Portfolio Analyzer Tool Terms of Use

Last Updated: November 9, 2023

These terms of use (these “Terms”) apply to both your access to, and your use of, the Portfolio
Analyzer Tool provided by Picton Mahoney Asset Management (“PMAM”, “we” “our” or “us”).
The Portfolio Analyzer Tool includes all interfaces or media used, whether now known or not yet
known, to access the Portfolio Analyzer Tool including, without limitation, our website available
at https://www.pictonmahoney.com/invest/services/pccs/ and any app or related technology media
(collectively, as it relates to these Terms, the “Tool”). By using the Tool, including any materials,
content and services made available through the Tool, you accept and agree to be bound by these
Terms.

Please read these Terms carefully as they contain important information regarding your
legal rights, remedies and obligations. If you are not willing to comply with every provision
of these Terms, you may not use the Tool (which includes any materials, content or services
made available through it).

1. No Advice

The information provided by the Tool is for informational and educational purposes only and does
not constitute investment, financial, accounting, legal or tax advice, nor is it designed for financial
investment planning purposes and should not be construed as a recommendation to buy or sell any
security. The information provided within the Tool is not being provided in a fiduciary capacity
and should not be used as a primary basis for you or your client’s investment decisions. Ultimately,
you as the financial professional are responsible for determining whether an investment is in the
best interest of your client based upon your client’s stated goals, time horizon, investment
objectives, risk tolerance, circumstances, and impact of taxes. PMAM and its representatives may
have a conflict of interest in the products or services mentioned included in the Tool because they
have a financial interest in them, and receive compensation, directly or indirectly, in connection
with the management, distribution, and/or servicing of these products or services, including
PMAM funds and certain investment services.

2. Hypothetical Performance

The investment information provided via the Tool illustrates or compares the hypothetical
historical performance of a current and/or proposed portfolio. While the individual specific
securities may have actual historical performance, the combination of these investments in an
illustrative portfolio based on your input is new and, therefore, that combination does not have an
actual performance record. Illustrations of the historic performance of an illustrative or model
portfolio do not reflect the results of actual trading of securities but were calculated by the
retroactive application of historical performance of the investment returns to the illustrative
portfolios.

The historical returns presented include all items of dividends and interest net of fees unless
otherwise stated. Because the asset allocation and illustrative portfolios were structured with the
benefit of knowing how each asset class or specific security/investment performed during the
period shown, the hypothetical returns may be higher than the returns of an actual portfolio that

would have been recommended during that period. Model portfolio analysis within this Tool
assumes that the asset allocation or portfolio was rebalanced monthly back to the initial asset
allocation. This rebalancing frequency does not necessarily reflect how an actual portfolio would
have been managed.

The default setting of the Tool uses performance information calculated for each portfolio is based
upon the earliest common inception date of the underlying funds or securities within the portfolio
and performance is based upon the aggregation of the underlying investments according to the
given allocation and calculated using data supplied by Morningstar. While PMAM believes that
the data supplied by Morningstar for the Tool is reliable, it does not review the information and
cannot guarantee or warrant it to be accurate, complete, or timely. PMAM is not responsible for
any damages or losses arising from the use of any Morningstar or third-party information.
If you adjust the settings of the Tool to a period before the common inception of the underlying
funds within the portfolio, the historical return for one or more of the underlying funds or securities
may be supplemented with back-tested performance of a proxy. This means that the historical
return for the applicable fund or funds is hypothetical in nature and does not reflect the actual
performance of the fund or security for the entire period used.

Hypothetical model portfolio and back-tested performance results have inherent limitations. There
is no guarantee that these hypothetical results could or would have been achieved had the security,
asset allocation or portfolio been used during the years presented or. In fact, there are frequently
sharp differences between hypothetical performance results and the actual results subsequently
achieved by any particular investment strategy or security. One of the limitations of hypothetical
performance results is that they are generally achieved through the retroactive application of a
model that was prepared with the benefit of hindsight. As a result, the models theoretically may
be changed from time to time and the effect on the performance results could be either favourable
or unfavourable.

All results shown are provided for illustrative purposes only. The hypothetical results are not
indicative of future results. Results of the Tool may vary with each use and over time. All
investments involve some risk and fluctuations in the financial markets and other factors may
cause declines in the value of a client’s account. Investors may lose money. There is no guarantee
that any particular asset allocation or mix of funds will meet a client’s investment objectives or
provide him/her with a given level of income. Actual performance of a portfolio, underlying fund
or security may differ significantly.

