AGM Information

MINUTES of the 132nd Annual and a Special General Meeting
Friday, March 6th, 2026

Held at the Ayr Farmers Mutual Head Office, 1400 Northumberland Street, Ayr, Ontario.

Dave Thompson, Chair of the Board, acted as Chair of the meeting.

Mr. Thompson called the 132nd Annual General Meeting to order at 2:00 p.m. As there was a quorum present, the Chair declared the meeting properly called and properly constituted for the transaction of business.

In support of the Board’s focus on governance and their desire to hold an effective and informative Annual General Meeting, the meeting was governed by ‘Call to Order’. Mr. Thompson informed the members that Ross Weber from Bennett Grant LLP was acting as Parliamentarian for the meeting.

It was duly MOVED, SECONDED and CARRIED That the minutes of the 131st Annual and Special General Meeting of the Corporation be accepted as recorded and as made available on the Ayr Farmers Mutual website.

Mr. Thompson provided the members with the Report from the Board. With continued strong corporate governance, new board committees enhanced oversight, and provided for a greater focus on strategy, risk oversight, financial performance and regulatory compliance. The Board approved the 2026 – 2028 strategic plan centered on financial strength and organizational capabilities that reinforce AFM's purpose. Environmental, Social, and Governance (ESG) principles continued to be integrated into AFM's strategy and decision-making, complemented by meaningful community contributions including the AFM Scholarship Program. Mr. Thompson noted that all Directors hold their Ontario Mutual Insurance Association Director Certification.

The Chair called upon President & CEO Jeff Whiting to provide the President’s Address.

Mr. Whiting provided a review of the Company’s activities in 2025, covering financial performance, claims experience, strategic initiatives, and community investment.

2025 was a strong year financially, notwithstanding significant claims activity arising primarily from winter storm events in the first quarter and automobile and fire losses throughout the year. Mr. Whiting noted that strong investment returns contributed to a bottom-line profit for the year.

The Company completed four major strategic initiatives during 2025: the launch of a paperless policy delivery option through the AFM Portal; a full review of residential product offerings and associated rating; completion of the 2026–2028 strategic plan; and a software efficiency workflow evaluation.

With respect to community investment, Mr. Whiting advised that the Company entered into a naming rights agreement with the Township of North Dumfries and the North Dumfries Community Complex, proudly welcoming the Ayr Farmers Mutual Community Centre commencing in 2026, representing a 40-year commitment of $600,000. Mr. Whiting further noted that employees contributed more than 1,500 volunteer hours during the year and that the Company supported over 80 community organizations through donations.

The Chair thanked Mr. Whiting for his report and called on Chief Financial Officer Dave Paterson to present the Financial Statements.

Mr. Paterson provided the members with the financial position and statement of comprehensive income of the organization.

The Chair asked if there were any questions from the membership on the information reports presented.

After questions and general discussion, the Chair called for a motion to receive the audited financial statements.

It was duly MOVED, SECONDED and CARRIED THAT the Financial Statements be received as presented to the membership.

It was duly MOVED, SECONDED and CARRIED THAT the firm of Graham Mathew Professional Corporation, Chartered Accountants of Cambridge, Ontario, be appointed as auditors for the year 2026, and that the Directors be authorized to fix the auditors remuneration.

Brad Adams, on behalf of the Governance and Nomination Committee, read the Committee’s report that recommended Dave Thompson and Ed Hesselink as suitable candidates to stand for election to the Board of Directors.

Mr. Adams informed the membership that as no one else filed was nominated for election in accordance with the Company’s Bylaw, Dave Thompson and Ed Hesselink were acclaimed to the Board for a 3-year term.

Mr. Thompson and Mr. Hesselink both addressed the membership.

Mr. Thompson thanked everyone for attending the 132nd Annual General Meeting. As all business on the agenda was complete, Mr. Thompson declared the meeting adjourned at 2:42 p.m.