SPECIAL MEETING OF SHAREHOLDERS - PARK NATIONAL CORP

Financial Performance:

• No traditional financial performance metrics (revenue, earnings, profit margins, cash flow, debt) were disclosed, as the call is a shareholder meeting regarding governance, not a financial earnings report.
• The meeting focused on the status of nine ETFs, with no mention of specific fund assets under management (AUM) growth or valuation changes during the session.

Guidance and Future Outlook:

• The primary forward-looking initiative is the proposed modification of the "Fundamental Placement Objective" for nine Desjardins ETFs to adopt a simplified ESG approach based on pre-established standards.
• A specific target was outlined: maintaining a level of financed emissions at least 25% lower than the reference index to support environmental goals and ensure more stable, predictable ESG management.
• The meeting confirmed that the modification aims to better align fund objectives with current sustainability norms without altering the core investment strategy.

Business Segments and Product Lines:

• The meeting covered nine specific ETFs divided into two groups:
  • Group 1 (Quorum Met, Votes Held):
    • IR Active Canadian Bonds (DRCU)
    • IR Canada Trajectory Zero (DRMC)
    • IR US Trajectory Zero (DRMU)
    • IR Developed Markets ex-US/Canada Trajectory Zero (DRMD)
    • IR Emerging Markets Trajectory Zero (DRME)
    • IR Canada Multi-Factor Trajectory Zero (DRFC)
    • IR Emerging Markets Multi-Factor Trajectory Zero (DRFF)
  • Group 2 (Quorum Absent, Meeting Adjourned to 10:30 AM):
    • IR US Multi-Factor Trajectory Zero (DRFU)
    • IR Developed Markets ex-US/Canada Multi-Factor Trajectory Zero (DRFD)
• The proposal applies the same "Trajectory Zero" and simplified ESG methodology to all nine funds, regardless of geographic focus (Canada, US, Developed, Emerging) or factor style (Active, Trajectory Zero, Multi-Factor).

Market and Competitive Landscape:

• The call does not discuss market share, direct competition, or specific market trends beyond the general push toward simplified, measurable ESG standards.
• No commentary was provided on how these changes position the funds relative to competitors in the ETF space.

Risks and Challenges:

• Quorum Issues: Two of the nine funds (US Multi-Factor and Developed Markets ex-US/Canada Multi-Factor) initially failed to meet the quorum requirement, necessitating the adjournment and reconvening of those specific assemblies.
• Voting Mechanics: The call noted that if a proposal is rejected, the funds will continue to be managed under their current objectives, presenting no immediate operational disruption but delaying the implementation of the ESG strategy.
• Process Risk: The reliance on virtual quorum and electronic voting introduces dependency on shareholder participation rates.

Management Commentary and Tone:

• Tone: The tone was procedural, formal, and neutral, focusing strictly on corporate governance and voting procedures rather than performance or strategy justification.
• Confidence: Management expressed confidence that the proposed changes would benefit shareholders by enabling the funds to achieve placement objectives through a clearer, more stable ESG framework.
• Communication: Questions were fielded primarily via a web portal; the moderator noted that while not all questions could be answered, the manager aimed to address as many as possible within the allotted time.

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 stated that if the proposal is rejected, the modifications will be set aside, and the funds will continue to be managed exactly as they are currently, with no changes to the existing strategy.
• Note: No other substantive analyst questions regarding financials or strategy were raised; the Q&A session was limited to procedural clarifications.

Other Key Points:

• Procedural Outcome: Resolutions for all nine funds were ultimately adopted. The two funds that initially lacked quorum were reconvened and passed the resolution at the 10:30 AM session.
• Voting Requirement: A resolution requires a simple majority (>50%) of expressed votes by fund holders to be approved.
• Documentation: The full text of the resolutions was available in Annexes A through I of the management information circular dated September 11, 2026.
• Future Reporting: Definitive voting results will be confirmed via a press release and posted on the Cedar+ platform after the final scrutiny of proxy votes.
• Language: The meetings were conducted primarily in French, with English availability for questions.