# EDGAR Filing Document

**Accession Number:** 0001081668
**File Stem:** 0001081668-25-000009
**Filing Date:** 2025-8
**Character Count:** 56353
**Document Hash:** 98f20f5daa15d6e769239a505be6d442
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001081668-25-000009.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001081668-25-000009

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PORTLAND INVESTMENT COUNSEL INC.
- **CENTRAL INDEX KEY:** 0001081668

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10561
- **FILM NUMBER:** 251183766

**BUSINESS ADDRESS:**
- **STREET 1:** 1375 KERNS RD
- **STREET 2:** SUITE 100
- **CITY:** BURLINGTON
- **STATE:** A6
- **ZIP:** L7P 4V7
- **BUSINESS PHONE:** 9053314250

**MAIL ADDRESS:**
- **STREET 1:** 1375 KERNS RD
- **STREET 2:** SUITE 100
- **CITY:** BURLINGTON
- **STATE:** A6
- **ZIP:** L7P 4V7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AIC LTD
- **DATE OF NAME CHANGE:** 19990311

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001081668

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Portland Investment Counsel Inc.

**Address:** 1375 Kerns Rd, Burlington, Z4 L7P 4V7

**Telephone number:** 905-331-4250

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-10561

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                             | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED      | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| AMAZON.COM INC                             | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           7120 |                0 | FOR            | 7120                                     | FOR                         |  |
| APPLE INC                                  | 037833100 | 02/25/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           5134 |                0 | FOR            | 5134                                     | FOR                         |  |
| ARES MANAGEMENT CORPORATION                | 03990B101 | 06/06/2025     | Approval, on a non-binding, advisory basis, of the compensation paid to our named executive officers for our 2024 fiscal year.                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          73299 |                0 | FOR            | 73299                                    | FOR                         |  |
| ARES MANAGEMENT CORPORATION                | 03990B101 | 06/06/2025     | To recommend, on a non-binding, advisory basis, the frequency of future advisory votes to approve, on a non-binding, advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          73299 |                0 | 1 YEAR         | 73299                                    | AGAINST                     |  |
| BAYTEX ENERGY CORP.                        | 07317Q105 | 05/05/2025     | Consider a non-binding advisory resolution to accept Baytex's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         280298 |                0 | FOR            | 280298                                   | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT LTD.           | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         366621 |                0 | FOR            | 366621                                   | FOR                         |  |
| BROOKFIELD CORPORATION                     | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          20242 |                0 | FOR            | 20242                                    | FOR                         |  |
| DANAHER CORPORATION                        | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          44563 |                0 | FOR            | 44563                                    | FOR                         |  |
| ELI LILLY AND COMPANY                      | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to the company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            865 |                0 | FOR            | 865                                      | FOR                         |  |
| HEICO CORPORATION                          | 422806109 | 03/14/2025     | ADVISORY APPROVAL OF THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           2244 |                0 | FOR            | 2244                                     | FOR                         |  |
| JPMORGAN CHASE  CO.                        | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           6251 |                0 | FOR            | 6251                                     | FOR                         |  |
| MASTERCARD INCORPORATED                    | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           1363 |                0 | FOR            | 1363                                     | FOR                         |  |
| META PLATFORMS, INC.                       | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensation program for Meta Platforms, Inc.'s named executive officers as disclosed in Meta Platforms, Inc.'s proxy statement.                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           2626 |                0 | FOR            | 2626                                     | FOR                         |  |
| META PLATFORMS, INC.                       | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-binding advisory vote on the compensation program for Meta Platforms, Inc.'s named executive officers should be held every one, two or three years.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2626 |                0 | 3 YEARS        | 2626                                     | FOR                         |  |
| MICROSOFT CORPORATION                      | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2137 |                0 | FOR            | 2137                                     | FOR                         |  |
| NVIDIA CORPORATION                         | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          13948 |                0 | FOR            | 13948                                    | FOR                         |  |
| RADNET, INC.                               | 750491102 | 06/10/2025     | An advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | FOR            | 30000                                    | FOR                         |  |
| TELIX PHARMACEUTICALS LTD                  | Q8973A105 | 05/21/2025     | ADOPT THE 2024 REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |        4326082 |                0 | FOR            | 4326082                                  | NONE                        |  |