PMAM does not, and will not, make any representations about whether a model portfolio is in the
best interest of any investor; is not, and will not be, responsible for the determination of whether a
model portfolio is in the best interest of any investor; and is not acting as an investment advisor to
any investor.

3. Changes to These Terms

We may change these Terms at any time without notifying you, but we will use reasonable efforts
to publish each amendment before it becomes effective. We will ensure that the latest version of
these Terms are published on, or linked through, the Tool. You are responsible for regularly
reviewing the Tool to obtain timely notice of any additional terms that may apply. If any
amendment is unacceptable to you, you may terminate your agreement to these Terms by ceasing
your use of the Tool. This includes closing any Accounts (defined in section 5.a below) you may
have with us. If you continue to use the Tool after the effective date of an amendment, you will
be deemed to have accepted the amended version of these Terms.

4. Your Use of the Tool is Licensed by Us, and is Subject to These Terms

a. Subject to these Terms, we grant you permission to access the Tool through a
personal, non-exclusive, non-transferable, revocable license to use the Tool for transitory, non-
commercial purposes, provided that with respect to any materials obtained from the Tool, you may
not do any of the following without our prior written consent: (i) modify, copy, reproduce or create
derivative works of such materials (except as explicitly provided in connection with those
materials through the Tool); (ii) use the materials for any commercial purpose; (iii) distribute, sell
or transmit the materials; (iv) publicly display, publish or perform the materials for any purpose;
(v) attempt to decompile or reverse engineer any software or database contained in or access
through the Tool; or (vi) remove any copyright or other proprietary notations. All rights not
expressly granted to you are reserved by us and our licensors.

b. Except as expressly indicated on the Tool, you are not permitted to: (i) frame or
embed any portion of the Tool within another website or service, (ii) imply any affiliation between
you and us, or you and the Tool, (iii) portray us or the Tool in in a false, misleading, derogatory
or otherwise defamatory manner, or (iv) use the Tool in a commercial context.

5. Our Privacy Policy Applies to These Terms

Our privacy policy (“Privacy Policy”) applies to your use of the Tool and is available at
www.pictonmahoney.com/privacy-policy. We may update it from time to time. You may contact
us with privacy questions as set out in our Privacy Policy. To the extent permitted by applicable
law, by using the Tool you consent to the collection, use, disclosure and other handling of your
personal information as set out in our Privacy Policy.

6. Your Eligibility to Use the Tool and its Content

a. The Tool is intended solely for users who are investment advisers registered in
Canada or other financial professional and who reside in a jurisdiction where the Content (defined
in Section 6.a below) of the Tool is legally permissible. Any use of the Tool by anyone who does
not meet those criteria is unauthorized, unlicensed, and will be deemed in violation of these Terms.

b. In our sole discretion, with or without notice to you, we may take actions to protect
against such violations, including terminating your Account, deleting or blocking content, or
otherwise prohibiting you from using the Tool. Regardless of whether we take action, it does not
in any way waive any other legal right or remedy we may have against you.

7. Your Account

a. This Section 5 applies to any user account you create (an “Account”). You must
not register or access an Account on behalf of any individual other than yourself, except for legal
entities that are not individuals, in which case you may not register or access an Account on behalf
of that entity unless you are duly authorized to so act for that entity.

b. We may assign you, or you may create, a password and Account identification to
access and use certain portions of the Tool. All personal information collected through your
Account will be subject to our Privacy Policy. While we will use reasonable efforts to safeguard
personal information as set out in our Privacy Policy, you are solely responsible for ensuring that
the access credentials to your Account remain secure and confidential and for verifying and
monitoring any activity on your Account. You are further responsible to protect and keep secure
any Content you view, upload, download, print or otherwise collect in any form from any
unauthorized access.

c. To ensure that your Account is accurate, we require that you: (i) provide true,
current and complete Account information as requested by us or our agents from time to time, and
(ii) promptly notify us of any changes to your Account information.

d. We will assume that any activity on your Account or use of your Account
credentials is authorized and directed by you. You will be legally responsible for all activities that
occur on your Account, even if the activity is done without your permission. We have no
obligation to investigate the authorization or source of any access or use of the Tool that purports
to be you, such as activity through your Account.

e. You must immediately notify us of any unauthorized use of your Account, a breach
of security with respect to your Account, any password, any access to third party Content to which
you should not have access. You will provide reasonable assistance to us, as requested, to stop or
remedy those occurrences. Contact procedures are set out in these Terms, in our Privacy Policy
and on the Tool.

f. You acknowledge and agree that we have no obligation to monitor the Tool or any
Content accessible, transmitted through or posted to the Tool. You further acknowledge and agree
that we have the right to monitor the use of the Tool and Content as we deem appropriate and to
disclose any information necessary to: (i) comply with any legal, regulatory or other governmental
request or requirement; (ii) operate, manage or administer the Tool; or (iii) protect ourselves or
other users of the Tool.

