EdgePoint Investment Group Inc.

A. General Description of Advisory Firm EdgePoint Investment Group Inc. (“EdgePoint”) is an independently owned discretionary investment manager based in Toronto. We are long-term investors in businesses. We view a stock as an ownership interest in a company and endeavour to acquire these ownership stakes at prices below our assessment of their true worth. The firm was founded in 2008 by Tye Bousada, Geoff MacDonald, Patrick Farmer and Robert Krembil. On November 4, 2008, EdgePoint completed an initial public offering (IPO) and a private offering of Cymbria Corporation, a corporate issuer. Following the IPO, EdgePoint Wealth Management Inc. (“EdgePoint Wealth”), an independent employeeowned investment management firm was launched. EdgePoint Wealth partners with financial advisors across Canada to distribute its portfolios designed with the goal of building long-term wealth for investors. EdgePoint is independent and wholly-owned by the founders Tye Bousada, Patrick Farmer, Geoff MacDonald and Robert Krembil 1. Principal owners include two of the firm’s founders and members of the Investment team – Tye Bousada (who holds shares through a personal holding company, Elevation 3 Holdings Inc.) and Geoff MacDonald (who holds shares through a personal holding company, Blooming Point Holdings Inc.).

B. Types of services offered EdgePoint offers discretionary investment management services to U.S. institutional investors (foundations, pension portfolios, etc.) through separately managed accounts (each a “Client” and collectively, “Clients”) investing in U.S., Canadian and other global equities. EdgePoint advises or has entered into sub-advisory arrangements with non-US based clients (each a “Non-US Client” and collectively, “Non-US Clients”), such as retail mutual funds, pooled investment vehicles, separately managed accounts, and Cymbria.

C. Availability of Customized Services for Individual Clients Investments for each separately managed account Client are managed in accordance with the Client’s investment objectives, restrictions and limitations that are negotiated with or provided by such Client. Such restrictions and investment limitations are monitored by EdgePoint using compliance systems and other techniques.

D. Wrap Fee Programs EdgePoint does not participate in wrap fee programs.

E. Assets under management As of March 31, 2026, EdgePoint manages approximately US$34 billion in assets on a discretionary basis. EdgePoint does not manage any assets on a non-discretionary basis.

Robert Krembil is not involved in the daily operations of EdgePoint. He engages in advisory activities for his own business unrelated to EdgePoint.

A. Advisory Fees and Compensation

Management Fee Management fees for U.S. separately managed account Clients are generally based upon the below fee schedule (per annum):

Mandate name Investment size First $100 million Next $150 million Next $250 million Next $500 million Greater than $1 billion

Amounts expressed in U.S dollars.

Fee (%) 0.70% 0.65% 0.60% 0.55% 0.50%

EdgePoint in its sole discretion, may negotiate management fees on a client-by-client basis. Management fees for U.S. separately managed accounts are calculated daily and payable quarterly, in arrears, or as directed and authorized by the client.

B. Payment of Fees Clients are invoiced directly by EdgePoint for the payment of management fees on a quarterly basis.

C. Additional Fees and Expenses For U.S. separately managed account Clients, custodial fees and related costs are negotiated separately by the Client directly with their custodian. Aside from the management fee, we do not charge additional fees to open, operate or maintain the account. In addition to the fees outlined above, separately managed accounts Clients will also incur brokerage and other transaction costs. Please refer to Item 12 of this Brochure for more information on our brokerage practices.

D. Prepayment of Fees As described in Item 5.A, the management fee for Clients is paid quarterly in arrears. Upon termination of an advisory agreement, the final invoice for Clients will be based on the prorated fees calculated daily since the previous invoice or as agreed to in the investment management agreement.

E. Additional Compensation and Conflicts of Interest Neither EdgePoint nor any of its supervised persons accepts compensation (e.g. brokerage commissions) for the sale of securities or other investment products.

A. Methods of Analysis

Proprietary insights We strive to develop proprietary insights around businesses we understand. We focus on companies with strong competitive positions, defendable barriers to entry and long-term growth prospects that are run by competent management teams. These holdings generally reflect our views looking out more than five years. We firmly believe that focusing on longer periods enables us to develop proprietary views not reflected in the current stock price. Our approach is deceptively simple. We buy good, undervalued businesses and hold them until the market fully recognizes their potential. Following this approach requires an ability to think independently, a natural curiosity necessary to search out new ideas and a commitment to embrace the thorough research required to uncover opportunities the market does not fully appreciate. We do the research you would expect us to do. We often follow a company for years before investing. We study financial statements, interact regularly with different levels of the company’s management team, perform competitive industry analysis, attend industry-specific conferences, consult with industry experts, and read volumes of information about the company, its competitors, and the industry in which it competes. At times, we are able to connect various pieces of such information into an idea generally not understood by others.

