NOTICE OF ANNUAL GENERAL MEETING OF UNITHOLDERS AND MANAGEMENT INFORMATION CIRCULAR TO BE HELD ON MAY 11, 2021 Table of Contents NOTICE OF ANNUAL GENERAL MEETING OF UNITHOLDERS ............................................. 1 GENERAL PROXY INFORMATION ........................................................................................... 4 Solicitation of Proxies ............................................................................................................. 4 QUESTIONS AND ANSWERS ON ATTENDING AND VOTING AT THE MEETING .............. 4 VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES ...................... 9 BUSINESS TO BE TRANSACTED AT THE MEETING .............................................................. 9 1. Financial Statements ....................................................................................................... 9 2. Election of Trustees ........................................................................................................10 3. Appointment of Auditors .................................................................................................18 4. Approval of Equity Incentive Plan ...................................................................................18 BOARD OF TRUSTEES AND COMMITTEES ..........................................................................19 Board of Trustees ..................................................................................................................19 Mandate of the Board of Trustees ......................................................................................19 Board Independence ..........................................................................................................19 Standard of Care and Duty ................................................................................................20 Meetings of Independent Directors.....................................................................................20 Board and Committee Leadership ......................................................................................20 Relationship of the Board of Trustees and Management ....................................................22 Committees of the Board .......................................................................................................22 Compensation, Governance and Nominating Committee ...................................................22 Audit Committee ................................................................................................................25 Orientation and Continuing Education ...................................................................................26 Nomination of Trustees .........................................................................................................26 Nomination Rights ..............................................................................................................26 Skills ......................................................................................................................................27 Definition of skills and competencies: .................................................................................28 Board Evaluation ...................................................................................................................28 Trustee Minimum Unit Ownership Guidelines ........................................................................29 Board Tenure, Term Limits, Trustee Retirement and Other Mechanisms of Board Renewal .29 2020 Trustee Attendance ......................................................................................................30 Trustee Compensation ..........................................................................................................30 Equity Plan ............................................................................................................................31 Pension Plan .........................................................................................................................31 Cease Trade Orders, Bankruptcies, Penalties or Sanctions ..................................................31 i Penalties or Sanctions .......................................................................................................31 Individual Bankruptcies ......................................................................................................31 Corporate Cease Trade Orders and Bankruptcies .............................................................32 Financial Literacy ..................................................................................................................33 Risk Management Oversight .................................................................................................33 GOVERNANCE POLICIES .......................................................................................................33 Ethical Business Conduct ......................................................................................................33 Diversity Policy ......................................................................................................................34 Meaning of Diversity ..........................................................................................................34 Application of the Diversity Policy to the Board ..................................................................34 Application of the Diversity Policy to Executive Management .............................................35 Majority Voting Policy ............................................................................................................35 Director / Trustee Interlocks ...................................................................................................36 Environmental, Social and Governance .................................................................................36 Environmental ....................................................................................................................36 Social .................................................................................................................................36 Governance .......................................................................................................................36 Related Party Transactions ...................................................................................................37 Unitholder/Investor Communications Policy and Feedback ...................................................37 REPORT ON EXECUTIVE COMPENSATION ..........................................................................37 Compensation Discussion and Analysis ................................................................................37 Principal Elements of Compensation .....................................................................................38 Base Salaries ........................................................................................................................38 Annual Cash Bonuses ...........................................................................................................38 Incentive Compensation Plans ..............................................................................................38 Compensation Risk ...............................................................................................................38 Purchase of Securities ...........................................................................................................39 Pension Plan .........................................................................................................................39 Summary Compensation Table .............................................................................................39 Clawback Provision ...............................................................................................................40 Minimum Unitholding Requirement for Officers ......................................................................40 Employment Agreements ......................................................................................................40 Chief Executive Officer .......................................................................................................40 Position Description for the CEO ...........................................................................................41 Chief Financial Officer ........................................................................................................42 Chief Investment Officer .....................................................................................................43 ii Termination Benefits ..............................................................................................................44 Omnibus Equity Incentive Plan ..............................................................................................45 Outstanding Unit Based Awards at December 31, 2020 ........................................................50 Securities Issued Under Equity Plans ....................................................................................50 Succession Plans for the Chief Executive Officer and Management Team ............................50 Interest of Informed Persons in Material Transactions ...........................................................50 Indebtedness of Trustees, Executive Officers and Senior Officers .........................................50