| THE GOLDMAN SACHS GROUP, INC.              | 38141G104 | 04/23/2025     | Advisory Vote to Approve Executive Compensation (Say on Pay)                                                                                                                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           2251 |                0 | FOR            | 2251                                     | FOR                         |  |
| TRANSDIGM GROUP INCORPORATED               | 893641100 | 03/06/2025     | Approval, on an advisory basis, of the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            496 |                0 | FOR            | 496                                      | FOR                         |  |
| ALTICE USA, INC.                           | 02156K103 | 06/11/2025     | To approve, in an advisory vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | FOR            | 8000                                     | FOR                         |  |
| ALTICE USA, INC.                           | 02156K103 | 06/11/2025     | To recommend, by non-binding advisory vote, the frequency of executive compensation votes.                                                                                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | 1 YEAR         | 8000                                     | AGAINST                     |  |
| AMGEN INC.                                 | 031162100 | 05/23/2025     | Advisory vote to approve our executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           1500 |                0 | FOR            | 1500                                     | FOR                         |  |
| ARES MANAGEMENT CORPORATION                | 03990B101 | 06/06/2025     | Approval, on a non-binding, advisory basis, of the compensation paid to our named executive officers for our 2024 fiscal year.                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | FOR            | 20000                                    | FOR                         |  |
| ARES MANAGEMENT CORPORATION                | 03990B101 | 06/06/2025     | To recommend, on a non-binding, advisory basis, the frequency of future advisory votes to approve, on a non-binding, advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          20000 |                0 | 1 YEAR         | 20000                                    | AGAINST                     |  |
| ARVINAS, INC.                              | 04335A105 | 06/25/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          14000 |                0 | FOR            | 14000                                    | FOR                         |  |
| ASSYSTEM SA                                | F0427A122 | 05/23/2025     | APPROVAL OF THE COMPENSATION AND BENEFITS PAID DURING, OR ALLOCATED FOR, THE YEAR ENDED 31 DECEMBER 2024 TO THE CHAIRMAN AND CEO, DOMINIQUE LOUIS                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          12000 |                0 | FOR            | 12000                                    | FOR                         |  |
| ASSYSTEM SA                                | F0427A122 | 05/23/2025     | APPROVAL OF THE COMPENSATION AND BENEFITS PAID DURING, OR ALLOCATED FOR, THE YEAR ENDED 31 DECEMBER 2024 TO THE DEPUTY CEO, STEPHANE AUBARBIER                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          12000 |                0 | FOR            | 12000                                    | FOR                         |  |
| BEIGENE LTD                                | 07725L102 | 05/21/2025     | THAT, on a non-binding, advisory basis, the compensation of the Company's named executive officers, as disclosed in the Proxy Statement, be and is hereby approved.                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           3000 |                0 | FOR            | 3000                                     | FOR                         |  |
| BICYCLE THERAPEUTICS PLC                   | 088786108 | 06/17/2025     | To approve, on advisory basis, the compensation of our named executive officers, as disclosed in the proxy statement.                                                                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | FOR            | 15000                                    | FOR                         |  |
| BLOOM ENERGY CORPORATION                   | 093712107 | 05/14/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          15000 |                0 | FOR            | 15000                                    | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT LTD.           | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           9529 |                0 | FOR            | 9529                                     | FOR                         |  |
| BROOKFIELD ASSET MANAGEMENT LTD.           | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          18000 |                0 | FOR            | 18000                                    | FOR                         |  |
| BROOKFIELD CORPORATION                     | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          34900 |                0 | FOR            | 34900                                    | FOR                         |  |
| BROOKFIELD CORPORATION                     | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular.                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           5077 |                0 | FOR            | 5077                                     | FOR                         |  |
| BWX TECHNOLOGIES, INC.                     | 05605H100 | 05/02/2025     | Advisory vote on compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           6500 |                0 | FOR            | 6500                                     | FOR                         |  |
| CAMECO CORPORATION                         | 13321L108 | 05/09/2025     | Have a say on our approach to executive compensation (see page 8 of the management proxy circular) As this is an advisory vote, the results will not be binding on the board. Be it resolved that, on an advisory basis and not to diminish the role and responsibilities of the board of directors for executive compensation, the shareholders accept the approach to executive compensation disclosed in Cameco's management proxy circular delivered in advance of the 2025 annual meeting of shareholders. | SECTION 14A SAY-ON-PAY VOTES |          24000 |                0 | FOR            | 24000                                    | FOR                         |  |