Primary research We have no formulaic approach to generating ideas and simply follow a continuous process of gathering facts and applying reasoning to those facts. Studying the businesses and the competitors often leads to new investment ideas. We do not engage in technical or quantitative analysis. Quantitative screening tools produce large lists of businesses that we must then spend time on in an effort to determine what, if any,

problems exist in a business to make it appear attractively valued. This is contrary to our approach, which is to come up with what we believe might be a proprietary insight about a business and then to work to determine why we might be wrong. We use no valuation parameters or valuation screens to define our investment universe. We maintain a substantial database of companies we have researched and are continually adding to it. At any given time, each portfolio manager may have on average 100 companies that they are monitoring for potential future inclusion for a Client. Their lists of potential candidates are not static.

Diversification by business idea Our C lient portfolios are constructed on a company-by-company, bottom-up basis. Rigorous fundamental research is performed on each security. The managers reduce portfolio risk by diversifying the portfolio by business idea. For example, if the managers invest in an airline, this does not mean that they like the airline business generally and will buy several companies in this sector. Rather, they see an investment opportunity in that particular company. Additionally, they take care not to overweight a Client’s portfolio with similar businesses.

Sell discipline We generally sell a security for one of two reasons. First, if our investment thesis about the business is deemed no longer valid. Second, there is a constant culling process whereby we continuously strive to upgrade the quality of our Client’s portfolio with better ideas. For example, if one of our ideas becomes well recognized and this is reflected in the investment’s share price, we remove it in favour of a more attractive opportunity.

Risks We believe the greatest mechanism to risk control is our investment approach. Having fewer holdings allows for more in-depth knowledge about each company. A thorough understanding of each company is a key element in reducing an investment’s potential risk. Our Client portfolios are built one name at a time and are diversified by business idea, meaning every attempt is made to avoid obvious and non-obvious correlations between names. Each investment is based on a well-researched proprietary idea. Our portfolio managers go to great lengths to ensure the collection of businesses is not based on the same or similar ideas. They look for both obvious correlations, including a business’s competitive landscape, and nonobvious correlations, such as to oil prices or global deflation. As such, the success of our investments is not dependent on one idea or market event.

B. Investment Risks Investing in securities involves risk of loss that Clients should be prepared to bear. Below are some of the risks that Clients should consider before investing in a separately managed account offered by EdgePoint. Any or all such risks could materially and adversely affect investment performance, the value of an account, and could cause a Client to lose their entire investment. If the client has borrowed money to invest, the market value of the invested assets could decline and be less than the principal amount of the loan. Clients are encouraged to read all of the governing documents to fully understand the investment opportunities and various risks. Please see additional risks below.

Climate change risk Companies may face the potential direct impact of more frequent and more intense extreme weather events, as well as the potential indirect impact of any related supply chain disruptions. The exposure of EdgePoint’s portfolio investments to climate change risk also arises from the movement toward a lowemission economy, which may result in increased reputational, market, regulatory, policy, legal and technology-related risks. Investments in carbon-intensive industries and in other markets which are dependent on such industries may be more exposed to such transitional risks as a result of significant changes in customer perceptions and preferences, the increasing cost of carbon emissions and competition from renewable energy.

Concentration risk A Client’s portfolio may be concentrated in securities of a small number of issuers. The result is the securities in which it invests may not be diversified across many sectors or they may be concentrated in specific regions or countries. It may also have a significant portion invested in the securities of a single issuer. A relatively high concentration of assets in a single or small number of investments may reduce the portfolio’s diversification and liquidity.

Liquidity Investors often describe the speed and ease with which an asset can be sold and converted into cash as its liquidity. Most of the securities invested in the account can usually be sold promptly and therefore can be described as relatively liquid. But a portfolio may also invest in securities that are illiquid, which means they cannot be sold quickly or easily. Securities could be illiquid due to a number of factors:

size of the company; few shares outstanding; legal restrictions; the nature of the investment; settlement terms; the impact of political or economic events; or other reasons.

The liquidity of a security may also be affected in the event that an officer or director of the firm is a director of an entity as this may restrict the ability to engage in transactions with respect to such security. Difficult selling a security can result in a decline in value or incur extra costs. In addition, illiquid securities may be more difficult to value accurately and may experience larger price changes. This can cause greater fluctuations in a portfolio’s value.

Market disruptions Natural disasters, epidemic and pandemic outbreaks, public health emergencies, war, occupation, terrorism, economic sanctions, tariffs, and related geopolitical risks may lead to increased market volatility and may have adverse effects on world economies and markets generally. Those events could also have an acute effect on individual issuers or related groups of issuers and can adversely affect securities and financial markets, inflation and other factors. These market conditions and volatility or illiquidity in capital markets may also adversely affect the prospects of a portfolio and the value.

Regulatory risk Some industries, such as financial services, health care, and telecommunications are heavily regulated and may receive government funding. Investments in these sectors may be substantially affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding. The value of a portfolio that buys these investments may rise and fall substantially due to changes in these factors.

