# EDGAR Filing Document

**Accession Number:** 0001058231
**File Stem:** 0001438934-25-002690
**Filing Date:** 2025-9
**Character Count:** 74765
**Document Hash:** 58938dece3e92cbfb29a5bee7c6b4247
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001438934-25-002690.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001438934-25-002690

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCLUDEN MANAGEMENT LTD
- **CENTRAL INDEX KEY:** 0001058231

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11897
- **FILM NUMBER:** 251282431

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 201 CITY CENTRE DRIVE, SUITE 201
- **CITY:** MISSISSAUGA
- **PROVINCE COUNTRY:** A6
- **ZIP:** L5B 2T4
- **BUSINESS PHONE:** 9058259000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 201 CITY CENTRE DRIVE, SUITE 201
- **CITY:** MISSISSAUGA
- **PROVINCE COUNTRY:** A6
- **ZIP:** L5B 2T4

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

## N-PX: Filer Information

**Filer CIK:** 0001058231

**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:** Lincluden Management Ltd

**Address:** 201 City Center Dr, Mississauga, A6 L5B 2T4

**Telephone number:** 9052734240

**Name of agent for service:** Diane Downs

**Agent Address:** 201 City Center Dr, Mississauga, A6 L5B 2T4

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

**SEC File Number:** 028-11897

**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?:**

- [ ] No

- [x] 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   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| ALIMENTATION COUCHE-TARD INC.               | 01626P148 | 09/05/2024     | On an advisory basis and not to diminish the role and responsibilities of the board of directors that the shareholders accept the approach to executive compensation as disclosed in our 2024 management information circular.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         108819 |                0 | FOR         | 108819                                   | FOR                         |  |
| ALLIED PROPERTIES REIT                      | 019456102 | 05/06/2025     | To approve the non-binding advisory resolution on the approach to executive compensation, as more fully described in the accompanying management information circular.                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         597663 |                0 | FOR         | 597663                                   | FOR                         |  |
| AMADEUS IT GROUP S.A                        | E04648114 | 06/03/2025     | DIRECTORS REMUNERATION REPORT 2024 FOR AN ADVISORY                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          28322 |            34489 | FOR         | 28322                                    | FOR                         |  |
| AMERICAN TOWER CORPORATION                  | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation.                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          49433 |                0 | FOR         | 49433                                    | FOR                         |  |
| AMERICOLD REALTY TRUST                      | 03064D108 | 05/20/2025     | Advisory Vote on Compensation of Named Executive Officers (Say-On-Pay).                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         138224 |                0 | FOR         | 138224                                   | FOR                         |  |
| ARC RESOURCES LTD.                          | 00208D408 | 05/02/2025     | A resolution to approve the Corporation's Advisory Vote on Executive Compensation.                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         198215 |                0 | FOR         | 198215                                   | FOR                         |  |
| AVALONBAY COMMUNITIES, INC.                 | 053484101 | 05/21/2025     | To adopt a resolution approving, on a non-binding advisory basis, the compensation paid to the Company's Named Executive Officers, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and any related material disclosed in the proxy statement.                                                  | SECTION 14A SAY-ON-PAY VOTES |          12470 |                0 | AGAINST     | 12470                                    | AGAINST                     |  |
| AYA GOLD  SILVER INC.                       | 05466C109 | 06/20/2025     | Advisory Resolution on Approach to Executive Compensation The adoption of an advisory non-binding resolution in respect of the Corporation's approach to executive compensation.                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           4699 |                0 | AGAINST     | 4699                                     | AGAINST                     |  |
| BADGER INFRASTRUCTURE SOLUTIONS LTD.        | 056533102 | 04/30/2025     | To accept the approach to executive compensation disclosed in the accompanying Management Information Circular.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          19827 |                0 | FOR         | 19827                                    | FOR                         |  |
| BANK OF AMERICA CORPORATION                 | 060505104 | 04/22/2025     | Approving our executive compensation (an advisory, non-binding "Say on Pay" resolution)                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         126685 |                0 | FOR         | 126685                                   | FOR                         |  |
| BCE INC.                                    | 05534B760 | 05/08/2025     | Advisory resolution on executive compensation as described in section 3.4 of the management proxy circular                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         454484 |                0 | FOR         | 454484                                   | FOR                         |  |
| BOARDWALK REAL ESTATE INVESTMENT TRUST      | 096631106 | 05/05/2025     | To consider and, if thought appropriate, approve a non-binding advisory resolution to accept the Trust's approach to executive compensation disclosed in the "2024 Compensation Discussion  Analysis" section of the Circular.                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          75855 |                0 | FOR         | 75855                                    | FOR                         |  |