8. Rights related to Our Content and Your Content

a. In these Terms, “Content” means all materials and content available on or through
the Tool including designs, editorial, text, graphics, audiovisual materials, multimedia elements,
photographs, videos, music, sound recordings, reports, documents, software, information,
formulae, patterns, data and any other work. In terms of Our Content, this also includes source
code, processes, designs, technologies, URLs, domain names, trademarks and logos forming any
part of the Tool. Any of Your Content (defined in Section 6.d below) that constitutes personal
information is also subject to our Privacy Policy. In the event of any contradiction between these
Terms and our Privacy Policy with respect to personal information, our Privacy Policy will prevail.

b. Except where expressly stated otherwise, all right, title and interest in, to and
associated with the Tool and all Content that you did not provide yourself (“Our Content”) fully

belong to us. Our Content is protected by applicable copyright, trademark, patent, or other
proprietary rights and intellectual property laws and is licensed subject to these Terms. You may
not use, export or re-export Our Content or any copy or adaptation thereof in violation of any
applicable laws or regulations.

c. The Tool may link to or otherwise make available Content from third parties
(collectively, “Third Party Content”). That Third Party Content may be governed by applicable
third party terms and conditions. Nothing in your use of the Tool grants you any right, title or
interest in, or ownership over Third Party Content.

d. The Tool contains interactive features that allow you to provide Content. We do
not claim any ownership over your Content. Your Content includes Content that you post, upload,
input, provide, submit or otherwise transfer to us or to any third party while using the Tool
including Content relates to your model portfolio(s) and/or the Portfolio Construction Consultation
Service that we provide to you (collectively, “Your Content”). We will keep Your Content
confidential and will not use or share it with any third parties other than: (i) with employees,
affiliates, subsidiaries or related parties as reasonably required to provide the Tool, the Content
and our other products and services to you; (ii) with employees, affiliates, subsidiaries or related
parties reasonably required for general business purposes including, without limitation, to
research, develop and improve our product and service offerings, to prepare and produce marketing
materials and sales communications, and to determine sales or business strategies and for other
sales-related purposes; (iii) with third-party service providers as reasonably required to assist us in
providing our products and services to you including to administer the technology and platform
used in connection with the Tool and the Content; (iv) with third-party service providers as
reasonably required to assist us with certain business functions, such as record-keeping, data
management, marketing, social media marketing, and employment-related activities; (v) with our
accountants, auditors, agents and lawyers in connection with services they provide, and the
enforcement and/or protection of our legal rights; (vi) with government agencies, such as the
provincial securities regulators, Canada Revenue Agency or Financial Transactions and Reports
Analysis Centre of Canada, as reasonably required for us to comply with applicable laws,
regulations, guidelines, rules, orders and contractual obligations; and (vii) as permitted or required
by law, for example when responding to a subpoena, search warrant, court order, or other legally
valid request (collectively, the “Purposes”).

e. If you make Your Content available in any way through the Tool, we deem that to
mean that you: (i) grant us a royalty-free, fully paid-up, non-exclusive, worldwide, irrevocable and
perpetual license (a “License”) to use, reproduce, distribute, transmit, display, modify, publish and
translate (collectively, “Use”) Your Content for the Purposes; (ii) represent and warrant to us that
you have all right, title and interest, as well as the power and authority necessary, to grant the
License for us to Use Your Content as set out above; and (iii) agree to indemnify us from any
actions, proceedings, claims, liabilities, damages and reasonable expenses relating to, or arising
from, Your Content, including instances where Your Content infringes any intellectual property
rights, or is deemed inappropriate, profane, defamatory, infringing, obscene or unlawful. If you
cannot provide Your Content in accordance with these Terms, we prohibit you from providing or
using Your Content in connection with the Tool.

f. If you provide to us any comments, ideas, suggestions or impressions of the Tool
or our products and services (collectively, the “Feedback”), you give us a License to use it for any
purpose, regardless of whether we actively solicited the Feedback or not.

g. You are exclusively responsible for determining the accuracy, suitability,
harmfulness or legality of Your Content, even if you did not create it. We do not have any
obligation to monitor, censor or review any of Your Content or any Third Party Content, or to
monitor use of the Tool. If we receive a complaint relating to your use of the Tool, we may, in our
sole and absolute discretion and without notice or liability, investigate the complaint, and censor,
alter or remove Your Content, or take any other action that is permitted by applicable laws or these
Terms. Nothing we do (or fail to do) waives or limits any rights or remedies that we have.

