DESJARDINS RI ACTIVE CANADIAN BOND - NET SPECIAL MEETING OF SHAREHOLDERS - BROADRIDGE FINANCIAL SOLUTIONS INC

Explicit Guidance:

• None. The transcript details the procedural execution of extraordinary shareholder meetings to vote on ESG strategy modifications; no financial guidance (revenue, earnings, margins, capex, etc.) is provided.

Business-Segment Outlook:

• Strategic Shift: Desjardins Société de Placement proposes modifying the fundamental investment objective for nine ETFs (DRCU, DRMC, DRMU, DRMD, DRME, DRFC, DRFU, DRFD, DRFF) to adopt a "simplified ESG approach" based on pre-established ESG standards.
• Environmental Target: The new strategy includes a specific target to maintain portfolio financial emissions at least 25% lower than the reference index to support environmental goals.
• Scope: This applies to all nine listed funds (Canadian/US/Emerging Markets; Fixed Income/Equity; Multi-Factor/Trajectory Zero).

Market and Competitive Outlook:

• None. The transcript contains no commentary on market demand, pricing, share shifts, or competitive positioning.

Macro / Industry Outlook:

• Regulatory/Compliance: The vote and assembly process follows the "Loi sur les valeurs mobilières applicables" (Applicable Securities Laws), with results to be announced via press release and posted on CEDAR+ following the validation of definitive compilation reports by the scrutineer.

Strategic Initiatives:

• Timeline: The modifications are contingent on shareholder approval. If rejected, funds will continue current management.
• Implementation: Upon approval, the funds will transition to the new ESG targets described in Annexes A–I of the Information Circular dated September 11, 2026.
• Record Date: Shareholder eligibility was determined by the office closure on August 31, 2026.
• Event Timing: The initial assemblies took place on the date of the transcript, with two adjourned assemblies for specific ETFs (DRFU, DRFD) scheduled to reconvene the same day at 10:30 AM.

Risks and Headwinds to Outlook:

• Quorum Failure: Initial quorum was missing for two funds (US Multi-Factor and Developed Ex-US/Ex-Canada Multi-Factor), necessitating an adjournment and reconvening of those specific assemblies.
• Voting Rejection: If the resolutions fail to achieve a majority of expressed votes (>50%), the proposed changes will not take effect, and the funds will maintain their current investment objectives and management style.

Management Tone on the Future:

• Confidence: Management expresses certainty that the proposed changes "will benefit shareholders" by enabling the funds to achieve their placement objectives through a more stable and predictable management of ESG characteristics.
• Objective: The tone is procedural and compliant, focusing on the formal adoption of the resolutions rather than forward-looking market commentary.

Miscellaneous:

• Virtual Format: All assemblies were held virtually via live web broadcast with the French language as the primary official language; Q&A was accepted via the web portal.
• Scrutator: Broadridge Investor Communications Solutions acted as the scrutator to verify quorum and count votes.
• Final Results: Definitive vote results and confirmation of approval will be distributed via press release and posted on the company website (<a href="http://www.fnbdesjardins.com">www.fnbdesjardins.com</a> and <a href="http://www.cedarplus.ca">www.cedarplus.ca</a>) after the validation of the final report by the scrutator.