| BOYD GROUP SERVICES INC.                    | 103310108 | 05/14/2025     | As to the Resolution to vote on an advisory resolution on BGSI's approach to executive compensation:                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           4648 |                0 | AGAINST     | 4648                                     | AGAINST                     |  |
| 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 |         141718 |                0 | AGAINST     | 141718                                   | AGAINST                     |  |
| BXP, INC.                                   | 101121101 | 05/20/2025     | To approve, by non-binding, advisory resolution, the Company's named executive officer compensation.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          38668 |                0 | FOR         | 38668                                    | FOR                         |  |
| CAMDEN PROPERTY TRUST                       | 133131102 | 05/09/2025     | Approval, by an advisory vote, of executive compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          26832 |                0 | FOR         | 26832                                    | FOR                         |  |
| CANADIAN APARTMENT PROPERTIES REIT          | 134921105 | 06/03/2025     | Non-binding advisory say-on-pay resolution as set forth in the Management Information Circular approving CAPREIT's approach to executive compensation.                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         419286 |                0 | FOR         | 419286                                   | FOR                         |  |
| CANADIAN IMPERIAL BANK OF COMMERCE          | 136069101 | 04/03/2025     | Advisory resolution regarding our executive compensation approach                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         106914 |                0 | AGAINST     | 106914                                   | AGAINST                     |  |
| CANADIAN NATIONAL RAILWAY COMPANY           | 136375102 | 05/02/2025     | Non-binding advisory resolution (the full text of which is set out on page 15 of the Information Circular) to accept the approach to executive compensation disclosed in the Information Circular.                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          95126 |                0 | AGAINST     | 95126                                    | AGAINST                     |  |
| CANADIAN NATURAL RESOURCES LIMITED          | 136385101 | 05/08/2025     | On an advisory basis, accepting the Corporation's approach to executive compensation as described in the Information Circular.                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          17296 |                0 | AGAINST     | 17296                                    | AGAINST                     |  |
| CENTENE CORPORATION                         | 15135B101 | 05/13/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION.                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          72164 |                0 | FOR         | 72164                                    | FOR                         |  |
| CHARTWELL RETIREMENT RESIDENCES             | 16141A103 | 05/07/2025     | The advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         697820 |                0 | FOR         | 697820                                   | FOR                         |  |
| CHOICE PROPERTIES REAL ESTATE INV. TRUST    | 17039A106 | 04/24/2025     | Vote on the advisory resolution on the approach to executive compensation.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         593604 |                0 | FOR         | 593604                                   | FOR                         |  |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN SA | F61824870 | 05/16/2025     | APPROVAL OF THE REMUNERATION ELEMENTS OF MR. FLORENT MENEGAUX PAID DURING OR ALLOCATED IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2024                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         106595 |                0 | FOR         | 106595                                   | FOR                         |  |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN SA | F61824870 | 05/16/2025     | APPROVAL OF THE REMUNERATION ELEMENTS OF MR. YVES CHAPOT PAID DURING OR ALLOCATED IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2024                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         106595 |                0 | FOR         | 106595                                   | FOR                         |  |
| CIE GENERALE DES ETABLISSEMENTS MICHELIN SA | F61824870 | 05/16/2025     | APPROVAL OF THE REMUNERATION ELEMENTS OF MRS. BARBARA DALIBARD PAID DURING OR ALLOCATED IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2024                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         106595 |                0 | FOR         | 106595                                   | FOR                         |  |
| CISCO SYSTEMS, INC.                         | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          93632 |                0 | FOR         | 93632                                    | FOR                         |  |
| CITIGROUP INC.                              | 172967424 | 04/29/2025     | Advisory vote to approve our 2024 Executive Compensation.                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          44985 |                0 | FOR         | 44985                                    | FOR                         |  |
| COLLIERS INTERNATIONAL GROUP INC.           | 194693107 | 04/01/2025     | An advisory resolution on Colliers' approach to executive compensation as set out in the accompanying Circular.                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          51611 |                0 | AGAINST     | 51611                                    | AGAINST                     |  |
| CONSTELLATION SOFTWARE INC.                 | 21037X100 | 05/13/2025     | An advisory vote to accept the Corporation's approach to executive compensation as more particularly described in the accompanying management information circular.                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |            245 |                0 | FOR         | 245                                      | FOR                         |  |