9. Intellectual Property Notices and Complaints

a. The Tool and all of our Content are owned by us and/or our licensors, and is
licensed to you in accordance with these Terms only. All trademarks displayed on or through the
Tool, whether registered or unregistered, are the property of us, our licensors and/or other third
parties. You are not permitted to use such trademarks for any purpose without our prior written
consent. Except as expressly indicated on the Tool, no endorsement, sponsorship, affiliation or
other authorization is implied by any use of third party trademarks.

b. We have the right to terminate, at our sole discretion, the Accounts of users who
are deemed to be infringers or repeat infringers of our intellectual property rights or the intellectual
property rights of any third party.

10. Acceptable Use of the Tool, and Prohibitions

a. In addition to the terms and conditions set out herein, we may require you to agree
to additional terms for particular services, products or areas of the Tool from time to time. Any
such additional terms that you agree to are deemed to be incorporated into these Terms.

b. Without limiting anything else contained in these Terms, you must ensure that: (i)
you only use the Tool for lawful purposes, and (ii) if at any time you become aware of any violation
of these Terms, by any person or entity under your control, you will immediately notify us and
provide us with assistance, as requested, to stop or remedy such violation.

c. Without limiting anything else contained herein, you must not, in connection with
the Tool, directly or indirectly, post, upload, reproduce, facilitate, distribute or otherwise transmit
any Content or take any action that: (i) violates any applicable law or regulation; (ii) gives rise to
civil liability; (iii) is obscene, hateful, inappropriate or objectionable; (iv) constitutes defamation,
harassment, stalking or abuse or abuse of any conduct that violates the legal rights of others; (v)
advocates or encourages violence, abuse, hate or discrimination against a person or group; (vi)
constitutes unauthorized or unsolicited communications or other “spam”; (vii) infringes, violates,
or misappropriates the personal rights or intellectual property rights of any person; (viii) obtains
unauthorized access to, or interferes by any means with, any user, system, network, service or
account, including evasion of filters or violation of the security or integrity of any network or
system; (ix) harvests, scrapes, or uses any robot, spider, crawler, script or other automated means
not provided by us to access the Tool or to extract data, collect information or otherwise interact
with the Tool; (x) distributes computer viruses, malware, cancelbots, Trojan horses, worms or
other harmful or disruptive content of any kind to the Tool, regardless of intent; or (xi) harvests,
scrapes, extracts, collects, or stores personal information about others without their consent as
required by applicable laws.

11. Terminating or Restricting Your Access to the Tool

a. We may, in our sole discretion, suspend, restrict or terminate your access to the
Tool, effective at any time, without notice to you in situations where we deem appropriate
including where: (i) the operation or efficiency of the Tool or our or any third party’s equipment
or network is impaired by your use of the Tool, (ii) we receive a complaint relating to your use or
misuse of the Tool, or (iii) you have been or are in breach of these Terms.

b. You acknowledge and agree that our termination, curtailment, or suspension of the
Tool may result in restricting, disrupting or suspending access to your Account and Your Content.
We will not be held responsible nor liable for any claims of loss resulting from restrictions,
disruptions or suspensions. By using the Tool, you agree to release us from those claims. If your
use of the Tool is suspended or restricted, we have no obligation to forward any of Your Content
to you or any third party unless required by applicable law.

