APEX SUPPLEMENTARY PENSION PLAN

Notes to the Financial Statements

Year ended December 31, 2022

4. Investments (continued):

Real estate property fund (BentallGreenOak Prime Canadian Property Segregated Fund)

Manager - BGO Capital (Canada) Inc.

The fund's investment objective is to provide a stable income return with an emphasis on capital preservation and long-term growth that meets or exceeds the Consumer Price Index. The fund invests in a diversified portfolio of properties that are primarily income-producing; office, industrial, retail distribution and warehouse and multi-family residential properties with strong underlying cash flows located in major Canadian markets. Minimum investment threshold for a single real estate property is $5 million. The fund's investment in a single real estate property is limited to 10% of the fund's total value. Cash and short term investments are normally less than 10% of the market value of the total portfolio.

Global equity small cap (Invesco Global Small Cap Equity Segregated Fund)

Manager - Invesco Ltd.

The fund seeks to achieve capital growth over the long term by investing primarily in small capitalization companies anywhere in the world. Asset allocation strategy is based on a medium to long-term economic and bottom-up investment approach to security selection in each region. The focus is on small capitalization companies with high or improving returns at an attractive valuation in both developed and emerging markets. The fund targets to invests at least 80% of its non-cash assets in small capitalization companies. The geographical allocation of the fund consists of approximately 46% of North American equities, 53% of international equities and 1% cash and cash equivalents.

Real estate fund (BentallGreenOak Canadian Real Estate Plus Segregated Fund) Manager - BGO Capital (Canada) Inc.

The fund's investment objective is to provide strong stable income returns, combined with value appreciation potential through investments in a diversified mix of office, industrial, retail, multifamily residential, land and other income producing properties located in Canada. The fund's investment strategy is to invest up to 80% of its assets (targeted minimum 70%) in the Bentall Kennedy Prime Canadian Property Pool Limited Partnership. In addition, the fund invests 20%30% of its assets in cash and/or publicly-traded Canadian real estate investment trusts (REITs), through the use of (an) exchange traded fund(s). This ensures greater liquidity available for investors.