| CORNING INCORPORATED                        | 219350105 | 05/01/2025     | Advisory approval of our executive compensation (Say on Pay).                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          57449 |                0 | FOR         | 57449                                    | FOR                         |  |
| COSTCO WHOLESALE CORPORATION                | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4152 |                0 | FOR         | 4152                                     | FOR                         |  |
| CROMBIE REAL ESTATE INVESTMENT TRUST        | 227107109 | 05/08/2025     | Approval of an advisory resolution on executive compensation.                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          54093 |                0 | FOR         | 54093                                    | FOR                         |  |
| DIAGEO PLC                                  | 25243Q205 | 09/26/2024     | Directors' remuneration report 2024.                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          29320 |                0 | FOR         | 29320                                    | 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 |         328427 |                0 | AGAINST     | 328427                                   | AGAINST                     |  |
| ENGHOUSE SYSTEMS LIMITED                    | 292949104 | 03/10/2025     | Acceptance of the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           2502 |                0 | AGAINST     | 2502                                     | AGAINST                     |  |
| EOG RESOURCES, INC.                         | 26875P101 | 05/21/2025     | To approve, by non-binding vote, the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          29629 |                0 | FOR         | 29629                                    | FOR                         |  |
| EQUINIX, INC.                               | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation of our named executive officers                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           4311 |                0 | FOR         | 4311                                     | FOR                         |  |
| EXTRA SPACE STORAGE INC.                    | 30225T102 | 05/21/2025     | Advisory vote on the compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          16866 |                0 | FOR         | 16866                                    | FOR                         |  |
| FEDERAL REALTY INVESTMENT TRUST             | 313745101 | 05/07/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          53264 |                0 | FOR         | 53264                                    | FOR                         |  |
| FINNING INTERNATIONAL INC.                  | 318071404 | 05/13/2025     | To consider and approve, on an advisory basis, an ordinary resolution to accept the Corporation's approach to executive compensation, as described in the management proxy circular for the meeting.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          24558 |                0 | AGAINST     | 24558                                    | AGAINST                     |  |
| FIRST CAPITAL REAL ESTATE INVESTMENT TR     | 31890B103 | 04/01/2025     | FOR or AGAINST an advisory, non-binding vote on the approach to executive compensation as disclosed in the REIT's Management Information Circular.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         255492 |                0 | AGAINST     | 255492                                   | AGAINST                     |  |
| FIRSTSERVICE CORPORATION                    | 33767E202 | 04/02/2025     | An advisory resolution on the Corporation's approach to executive compensation as set out in the accompanying Management Information Circular.                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          40459 |                0 | FOR         | 40459                                    | FOR                         |  |
| FLAGSHIP COMMUNITIES REIT                   | 33843T108 | 05/14/2025     | To consider and, if deemed advisable, approve a non-binding advisory resolution on the REIT's approach to executive compensation.                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         159922 |                0 | FOR         | 159922                                   | FOR                         |  |
| GENTEX CORPORATION                          | 371901109 | 05/15/2025     | To approve, on an advisory basis, compensation of the Company's named executive officers.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         135526 |                0 | FOR         | 135526                                   | FOR                         |  |
| GIBSON ENERGY INC.                          | 374825206 | 05/06/2025     | To consider and, if thought advisable, to pass an advisory resolution to accept the Corporation's approach to executive compensation as disclosed in the accompanying Management Information Circular dated March 25, 2025 (the "Information Circular").                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           7083 |                0 | FOR         | 7083                                     | FOR                         |  |
| GILDAN ACTIVEWEAR INC.                      | 375916103 | 04/30/2025     | Approving an advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          11136 |                0 | FOR         | 11136                                    | FOR                         |  |
| GRANITE REAL ESTATE INVESTMENT TRUST        | 387437205 | 06/05/2025     | Non-binding Advisory Resolution on Executive Compensation The non-binding advisory resolution on Granite's approach to executive compensation as set out in the Circular.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         101364 |                0 | FOR         | 101364                                   | FOR                         |  |
| GSK PLC                                     | 37733W204 | 05/07/2025     | To approve the Annual report on remuneration                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          25139 |                0 | FOR         | 25139                                    | FOR                         |  |
| GSK PLC                                     | G3910J179 | 05/07/2025     | TO APPROVE THE ANNUAL REPORT ON REMUNERATION                                                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          24738 |                0 | FOR         | 24738                                    | FOR                         |  |
