Van Berkom & Associates Inc.

Established in 1991, led and controlled by J. Sebastian van Berkom between 1991 and 2026, and majority controlled since April 1, 2026 by Mathieu Sirois, Chief Executive Officer, President and Senior Portfolio Manager, U.S. Small-Cap Equities, VBA is an SECregistered investment advisor located in Montreal, Quebec, Canada. Federally incorporated in Canada, VBA is also registered with the ten provincial Securities Commissions as Portfolio Manager and Exempt Market Dealer, as well as Investment Fund Manager where required. The firm manages small-cap and small-mid cap stock portfolios for large Canadian and U.S. pension funds, corporations, foundations and highnet worth clients on a segregated basis. The firm specializes in managing portfolios of U.S., Canadian and Global Small-Cap Equities. VBA looks for companies with strong management with a significant ownership position, several years of consistent growth in revenues and earnings, strong ROIC and free cash flow, competitive advantage, a clearly defined strategy for long-term growth and conservative accounting methods. VBA also attempts to identify companies with an important franchise, a significant market share, a global reach and a unique product or service. VBA’s research process focuses on fundamental analysis. Most of our research efforts are focused on the identification and analysis of individual companies that are prepared for the economic and secular trends of the future. VBA emphasizes bottom-up analysis to identify high-quality and undervalued companies. All services are provided pursuant to a written agreement setting forth the terms and conditions of services rendered. Each client’s portfolio is managed in a manner consistent with the Investment Management Agreement and with the Investment Policy agreed upon. Since all of VBA’s clients have similar investment objectives and constraints, all of its client portfolios are managed in a similar way. Each individual Investment Policy or Investment Management Agreement contains a list of prohibited investments and a list of the types of securities permitted. As part of its goal to increase the company's assets and profitability by emphasizing business development in Canada, VBA extended its small-cap investment offerings by launching the Van Berkom Pooled Funds (“Van Berkom Funds”): -

The Van Berkom Global Small Cap Fund launched on July 29, 2022 The Van Berkom Canadian Small Cap Fund launched on April 30, 2024 The Van Berkom U.S. Small-Mid Cap Fund launched on September 1, 2024 The Van Berkom International Small Cap Fund launched on September 1, 2024 The Van Berkom U.S. Small Cap Fund launched on February 28, 2025

One fund for each of VBA’s strategies. Canadian Clients then have the choice between segregated account management or pooled fund management, with the exception of the International Small Cap strategy which is only offered via pooled fund management. VBA is the investment fund manager and investment advisor of the Van Berkom Funds. Investors in the Van Berkom Funds are not considered clients of VBA as they cannot direct the investment strategy or impose investment restrictions.

As of July 31, 2026, VBA’s total assets under management are US$3.423 billion brokendown as follows: the U.S. Small-Cap Equities Product total assets under management are US$3.064 billion, the U.S. Small-Mid Cap Equities Product total assets under management are US$0.051 billion, the Canadian Small-Cap Equities total assets under management are US$0.188 billion, the Global Small-Cap Equities total assets under management are US$0.115 billion, and the International Small-Cap total assets under management are US$5.377 million. These are all considered discretionary assets.

Segregated account management VBA’s published fee schedule is as follows: U.S. Small-Cap Equities: 1% of Asset Value of each account U.S. Small-Mid Cap Equities: 1% of Asset Value of each account Canadian Small-Cap Equities: 0.70% of Asset Value of each account Global Small-Cap Equities: 0.95% of Asset Value of each account This published fee schedule constitutes the firm’s standard fees. However, for large-sized accounts, VBA’s fees can be negotiable. In some instances, a large client may pay a negotiated fixed percentage of asset value or a negotiated sliding scale based on asset value. The firm also maintains a few relationships with clients which feature a performance-based fee structure (see Item 6), as these arrangements were requested by the clients upon entering into an agreement. Such investment management fees are assessed in arrears on a monthly or quarterly basis as stated in the firm’s contract with each client. VBA’s fees and costs are described in the investment management contract with each customer. VBA’s management fees do not include custody services or brokerage commissions to brokers on each purchase and sell decision executed by VBA on behalf of a client, as well as sales taxes where applicable. (Please refer to Item 12 for additional disclosure on our brokerage practices). Fees are invoiced to the client as stated in each Investment Management Agreement. In any partial calendar quarter, fees are pro-rated based on the number of days in which the account is opened during the quarter. Either the firm or the client may terminate this Agreement in writing within a specific number of days agreed upon. Pooled fund management In consideration of the services it provides to the Van Berkom Funds, VBA receives management fees expressed as an annual percentage of the Van Berkom Fund’s assets (the “Management Fees”) in respect of the Units of each of the Van Berkom Funds. The

