PRIVACY NOTICE

UPDATED MAY 2026

QV Investors Inc. (“QV”, “us”, “we” or “our”) is committed to protecting the privacy and confidentiality of the personal information you have entrusted to us. This Privacy Notice outlines the ways in which we collect, use, disclose and otherwise process, the personal information of our clients both online through our website located at www.qvinvestors.com or on our client portal, and through our offline business activities.

If you do not agree to the terms of this Privacy Notice, please do not provide us with any personal information.

Collection of Personal Information

Before we collect, use or disclose any personal information about you, we require your consent. We will only collect personal information necessary for us to provide the products and perform the services requested to the best of our ability.

We may obtain your express consent verbally, online or in writing. An example of this is when we collect your information via our account application form, which formally requests your consent for us to collect and use the information when you sign the application. We may obtain implied consent through your use of a product or service, or when you approach us to obtain information, inquire or apply for products or services from us.

You may refuse to provide personal information and may, subject to legal or contractual restrictions and reasonable notice, withdraw consent at any time to the continued use and disclosure of personal information previously collected. Please note that refusing or withdrawing your consent may result in us being unable to provide you with certain products or services. You can withdraw your consent at any time by writing to our Privacy Officer at the contact information provided below.

Use of Personal Information

QV collects and uses personal information concerning our clients and prospective clients for purposes of providing the services requested by you as our client and to fulfill our legal obligations. We will only use or disclose your personal information for the reason it is collected or for other purposes you consent to, or when it is required by law. More specifically, we may collect, use and disclose personal information from you for the following purposes:

• to satisfy know-your-client and suitability requirements
• to provide investment management services to you, including the administration, operation and maintenance of your account(s), entering into and processing transactions within your portfolio
• to provide account statements, transaction confirmations, tax receipts, financial statements, proxy mailings, registered plan notices, and other information which you may request
• to transfer your account to or from another institution
• to comply with QV’s legal and regulatory obligations, as well as its policies and procedures
• for business purposes, such as the improvement of our operations and services provided to you through your contractual agreements with us
• to fulfill any other purposes for which you specifically provide QV with personal information
• to contact and correspond with you and your agents
• to improve our website, its content and features, and
• such other purposes permitted or required by applicable law.

We will provide our clients with a full and complete description of the reasons why we require certain personal information and the purposes for which it will be used.

Limiting Collection of Personal Information

We will collect only personal information necessary for us to provide the products and services you request. We will not collect any personal information beyond what is allowed by law. Our website collects log files to measure usage statistics; however this information is not used to identify or contact individuals.

Limiting the Use, Disclosure, and Retention of Personal Information

Personal information may be used to provide clients with information about requested products or services, or in the provision of those products or services. Personal information will only be used or disclosed for the purposes identified when collected and identified in this Privacy Notice or later consented to. We will only use or disclose personal information for other purposes with our clients’ consent or when permitted or required by law.

Personal information will only be retained for the period of time required to fulfill the purposes for which it was collected or as otherwise permitted or required by law. QV stores your personal information in Canada.

Disclosure to Others

Your personal information may be disclosed to agents, third-party service providers, intermediaries and regulatory organizations – but only for the purpose of providing our services to you.

We may outsource data for storage and processing to third parties in foreign jurisdictions. Your personal information may be accessed under the laws of such other countries to which the information has been transferred.

Any time we transfer information to a third party, we will ensure that such third party maintains administrative, technical and physical safeguards to ensure the same level of protection over such information as that provided by QV.

We may disclose personal information collected, or that you provide, as described in this Privacy Notice:

• Legal and Compliance: We and our service providers may provide your personal information in response to a search warrant to other legally valid inquiry or order, or to another organization for the purposes of investigating a breach of an agreement or contravention of law or detecting, suppressing or preventing fraud, or as otherwise may be required or permitted by applicable Canadian, U.S. or other law or legal process, which may include lawful access by US or foreign courts, law enforcement or other government authorities. Your personal information may also be disclosed where necessary for the establishment, exercise or defence of legal claims and to investigate or prevent actual or suspected loss or harm to persons or property.
• Sale of Business: We may transfer any information we have about you as an asset in connection with a proposed or completed merger, acquisition or sale (including transfers made as part of insolvency or bankruptcy proceedings) involving all or part of our business, or as part of a corporate reorganization or other change in corporate control, and/or
• As otherwise required or permitted by law.

Accuracy

We will endeavor to maintain personal information in as accurate, complete and up-to-date a manner as is necessary to fulfill the purposes for which it was collected. Should you require any updates to or corrections of your personal information, you can make a request as set out under the “access” section below.

Safeguarding Client Information

We maintain appropriate security safeguards to protect against unauthorized access, disclosure, copying, use or modification, theft, misuse, or loss of your personal information in our custody or control. These safeguards are appropriate to the sensitivity of the information.

We have a policy and procedures in place which inform our employees, representatives, and agents of our and their responsibilities when collecting, using, and disclosing the personal information that we collect. We provide our employees with annual training on our Privacy Policy and related practices.

We maintain appropriate physical, electronic, technological, procedural, and organizational safeguards to protect against unauthorized access, disclosure, copying, use or modification, theft, misuse, or loss of your personal information in our custody or control. These safeguards are appropriate to the sensitivity of the information.

We have agreements in place with third-party service providers requiring that personal information we provide to them must be safeguarded and used only for the purpose of providing the service we have requested the provider to perform.

Openness

You can request written information about our policies relating to the management of your personal information by contacting our Chief Privacy Officer.

Client Access

Upon request, clients will be informed of the existence, use and disclosure of their personal information in our custody or control, and shall be given access to it, except where a legislative exception applies. You may verify the accuracy and completeness of your personal information and request any appropriate amendments to it by request to our Chief Privacy Officer.

You have the right, subject to certain limitations, to formally request to review or verify your personal information, or to find out to whom we have disclosed it. To make a formal request for access, please send a written request to our Chief Privacy Officer. Please include your full name, address, telephone number, and account number(s) on all correspondence to us and provide enough detail to allow us to identify the information you want and the details of the information that you are seeking.

Please note that we may not be able to provide you with this information in certain circumstances, for example without limitation, where such information:

• Contains references to other persons
• Contains proprietary information confidential to us
• Has been destroyed
• Is too costly to retrieve
• Is subject to legal or some other form of privilege
• Cannot be disclosed for legal reasons
• Relates to an investigation.

If we are unable to provide some of the personal information we hold about you, we will tell you why, when permitted by law.

Changes to This Privacy Notice

We may update our Privacy Notice from time to time. We will notify you of any changes by posting the new Privacy Notice and date of amendment on this page.

We will let you know via email and/or a prominent notice on our Services, prior to the change becoming effective and update the “effective date” at the top of this Privacy Notice.

You are advised to review this Privacy Notice periodically for any changes. Changes to this Privacy Notice are effective when they are posted on this page.

Contact Us

If you have any questions about this Privacy Notice, please contact QV’s Privacy Officer at compliance@qvinvestors.com or by visiting our website at https://www.qvinvestors.com/Contact