| H REAL ESTATE INVESTMENT TRUST              | 403925407 | 06/27/2025     | Say-on-Pay The non-binding, advisory resolution to accept the approach to executive compensation disclosed in the Management Information Circular dated April 30, 2025 relating to the Meeting.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         528803 |                0 | FOR         | 528803                                   | FOR                         |  |
| HYDRO ONE LIMITED                           | 448811208 | 06/24/2025     | Say on Pay Advisory resolution on Hydro One Limited's approach to executive compensation.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         191669 |                0 | FOR         | 191669                                   | FOR                         |  |
| ING GROEP N.V.                              | 456837103 | 04/22/2025     | Remuneration Report for 2024 (advisory voting item).                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         252880 |                0 | FOR         | 252880                                   | FOR                         |  |
| INNERGEX RENEWABLE ENERGY INC.              | 45790B104 | 05/01/2025     | Consider an advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           4108 |                0 | AGAINST     | 4108                                     | AGAINST                     |  |
| INTACT FINANCIAL CORPORATION                | 45823T106 | 05/07/2025     | Advisory Resolution to Accept the Approach to Executive Compensation.                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          40186 |                0 | AGAINST     | 40186                                    | AGAINST                     |  |
| INTERFOR CORPORATION                        | 45868C109 | 05/08/2025     | BE IT RESOLVED THAT, on an advisory basis only and not to diminish the role and responsibilities of the Board of Directors, the Shareholders accept the approach to executive compensation disclosed in the Information Circular of the Company dated March 12, 2025 delivered in connection with the 2025 Annual General Meeting of Shareholders.                          | SECTION 14A SAY-ON-PAY VOTES |           3102 |                0 | FOR         | 3102                                     | FOR                         |  |
| JOHNSON  JOHNSON                            | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          13730 |                0 | AGAINST     | 13730                                    | AGAINST                     |  |
| JPMORGAN CHASE  CO.                         | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          20220 |                0 | FOR         | 20220                                    | FOR                         |  |
| K92 MINING INC.                             | 499113108 | 06/10/2025     | Advisory Vote on Executive Compensation To approve a non-binding advisory resolution accepting the Company's approach to executive compensation, as more particularly described in the accompanying Information Circular.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           5262 |                0 | FOR         | 5262                                     | FOR                         |  |
| KILLAM APARTMENT REIT                       | 49410M102 | 05/08/2025     | An advisory vote on Killam's approach to executive compensation set forth in the Management Information Circular.                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         173705 |                0 | FOR         | 173705                                   | FOR                         |  |
| LOBLAW COMPANIES LIMITED                    | 539481101 | 05/06/2025     | Vote on the advisory resolution on the approach to executive compensation.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            334 |                0 | AGAINST     | 334                                      | AGAINST                     |  |
| 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 |         156019 |                0 | FOR         | 156019                                   | FOR                         |  |
| MAJOR DRILLING GROUP INTERNATIONAL INC.     | 560909103 | 09/05/2024     | Considering an advisory resolution to accept the approach taken by the Board of Directors of the Corporation in respect of executive compensation.                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         389454 |                0 | FOR         | 389454                                   | FOR                         |  |
| MANULIFE FINANCIAL CORPORATION              | 56501R106 | 05/08/2025     | Advisory resolution accepting approach to executive compensation.                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         236206 |                0 | FOR         | 236206                                   | FOR                         |  |
| MARTINREA INTERNATIONAL INC.                | 573459104 | 06/11/2025     | Advisory Resolution on Executive Compensation 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 of the Corporation for the Annual General Meeting to be held on June 11, 2025. | SECTION 14A SAY-ON-PAY VOTES |           3171 |                0 | AGAINST     | 3171                                     | AGAINST                     |  |
| MCAN MORTGAGE CORPORATION                   | 579176108 | 05/08/2025     | Advisory Vote on Board's approach to Executive Compensation To consider, and, if deemed advisable, approve an advisory resolution, the full text of which is set forth in the accompanying Management Information Circular, accepting the Board's approach to executive compensation.                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          99773 |             3302 | FOR         | 99773                                    | FOR                         |  |
| METRO INC.                                  | 59162N109 | 01/28/2025     | Advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          72526 |                0 | AGAINST     | 72526                                    | AGAINST                     |  |
| MICROSOFT CORPORATION                       | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote").                                                                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          17270 |                0 | FOR         | 17270                                    | FOR                         |  |