Artificial Intelligence Risk Artificial Intelligence (“AI”) is used as an umbrella term that encompasses a broad spectrum of different technologies and applications, and its usage has expanded greatly in recent years. EdgePoint defines AI as computer systems able to perform tasks that normally require human intelligence, such as learning, problem-solving, understanding natural language, and pattern recognition. As part of our investment management process EdgePoint uses AI as part of its research process and to create efficiencies related to its operations, information technology, and other business requirements. When relying on AI there are certain risks involved, including data quality, copyright and trade secret violations, confidentiality breaches, unauthorized access or malware risks, insider trading, breach of contract, cybersecurity, and privacy law violations. Data inputs and outputs are assessed and evaluated for data integrity with a Human-in-the-loop (HITL), however, there is no assurance of accuracy in the AI logic process.

Cybersecurity Risk The increased use of technologies to conduct business increases operational, information security, AI usage, and related risks. Cyber incidents can result from deliberate attacks or unintentional events and include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or for purposes of causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cybersecurity failures or breaches by issuers of securities or the exchanges on which they are traded, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with or impediments to trading, the inability to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

Environmental, Social, and Governance (ESG) risk While we strive to consider Environmental, Social, and Governance (“ESG”) factors as part of our investment selection process, there is no assurance that all ESG issues will be identified or ESG policies are successfully implemented. The consideration of ESG factors in the investment process may be subjective and not subject to uniform standards; as such, accurate assessment, and measurement of ESG risks cannot be guaranteed. The consideration of ESG criteria may affect investment performance, and, as such, portfolios may perform differently compared to similar portfolios that do not use such criteria. Additionally, it should not be assumed that any ESG practices or standards will apply to every investment the portfolios hold. In addition, in evaluating each investment, the information and data obtained to assess ESG issues may be incomplete, inaccurate, or unavailable, which could affect the analysis of the ESG issues relevant to a particular investment. Applying ESG criteria to investment decisions is subjective by nature, and there is no guarantee that the criteria and judgment exercised will reflect the beliefs or values of any particular investor. ESG standards differ by region and industry, and a company’s ESG practices may change over time.

C. Material Risks Associated with Particular Securities

Asset‐backed securities and mortgage‐backed securities risk Asset‐backed securities are interests in pools of consumer or business loans. Mortgage‐backed securities are interests in pools of residential or commercial mortgage loans. If there are changes in the market’s perception of the issuers of these types of securities, or in the creditworthiness of the parties involved, then the value of the asset‐backed securities or mortgage‐backed securities may be affected. In the case of mortgage‐backed securities, there is also a risk that there may be a drop in the interest rates charged on mortgages, a mortgagor may default in its obligations under a mortgage or, there may be a drop in the value of the property secured by the mortgage. In the case of asset‐backed securities, there is an additional risk associated with the assets underlying such securities, where a drop in the value of the underlying assets (e.g., receivables or other financial assets or interests) may also result in a drop in the value of the asset‐ backed securities.

Currency risk When a portfolio invests in foreign securities, they are purchased with foreign currencies that fluctuate in value. While a portfolio can benefit from changes in exchange rates, an unfavourable move may reduce, or even eliminate, any return on a foreign investment. Exchange rates may move independently of the securities markets in a particular country and, as a result, gains and losses in securities may be affected by changes in exchange rates.

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EdgePoint provides discretionary investment management services to U.S. institutional investors (foundations, endowments, pension portfolios). The minimum account size is typically US$100 million for a separately managed account. At its discretion, EdgePoint may waive this requirement.

EdgePoint currently does not have any performance fees. However, EdgePoint may enter into a performance fee arrangement with a separately managed account Client. This arrangement provides for a base asset management fee payable quarterly in arrears, plus a performance fee payable annually in arrears. EdgePoint could manage accounts for Clients and Non-US Clients that charge a performance-based fee and accounts for Clients and Non-US Clients that charge a flat, asset-based fee simultaneously. A conflict of

interest exists when an employee is responsible for both the above accounts. EdgePoint has a financial incentive to favour accounts with performance fees and an incentive to allocate trades in favour of such accounts. EdgePoint’s policy is to maintain the highest standards of service for its Clients and Non-US Clients. Employees, officers and directors are required to acknowledge the Code of Ethics annually. In the event of a potential conflict situation, EdgePoint will ensure that prompt action is taken to address and resolve the issue in a prudent manner. EdgePoint’s Compliance department is responsible for maintaining and enforcing a comprehensive set of policies and procedures designed to address a variety of conflicts that arise from managing multiple accounts on a side-by-side basis, including, without limitation, conflicts that arise from the purchase or sale of the same securities for more than one client and transactions between clients. Please see the responses to Items 11 and 12 regarding EdgePoint’s allocation of investment opportunities policy and brokerage practices.