| CARNIVAL CORPORATION                       | 143658300 | 04/16/2025     | To hold a (non-binding) advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          90702 |                0 | FOR            | 90702                                    | FOR                         |  |
| CENOVUS ENERGY INC.                        | 15135U109 | 05/08/2025     | Shareholder Advisory Vote on Executive Compensation Accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |        1435000 |                0 | FOR            | 1435000                                  | FOR                         |  |
| CENTRUS ENERGY CORP.                       | 15643U104 | 06/20/2025     | To hold an advisory vote to approve the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          11250 |                0 | FOR            | 11250                                    | FOR                         |  |
| CEZ A.S.                                   | X2337V121 | 06/23/2025     | APPROVAL OF THE REMUNERATION REPORT OF THE BODY MEMBERS OF CEZ, A. S., FOR THE ACCOUNTING PERIOD OF 2024                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | FOR            | 4000                                     | FOR                         |  |
| CLARITY PHARMACEUTICALS LTD                | Q2517S102 | 11/20/2024     | REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        1096735 |                0 | FOR            | 1096735                                  | NONE                        |  |
| CONSTELLATION ENERGY CORP                  | 21037T109 | 04/29/2025     | To consider and act on an advisory vote regarding the approval of compensation paid to named executive officers                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2100 |                0 | FOR            | 2100                                     | FOR                         |  |
| DANAHER CORPORATION                        | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executive officer compensation.                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          10191 |                0 | FOR            | 10191                                    | FOR                         |  |
| ELEVANCE HEALTH, INC.                      | 036752103 | 05/14/2025     | Advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           2802 |            55298 | FOR            | 2802                                     | FOR                         |  |
| EMPIRE COMPANY LIMITED                     | 291843407 | 09/12/2024     | Vote for or against the advisory resolution on the Company's approach to executive compensation as set out in the Information Circular of the Company.                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          46000 |                0 | FOR            | 46000                                    | FOR                         |  |
| IOVANCE BIOTHERAPEUTICS, INC.              | 462260100 | 06/10/2025     | To approve, by non-binding advisory vote, the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         130000 |                0 | FOR            | 130000                                   | FOR                         |  |
| ITM POWER PLC                              | G4985J102 | 10/08/2024     | TO APPROVE THE DIRECTORS' REMUNERATION REPORT FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         200000 |                0 | FOR            | 200000                                   | FOR                         |  |
| JANUX THERAPEUTICS, INC.                   | 47103J105 | 06/11/2025     | Approval, on an advisory basis, of the compensation of our named executive officers ("Say-On-Pay"), as disclosed in the accompanying Proxy Statement.                                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           7000 |                0 | FOR            | 7000                                     | FOR                         |  |
| JANUX THERAPEUTICS, INC.                   | 47103J105 | 06/11/2025     | Indication, on an advisory basis, of the preferred frequency of holding future Say-On-Pay votes on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           7000 |                0 | 1 YEAR         | 7000                                     | FOR                         |  |
| JOHNSON MATTHEY PLC                        | G51604166 | 07/18/2024     | TO APPROVE THE DIRECTORS REMUNERATION REPORT FOR THE YEAR ENDED 31ST MARCH 2024                                                                                                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           8000 |                0 | FOR            | 8000                                     | FOR                         |  |
| LANTHEUS HOLDINGS, INC.                    | 516544103 | 05/01/2025     | The approval, on an advisory basis, of the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          13000 |                0 | FOR            | 13000                                    | FOR                         |  |
| LINDE PLC                                  | G54950103 | 07/30/2024     | To approve, on an advisory and non-binding basis, the compensation of Linde plc's Named Executive Officers, as disclosed in the 2024 Proxy statement.                                                                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            132 |                0 | FOR            | 132                                      | FOR                         |  |
| MAGNA INTERNATIONAL INC.                   | 559222401 | 05/08/2025     | Resolved, on an advisory basis and not to diminish the roles and responsibilities of the Board of Directors, that the shareholders accept the approach to executive compensation disclosed in the accompanying management information circular/proxy statement.                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         695800 |                0 | FOR            | 695800                                   | FOR                         |  |
| NUSCALE POWER CORPORATION                  | 67079K100 | 05/23/2025     | An advisory vote to approve the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | FOR            | 40000                                    | FOR                         |  |