Management Fees are either calculated and invoiced quarterly by VBA or calculated and deducted daily from the Van Berkom Funds’ assets, depending on the Unit Class. Fees and expenses regarding an investment in a Van Berkom Fund are set forth in the Van Berkom Funds’ offering memorandum. Canadian investors and prospective investors in the Van Berkom Funds must carefully review such document.

Loss Investment Philosophy VBA believes the best opportunity for investment success is found by investing in highquality, well-managed, but mispriced small-cap companies and holding them for the long term.

VBA believes that superior investment performance will be achieved by investing in smallcap companies whose returns on invested capital (ROIC) are better than average. One of the advantages of a small-cap company is that it has not reached its maturity and should be able to grow for many years. A growing company with a high ROIC is key for a good stock performance. We also like companies that are, or will be, strong generators of free cash flow and we avoid those with excessive debt burdens, since a good balance sheet is always the best protection against unforeseeable events. Our focus is primarily on finding quality companies that are leaders in their sectors of activities, have barriers to entry and competitive advantage. VBA also believes that corporate behavior with respect to environmental, social and governance (“ESG”) factors generally has a positive influence on long-term financial performance, recognizing that the relative importance of ESG factors varies across industries, geography and time. Investment process VBA’s research process emphasizes on fundamental bottom-up analysis to identify highquality and undervalued companies. VBA looks for companies with strong management with a significant ownership position, several years of consistent growth in revenues and earnings, strong ROIC and free cash flow, competitive advantage, a clearly defined strategy for long-term growth and conservative accounting methods. VBA undertakes an extensive and thorough research effort to identify stocks to be included in client portfolios. The firm’s investment professional’s goal, when conducting research on an investment candidate, is always to obtain an edge in his or her knowledge of the company, and to know it better than any other investor. Hence, the objective of this detailed analysis is to develop a full understanding of a candidate company’s financial picture and assess the quality of the firm’s operation. As “bottom up” practitioners, VBA’s investment professionals start the research process by reading a multitude of annual reports, by attending investment conferences and by meeting one-on-one with management teams. VBA’s investment professionals also like to perform stock screenings with predetermined criteria to ensure they cover all the companies that could be a potential investment. The investment team meets regularly to discuss its findings, choose the companies with the best potential, and do more research by talking extensively with management to make certain it understands the company’s game plan and how management is going to create shareholder value over the long term. The investment team will also build a model with a five- to ten-year forecast and perform a conservative discount cash flow analysis. If VBA’s team thinks that management can execute its plans and that the stock is trading below its intrinsic value, VBA will take an initial position in the company. The key investment criteria that VBA seeks are: •

A company of adequate size (a market capitalization) of: o U.S. Small-Cap: less than 0.023% of the S&P 500 Index

o o o o

U.S. Small-Mid Cap: less than 0.065% of the S&P 500 Index Canada Small-Cap: less than 0.2% of the S&P/TSX Index Global Small-Cap: less than 0.029% of the MSCI ACWI Index International Small-Cap: less than 0.029% of the MSCI ACWI Index

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A company with an above average ROIC;

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A company that is, or will be, a strong generator of free cash flow that is growing;

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A company whose management has integrity, strong skills, and who is working diligently to create shareholder value;

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A company with sustainable competitive advantage;

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A company that is well financed for its type of business, and whose accounting standards are of the highest quality;

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A company trading below its intrinsic value.

Risk of Loss Investing in small-cap equities involves the risk of loss that clients should be prepared to bear. An investment in small-cap companies can be of higher risk than investments in larger companies especially over a shorter-term horizon. Higher operational risks in small-cap investing may include product obsolescence, market reach and, limited resources, both financial and human. Companies with small capitalization may not have a well-developed or liquid market for their securities. Therefore, these securities may be more difficult to trade, making their prices more volatile than securities of companies with larger market capitalization. The trading of securities that is part of our investment strategy involves transaction costs, including brokerage commissions that can reduce long-term returns.