A. Broker-Dealer Registration Status A registered investment adviser is required to disclose whether it or any of its management persons are registered, or have an application pending to register, as a (A) broker-dealer or a registered representative of a broker-dealer. Neither EdgePoint, EdgePoint Wealth or Cymbria Corporation are registered as such or have any application for such registration pending.

B. Futures Commission Merchant, Commodity Pool Operator, or Commodity Trading Adviser Registration Status EdgePoint nor any of its management persons is a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities.

C. Material Relationships or Arrangements with Certain Related Persons EdgePoint is affiliated with EdgePoint Wealth, an investment fund manager registered with the Ontario Securities Commission in Canada. EdgePoint is also affiliated with Cymbria, a corporation established under the laws of the Province of Ontario. EdgePoint acts as the investment advisor to Cymbria. For a description of material conflicts of interest as well as a description of how such conflicts are addressed, please see Item 11 below.

D. Material Relationships or Arrangements with Certain Related Advisors EdgePoint does not recommend or select other investment advisers for its Clients.

Personal Trading A. Code of Ethics We understand that fundamental to the fair treatment of investors is ensuring high standards of integrity and ethical business conduct. EdgePoint’s Code of Ethics outlines standards of business conduct as it relates to our obligations to our clients as well as compliance with the law. It is intended to prevent possible conflicts of interest, appearances of impropriety and has established policies and procedures on topics such as confidentiality and privacy, personal trading, conflicts of interest etc. Each employee is bound by EdgePoint’s Code of Ethics which they must sign at time of hire and annually must confirm adherence to the policy. A copy of the Code of Ethics is available upon request.

1.

Purpose of the code The purpose of this Code of Ethics is to set forth the policies and procedures related to the business conduct of EdgePoint. Application Fundamental to the fair treatment of investors is that the highest standards of integrity and ethical business conduct be maintained. This can only be achieved by EdgePoint’s employees, officers, and directors adhering to the highest principles of conduct in the discharge of their duties. Breach of code Failure to comply with the Code may be grounds for a warning, revision of responsibilities, suspension, or dismissal without further notice, depending on the circumstances. Failure to comply with certain sections of this Code may also be a violation of securities law and may be punishable accordingly. All employees, officers, and directors have a duty to report any contravention of this Code that comes to their notice, and to co-operate in the investigation of possible breaches of this Code. Annual confirmation Each employee, officer and director will be asked to confirm, either electronically or by signing a copy of this Code, that they have read through the policy and will abide by the EdgePoint’s Code of Ethics.

2.

Standards Obligations to clients EdgePoint’s policy is to maintain the highest standards of service for its clients. EdgePoint has a fiduciary duty to its clients to act honestly, in good faith and in the best interests of our clients and to exercise the degree of care, diligence and skill that a reasonably prudent manager would exercise in the circumstances. This standard of care extends to the service provided by all employees, officers and directors in each facet of our business operations. Obligations to comply with the law EdgePoint and its employees, officers and directors of EdgePoint are required to comply with all laws applicable to the business operations including the U.S. Securities and Exchange Commission laws, provincial securities laws governing the provision of investment advisory services, insider trading and reporting of insider transactions. Duty to know applicable securities law Each employee, officer, and director has a duty to know, understand and comply with securities and other legislation applicable of their duties and responsibilities.

3.

Confidentiality and privacy Ensuring client privacy In the course of conducting its business, EdgePoint must obtain and use certain personal information relating to clients. To ensure the privacy of its clients, EdgePoint will conduct its business in accordance with the principles listed below.

Confidentiality Personal information that is collected and retained will be considered to be confidential, and proper safeguards will be employed to protect that confidentiality. Accuracy of information Every reasonable effort will be made to ensure that personal information collected, used, retained or disclosed is accurate, relevant, timely and complete. A client will be encouraged to correct, clarify or update personal information in a timely fashion. Release of confidential information Without the client’s express written consent, EdgePoint, its employees, licensed representatives, officers or directors will not permit inappropriate access to, or disclosure of a client’s personal information to any person, except as may be required by legal process, or statutory authorities. 4.

Personal trading EdgePoint requires all employees to adhere to its personal trading policy to help ensure no employees, spouses or partners of employees, or individuals living in the same household violate any securities laws by trading on information that they had access to by way of their position at EdgePoint. The policy provides for restrictions on the purchase of individual securities by employees, their spouses or partners, individuals living in the same household and accounts over which they have control. Employees who are considered an “Access Person” are required to deliver quarter-end statements for all investment accounts which have the ability to own individual securities. As part of the Code of Ethics, employees must review and adhere to EdgePoint’s personal trading policy.

5.

