SPECIAL MEETING OF SHAREHOLDERS - PARK NATIONAL CORP

Based on the provided text, here is the summary of the meeting. Please note that the transcript describes shareholder proxy assemblies regarding fund mandates, not a standard financial earnings call containing revenue, profit, or forward-looking financial guidance.

• Financial Performance:

  • No financial performance data (revenue, growth, earnings, margins, or cash flow) was discussed as the session is a regulatory meeting regarding fund mandates, not a quarterly earnings report.
  • No specific debt levels or deferred revenue metrics were mentioned.

• Guidance and Future Outlook:

  • The meeting focused on adopting specific changes to the "Fundamental Investment Objective" for nine Exchange Traded Funds (FNBs).
  • The proposed future strategy involves a simplified ESG approach based on pre-established standards.
  • A specific environmental target was outlined: maintaining portfolio financed emissions at least 25% lower than the reference index.

• Business Segments and Product Lines:

  • Nine ETFs were the subject of the vote:
    • Active Canadian Bonds (DRCU)
    • Canada Trajectory Zero (DRMC)
    • US Trajectory Zero (DRMU)
    • Developed Markets ex-US/Canada Trajectory Zero (DRMD)
    • Emerging Markets Trajectory Zero (DRME)
    • Canada Multi-Factor Trajectory Zero (DRFC)
    • US Multi-Factor Trajectory Zero (DRFU)
    • Developed Markets ex-US/Canada Multi-Factor Trajectory Zero (DRFD)
    • Emerging Markets Multi-Factor Trajectory Zero (DRFF)
  • Two separate sessions were held for the US Multi-Factor and Developed Markets Multi-Factor funds due to initial quorum issues; a second session was successfully convened for these two.

• Market and Competitive Landscape:

  • No market share data, competitive analysis, or broader market trends were discussed.
  • The context implies a shift toward standardized and measurable ESG criteria to meet investor demand for sustainable investing.

• Risks and Challenges:

  • Quorum Challenges: Two of the nine assemblies initially failed to achieve a quorum, requiring an adjournment and a reconvened meeting later the same day (at 10:30 AM).
  • Regulatory Compliance: Strict adherence to voting procedures and disclosure rules was highlighted, with a focus on proper shareholder notification via the "Information Circular."

• Management Commentary and Tone:

  • Tone: Formal, procedural, and administrative. The session was presided over by Jean-François Girard (VP and Head of Development and Management of Investment Funds).
  • Confidence: Management expressed confidence that the proposed changes would benefit shareholders by clarifying and simplifying ESG goals.
  • Communication: The meeting was conducted in French only, with Q&A handled via a web portal; attendees could submit questions in English if needed, though none were asked during the sessions.

• Analyst Questions and Answers:

  • Q: What is the concrete impact if the proposal fails?
  • A: If the resolution is not approved, the fund will continue to be managed under its current objectives without the proposed ESG changes.
  • No other substantive questions regarding strategy, performance, or operations were raised; the question period was effectively closed before voting on most proposals.

• Other Key Points:

  • Outcome: All resolutions for the nine funds were adopted (passed with a majority of over 50% of votes expressed).
  • Voting Mechanism: Voting was conducted virtually via a web portal; proxies were utilized by those who had already voted.
  • Transparency: Final definitive voting reports will be published via press release and on the company website (<a href="http://www.fnbdesjardins.com">www.fnbdesjardins.com</a> / <a href="http://www.cedarplus.ca">www.cedarplus.ca</a>) following the conclusion of the scrutiny.
  • Date Reference: The documents referenced are dated September 11, 2026, and share registries were closed August 31, 2026.