12. Disclaimers, Limits of Liability and Indemnities

a. Your use of the Tool depends on the public internet, including networks, cabling,
facilities and equipment that are not in our control. Accordingly, (i) we cannot guarantee any
minimum level regarding such performance, speed, reliability, availability, use or consistency, and
(ii) data, messages, information or materials sent over the internet may not be completely private
and your anonymity is not guaranteed.

b. The Content that you may access while using the Tool may contain links to other
websites or services. These links are provided solely for your convenience and are not endorsed,
investigated or verified by us. As a result, we are not liable for any losses suffered connection
with these Third Party Links including any damages arising from their products, services, content,
privacy practices or any third parties named therein.

c. All use of the Tool and any Content provided by us is to be used at your own risk.
The Tool and all Content, including all products and services provided under these Terms, are
provided on an “AS-IS” and “AS-AVAILABLE” basis. We make no conditions, warranties or
representations about the suitability, reliability, usability, security, quality, capacity, performance,
availability, timeliness or accuracy of the Tool or any Content. We expressly disclaim all
conditions, warranties and representations, express, implied or statutory, including implied
conditions or warranties of merchantability, fitness for a particular purpose, durability, title and
non-infringement, whether arising by usage of trade, by course of dealing, by course of
performance, at law, in equity, by statute or otherwise howsoever.

d. Notwithstanding any other provision of these Terms, and to the maximum extent
permitted by applicable law, in no event will we, our affiliates, or our controlling parties, agents,
employees, suppliers, licensors, resellers or distributors (when we refer to “we” or “us” in this
Section 10, we mean us and all of these people) be liable for any direct, indirect, special, incidental,
consequential or punitive damages, or any other expenses, damages or losses whatsoever,
including (whether direct or indirect) damages for loss of profits, goodwill, opportunity, earnings,
use or data, arising from or related to these Terms, the Tool, or any Content or software in
connection therewith, regardless of the cause of action and even if one or more of us have been
advised of the possibility of such damages or losses, or if such damages or losses would be
reasonably foreseeable. It is impossible to fully list the extent of this limit of liability, but, to be
clear, to the maximum extent permissible under applicable law, we have no liability whatsoever
to you for any other expenses, damages or losses.

e. Some jurisdictions prohibit the disclaimer of certain warranties or conditions or the
limitation of certain types of liability, such as those set out in this Section 10. To the extent that
any disclaimers, exclusions and limitations in these Terms are prohibited by law, such disclaimers,
exclusions and limitations will only apply to the extent necessary to make these Terms consistent
with such prohibitions.

f. We provide the Tool on the basis of these Terms. By using the Tool, you agree to
indemnify us, and disclaim our responsibility for, any actions, proceedings, claims, liabilities,
damages and reasonable expenses (including legal expenses) relating to or arising from: (i) access
or use, by you or permitted by you, of the Tool or your Account, or (ii) any of your acts or
omissions, including breach of these Terms and any violation of any third party rights.

13. General Provisions

a. No waiver of any provision of these Terms is binding unless it is in writing and
signed by us. No failure to exercise, and no delay in exercising, any right or remedy, under these
Terms will be deemed to be a waiver of that right or remedy. No waiver of any breach of any
provision of these Terms will be deemed to be a waiver of any subsequent breach of that provision.

b. The invalidity of any particular provision of these Terms does not affect any other
provision contained herein, but the Terms are to be construed as if the invalid provision has been
omitted.

c. Subject to our Privacy Policy we may provide you with notifications via email, in
hard copy, through your Account, or through conspicuous posting of such notice on the Tool, as
we may determine in our sole discretion.

d. These Terms and the rights of the parties hereto are governed by, and construed and
interpreted in accordance with, the laws of the Province of Ontario and the laws of Canada
applicable therein. You hereby irrevocably submit to the exclusive jurisdiction of the courts of
Ontario in connection with any matter arising out of or in connection with these Terms.

e. We may, without consent in writing, assign, directly or indirectly, our rights under
these Terms. You may not assign these Terms or any of your rights or obligations under them
without our prior written consent. These Terms will enure to the benefit of, and bind you and us
and our respective heirs, executors, administrators, personal and legal representatives, successors
and permitted assigns. On agreement with an assignee to assume our obligations under these
Terms, we will without the necessity of any other documentation, be released from all of our
obligations under these Terms.

f. All provisions of these Terms that, by their meaning or nature, are intended to
survive termination or expiry of these Terms shall survive termination or expiration of these
Terms.

g. No joint venture, partnership, employment or agency relationship exists between
us and you as a result of these Terms or your use of the Tool.

14. Questions and Concerns:

If you have any questions or concerns about the Tool or these Terms, please contact us at
service@pictonmahoney.com.

With regard to data used within the Tool:
© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary
to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not
constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate,
complete or timely. Neither Morningstar nor its content providers are responsible for any damages
or losses arising from any use of this information.

© 2023 Picton Mahoney Asset Management. All rights reserved.