Conflicts of interest When faced with a conflict or a perceived conflict with respect to services provided to one of EdgePoint’s accounts or to an investor in an account, it should be reported to the Chief Compliance Officer (“CCO”). Personal conflicts of interest Employees, officers and directors must avoid any situation in which their personal interests conflict or appear to conflict with their duties at EdgePoint. Conflicts of interest may arise in a number of ways and include, but are not limited to, the following categories:

A personal interest in a proposed business transaction involving EdgePoint or in a business activity also conducted by EdgePoint; Shareholdings in excess of 5% in any public company in which EdgePoint or its Clients owns securities; Use of EdgePoint’s name in connection with outside political, charitable or other business activities; An interest in the business of a supplier, contractor, customer, competitor or other company in which EdgePoint has an investment.

Disclosure It is important that disclosure of potential conflicts of interest takes place immediately after becoming aware that there is a potential conflict. Conflicts of interests should be disclosed to the CCO. An individual employee is encouraged to bring a matter that is a conflict of interest directly to the CCO if

they do not feel comfortable going to their direct supervisor. 6.

Workplace Violence and Harassment Policy EdgePoint is committed to providing a safe and healthy working environment in which all individuals are treated with respect and dignity in accordance with the Ontario Human Rights Code. Consistent with the Human Rights Code, employees must contribute to an environment free of discrimination and harassment based on race, ancestry, place of origin, colour, ethnic origin, citizenship, creed, sex, sexual orientation, gender identity, gender expression, age, record of offences, marital status, family status or disability. EdgePoint strictly prohibits discrimination and harassment on such grounds. EdgePoint also strictly prohibits workplace violence, harassment, and sexual harassment. Both the Occupational Health and Safety Act and our Workplace Violence and Harassment Policy provide clear definitions of those forms of misconduct. Our Policy also sets clear expectations as to how employees and managers should respond to such misconduct when it occurs, how the Firm will investigate it, and remedies that the Firm will take when allegations of misconduct prove to be true. All employees must familiarize themselves with the Policy.

7.

Insider Trading Policy EdgePoint forbids any employee from trading, either personally or on behalf of others (including any of its accounts), on material non-public information (“MNPI”) or communicating MNPI to others. This conduct is frequently referred to as insider trading. MNPI is defined as any information that has not yet been made public (i.e., disseminated in a manner that makes said information generally available to investors). Once known and acted upon, this MNPI may have a positive or negative effect on the price of a given security (debt or equity) or might influence an investment decision of a reasonable investor. Trading on or communicating, other than to persons with a need to know, MNPI, or inside information, whether obtained in the course of research activities, through an investor relationship or otherwise, is strictly prohibited. Improper influencing, or the attempt to influence, securities markets is prohibited. Prohibited activities include, but are not limited to: “front running” or “scalping”, “high closing”, etc. Conspiring with others to accomplish a prohibited activity is also a violation of this policy.

8.

Gift and Entertainment Policy EdgePoint’s Gifts and Entertainment policy sets out guidelines that limit the acceptance of gifts and entertainment from business partners that include brokers, service providers and clients, that could compromise the independence or objectivity of the firm and/or its employees. While it is recognized that conducting business involves some modest exchange of gifts and business-related entertainment, the value of such gifts and entertainment must not create a real or perceived conflict of interest and must not impair the independence or objectivity of the recipient. Gifts and entertainment can neither be received nor given by an employee if they are considered to be frequent, excessive or extravagant.

9.

U.S. Political Donations (Pay to Play) Policy EdgePoint does not allow employees to make political contributions (either indirect or direct) to politicians, government bodies, representatives and political action committees associated with any state and/or municipal levels of government in the United States. Examples of indirect contributions include buying tickets for a U.S. state or municipal level political

fundraiser or other similar type of event as well as paying third party consultants to solicit U.S. politicians who are involved with state and municipal level offices. This prohibition is in place to comply with the U.S. Pay to Play rules under Rule 206(4)-5 of the SEC’s Advisers Act. 10. Anti-Corruption Policy EdgePoint employees are prohibited from making or offering to make corrupt payments of money or anything of value to government officials, political parties or political candidates that are designed to influence sales, obtain favourable business arrangements or other improper advantages. Types of prohibited payments include, but are not limited to, bribes, kickbacks or other inducements. 11. Disclosure of Directorships and Outside Business Activities Policy EdgePoint permits its employees to participate in outside business activities (OBA) as long as they do not create an actual or potential conflict of interest, nor do they interfere with the individual’s duties at EdgePoint. Certain activities require prior approval by the CCO. Generally, OBAs should not:

Significantly encroach on time or attention employees devote to their duties;

Adversely affect the quality of their work;

Compete with EdgePoint’s business activities;

Involve any significant use of EdgePoint’s equipment, facilities or supplies;

Imply EdgePoint’s sponsorship or support; or

Adversely affect the reputation of EdgePoint.