| MORGAN STANLEY                              | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in the proxy statement (non-binding advisory vote)                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          36741 |                0 | FOR         | 36741                                    | FOR                         |  |
| NORDEA BANK ABP                             | X5S8VL105 | 03/20/2025     | ADVISORY RESOLUTION ON THE ADOPTION OF THE COMPANY'S REMUNERATION REPORT FOR GOVERNING BODIES                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         240464 |                0 | FOR         | 240464                                   | FOR                         |  |
| NUTRIEN LTD.                                | 67077M108 | 05/07/2025     | A non-binding advisory resolution to accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         147986 |                0 | AGAINST     | 147986                                   | AGAINST                     |  |
| ONEX CORPORATION                            | 68272K103 | 05/08/2025     | The advisory resolution on the Corporation's approach to executive compensation as set out in the Management Information Circular.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            368 |                0 | AGAINST     | 368                                      | AGAINST                     |  |
| ORACLE CORPORATION                          | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          53404 |                0 | FOR         | 53404                                    | FOR                         |  |
| ORANGE                                      | 684060106 | 05/21/2025     | Approval of the components of compensation paid during the fiscal year ended December 31, 2024, or allocated in respect of the same fiscal year to Ms. Christel Heydemann, Chief Executive Officer, pursuant to II of Article L. 22-10-34 of the French Commercial Code                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         285319 |                0 | FOR         | 285319                                   | FOR                         |  |
| ORANGE                                      | 684060106 | 05/21/2025     | Approval of the components of compensation paid during the fiscal year ended December 31, 2024, or allocated in respect of the same fiscal year to Mr. Jacques Aschenbroich, Chairman of the Board of Directors, pursuant to II of Article L. 22-10-34 of the French Commercial Code                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         285319 |                0 | FOR         | 285319                                   | FOR                         |  |
| PEMBINA PIPELINE CORPORATION                | 706327103 | 05/09/2025     | To accept the Corporation's approach to executive compensation as disclosed in the Management Information Circular.                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         182217 |                0 | AGAINST     | 182217                                   | AGAINST                     |  |
| PEYTO EXPLORATION  DEVELOPMENT CORP.        | 717046106 | 05/22/2025     | Executive Compensation Approving a non-binding advisory resolution to accept the Corporation's approach to executive compensation.                                                                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           6977 |                0 | AGAINST     | 6977                                     | AGAINST                     |  |
| PFIZER INC.                                 | 717081103 | 04/24/2025     | 2025 advisory approval of executive compensation                                                                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         257303 |                0 | AGAINST     | 257303                                   | AGAINST                     |  |
| POWER CORPORATION OF CANADA                 | 739239101 | 05/14/2025     | Non-binding Advisory Resolution on the Corporation's Approach to Executive Compensation.                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         204071 |                0 | AGAINST     | 204071                                   | AGAINST                     |  |
| PREMIUM BRANDS HOLDINGS CORPORATION         | 74061A108 | 05/06/2025     | The Corporation's approach to executive compensation described in the accompanying Information Circular. **NOTE**: This is an advisory vote only.                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          92873 |                0 | FOR         | 92873                                    | FOR                         |  |
| PRIMARIS REAL ESTATE INVESTMENT TRUST       | 74167K109 | 05/01/2025     | To consider and, if thought advisable, to approve the following advisory resolution accepting the REIT's approach to executive compensation as disclosed in the Circular.                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         184131 |                0 | FOR         | 184131                                   | FOR                         |  |
| PRYSMIAN S.P.A.                             | T7630L105 | 04/16/2025     | ADVISORY VOTE ON THE COMPENSATION PAID IN THE 2024 FINANCIAL YEAR                                                                                                                                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          65891 |                0 | FOR         | 65891                                    | FOR                         |  |
| QUEBECOR INC.                               | 748193208 | 05/08/2025     | Adoption of an advisory resolution on the Board of Directors of the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         186285 |                0 | AGAINST     | 186285                                   | AGAINST                     |  |
| RESTAURANT BRANDS INTERNATIONAL INC.        | 76131D103 | 06/03/2025     | Say-On-Pay - Approval, on a non-binding advisory basis, of the compensation paid to named executive officers.                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          58009 |                0 | FOR         | 58009                                    | FOR                         |  |
