Meeting of Directors - June 24, 2014

Resolution to conduct a portion of the meeting in the absence of the public (Committee Of The Whole) in accordance with Section 29 of the TTC by-law to govern Commission proceedings and Section 190 of the City of Toronto Act.

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• Minutes of Directors Meeting 42
• Minutes of Special Directors Meeting 43

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Requests to speak must be registered by 12:00 Noon of the business day preceding meeting day.

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• Allotment and Issuance of Shares
• Election of Officers
• Investment
• 2014 Budget

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A correspondence summary will be distributed at the meeting.

Ferreira (Secretary), J. Taylor (TTC Chief of Staff), K. Lee (TTC Head of Commission Services), D. McDonald (Co-ordinator – Corporate Secretariat), and S. Ewert and N. Maraj (PricewaterhouseCoopers LLP) were present.

Michael Roche was in the Chair.

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1. Reports with Confidential Attachments (Committee Of The Whole)

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2. Presentations

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3. Other Business

(a) Allotment and Issuance of Shares

There was one new Director appointed to the Board. The Secretary allotted five (5) common shares in the capital stock of the Company to the newly appointed Director.

(b) Election of Officers

The Board of Directors appointed the following Officers for a one-year term from June 24, 2014:

• President Vincent Rodo
• Treasurer Michael Roche
• Secretary Melissa Ferreira
• General Counsel Brian Leck

(c) TTC Insurance Company Limited - Investment

The Board received this report for information.

(d) 2014 Budget

The Board approved the 2014 budget for TTC Insurance Company Limited.

4. New Business

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5. Correspondence

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The meeting adjourned at 11:30 a.m.