Employees of EdgePoint are not permitted to perform work or provide services for any competitor of EdgePoint or for any organization with which EdgePoint does business outside of the normal course of his or her employment with EdgePoint, without prior written approval from the CCO. Such activities could raise serious regulatory issues, including conflicts of interest and access to material non-public information. 12. Serving as an Outside Director or Officer Employees are urged to be cautious when considering service as an officer, general partner, or director of any external organization. However, from time to time and when deemed in the best interests of its investors, an employee of EdgePoint may participate on the board of a company as a director, subject to required approvals. EdgePoint must weigh the benefits to its investors of allowing its employee to serve as a director against the potential conflicts of interest associated with such a position. EdgePoint would generally only approve such activity if it has, or intends to have, a significant ownership stake in the company or where the potential benefits created by the directorship accruing to investors is material. Should participation as a director result in a material conflict of interest that can’t be appropriately managed, EdgePoint would not provide its approval. EdgePoint’s Corporate Board Participation policy identifies addresses the procedures relating to directorships incorporating current legislation. 13. Internet Use and Email Monitoring EdgePoint expects its employees to use its email and internet resources with the same integrity that is expected in areas of its business. EdgePoint monitors and archives electronic communications sent from and received into its internet and email systems. Procedures are described in EdgePoint’s Information Security policy.

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A. Factors Considered in Selecting or Recommending Broker-Dealers for Client Transactions EdgePoint considers the following factors, among others, when selecting or recommending brokerdealers for Client transactions and determining the reasonableness of their compensation. EdgePoint strives to treat all its clients in a fair manner and executes trades with the goal of obtaining prompt and efficient execution at the best obtainable price with payment of reasonable commissions in relation to the value of the brokerage service provided. We define best execution as the order execution process that will obtain the best possible result in terms of total consideration considering the following factors:

Price Size Costs Market impact Nature of the order Speed Likelihood of execution Likelihood of settlement

The relative importance of these factors will be determined by EdgePoint’s best execution process which

considers, amongst other things, the characteristics of the order, characteristics of the execution venue, instructions from the portfolio manager, etc.

Dealing venues/counterparties We assess dealing venues and counterparties to determine the most appropriate destination to achieve best execution. EdgePoint’s trading desk may utilize a cash desk or electronic crossing network platform or may work the order itself utilizing algorithmic tools or a cash desk depending on the nature of the order. While various factors impact the selection of execution venue, liquidity, price and nature of the order are important determinants.

Broker approved list EdgePoint has a process for the selection of brokers with whom it executes orders and these counterparties are monitored and assessed on an on-going basis, primarily for quality of trade execution. Trades are placed with approved counterparties who must first be approved by EdgePoint’s Chief Investment Officer (“CIO”). Criteria for inclusion include:

Financial strength and stability Regulated by a national regulatory authority Accurate and timely settlement and clearance of equity trades Ability to achieve best execution

In addition, any regulatory actions are also closely monitored and considered in the approval and monitoring process. While we consider the financial stability and strength of our counterparties, we view credit and settlement risk as generally low for over-the-counter equities done on an agency basis as there is a centralized clearing agency responsible for timely clearing and settlement of trades and trading. Equity trading brokers are monitored more formally on a quarterly basis at EdgePoint’s Trading Oversight and Investment Oversight meetings. Any brokers that do not meet the criteria outlined above, or where there are other concerns, are removed from the approved broker list.

Oversight As part of EdgePoint’s compliance framework, an internal trading oversight committee meets quarterly to ensure EdgePoint is achieving best execution for its clients by monitoring equity transactions, reviewing broker selection and trade-cost analysis reports that provides various performance metrics. EdgePoint's general policy in selecting a broker is to seek to obtain prompt and efficient execution at the best obtainable price with payment of reasonable commissions in relation to the value of the brokerage service provided. Broker issues are raised for discussion at EdgePoint’s Investment Oversight Committee meeting. EdgePoint must ensure it complies with its duties to deal fairly, honestly, and in good faith with its clients, to make reasonable efforts to achieve best execution and to appropriately manage (or, if necessary, avoid) any conflicts of interests. The use of client brokerage commissions must be carefully evaluated in light of these duties, including its fiduciary duties to its clients.

1) Research and Other Soft Dollar Benefits In selecting brokers or dealers to execute transactions, EdgePoint is not required to solicit competitive bids and does not have an obligation to seek the lowest available commission cost. EdgePoint may select a broker- dealer in recognition of the value of various services or products, beyond transaction execution,