| RIOCAN REAL ESTATE INVESTMENT TRUST         | 766910103 | 06/10/2025     | The non-binding Say-on-Pay Advisory Resolution set forth in the Management Information Circular dated April 25, 2025 (the "Circular") on the Trust's approach to executive compensation.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         610094 |                0 | FOR         | 610094                                   | FOR                         |  |
| ROYAL BANK OF CANADA ("RBC")                | 780087102 | 04/10/2025     | Advisory vote on the Bank's approach to executive compensation                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         134616 |                0 | AGAINST     | 134616                                   | AGAINST                     |  |
| SANOFI                                      | 80105N105 | 04/30/2025     | Approval of the components of the compensation paid or awarded in respect of the year ended December 31, 2024 to Frédéric Oudéa, Chairman of the Board                                                                                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          24618 |                0 | FOR         | 24618                                    | FOR                         |  |
| SANOFI                                      | 80105N105 | 04/30/2025     | Approval of the components of the compensation paid or awarded in respect of the year ended December 31, 2024 to Paul Hudson, Chief Executive Officer                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |          24618 |                0 | FOR         | 24618                                    | FOR                         |  |
| SAP SE                                      | 803054204 | 05/13/2025     | Resolution on the approval of the compensation report for fiscal year 2024                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2627 |                0 | FOR         | 2627                                     | NONE                        |  |
| SAP SE                                      | D66992104 | 05/13/2025     | RESOLUTION ON THE APPROVAL OF THE COMPENSATION REPORT FOR FISCAL YEAR 2024                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          16278 |                0 | FOR         | 16278                                    | FOR                         |  |
| SIEMENS AG                                  | D69671218 | 02/13/2025     | APPROVE REMUNERATION REPORT                                                                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           3267 |                0 | FOR         | 3267                                     | FOR                         |  |
| SIEMENS AG                                  | 826197501 | 02/13/2025     | Approval of the Compensation Report.                                                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          52601 |                0 | FOR         | 52601                                    | FOR                         |  |
| SIENNA SENIOR LIVING INC.                   | 82621K102 | 05/28/2025     | The advisory resolution on the Issuer's approach to executive compensation.                                                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         265423 |                0 | FOR         | 265423                                   | FOR                         |  |
| SIMON PROPERTY GROUP, INC.                  | 828806109 | 05/14/2025     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10562 |                0 | FOR         | 10562                                    | FOR                         |  |
| SUNCOR ENERGY INC.                          | 867224107 | 05/06/2025     | To consider and, if deemed fit, approve an advisory resolution on Suncor's approach to executive compensation disclosed in the Management Proxy Circular of Suncor Energy Inc. dated February 26, 2025 (the "Circular").                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         142382 |                0 | AGAINST     | 142382                                   | AGAINST                     |  |
| SUPERIOR PLUS CORP                          | 86828P103 | 05/13/2025     | Advisory resolution to accept the Corporation's approach to executive compensation, as more fully described in the Information Circular.                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         940822 |                0 | FOR         | 940822                                   | FOR                         |  |
| TC ENERGY CORPORATION                       | 87807B107 | 05/08/2025     | Resolution to accept TC Energy's approach to executive compensation, as described in the Management information circular.                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         245981 |                0 | FOR         | 245981                                   | FOR                         |  |
| TELUS CORPORATION                           | 87971M103 | 05/09/2025     | Advisory vote on Say on Pay Approve the Company's approach to executive compensation.                                                                                                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         452313 |                0 | FOR         | 452313                                   | FOR                         |  |
| TERRENO REALTY CORPORATION                  | 88146M101 | 05/06/2025     | Adoption of a resolution to approve, on a non-binding advisory basis, the compensation of certain executives, as more fully described in the proxy statement.                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          50528 |               37 | FOR         | 50528                                    | FOR                         |  |
| THALES SA                                   | F9156M108 | 05/16/2025     | APPROVAL OF THE 2024 COMPENSATION SCHEME PAID OR GRANTED TO MR PATRICE CAINE, CHAIRMAN AND CHIEF EXECUTIVE OFFICER AND SOLE EXECUTIVE CORPORATE OFFICER                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          12332 |                0 | FOR         | 12332                                    | FOR                         |  |
| 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 |         183852 |                0 | AGAINST     | 183852                                   | AGAINST                     |  |
