CORRECTION: Proxy Circular Deep Dive Into CEO Stock Ownership

Research evidence excerpt

CORRECTION: Proxy Circular Deep Dive Into CEO Stock Ownership

June 5, 2026 | 18:39 ET~

Financial Services Canada

CORRECTION: Proxy Circular Deep Dive Into CEO Stock Financial Services Canada

Ownership Tom MacKinnon, FSA, FCIA Analyst

Tom.MacKinnon@bmo.com (416) 359-4629

Cristian Cugini, CPA Associate

Bottom Line: cristian.cugini@bmo.com (416) 263-2717

We are issuing a correction for the treatment of option exercises (previously classified Legal Entity: BMO Nesbitt Burns Inc.

as "sales"), eliminating what was perceived as CEO selling, most notably at POW and

to a lesser extent at SLF, IGM, and IAG, where selling activity reflected option exercises

rather than true disposals. We conduct a deep dive into CEO stock ownership for our

coverage, through both current ownership (including Bloomberg open market purchases

as well as exercised options/vested awards) and potential unexercised options/

unvested awards. Our comprehensive analysis tracks the build of current ownership,

through both Bloomberg open market buying (where we highlight EFN's CEO continuing

to buy EFN stock) and other means (exercised options/vested awards).

Key Points

Exhibit 1 highlights the change in CEO reported stock ownership in 2025, and

Exhibit 2 highlights the build of CEO current reported stock ownership, through both

Bloomberg open market buying and other means (exercised/vested options and other

vested share-based awards).

• EFN's CEO, Laura Dottori-Attanasio, continues to be an open market

purchaser of EFN, with Bloomberg open market net purchases of $2.8mm

of EFN (82,600 shares, including 36,400 in 2025 and 46,200 YTD/2026) from

Jan. 1, 2025-May 29, 2026 (i.e., since our last update). The vast majority of

Mrs. Dottori-Attanasio's current 362,000 total share position in EFN has been