Legal Terms of Use

These terms of use (the “Terms”) apply to your access to and use of any materials or content provided through (a) the website located at www.smeadcap/canada and such other websites and locations as may be made available from time to time (collectively, the “Website”), owned, operated and maintained by Smead Capital Management, Inc. (“Smead US”) on behalf of Smead Capital Management (Canada) Ltd. (“Smead Canada”, “we”, “us”, “our”), (b) any “app” or other front-end software provided by us (for greater certainty, excluding third party software that may interact with the Website or the Service, as defined below) that interacts or interfaces with the Website (the “Software”), (c) the products, services and strategies we provide through the Website and/or the Software and (d) any correspondence with an email address that ends in @smeadcap.com (a “Smead Canada email”) (collectively, the “Service”). Except where the context requires otherwise, references in these Terms to “we”, “us” or “our” refer to Smead Canada. By accessing and using the Service, you accept and agree to be bound by these Terms, and all applicable laws and regulations.

PLEASE READ THESE TERMS CAREFULLY, AS THEY CONTAIN IMPORTANT INFORMATION REGARDING YOUR LEGAL RIGHTS, REMEDIES AND OBLIGATIONS, INCLUDING, BUT NOT LIMITED TO, VARIOUS LIMITATIONS, EXCLUSIONS AND INDEMNITIES.

Your use of the Service is subject to these Terms. If you are not willing to be bound by each and every term and condition, or if any representation made by you herein is not true, you may not use, and must immediately cease accessing, the Service.

Securities Disclaimers
Without diminishing the importance of the rest of this document, please read this section carefully before relying on any information available through the Service.

About Us
Smead Capital Management (Canada) Ltd., based in Toronto, Ontario, Canada, is registered as an Investment Fund Manager (“IFM”) in Ontario, Newfoundland and Labrador and Québec, and as a Portfolio Manager (“PM”) in Ontario and Alberta. This registration was approved by the Ontario Securities Commission, as Smead Canada’s principal regulator, effective July 2, 2026. Smead Canada has no employees.

Smead Canada is a wholly owned subsidiary of Smead Capital Management, Inc. (“Smead US”), an Arizona-based investment adviser registered with the U.S. Securities and Exchange Commission. Smead US acts as sub-adviser to the funds managed by Smead Canada under an executed Sub-Adviser Agreement, and Smead US personnel perform investment management, trading and certain other operational functions on Smead Canada’s behalf, under Smead Canada’s oversight. Smead US is not registered as an adviser, dealer or in any other capacity under Canadian securities legislation. References on the Service to “Smead”, without further qualification, refer to Smead Canada.

No Offer
The Service is only offered in jurisdictions where it may be lawfully offered for sale or made available. The contents of the Website or any correspondence with a Smead Canada email are not, and should not be construed to constitute, an offer to sell or a solicitation to buy products, services or investment strategies to any person in a jurisdiction where such offer or solicitation is not permitted. No information included through the Service is to be construed as legal, accounting, tax or investment advice or as a recommendation or a representation about the suitability or appropriateness of any product or service. The amount of risk associated with any particular service, product or investment strategy depends largely on the investor’s own circumstances. You should consult with your professional advisors regarding the suitability of the products, services or investment strategies mentioned on or made available through the Service.

No Reliance
All material contained within or made available through the Service is for general information only and is not, nor does it purport to be, a complete description of the products, services or investment strategies offered by us. If there is an inconsistency between any information found through the Service and the respective offering documents of any product, service or investment strategy offered by Smead Canada, the provisions of the applicable offering documents shall prevail. Without limiting the foregoing, (a) we take commercially reasonable steps to provide timely, accurate and reliable information, and (b) we believe the information made available through the Service to be accurate, reliable and up-to-date when published. We assume no responsibility for any errors or omissions of the information made available through the Service.

