INTACT INVESTMENT MANAGEMENT INC.

Intact Investment Management Inc. is an investment management firm based out of Toronto, Canada. The company operates as a subsidiary of Intact Financial Corporation, specifically as its internal investment management division. The parent company Intact Financial Corporation is a Canadian insurance company. The company was originally known as the ING Group Canada division and is the leading property and casualty insurance company in Canada. Intact Financial Corporation can trace its history back to the Halifax Fire Insurance Association which was established in 1809. The Halifax Insurance Company would then be acquired by Nationale-Nederlander in 1950, continuing to acquire other businesses in Canada. The group of Canadian Nationale-Nederlander’s businesses would then be consolidated in 2003 and renamed ING Canada. ING Canada would in turn become independent in 2009 and become Intact Insurance Company before changing its name later that year to its current Intact Financial Corporation. Intact Financial Corporation Currently operates under the Intact Insurance, BrokerLink, belairdirect, and Grey Power brands. Intact Investment Management Inc. itself conducts its research internally, utilizing the network of resources set up by its parent company. The company invests most heavily in the finance sector, which alone makes up over a quarter of its total asset allocations, and also invests in the energy, which makes up another fifth of its total allocations, utilities and telecommunications, consumer discretionary, real estate, information technology, and consumer staples sectors, among other sectors to a lesser degree, in order of decreasing allocation. Intact Investment Management holds its allocations an average of 9.3 quarters and holds its top 10 allocations an average of 4.2 quarters. The company, in the most recent quarter, has had a turnover rate of approximately 25.5%. Intact Investment Management’s top holdings include the Bank of Nova Scotia, TELUS Corp. (Non-Voting Shares), Enbridge Inv., BCE Inc., and the Royal Bank of Canada.