that such broker-dealer provides where, considering all relevant factors, it believes the broker-dealer can provide best execution. The amount of compensation paid to such broker-dealer may be higher than what another, equally capable broker-dealer might charge. Selecting a broker-dealer in recognition of the provision of services or products other than transaction execution is known as paying for those services or products with “soft dollars.”. EdgePoint currently has soft dollar arrangements and may enter into other such arrangements in the future. EdgePoint uses soft dollars to pay for eligible research services. Research must be unique in nature, offer specific insights into an idea, represent more than a simple presentation of readily available facts and allow us to help formulate or refute our investment thesis and may include among other things, written information and analyses concerning specific securities, companies or sectors; market, financial and economic studies and forecasts; and financial publications. A determination is made to ensure that client brokerage commissions paid are reasonable in relation to the value of the research services received and eligible under section 28(e) of the Securities Exchange Act of 1934. Research services may be utilized by EdgePoint or its affiliates in connection with their other investment activities. To mitigate (potential) conflicts, EdgePoint conducts a best execution review as discussed in more detail above. Although customary, these arrangements present potential conflicts of interest in allocating securities transactional business to broker-dealers in exchange for soft dollar benefits, including an incentive to select a broker-dealer based on EdgePoint’s interest in receiving research or other products or services, rather than on the Clients’ interest in receiving the most favourable execution. Commission Sharing Arrangements (“CSAs”) may also be used to pay for research that meet the same criteria indicated above. EdgePoint has established CSAs with various brokers. The commission credits generated through CSA trading for EdgePoint client accounts with participating brokers are collected in a centralized account at an aggregator soft dollar administrator, which has established its own arrangements with participating brokers to facilitate CSAs, including the aggregator’s receipt of fees from the brokers. EdgePoint uses the commission credits to obtain research products and services provided by third parties directly to EdgePoint. EdgePoint has determined the use of such CSAs and the aggregator provides a cost-effective brokerage credit administration. Commission rates may be bundled to include both execution and research costs and may vary among clients.

2) Brokerage for Client Referrals EdgePoint does not use brokerage commissions to compensate brokers for Client referrals. EdgePoint is not permitted to direct its clients’ brokerage transactions and the related commission fees to a securities dealer in return for payment of things such as rent, furniture or for any other goods or services.

3) Directed Brokerage EdgePoint does not accept Client directed brokerage arrangements. EdgePoint has complete discretion in deciding what brokers and dealers the Clients will use and in negotiating the rates of the compensation the Clients will pay.

4) Trade Errors Occasionally a trade error may occur which results in a loss to our Client. An example of a trade error would include the purchase or sale of the wrong security, the purchase or sale of a security for the wrong account or the purchase or sale of the wrong quantity of a security. EdgePoint strives to detect trade errors prior to settlement and correct and/or mitigate them in an expeditious manner. To the extent an error is caused by a third party, such as a broker, EdgePoint will attempt to recover any losses from the third party. EdgePoint addresses trade errors in accordance with the procedures outlined in the investment

management agreement or other governing documents. Where such documents are silent, a de minimis threshold of C$1,000 applies.

B. Trade Aggregation EdgePoint recognizes the need for fairness in the allocation of investment opportunities among all of the accounts we manage. On occasions when purchases or sales of securities by a Client may also be considered for purchase or sale by another Client, the trades are allocated on a pro-rata basis, in proportion to the amount ordered to be purchased or sold by each Client as it relates to the total amount ordered. In countries with a minimum round lot, EdgePoint will attempt to round the pro-rata allocation to the nearest round lot.

A. Other Compensation EdgePoint does not receive any economic benefit, directly or indirectly, from any third party for advice it plans to render to Clients of EdgePoint.

B. Compensation to Non-Supervised Persons for Client Referrals EdgePoint currently does not have referral arrangements with third parties. However, EdgePoint may enter

into such arrangement, pursuant to which another entity refers clients to us for which we pay referral fees. The details of any such referral arrangements, including the parties to the referral arrangement, the manner in which the referral fee for referral services is calculated and the party to whom it is paid, are provided to the client in a separate document. All services resulting from a referral arrangement that involves a client account and that require registration under applicable securities legislation are provided by the entity receiving the referral. Prior to a prospective client being referred to EdgePoint, the arrangement must be first approved by EdgePoint’s Chief Compliance Officer and a written referral agreement must be established between EdgePoint and the referring party. The Chief Compliance Officer is responsible for documenting and approving any referral arrangements as well as recording all referral fees received.

Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to a client’s evaluation of the investment adviser or the integrity of its management. There are no legal or disciplinary events required to be disclosed under this item.

A. Frequency and Nature of Client Accounts or Financial Plans Client accounts are monitored regularly. We encourage our clients to meet at least annually to review the performance of their investments and will meet with them more frequently as required. Client investment reviews are conducted by a member of the U.S. Client Service team, who may be accompanied by a member of the Investment team.

B. Factors Prompting Review of Client Accounts Other than a Periodic Review Reviews may be triggered by changes in Client circumstances or changes in market outlook. Clients are responsible for keeping EdgePoint informed of any changes in their financial condition, investment objective or risk tolerance. Additionally, our compliance department reviews accounts periodically for consistency with the Investment Policy Statement. EdgePoint uses Charles River Investment Management Solutions as a compliance monitoring system. Rules and restrictions for each client account are entered into this system on the clients’ investment policy statement. The compliance functionality is reviewed by compliance and portfolio managers daily.