VBA manages small-cap and small-mid cap stock portfolios mainly for large Canadian and U.S. pension funds, corporations, foundations and high-net worth clients on a segregated basis, and for the Van Berkom Pooled Funds. The firm specializes in managing portfolios of U.S., Canadian and Global Small-Cap Equities. VBA’s minimum account size for a segregated account is $5 million of assets or $50,000 annual management fees.

In a few rare instances, VBA has agreed to performance-based fee structures as requested and pursued by its clients. Such performance-based fee structures are a combination of a base fee invoiced monthly or quarterly in arrears and based on the percentage of asset value, and a performance-based fee component. Under this performance-based feature, an incentive fee may be earned, which shall be calculated annually on a look-back basis for the measurement period as defined in the Investment Management Agreement. With respect to each Measurement Period, the Investment Manager shall be eligible to earn a Performance-Based Fee described in the investment management contract. VBA manages side-by-side accounts that are charged a performance-based fee and a fixed fee based on Asset Value. As all of its clients have similar investment objectives and constraints, VBA manages performance-based fee accounts and its accounts based on a fixed fee schedule in a similar way. Therefore, this situation does not lend itself to any potential conflicts of interest.

VBA owns 35.24% of Van Berkom Golden Dragon Limited (“VBGD”). VBGD, founded by J. Sebastian van Berkom, was incorporated in Hong Kong in 2012 to provide an Asian Small Cap Equities product to professional investors, and is registered with the Securities and Futures Commission with a Type 9 license. As the Investment Fund Manager of the Van Berkom Funds, VBA is associated with its own funds. This relationship does not create any material conflicts of interest with Clients. The Van Berkom Funds are considered equally to another clients. Portfolio managers strictly follow the objectives and guidelines set out in the Investments Policies for each product. Please see the brochure supplement (Part 2B) for further information related to the firm’s Chief Executive Officer and President.

Transactions and Personal Trading As required by Rule 204A-1 of the U.S. Investment Advisers Act of 1940, VBA has adopted a Code of Ethics that sets forth the basic policies of ethical conduct for each manager, officer, and employee of the firm. The Code of Ethics describes the firm's fiduciary duties and obligations to clients, and sets forth the firm’s practice of supervising the personal securities transactions of employees who maintain access to client information. VBA collects and maintains records of securities and transactions made by employees. The firm reviews the personal trading practices of its employees to identify and to resolve any potential or realized conflicts of interest. VBA’s Conflicts of Interest Policy, amongst other items, describes the procedures as it relates to personal trading and how the firm addresses any conflict of interest that may arise in connection with such activity. VBA’s Conflicts of Interest Policy is distributed to all of its customers and is available upon request. A copy of the Code of Ethics Policy will be provided to any client or prospective client upon request.

VBA’s portfolio managers and equity traders meet periodically to determine the percentage of total Canadian, U.S., Global and International commission dollars to be allocated to stock brokerage firms. These budgets are then used for commission allocation. VBA selects and allocates broker commissions based on the quality of its trading execution on specific stocks, for the quality and depth of research on each stock and its industry, for the quality of coverage from the sales person, for access to companies

through management meetings held at VBA’s office or at the brokers’ sponsored conferences. Each equity team formally reviews allocation of commissions to brokers twice a year and the respective Lead Portfolio Managers are responsible to keep and to maintain appropriate records. VBA follows a policy of obtaining research products and services in exchange for brokerage business which is known as “soft dollar’’ trades. This policy is available in VBA’s Compliance Manual and serves as a guideline to VBA’s portfolio managers in their decisions to engage in specific “soft dollar” activities. VBA receives a benefit from such “soft dollar’’ arrangements in the form of research, tools and systems that are not produced or paid for by VBA, and that are used to conduct research and manage the firm’s clients’ portfolios. Each year VBA must disclose all “soft dollar’’ benefits to its clients, including the total “soft dollar’’ credits and the different categories of benefits (products and services) received from such arrangements. For VBA, “soft dollar’’ benefits include subscriptions to Capital IQ, Bloomberg and Thomson Reuters for research and trading, portfolio management, industry analytics and tools for account management and research. Since VBA only enters into “soft dollar’’ arrangements for categories of products and services that directly benefit its research efforts, its portfolio management activities, and its ability to service clients, VBA believes that such arrangements are consistent with its clients’ best long-term interests, as it does not sacrifice on trading execution to obtain such benefits that are instrumental in its ability to conduct thorough research on small-cap companies. VBA does not pay higher commissions or mark-ups for “soft dollar’’ benefits than those charged by other broker/dealers. All of the firm’s clients pay for such “soft dollar’’ benefits and, therefore, VBA uses such arrangements to service all of its clients’ accounts. All of the firm’s clients get the same benefits from the “soft dollar’’ arrangements. “Soft dollar’’ credits are part of VBA’s periodic commission allocation to brokers. Block and IPO transactions are allocated by account on a pro-rata basis, according to the trade ticket calculated, unless specific clients’ constraints apply. When possible, VBA will seek to aggregate trades across clients’ accounts in an effort to obtain a more favorable price and execution. VBA does not engage in the practice of directed brokerage from clients.

