Managers as at September 30, 2020

Manager Background PEPP Mandate Investment Approach AllianceBernstein L.P. (AB) Headquartered in New York, New ($465 AB is an active manager that aims York, AB has close to $817 billion million with PEPP). to provide multiple sources of return in . while maintaining the characteristics of its benchmark. ARGA Investment Headquartered in Stamford, ARGA is an active, deep value style Management, LP Connecticut. ARGA has $7 billion equities ($281 million manager, that invests using bottom- assets under management. with PEPP). up selection.

Beutel, Goodman & Headquartered in Toronto, ON, Canadian equities, Beutel is an active, value style Company Ltd. Beutel has over $42 billion in ($423 million with manager, that invests using bottom- assets under management. PEPP). up security selection.

Burgundy Asset Headquartered in Toronto, ON, Global equity Burgundy is an active manager Management Inc. Burgundy has over $30 billion in ($567 million with that employes a bottom-up assets under management. PEPP). analysis approach with value/quality investment style. CIBC Headquartered in Toronto, ON Fixed Income ($489 CIBC is an active manager that aims Inc. CIBC has $184 billion in assets million with PEPP). to provide multiple sources of return under management. while maintaining the characteristics of its benchmark. Headquartered in Toronto, ON, Canadian equities Fidelity is an active, growth Canada Fidelity has $143 billion in assests ($448 million with investment style manager that under management. PEPP) employs a bottom-up fundamental stock analysis approach. Gannett Welsh & Kotler, Headquartered in Boston, U.S. small cap GWK is an active, core investment LLC (GWK) Massachusetts, GWK has equities ($141 million style manager that employs a $60 billion in assets under with PEPP). bottom-up fundamental stock management. analysis approach. Grantham, Mayo, Van Headquartered in Sydney, Liquid alternatives GMO aims to generate positive Otterloo & Co. (GMO) Australia, GMO has $83 billion in ($132 million with returns through tactical exposure in assets under management. PEPP). a broad array of markets, resulting in a portfolio that should provide downside protection and low volatility. Hudson Bay Capital Headquartered in New York, New Liquid alternative Hudson Bay aims to generate Management LLC York, Hudson Bay has $5 billion ($100 million with positive returns through tactical in asset under management. PEPP). exposure in a broad array of markets, resulting in a portfolio that should provide downside protection and low volatility. Headquartered in , United Passive foreign Insight passively hedges foreign Management Ltd. Kingdom, Insight has $909 billion currency hedging currency exposures. in assets under management. (hedges 50% of over $3.0 billion in foreign currency exposures for PEPP). J Zechner Associates Inc. Headquartered in Toronto, ON, Canadian small cap Zechner is a boutique, growth style Zechner has over $2 billion in equities ($167 million manager employing assets under management. with PEPP). bottom-up security selection. PEPP’s Investment Fund Managers

Manager Background PEPP Mandate Investment Approach King Street Capital Headquartered in London, Liquid alternatives King Street aims to generate positive Management LP United Kingdom, King Street ($80 million with returns through tactical exposure in has $23 billion in assets under PEPP). a broad array of markets, resulting management. in a portfolio that should provide downside protection and low volatility. LMR Partners LLP Headquartered in London, United Liquid alternatives LMR aims to generate positive Kingdom, LMR has $8 billion in ($101 million with returns through tactical exposure in assets under management. PEPP). a broad array of markets, resulting in a portfolio that should provide downside protection and low volatility. Maj Invest Holding A/S Headquartered in Copenhagen, Global equity ($533 Maj is an active manager that (Maj) Denmark, Maj has $12 billion in million with PEPP). employs a bottom-up stock assets under management. analysis approach with a core/value investment style. Investment Headquartered in Toronto, ON, Fixed income ($375 Manulife is an active manager that Management Limited Manulife has $554 billion in million with PEPP). employs duration management, yield assets under management. curve positioning and sector rotation strategies in fixed income markets. Morgan Stanley Headquartered in New York Global equity ($696 Morgan Stanley is an active manager City, New York, Morgan Stanley million with PEPP). that employs a bottom-up stock Inc. has $906 billion in asset under analysis approach with a growth management. investment style. Oberweis Asset Headquartered in Lisle, Illinois, Non-North American Oberweis is a boutique, growth Management, Inc. Oberweis has $4 billion in assets small cap equities investment style manager that under management. ($199 million with employs a bottom-up fundamental PEPP). stock analysis approach. One William Street Headquartered in New York, New Liquid alternative OWS aims to generate positive Capital Management, LP York, OWS has $6 billion in assets ($67 million with returns through tactical exposure in (OWS) under management. PEPP). a broad array of markets, resulting in a portfolio that should provide downside protection and low volatility. Prudential Financial, Inc Headquartered in Newark, New Fixed income ($378 PGIM is an active manager that (PGIM) Jersey, PGIM has $1.3 trillion in million with PEPP). employs duration management, assets under management. positioning, and sector rotation strategies in fixed income markets. PIMCO Canada Headquartered in Newport Fixed income ($471 PIMCO is an active manager that Corporation Beach, California, PIMCO has million with PEPP). employs duration management, over $2.6 trillion in assets under yield curve positioning, and sector management. rotation strategies in fixed income markets. Pzena Investment Headquartered in New York City, Global equity ($498 Pzena is an active manager that Management, LLC New York, Pzena has $43 billion million with PEPP). employs a bottom-up stock analysis in asset under management. approach with a value investment style.