The views and opinions expressed through the Service are those of Smead Canada and are subject to change without notice. Information obtained from third parties is believed to be reliable, but Smead Canada makes no representation or warranty, express or implied, as to its accuracy, completeness, reliability or correctness.

The Funds
Smead Canada acts as Investment Fund Manager and Portfolio Manager of two NI 81-102 conventional mutual funds, the Smead Global ex-US Value Fund and the Smead US Value Fund (each, a “Fund” and, collectively, the “Funds”), each distributed exclusively through Canadian registered dealer firms and their registered dealing representatives. The Funds are available only in those jurisdictions where they may be lawfully offered for sale.

The Funds are conventional mutual funds subject to the investment restrictions applicable to such funds under NI 81-102, including limits on leverage, short selling and the use of derivatives. The Funds do not employ leverage or engage in short selling, and derivatives (limited to foreign exchange forwards) may be used only for hedging purposes, not for speculative or non-hedging purposes. Commissions, trailing commissions, management fees and expenses may be associated with an investment in the Funds. The indicated rates of return, where shown, are historical annual compounded total returns including changes in unit value and reinvestment of all distributions, and do not take into account sales, redemption or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Funds’ offering documents (including the Simplified Prospectus, Fund Facts and Annual Information Form) before investing. Securities of the Funds are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

Returns shown, where applicable, are annualized and since inception unless otherwise noted, and are net of fees and expenses. Partial year returns are unaudited. Index statistics, where shown, use total return indices. The composition of a Fund’s portfolio could differ significantly from an index due to the investment strategy employed.

Forward-Looking Statements
The Service may contain forward-looking statements about general economic factors which are not guarantees of future events or performance. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. Smead Canada cautions you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without any legal responsibility.

Service Use
Updates to Terms
We may amend these Terms at any time by posting the updated Terms on the Service. The updated Terms take effect once posted. Your continued use of the Service after that time means you accept the updated Terms. If you do not agree with an update, you should stop using the Service. Any new features, content or services that augment or enhance the current Service will also be subject to these Terms unless stated otherwise.

Eligibility
The Service is intended solely for users who are 18 years of age or older, and any registration, use or access to the Service by anyone under 18 is unauthorized, unlicensed, and in violation of these Terms. We may delete any content or information that you have posted on or through the Service, and/or prohibit you from using or accessing the Service (or any portion, aspect or feature of the Service) for any reason or no reason, at any time in our sole discretion, with or without notice, including without limitation if we have any reason to believe that you are under 18.

Privacy Policy
You acknowledge that you have read our Privacy Policy as it may be updated from time to time (the “Privacy Policy”), located at www.smeadcap/canada/privacy-policy-canada/, and hereby consent to the collection, use and disclosure of your personal information (whether previously collected or to be collected) for the purposes identified in these Terms or in the Privacy Policy, which is incorporated into these Terms by reference and forms an integral part hereof. The Privacy Policy describes, among other things, the extent to which personal information may be handled by Smead US on Smead Canada’s behalf and under Smead Canada’s oversight.

License to Use
In these Terms, “Content” means all materials and content, including designs, editorial, text, graphics, audiovisual materials, multimedia elements, photographs, videos, reports, documents, software, information, formulae, patterns, data and any other work available through our Service. Subject to these Terms, we grant you permission to access the Service as a personal, non-exclusive, non-transferable, limited license to use the Service for transitory, non-commercial purposes (unless you are an investment advisor, in which case your purposes may include such commercial role as it relates to our Service), provided that with respect to any Content, you may not, without our prior, written consent:

• modify, copy, reproduce or create derivative works of such Content, unless we have expressly authorized you to do so
• use the Content for any purpose other than the purpose set out above
• distribute or transmit the Content (unless you are personally sharing Content on your social media platforms)
• publicly display, publish or perform the Content (for any commercial or non-commercial purpose)
• create derivative works from, transfer, or sell any Content
• attempt to decompile or reverse engineer any software or database contained in or accessed through the Service
• remove any copyright or other proprietary notations

All rights not expressly granted to you are reserved by us and, if applicable, our licensors.

