APPENDIX A

Summary of Board Decisions and Accomplishments for 2022

The following provides a summary of the activities of the Board of Trustees from January to December 2022 (other than regular business and standing items).

Plan Documents and Oversight

The Board reviewed and approved the following governing and other supporting items for the Plan:

• The adoption of the extrapolated termination value funded ratio of 99.7% for purposes of calculating lump sum payments from the Plan for termination dates on or after December 6, 2022;

• The annual review of the Funding Policy and approval of an updated discount rate of 6.25% effective August 31, 2022;

• The annual review and amendments to the Statement of Investment Policies to reflect housekeeping items and changes to the investment strategy as a result of the Asset Liability Management Study;

• The KPMG Audit Findings Report for the audit of the NBTPP for the fiscal year ended December 31, 2021;

• The Financial Statements of the NBTPP for the year ended December 31, 2021, as audited by KPMG; and

• Amendments to the Plan Text approved in 2022:

• Appendix A was amended to reflect the Indexing Adjustment Benefit awarded as at January 1, 2022.

• Section 3.13 was amended to temporarily extend the suspension of the application of the “80-day rule” under Section 3.12 for a two-year period commencing July 1, 2022 and ending on June 30, 2024.

• Article III was amended to reflect changes to the Pension Benefits Act related to exemption from participation in pension plans due to religious beliefs.

The Board met all regulatory filing and disclosure requirements outlined under the Pension Benefits Act and the Income Tax Act.

Board Governance

The Board reviewed and amended, as required, the following policies and practices as part of its annual review of its governance framework:

• Terms of Reference for the Board, the Audit Committee and the Governance Committee;

• The Code of Conduct and Ethics;

• The Disclosure Policy;

• The Language Policy;

• The Compensation and Travel Expenses Policy;

• The Trustee and Observer Orientation and Education Policy;

• The Guidelines for the Nomination of Trustees;

• The Audit Partner Rotation Policy;

• The Engagement Plan with the Sponsoring Parties; and

• The Board of Trustees Orientation, Growth and Development Program.

The Board also continued to work on the risk management framework for the NBTPP.

Member Services and Communications

The Board reviewed and approved the following items to support pension benefits administrative services for the Plan members:

• The 2022 spring and fall newsletters;

• The 2021 NBTPP Annual Report; and

• The NBTPP Annual Information Meeting, held virtually October 12, 2022.

Service Provider Engagement

The Board engaged the following service providers:

• Vestcor Inc. for pension benefits administration and investment management services;

• TELUS Health (formerly known as LifeWorks) for actuarial services;

• KPMG as the external auditor for the NBTPP financial statements for the year ended December 31, 2022;

• Osler for legal services; and

• TELUS Health (formerly known as LifeWorks) for a Board education session on general governance and fiduciary duty.