CHANGE TO CORE POSITION: REDUCE DOL-T AT $50.28

July 17, 2019 CHANGE TO CORE POSITION: REDUCE DOL-T AT $50.28 CURRENT POSITION SIZE: 4.38% (Previously Overweight at 5.0%) JUSTIFICATION: We had gone to an overweight position in February of 2019 when the shares were trading at $35.39. DOL is now fairly valued and we will continue to hold the Regular weight position until the shares reach their high valuation. WHO IS DOLLARAMA: Dollarama, Inc. is a dollar store operator. It offers a broad range of consumer products and general merchandise for everyday use, in addition to seasonal products. Additionally, all of its stores are corporate-owned providing a consistent shopping experience. (Source: WSJ)