VBA has entered into an agreement on January 12, 2024, with Genesis Marketing Group, Inc. (“Genesis”), an Illinois corporation, for Genesis to refer prospective United States clients to VBA. Genesis is an independent contractor of VBA and acts as VBA’s exclusive third-party marketing organization for the U.S. market. Genesis is paid a fixed percentage of VBA’s negotiated fee schedule with each client that it has referred to VBA during the term of the agreement and who is domiciled in the U.S.

Rule 206(4)-4 of the U.S. Investment Advisers Act of 1940 requires investment advisers to provide clients with disclosure as to any legal or disciplinary activities deemed material to the client’s evaluation of the adviser. Please note, neither the firm nor its personnel have any disciplinary, regulatory, criminal, civil, or otherwise reportable history at this time.

At least annually, the clients’ files are reviewed and updated, as necessary, for accuracy and completeness. If client suitability information requires updating, the firm’s CEO, President and Lead Portfolio Managers are responsible for promptly ensuring that this

update occurs and that proper documentation pertaining to any changes in suitability data are documented in the clients’ files. Each month, clients receive the holdings, transactions and performance reports. Additionally, VBA publishes a review and outlook commentary quarterly. Typically and at least once a year, clients request a face-to-face meeting to discuss performance and validate the firm’s mandate with them.

VBA, as Investment Advisor, does not maintain possession or have physical custody of client funds or securities, all of which are held by unaffiliated qualified Custodians which are not Related Parties according to the Custody rules.

VBA manages all of its clients’ portfolios on a discretionary basis, therefore, VBA and its personnel must be conscious of the requirement that review and evaluation of investment recommendations and decisions on behalf of a client will at all times remain consistent with the strategies and guidelines that have generally or specifically been agreed to with those clients. Although VBA’s investment strategy is to apply a model portfolio to its respective divisional accounts, care must be taken to study and follow any particular guidelines agreed to with the client, including restrictions and constraints on securities to be included in the portfolio.

VBA has established a Proxy Policy based on important corporate governance issues considered by VBA. The issues are subdivided under seven headings: (1) Board Structure; (2) Executive Compensation; (3) Shareholder Rights; (4) Mergers &

Acquisitions; (5) Reporting, audit, and approval accounts; (6) Capital structuring and (7) Environmental and Social Factors. VBA will carefully consider other issues of corporate governance as they arise and will vote on such issues according to the general principles outlined in its Proxy Policy. VBA’s investment professionals vote each proxy according to the firm’s policy and in the best long-term interests of its beneficiaries. In certain circumstances, clients may choose to vote their securities, in which case, they receive the proxies directly from their custodian/transfer agent. In the case where VBA votes the clients’ securities, voting documents are received from the clients’ Custodian/Trustee and VBA votes the securities on behalf of the clients for which the firm receives a control number corresponding to the number of shares held by the various accounts. VBA receives a confirmation which is kept on file at the firm’s office. As stated in the Investment Management Agreement, each client determines if VBA will conduct the voting of securities on its behalf or if the client itself will vote the securities. A copy of the firm’s Proxy Policy is available for review upon request. In September 2019, VBA entered into a Proxy Voting Service Agreement with Glass Lewis & Co., LLC.

Pursuant to Rule 206(4)-4 of the U.S. Investment Advisers Act of 1940, investment advisers are required to disclose certain information about their business practices that might serve as material to the client’s decision in choosing an investment adviser. As of the date of this filing, VBA does not require the pre-payment of any fees or maintain any financial hardships or other conditions that might impair its ability to meet contractual obligations to clients.