C. Content and Frequency of Account Reports to Clients EdgePoint will provide clients a written quarterly statement of account containing details about each transaction or activity conducted in their account during the time period covered by the statement information about each security held in the account, and the cash balance, if any, in the account at the end of the period covered by the statement. In addition, subject to the Client's custodial agreement, Clients will also receive monthly or quarterly account statements confirming account transactions, positions, and activity directly from their account custodian. Clients should carefully review these statements and should compare these statements to any account information provided by EdgePoint.

EdgePoint does not have custody of separately managed accounts. Clients that maintain separately managed accounts at EdgePoint will select their own qualified custodian. Account custodians will send statements directly to the Clients on a monthly or quarterly basis. Clients should carefully review these statements and should compare these statements to account information provided by EdgePoint. Separately managed accounts’ cash balances will be reconciled daily with the custodian; assets and positions are reconciled to the custodian on a monthly basis. This function is independent of the trading desk and any differences in either cash or positions are reviewed and investigated with the custodian.

Written investment management agreements will grant EdgePoint discretionary authority which includes the ability to determine the type and amount of securities to be purchased or sold for Clients. In all of such cases, EdgePoint exercises such discretion in a manner consistent with the stated investment objectives for the particular Client account. In rare circumstances, Clients may provide specific limitations to EdgePoint relating to certain transactions, provided such limitations do not conflict with the investment objectives or guidelines. EdgePoint may be limited in the type or quantity of securities purchased or held due to certain regulatory, internal compliance restrictions or client-specific investment guidelines and restrictions.

A. Proxy Voting EdgePoint takes reasonable steps to ensure that proxies are received and voted in accordance with the best interests of its Clients, which generally means voting proxies with a view to enhancing long-term shareholder value and consistent with responsible corporate governance practices. The financial interest of the Clients is the primary consideration in determining how proxies should be voted. Clients may notify us in writing if they do not want us to vote proxies on their behalf. With limited exceptions, Clients may direct EdgePoint to vote proxies in a particular situation. We have formal proxy voting guidelines and regularly report how we vote our proxies. In general, EdgePoint will vote proxies in accordance with company management’s recommendation. However, if it is deemed in the best interest of the Client(s) to vote against management’s recommendation, the portfolio manager responsible for the proxy voting decision will discuss with EdgePoint’s CIO and, if applicable, the CCO, the merits of such decision by consulting all relevant information.

To complement its research efforts, EdgePoint subscribes to services that provide Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., leading providers of corporate governance and responsible investment solutions. It leverages their services for proxy research and vote recommendations however the ultimate decision is made by EdgePoint’s Investment team. The rationale for such decision is documented and the CIO and ESG Oversight team is kept informed. If in disagreement, they may challenge the decision. EdgePoint is sensitive to conflicts of interest that may arise in the proxy decision making process. This may occur when:

Proxy votes regarding non-routine matters are solicited by an issuer who has a separate institutional account relationship with EdgePoint; EdgePoint has material business relationships with participants in proxy contests, corporate directors or director candidates;

An employee has a material personal interest in the outcome of a particular matter before shareholders. EdgePoint is committed to resolving all conflicts in the Client’s best interests. EdgePoint has developed policies and procedures to serve the best interests of its clients, and accordingly, will generally vote pursuant to its proxy voting guidelines when conflicts of interest arise. When a conflict or potential conflict of interest does exist, proxies are voted based on the investment considerations and investment merits of the security, without regard to any business relationship that may exist.

B. Class Actions EdgePoint generally does not submit claims on behalf of SMAs but may do so as required by the investment management agreement (“IMA). EdgePoint is kept informed of settlements by the accounts’ custodian. The custodian monitors for settlements and then runs the parameters of those settlements against its client holdings to determine eligibility. Per the Client’s IMA, EdgePoint may be authorized to direct Client participation in any class action litigation through which it may be entitled to any recovered funds or other remedy. EdgePoint may engage a third party to assist in determining whether the Client should (a) participate in the recovery sought by a class action or (b) opt out of the class action and separately pursue its own remedy. For its services to the Client, the third party receives a percentage of the Client’s recovery less certain costs associated with its services. EdgePoint would oversee the submission of the proof of claim forms and any other documents to the claim administrator and the receipt of any recovered funds on behalf of the Client. EdgePoint would maintain any documents associated with the Client’s participation in any class action litigation. Upon request, we will provide clients with a Proxy Voting Report, a copy of our Proxy Voting Guidelines, and a copy of our Class Actions Policy.

EdgePoint does not solicit prepayment of client fees more than six months in advance. There are no financial commitments that would impair its ability to meet contractual and fiduciary commitments to clients, nor has it ever been the subject of a bankruptcy proceeding.