For greater clarity, you are allowed to provide links to the Service through email, social media, or other similar methods, provided that such methods do not involve the framing or embedding of any portion of the Service within another website or service, imply any affiliation between you and us, or you and the Service, or portray us or the Service in a false, misleading, derogatory or otherwise defamatory manner.

Accessibility
The Service is Accessibility for Ontarians with Disabilities Act, 2005 (“AODA”) compliant. We recognize the importance of accessibility for persons with disabilities and are committed to the principles of accommodation outlined in the AODA and human rights principles. Additionally, our procedures relating to information and communications, and the design of public spaces for persons with disabilities (including the Website), are to be guided by the principles of dignity, independence, integration and equality of access.

Security Breach, Unauthorized Use, Etc.
You agree to immediately notify us of:

• any unauthorized use of any password or credential associated with your use of the Service, or
• any other breach of security with respect to your use of the Service,

and you agree to provide assistance to us, as requested, to stop or remedy any such breach of security.

Content
Our Content
Except where expressly stated otherwise, all right, title and interest in and to the Service and all Content, source code, processes, designs, technologies, URLs, domain names, marks and logos forming any part of the Service (collectively, “Our Content”) is fully vested in us, our licensors or our suppliers and are protected by applicable copyrights, trade-marks, patents, trade secrets or other proprietary rights and laws. You agree that Our Content is licensed subject to these Terms, including the disclaimers and limitations of liability herein. Nothing in your use of the Service or these Terms grants you any right, title or interest in or to Our Content except the limited right to use the Service as set out herein.

Third Party Content
Content accessed or available through the Service or the Internet may be owned by parties other than you or us (collectively, “Third Party Content”) and may be protected by applicable copyrights, trade-marks, patents, trade secrets or other proprietary rights and laws. Nothing in your use of the Service or these Terms grants you any right, title or interest in or to this Third Party Content except for the limited right to use the Service as set out herein.

Your Content
Feedback. All right, title and interest in and to comments, ideas, suggestions and impressions of the Service and our products given by you to us (collectively, the “Feedback”) is and shall be deemed to be our property and, by submitting Feedback to us, you agree that you thereby assign to us all right, title and interest to such Feedback.

Ownership of Your Content. Except for Feedback, we do not claim ownership of any Content that you post, upload, input, provide, submit or otherwise transfer to us, or any third party, using the Service (collectively, “Your Content”). However, you agree that by posting, uploading, inputting, providing, submitting, entering or otherwise transmitting Your Content to us or any third party using the Service, you will be deemed to have thereby granted us a royalty-free, non-exclusive, worldwide, fully paid-up, irrevocable license to use, copy, distribute, transmit, display, edit, delete, publish and translate Your Content to the extent reasonably required by us to provide the Service as it may exist from time to time, in any medium whatsoever, or to ensure adherence to, or enforce, these Terms. You will further be deemed to have confirmed, represented and warranted to us that you have all right, title and interest, as well as the power and authority necessary, to grant such license, and you will indemnify and save us harmless from and against any liabilities, actions, proceedings, claims, causes of action, demands, debts, losses, damages, charges and costs, including reasonable legal costs, relating to or arising from Your Content, including where Your Content infringes any third-party rights or is inappropriate, profane, defamatory, infringing, obscene, indecent or unlawful.

Data Protection. We will and have established commercially reasonable security measures to ensure that our personnel only use Your Content in accordance with the license granted under these Terms and our Privacy Policy.

Deletion of Your Content. You acknowledge and agree that we may retain a copy or copies of Your Content for archival or compliance purposes or to otherwise provide the Service to you or others, subject always to your license to us set out above, even if you cease using the Service. If permitted by the functionality of the Service, you may delete Your Content from the communication facilities thereupon, though we may retain a copy internally for compliance purposes.

