Update From Our Management Team – December 2, 2025

We have recently been made aware of a class action lawsuit involving our organization. The lawsuit is related to a 2024 investment into a company called Exro Technologies and its acquisition of SEA Electric.

Our legal team is currently evaluating the merits of the lawsuit; the claims have not been tested in court. We have confidence in our practices and have no reason to believe that any Vestcor employees acted inappropriately.

The impacts of the Exro Technologies and SEA Electric investments were negligible on the overall performance of our clients’ portfolios – representing a fraction of 1% of the total portfolios. The investment performance of the assets under management on behalf of clients remains strong in 2025 and over the longer term, as reported in our recent Annual Report and Quarterly Market Updates.

Most importantly, given the robust funded positions of our clients’ pension plans, and our continued strong investment performance, there is no impact to the monthly income of current and future pensioners whose plans we manage.

Vestcor continues to exceed the long-term objectives of its owners and clients while staying cost effective thanks to an organizational structure and governance model that:

• Are based on industry best practices.
• Have significant independent oversight.
• Provide detailed public disclosures.

We thank you for your trust in us, and will keep you abreast of the situation as it develops.