U.S. small cap (see above) equities ($142 million with PEPP). PEPP’s Investment Fund Managers

Manager Background PEPP Mandate Investment Approach QV Investors Inc. (QV) Headquartered in Calgary, AB, Canadian small and QV is a boutique, value style QV has over $6 billion in assets mid cap equities manager using bottom-up security under management. ($135 million with selection. PEPP). Rokos Capital Headquartered in London, Liquid alternatives Rokos aims to generate positive Management LLP England, Rokos has $13 billion in ($179 million with returns through tactical exposure in assets under management. PEPP). a broad array of markets, resulting in a portfolio that should provide downside protection and low volatility. TD Asset Headquartered in Toronto, ON, Real Estate, Canadian TD real estate mandate focuses on Management Inc. TD Asset Management is a global equities, US Equities, core property assets that provide investment management firm fixed income and stable long-term income streams. with $398 billion in assets under ($3.0 TDAM passive mandates track the management. billion with PEPP). performance of S&P/TSK Composite index, the S&P 500 Index, and the FTSE TMX Canada Universe Bond Index. The money market mandate is an actively managed fund that invests in highly liquid -term debt securities. Thompson, Siegel & Headquartered in Richmond, Non-North American TSW is a boutique, value investment Walmsley LLC (TSW) Virginia, TSW has $24 billion in small cap equities style manager that employs a assets under management. ($143 million with bottom-up fundamental stock PEPP). analysis approach. T. Rowe Price (Canada), Headquartered in Baltimore, Emerging market TRP is an active, growth investment Inc. (TRP) Maryland, TRP has $1.7 trillion in equities ($287 million style manager that employs a assets under management. with PEPP). bottom-up fundamental stock analysis approach. Transtrend B.V. Headquartered in Rotterdam, Liquid alternatives Transtrend aims to generate positive Netherlands, Transtrend has ($51 million with returns through tactical exposure in $5 billion in assets under PEPP). a broad array of markets, resulting management. in a portfolio that should provide downside protection and low volatility. Investment Fund Manager Glossary

Active Management An investing strategy that attempts to exceed the performance of a market index by building and managing a portfolio of securities expected to exceed market performance.

Bottom-up An approach to security selection and portfolio construction which places emphasis on the analysis of company specific factors.

Core Investment Style An investment style with an objective of adding value through varying market conditions by focusing on a broad universe of securities.

Currency Hedging A process that reduces the impacts of changes in foreign exchange rates. An investor in foreign securities may employ currency hedging to access foreign securities without exposing the investment to changes in currency exchange rates.

Deep Value A strategy that focuses on selecting investments that trade for considerably less than their intrinsic value, as determined by the investor.

Downside Protection A position that limits losses relative to a broader bear-market decline.

Fixed Income An asset class that includes debt securities issued by borrowers (governments, corporations, municipalities, etcetera) that typically make periodic coupon payments and whose market value in the secondary market are inversely impacted by prevailing bond yields.

Emerging Market Equities Investments in company shares that trade on exchanges located in less-developed regions of the world.

Growth Investing A strategy that focuses on investments with good growth potential. Investments whose value is expected to grow at an above-average rate compared to its industry or the overall market may be considered a growth investment.

Hedge Fund An actively managed portfolio of investments that uses advanced investment strategies such as leverage, long, short and positions with the goal of generating high returns (either in an absolute sense or over a specified market benchmark). These are similar to mutual funds in that investments are pooled and professionally managed, but differ in that the fund has far more flexibility in its investment strategies.

Large Cap Companies having a larger (value of all outstanding shares). This is generally considered to be greater than $10 billion.

Liquid Alternatives A subset of the alternatives’ asset class which can employ multiple strategies and make use of derivative contracts. Liquid alternatives offer a higher degree of liquidity compared to other alternative investments.

Market Capitalization Often referred to as the “market cap”, this is the total value of all outstanding shares, calculated by multiplying the number of outstanding shares by the current price in the market.

Market-neutral An that shows almost no correlation to any financial markets. This term is used regarding some fund strategies that are not dependant on the performance of the larger market, but can deliver performance that is independent of the market. Investment Fund Manager Glossary

Mid Cap (Middle Cap) Companies having a median market capitalization (value of all outstanding shares). This is generally considered to be somewhere between $1 billion and $10 billion.

Passive Management An investing strategy that follows a market index by managing a portfolio that mirrors the index in question.

Quantitative An investment style that uses mathematical and statistical models to determine security selection.

Qualitative Analysis An investment style that analyses a company’s business fundamentals to determine security selection.

Small Cap Companies having a smaller market capitalization (value of all outstanding shares) relative to the rest of the market. This is generally considered to be somewhere less than $1 billion.

Systematic Methodical process or procedure that is thorough and repeatable. A strategy that focuses on selecting investments that trade for less than their intrinsic value, as determined by the investor.

Top-down An approach to security selection and portfolio construction which places emphasis on macroeconomic factors such as global growth and financial conditions.

Value Investment Style An investment style focused on buying out-of-vogue companies selling at a discount to an analyst’s estimates of their intrinsic business value with the expectation that the market should eventually realize the true worth of such companies.