Responsibility for Content
You acknowledge and agree that you are exclusively responsible for determining the accuracy, suitability, harmfulness or legality of any content, information or material received, transmitted or sent by you using the Service.

Public Transmission and Caching
You acknowledge and agree that the technical processing and transmission of the Service, including Your Content and other Content, may involve transmissions over various networks and changes to conform and adapt to technical requirements of connecting networks or devices, and that such Content may be subject to “caching” or other technical processing or transmission policies and procedures by us or at intermediate locations on the Internet.

Emails
Information included in Smead Canada emails is intended for the use of the individual(s) or entities named and should be treated as privileged, confidential, private and exempt from disclosure under any applicable law. If the reader is not the intended recipient, any dissemination, distribution, copying or use of any kind of this communication is strictly prohibited. If you have received an email from Smead Canada in error, please notify the sender immediately and destroy all copies of the email.

Compliance
We do not have any obligation to censor or review any of Your Content, or any Third-Party Content. However, you agree that we may, without notice or liability, disclose to third parties any of your information or Your Content, monitor use of the Service and monitor, review and retain any Content, including Your Content, if we believe in good faith that we have a legal obligation to do so, including where we respond to any allegation of illegal conduct or claimed violation of third party rights, or protect us or others.

Copyright Notice
The Service and all Content (unless otherwise set out herein) is owned and copyrighted by us and/or our licensors, and is licensed to you in accordance with these Terms only.

Trademark Notice
The trademarks, logos, and service marks displayed on or through the Service are the property (whether registered or unregistered) of Smead US, its licensors or other third parties. You are not permitted to use trademarks, logos and service marks for any purpose without prior, written consent. Except as expressly indicated on the Website, no endorsement, sponsorship, affiliation or other authorization is implied by any use of third party trademarks.

Copyright Complaints
If you believe that any Content on the Service infringes upon any copyright or other intellectual property right that you own or control, you may send a written notification to us at the email address at the bottom of these Terms.

Acceptable Use and Prohibitions
Acceptable and Unacceptable Use
Proper Conduct (Things You Must Do). Without limiting the generality of anything else contained in these Terms, you must ensure that:

• you only use the Service for lawful purposes,
• if at any time you become aware of any violation, by any person or entity under your control, of any part of these Terms, you will immediately notify us and provide us with assistance, as requested, to stop or remedy such violation.

Prohibited Conduct (Things You Must Not Do). Without limiting the generality of anything else contained in these Terms, you agree that you will not, in connection with the Service, directly or indirectly do or permit any of the following, including posting, uploading, reproducing, distributing or otherwise transmitting any Content that:

• is unauthorized or unsolicited commercial communications, junk or bulk communications or other “spam”, or is otherwise duplicative or unsolicited,
• contains a virus, cancelbot, Trojan horse, worm or other harmful, disruptive or surreptitious component,
• is defamatory, infringing, or unlawful,
• is inappropriate, profane, obscene, indecent materials or information without suitable or lawfully-required access controls,
• gives rise to civil liability, or otherwise violates the rights or assists others to violate the rights of us or any third party,
• constitutes a criminal offence, or otherwise engages in or assists others to engage in any criminal offence, or
• incites discrimination, hate or violence towards one person or a group because of their belonging to a race, religion, nationality, sexuality, gender or other human-rights protected group of persons;

you also agree that you will not engage in threats, harassment, intimidation, stalking or abuse or any conduct that violates the legal rights of others, scan or probe another computer system, obstruct or bypass computer identification procedures, forge headers or otherwise manipulate any protocols or identifiers, impersonate or falsely represent your association with any person, disrupt or threaten the integrity, operation or security of any service, computer or Internet system, disable or circumvent any access control, sublicense, share, resell, reproduce, copy, distribute, redistribute or exploit for commercial purposes any portion of the Service, harvest, scrape, extract, gather, collect or store personal information about others without their express consent, or harvest, scrape, or use any robot, spider, crawler, script or other automated means or interface not provided by us to access the Service or to extract data, collect information or otherwise interact with the Service.

