Baytex Energy Corp T.BTE

RE:Vanguard is removing most OTC stocks from its platforms.

[Drifter133]

An update on over-the-counter securities

Dear Vanguard Client,

Beginning April 28, 2022, Vanguard will no longer accept purchases and transfers in of most over-the-counter (OTC) securities. This change allows us to better support a targeted, enduring suite of products and services rooted in Vanguard's time-tested investment philosophy and built to help secure the long-term success of investors.

According to our records, you either currently hold at least one of these restricted securities in your portfolio or have traded them in the past.

What does this mean for the securities I hold?

You can continue to hold and sell your positions in these securities. You can also make additional purchases of a small selection of global American Depositary Receipts (ADRs). Here's how you can determine if you hold an ADR that won't be restricted.

All three of the following criteria must apply to the ADR:

• Consists of a five-letter ticker symbol that ends in "Y." This confirms it's traded OTC.
• Has a market capitalization of over $300 million (in U.S. dollars). Market capitalization is the total market value of a company's outstanding shares.
• Belongs to the top three tiers of the OTC markets (Pink Current, OTCQB, and OTCQX). These markets are up to date with disclosures and listing requirements.

Learn more about the OTC markets and individual securities at otcmarkets.com.

Thank you for investing with Vanguard.