APEX SUPPLEMENTARY PENSION PLAN

Notes to the Financial Statements

Year ended December 31, 2022

4. Investments (continued):

Global equity fund (T. Rowe Price Global Growth Equity Segregated Fund)

Manager - T. Rowe Price.

The fund's investment objective is to provide a long-term growth of portfolio with a value bias that invests primarily in common equities of large-cap companies located throughout the world. The fund conforms to a long-term investment horizon. The fund's investment in a single security is limited to 10% of the fund's total value. The asset mix of the underlying fund consists of approximately 55% of North American equities and 45% of international equities.

Global equity fund (Mawer Global Equity Segregated Fund)

Manager - Mawer Investment Management Ltd.

The fund's investment objective is to provide a well diversified portfolio with a value bias that invests primarily in equities of companies located in developed markets around the world. The fund conforms to a long-term investment horizon. The asset mix of the underlying fund consists of approximately 57% of North American equities, 39% of international equities and 4% of cash and cash equivalents.

Diversified growth fund (Schroder Diversified Growth Segregated Fund)

Manager - Schroder Investment Management North America Inc.

The Schroder Diversified Growth Fund (Canada) provides long-term capital appreciation through a flexible asset allocation approach to produce a diversified portfolio, with an emphasis on reducing downside risk and earning above the risk free rate. The objective is to generate long-term real returns comparable to equities but with a lower volatility than equities alone. The fund combines asset classes with different strategies and styles to achieve strong diversification. This includes various traditional and non-traditional assets. The fund’s portfolio is actively managed throughout each economic cycle to balance opportunity and risk. The asset mix of the fund consists of approximately 51% of fixed income instruments, 26% of international and U.S. equities, 22% of other investments such as derivatives and futures contracts and 1% of cash and cash equivalents.

Emerging markets equity fund (Sun Life Schroder Emerging Markets Equity Segregated Fund)

Manager - SLGI Asset Management Inc.

The fund's investment objective is to provide capital appreciation by investing primarily in equity securities of companies with a connection to emerging markets. With a balanced approach to investing in emerging markets, the fund’s manager uses a mix of top-down analysis and bottom-up stock selection, looking to derive 50% of the added value from country allocation and 50% from stock selection. The core investment process does not target any particular style bias and aims to outperform in most market environments.