Additional Terms
In addition to these Terms, we may require you to agree to specific terms for particular parts or areas of the Service from time to time by confirming your agreement. Any such additional terms which you agree to will be deemed incorporated into these Terms.

Termination
We may, in our sole discretion, suspend, restrict or terminate your use of the Service, and Your Content, effective at any time, without notice to you, for any reason, including if the operation or efficiency of the Service or our or any third party’s equipment or network is impaired by your use of the Service, we have received a third party complaint which relates to your use or misuse of the Service, or you have been or are in breach of any term or condition of this Agreement.

You acknowledge and agree that termination, curtailment, or suspension of these Terms for any reason may result in restrictions of, disruptions to or cessation of your or third party access to the Service and Your Content, and you hereby agree to release us from any and all liability and claims of loss resulting from restrictions, disruptions or cessations. If your use of the Service is suspended or restricted, we will have no obligation to forward any of Your Content to you or any third party.

Disclaimers, Limits of Liability and Indemnities
Errors and Omissions
Without limiting the remainder of these Terms, the Service and all Content is provided on an “as-is”, “as available” basis, and we do not guarantee, represent or warrant that the Service will be error free or that the Content will be free of errors or omissions.

Internet-Based Limitations
Your use of the Service depends on the Internet, including networks, cabling, facilities and equipment that is not in our control. Accordingly, (a) we cannot guarantee any minimum level regarding such performance, speed, reliability, availability, use or consistency, and (b) data, messages, information or materials sent over the Internet may not be completely private, and your anonymity is not guaranteed.

User Acknowledgement
You acknowledge and agree that all use of the Service provided by us is at your own risk, that the Content you may access while using the Service may contain links to other websites, which are provided solely as a convenience to you and the inclusion of any such link does not imply endorsement, investigation or verification by us of such websites or the information contained therein, and that all products and services provided under these Terms are provided on an “as is” and “as available” basis (unless otherwise set out herein).

Disclaimer of Warranties
Except as otherwise set out in these Terms (and any terms and conditions or policies incorporated herein), we make no conditions, warranties or representations about the suitability, reliability, usability, security, quality, capacity, performance, availability, timeliness or accuracy of the Service. We expressly disclaim all conditions, warranties and representations, express, implied or statutory, including implied conditions or warranties of merchantability, fitness for a particular purpose, durability, title and non-infringement, whether arising by usage of trade, by course of dealing, by course of performance, at law, in equity, by statute or otherwise howsoever.

No Liability
Notwithstanding any other provision of these Terms, in no event will we, our affiliates, or our controlling parties, agents, employees, suppliers, licensors, resellers or distributors (collectively in these disclaimers and limitations, “we” or “us”) be liable for any direct, indirect, special, incidental, consequential or punitive damages, or any other damages or losses whatsoever, including damages for loss of profits, goodwill, opportunity, earnings, use or data, bodily injury or emotional distress arising directly or indirectly from or related to these Terms or the Service, or any Content or software in connection therewith, regardless of the cause of action and even if one or more of us have been advised of the possibility of such damages or losses, or if such damages or losses would be reasonably foreseeable, including damages or losses arising from or in any way related to sending, receiving, not sending, not receiving, loss, deletion or alteration of any transmissions, data or transactions entered into through or using the Service, any suspension, curtailment, restriction, termination or other limitation placed on your use of the Service, any act or omission of you or any third party, any loss or damage to Your Content or other data arising directly or indirectly from your use or non-use of the Service, the performance of the Internet or the Service, the content or accuracy of any material, information or data related to these Terms or viewed, downloaded, accessed or transmitted using the Service, and delays, errors, interruptions, mistakes, omissions, non-delivery, incorrect delivery, viruses or defects in the transmission of any information over or through our systems or networks or those of third parties.