| NUSCALE POWER CORPORATION                  | 67079K100 | 05/23/2025     | An advisory vote to approve frequency of future advisory votes on the Company's executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          40000 |                0 | 1 YEAR         | 40000                                    | FOR                         |  |
| NUVALENT, INC.                             | 670703107 | 06/18/2025     | To approve, on an advisory basis, the compensation paid to our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR            | 2000                                     | FOR                         |  |
| OLEMA PHARMACEUTICALS, INC.                | 68062P106 | 06/10/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          50000 |                0 | FOR            | 50000                                    | FOR                         |  |
| PERSPECTIVE THERAPEUTICS, INC.             | 46489V302 | 05/28/2025     | To consider and vote on a proposal to approve, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement.                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         190000 |                0 | FOR            | 190000                                   | FOR                         |  |
| RADNET, INC.                               | 750491102 | 06/10/2025     | An advisory vote to approve the compensation of the Company's Named Executive Officers.                                                                                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           8001 |             4000 | FOR            | 8001                                     | FOR                         |  |
| RELAY THERAPEUTICS, INC.                   | 75943R102 | 06/06/2025     | To consider and act upon an advisory vote on the compensation of our named executive officers.                                                                                                                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR            | 10000                                    | FOR                         |  |
| SCHRODINGER, INC.                          | 80810D103 | 06/18/2025     | Approval of an advisory vote on executive compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          10000 |                0 | FOR            | 10000                                    | FOR                         |  |
| SILEX SYSTEMS LTD                          | Q85045104 | 11/22/2024     | ADOPTION OF THE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          60000 |                0 | FOR            | 60000                                    | FOR                         |  |
| SOCIETATEA NATIONALA NUCLEARELECTRICA S.A. | X8T90Q109 | 04/24/2025     | APPROVAL OF THE SNN REMUNERATION REPORT FOR THE FINANCIAL YEAR 2024, IN ACCORDANCE WITH THE PROVISIONS OF ART. 107, PARA. (6) OF LAW NO. 24/2017 ON ISSUERS OF FINANCIAL INSTRUMENTS AND MARKET OPERATIONS, REPUBLISHED                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| SOUTH BOW CORPORATION (THE "COMPANY")      | 83671M105 | 05/15/2025     | Accept the Company's approach to executive compensation, as set forth in the Circular.                                                                                                                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1146228 |                0 | FOR            | 1146228                                  | FOR                         |  |
| TARGET CORPORATION                         | 87612E106 | 06/11/2025     | Company proposal to approve, on an advisory basis, our executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         133700 |                0 | FOR            | 133700                                   | FOR                         |  |
| TELIX PHARMACEUTICALS LTD                  | Q8973A105 | 05/21/2025     | ADOPT THE 2024 REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         976764 |                0 | TAKE NO ACTION | 976764                                   | NONE                        |  |
| THE BANK OF NOVA SCOTIA                    | 064149107 | 04/08/2025     | Advisory vote on non-binding resolution on executive compensation approach.                                                                                                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         409629 |                0 | FOR            | 409629                                   | FOR                         |  |
| THE CIGNA GROUP                            | 125523100 | 04/23/2025     | Advisory approval of executive compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           4802 |            97798 | FOR            | 4802                                     | FOR                         |  |
| THE TORONTO-DOMINION BANK                  | 891160509 | 04/10/2025     | Approach to executive compensation disclosed in the report of the Human Resources Committee and approach to executive compensation sections of the management proxy circular *Advisory Vote*                                                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         462900 |                0 | FOR            | 462900                                   | FOR                         |  |
| VODAFONE GROUP PLC                         | 92857W308 | 07/30/2024     | To approve the Annual Report on Remuneration contained in the Remuneration Report of the Board for the year ended 31 March 2024.                                                                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           2000 |                0 | FOR            | 2000                                     | FOR                         |  |
| WARNER BROS. DISCOVERY, INC.               | 934423104 | 06/02/2025     | To vote on an advisory resolution to approve the 2024 compensation of Warner Bros. Discovery, Inc.'s named executive officers, commonly referred to as a "Say-on-Pay" vote.                                                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 | FOR            | 500                                      | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Portland Investment Counsel Inc.

**By (Signature):** Nadine Milne

**By (Printed Signature):** Nadine Milne

**By (Title):** CCO

**Date:** 08/05/2025