APEX SUPPLEMENTARY PENSION PLAN

Notes to the Financial Statements

Year ended December 31, 2022

5. Pension obligations:

An actuarial valuation of the Plan was carried out as at December 31, 2021 by the Plan's actuarial consultants, Aon Hewitt, and was extrapolated to December 31, 2022. The pension obligations were determined using the projected accrued benefit cost method prorated on service.

The assumptions used in the extrapolation were developed as the best estimate of expected future market conditions and other future events. After consultation with the Plan's actuary, the Board of Governors adopted this best estimate.

The major assumptions used in the extrapolation are as follows: 2022 extrapolation applied to 2021 valuation data

90% of CPM2014 Public with generational improvements using scale MI-2017 (sexdistinct

90% of CPM2014 Public with generational improvements using scale MI-2017 (sexdistinct rates) for commuted value transfers*

CV discount rate of 4.75% per year for post 2019 service and 3.55% per year discount for pre 2020 service

90% of CPM2014 Combined with generational improvement using scale MI-2017 (sex-distinct rates)

CV discount rate of 2.3% per year for 10 years thereafter 3.4% per year

CPM2014 Combined with generational improvement using scale CPMB2D2014 (sex-distinct rates) and service-based scale Age and service-based scale

*Changes in assumptions for the year ended December 31, 2022 from the year ended December 31, 2021