| THE HOME DEPOT, INC.                        | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          12718 |                0 | AGAINST     | 12718                                    | AGAINST                     |  |
| THE KROGER CO.                              | 501044101 | 06/26/2025     | Approval, on an advisory basis, of Kroger's executive compensation.                                                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          52764 |                0 | AGAINST     | 52764                                    | AGAINST                     |  |
| THE TJX COMPANIES, INC.                     | 872540109 | 06/10/2025     | Advisory approval of TJX's executive compensation (the say-on-pay vote)                                                                                                                                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          24871 |                0 | FOR         | 24871                                    | 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 |         278094 |                0 | AGAINST     | 278094                                   | AGAINST                     |  |
| THE WALT DISNEY COMPANY                     | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation.                                                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          45748 |                0 | AGAINST     | 45748                                    | AGAINST                     |  |
| TOTAL ENERGIES SE                           | 89151E109 | 05/23/2025     | Approval of the fixed, variable and extraordinary components making up the total compensation and the in-kind benefits paid during the fiscal year 2024 or allocated for that year to Mr. Patrick Pouyanné, Chairman and Chief Executive Officer                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          31528 |                0 | FOR         | 31528                                    | FOR                         |  |
| TRACTOR SUPPLY COMPANY                      | 892356106 | 05/15/2025     | To approve, on a non-binding, advisory basis, the compensation of the named executive officers of the Company (Say on Pay).                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          19172 |                0 | AGAINST     | 19172                                    | AGAINST                     |  |
| U.S. BANCORP                                | 902973304 | 04/15/2025     | An advisory vote to approve the compensation of our executives disclosed in the proxy statement.                                                                                                                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         134933 |                0 | AGAINST     | 134933                                   | AGAINST                     |  |
| UNITEDHEALTH GROUP INCORPORATED             | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           7380 |                0 | AGAINST     | 7380                                     | AGAINST                     |  |
| VERIZON COMMUNICATIONS INC.                 | 92343V104 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         159729 |                0 | AGAINST     | 159729                                   | AGAINST                     |  |
| VERMILION ENERGY INC.(THE "CORPORATION")    | 923725105 | 05/07/2025     | Advisory resolution to accept the approach to executive compensation disclosed in the Information Circular.                                                                                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          47031 |                0 | FOR         | 47031                                    | FOR                         |  |
| VINCI SA                                    | F5879X108 | 04/17/2025     | APPROVE COMPENSATION OF XAVIER HUILLARD, CHAIRMAN AND CEO                                                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          26656 |                0 | FOR         | 26656                                    | FOR                         |  |
| WALGREENS BOOTS ALLIANCE, INC.              | 931427108 | 01/30/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          76858 |                0 | FOR         | 76858                                    | FOR                         |  |
| WALMART INC.                                | 931142103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| WELLTOWER INC.                              | 95040Q104 | 05/22/2025     | The approval, on an advisory basis, of the compensation of the named executive officers.                                                                                                                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          23741 |                0 | FOR         | 23741                                    | FOR                         |  |
| WESDOME GOLD MINES LTD.                     | 95083R100 | 05/27/2025     | To consider and, if deemed advisable, pass an advisory non-binding resolution accepting the approach to executive compensation disclosed in the Management Information Circular of the Corporation dated April 16, 2025.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           5145 |                0 | AGAINST     | 5145                                     | AGAINST                     |  |
| WHITECAP RESOURCES INC.                     | 96467A200 | 04/29/2025     | To consider a non-binding advisory resolution on Whitecap's approach to executive compensation.                                                                                                                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           8259 |                0 | FOR         | 8259                                     | FOR                         |  |
| WSP GLOBAL INC.                             | 92938W202 | 05/08/2025     | Consider a non-binding advisory resolution on the Corporation's approach to executive compensation.                                                                                                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           3529 |                0 | AGAINST     | 3529                                     | AGAINST                     |  |

## N-PX: Signature Block

**Reporting Person:** Lincluden Management Ltd

**By (Signature):** Diane Downs

**By (Printed Signature):** Diane Downs

**By (Title):** Associate

**Date:** 08/27/2025