canada and the non-resident shareholder’s jurisdiction of residence.  Non-resident shareholders that receive dividends should direct any questions they may have regarding the taxation of the dividends to their local tax advisor.

For the purpose of US resident shareholders, Tree Island Steel Ltd. is considered to be a “qualified foreign corporation” and dividends issued by Tree Island Steel Ltd. are considered “qualified dividends”.  Depending on the US resident shareholder’s eligibility, the withholding tax on such dividends may be reduced to a rate less than 25%.  US resident shareholders may be able to claim as a credit or a deduction against their local taxes the withholding taxes paid.  Questions regarding the reduction in the withholding tax percentage or taxation of the dividends should be directed to your local tax advisor.

Common Share Dividends

Ex-Dividend Date Date of Record Payment Date Dividend per Share
September 28, 2015 September 30, 2015 October 15, 2015 $0.01
December 29, 2015 December 31, 2015 January 15, 2016 $0.01
March 28, 2016 March 31, 2016 April 15, 2016 $0.01
June 28, 2016 June 30, 2016 July 15, 2016 $0.02
September 28, 2016 September 30, 2016 October 14, 2016 $0.02
December 28, 2016 December 30, 2016 January 16, 2017 $0.02