Applicability
Some jurisdictions prohibit the disclaimer of certain warranties or conditions or the limitation of certain types of liability. In such circumstances, to the extent that such prohibitions prohibit any exclusions and limitations in these Terms, such exclusions and limitations will not apply to you strictly to the extent necessary to make these Terms consistent with such prohibitions.

Indemnity by You
You agree to indemnify and hold us harmless from all liabilities, actions, proceedings, claims, causes of action, demands, debts, losses, damages, charges and costs, including reasonable legal costs, any amount paid to settle any such action, or to satisfy a judgment, and expenses of any kind and character whatsoever incurred by us relating to or arising from (a) access to or use, by you or permitted by you, of the Service, or (b) any of your acts or omissions, including breach or non-performance of these Terms and any violation of any third party rights.

General Provisions
Interpretation. In these Terms, (i) the captions and headings are for convenience only and do not constitute substantive matter and are not to be construed as interpreting the contents of these Terms, (ii) the word “including”, the word “includes” and the phrase “such as”, when following a general statement or term, is not to be construed as limiting, and the word “or” between two or more listed matters does not imply an exclusive relationship between the matters being connected, (iii) all references to website addresses or URLs shall also include any successor or replacement websites containing substantially similar information as the referenced website(s), and (iv) monetary amounts expressed on the Service may be stated in Canadian dollars, United States dollars, or another currency, as specified in the applicable context.

Waiver of Rights and Remedies. Our failure to insist upon or enforce strict performance of any provision of these Terms will not be construed as a waiver of any provision or right. Neither the course of conduct between you and us nor trade practice shall act to modify any provision of these Terms. Our rights, powers and remedies in these Terms, including without limitation the right to suspend, restrict or terminate your access to any portion of the Service, are cumulative and in addition to and not in substitution for any right, power or remedy that may be available to us at law or in equity.

Severability. If any provision of these Terms is determined to be invalid or unenforceable in whole or in part, such invalidity or unenforceability will attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof will continue in full force and effect.

Notifications. Subject to our Privacy Policy, we may provide you with notifications via email, in hard copy, or through conspicuous posting of such notice on the Website or otherwise through the Service, as we may determine in our sole discretion.

Governing Law and Jurisdiction. These Terms and the rights of the parties hereto are governed by, and will at all times be construed in accordance with, the laws in force in the Province of Ontario and the laws of Canada applicable therein, without reference to its conflict of laws principles. You hereby irrevocably consent to the jurisdiction of the courts of the Province of Ontario in connection with any matter arising out of or in connection with these Terms.

Assignment and Inurement. We may at any time assign our rights and obligations under these Terms, in whole or in part, without notice to you. You may not assign these Terms without our prior, written consent. These Terms will inure to the benefit of and bind you and us and our respective personal and legal representatives, successors and permitted assigns.

Survival. All provisions that, by their meaning or nature, are intended to survive termination or expiry of these Terms shall survive termination or expiration of these Terms.

Relationship. You agree that no joint venture, partnership, employment or agency relationship exists between us and you as a result of these Terms or your use of the Service.

Entire Agreement. These Terms, as amended from time to time, including any and all documents, websites, emails, rules, terms and policies referenced herein, constitute the entire agreement between us and you with respect to the matters referred to in these Terms and supersede all prior and contemporaneous agreements and understandings, whether electronic, oral or written, between us and you with respect to such matters.

English Language. The parties have requested and agree that this agreement and all documents relating thereto be drawn up in English / Les parties ont demandé que cette convention ainsi que tous les documents qui s’y rattachent soient rédigés en anglais.

Questions and Concerns
If you have any questions or concerns about these Terms, please contact us by email at info@smeadcap.com or by telephone (toll-free) at 1-877-701-2883.