SPECIAL MEETING OF SHAREHOLDERS - ACUITY INC (DE)

Financial Performance:

• The transcript is a record of a shareholders' extraordinary assembly and contains no financial data, including revenue, earnings, profit margins, cash flow, deferred revenue, or debt metrics.

Guidance and Future Outlook:

• No forward financial guidance, growth targets, or long-term financial outlook was provided.
• The proposed strategic change aims to simplify ESG standards and set a specific target to maintain financed emissions at least 25% lower than the reference index to support environmental goals.

Business Segments and Product Lines:

• Nine specific Exchange-Traded Funds (ETFs) were the subject of the assembly:
  • Trajectory Zero / Net Emissions Series: Canadian Active Bonds (DRCU), Canada (DRMC), US (DRMU), Developed ex-US/Canada (DRMD), Emerging Markets (DRME), Canada Multi-Factor (DRFC), US Multi-Factor (DRFU), Developed ex-US/Canada Multi-Factor (DRFD), and Emerging Markets Multi-Factor (DRFF).
• Status of Assemblies:
  • Seven funds (all except the US Multi-Factor and Developed ex-US/Canada Multi-Factor) achieved quorum and proceeded with the vote on fundamental objective modifications.
  • Two funds (US Multi-Factor "DRFU" and Developed ex-US/Canada Multi-Factor "DRFD") initially lacked quorum, were adjourned, and reconvened later in the day to complete the vote.

Market and Competitive Landscape:

• No specific market trends, competitor analysis, or market share data were discussed.
• The strategic shift focuses on adopting pre-established ESG norms to enhance the stability and predictability of fund characteristics.

Risks and Challenges:

• Quorum Risk: Two funds faced a quorum risk requiring an adjournment to a second session on the same day.
• Proposal Rejection Risk: It was stated that if the resolution to modify the fundamental investment objective is rejected, the funds will continue to be managed under their current mandates without change.
• Regulatory Compliance: Voting procedures and proxy documentation were strictly controlled, with results dependent on the final verification by the scrutinizer (Broadridge).

Management Commentary and Tone:

• Tone: Professional, procedural, and neutral. The meeting was conducted primarily in French with English support available for Q&A, following strict virtual meeting protocols.
• Stakeholder Benefit: Management (via Jean-François Girard, Satie Mascotte, and Thierry Richard) stated the proposed changes would benefit shareholders by enabling funds to achieve objectives through a simplified, measurable ESG approach.
• Governance: The meeting emphasized strict adherence to voting protocols, with microphones disabled for participants and all questions submitted via a web portal.

Analyst Questions and Answers:

• Question: "If the proposal does not obtain the required majority, what does that mean concretely for the FNB and its stakeholders?"
• Answer: Management clarified that in the event of rejection, the proposed modifications would be set aside, and the funds would continue operating under their existing investment objectives and management strategies.
• Note: No other substantive questions were raised during the assembly sessions.

Other Key Points:

• Resolution Purpose: The sole agenda item for all nine funds was to vote on modifying the "Fundamental Placement Objective" to integrate a simplified ESG approach with a hard target of 25% lower financed emissions than the benchmark.
• Voting Outcome: Preliminary results indicated that resolutions were adopted by a majority of votes for the funds where quorum was met (including the two that reconvened).
• Timeline: The assemblies were held virtually, with voting results to be finalized and distributed via press release and the CEDAR+ website after the final scrutiny reports are received.
• Dates: The reference date for registered holders was August 31, 2026.