APEX SUPPLEMENTARY PENSION PLAN

Notes to the Financial Statements

Year ended December 31, 2022

4. Investments:

The following table summarizes investments as at December 31:

Investments consist of pooled funds that are managed by third parties and administered by Sun Life Company. The fund name, manager and summary of each of the funds’ investment objectives and composition is as follows:

Long-term bond fund (TDAM Canadian Long Bond Index Segregated Fund)

Manager - TD Asset Management Inc.

The fund's investment objective is to provide performance similar to the performance of the FTSE Canada Long Bond Index. The fund intends to achieve its objective by investing primarily in Canadian issued bonds and debentures that are selected and weighted mathematically to approximate the overall risk and return characteristics of the FTSE Canada Long Bond Index. A large portion of the fund is invested in government and corporate bonds of maturity of more than ten years. Investments have a minimum "A" credit rating and are liquid allowing restructuring as expectations and relative values change.

Global equity low volatility fund (TDAM Low Volatility Global Equity Segregated Fund) Manager - TD Asset Management Inc.

The performance objective of the fund is to provide a better risk-adjusted return than the MSCI World ex-Canada Total Return Index. The fund invests primarily in securities which are included in the index, subject to investment restrictions of the fund. The portfolio is broadly diversified and invests in a large number of securities but is not expected to include all securities in the index. In order to meet the fund’s objectives, the asset mix is built with significantly different characteristics. As a result, the tracking error relative to the index is expected to be relatively high even though the standard deviation of return is expected to be materially less than that of the index. The asset allocation of the underlying fund consists of approximately 48% of U.S. equities and 52% of international equities.