A. Description of our advisory firm, including how long we have been in business and our principal owner(s). LBA is an independent Canadian investment management firm founded in 1987. The founders and major shareholders of LBA are Mr. Peter Letko and Mr. Daniel Brosseau. They each indirectly own 42% of LBA and have had a majority ownership since the inception of the firm. LBA is registered as an investment fund manager, exempt market dealer and as an adviser in the category of portfolio manager in each of the provinces and territories of Canada. LBA is also registered as a financial planning firm in the province of Québec. The Danish Financial Supervisory Authority has granted LBA a license to carry out investment services in Denmark pursuant to section 33 of the Danish Financial Business Act. LBA is also an SEC-registered investment adviser with no place of business in the United States. LBA offers investment advisory services to institutional investors including, but not limited to, pension funds, endowments and foundations, and to wealthy individuals. B. Description of the types of advisory services we offer. Investment management services LBA provides investment management services on a discretionary basis to its clients, using an approach based on fundamental analysis, broad diversification, an international perspective, careful stock selection and low turnover. Our style is conservative. We do not short securities and we do not trade in options or derivatives. Types of mandates currently offered to U.S. investors: Balanced
• Global Balanced
• Canadian Balanced Equities
• Fossil Fuel Free Global Equity (Canadian and foreign equities, including US)
• Fossil Fuel Free Global Equity (US and foreign equities)
• Canadian Equity Income (with up to 30% foreign equity component, including US)
• Canadian Equity (institutional mandates only - minimum of US$10 million)
• US Equity
• Global Equity (Canadian and foreign equities, including US)
• EAFE Equity
• Canadian Equity Plus (with up to 40%

foreign equity component, including US)
• Foreign Equity (only non-Canadian equities)
• Emerging Markets Equity
• Infrastructure Equity Fixed Income
• Fixed Income (minimum of US$25 million) Financial planning services The service we currently offer to our Canadian clients is the establishment of income projection scenarios, achieved by examining clients’ personal and family tax and financial situation, at the time of retirement and death. We also provide recommendations related to the pursued objectives. C. Explanation of how we tailor our services to the individual needs of clients. LBA provides portfolio management services to its clients based on the specific investment objectives and strategies described in the discretionary investment management agreement entered into by LBA and each of its clients. In particular cases, clients might want to impose restrictions on investing in certain securities or give certain parameters to respect in which cases, these specific restrictions would be included in the discretionary investment management agreement between LBA and the client. LBA has an obligation to assess whether a particular strategy or security is suitable for a client within the context of the client’s entire portfolio. The account information form (“KYC”) and client meetings serve as the basis for establishing this suitability. LBA also has a responsibility to help a client determine the appropriate asset allocation that LBA will follow when managing the portfolio and advise him of the risks the different investment strategies entail. D. Participation in wrap fee programs LBA does not participate in wrap fee programs. E. Client assets managed on a discretionary basis. LBA manages all of its portfolios on a discretionary basis, meaning that clients contractually grant LBA the authority to buy and sell securities within their accounts without requesting prior client permission to do so. LBA had approximately US$15.4 billion in assets under management as of September 30, 2023.