Burgundy Asset Management Ltd. has adopted the Code
of Ethics and Standards of Professional Conduct of the CFA Institute – an international,
non-profit association of more than 50,000 investment practitioners in over 100 countries
(
www.cfainstitute.org). This forms
the foundation for our
Statement of Principles,
which all employees must uphold.

Our commitment to good governance is also evidenced through our membership in the Canadian
Coalition for Good Governance (
www.ccgg.ca).

Our funds are governed by a Trust Indenture between RBC Dexia Investor Services Trust
as Trustee, and Burgundy Asset Management Ltd. as Manager. As Trustee, RBC Dexia serves as custodian
of the funds’ investments. The funds are audited annually by Ernst & Young LLP, Chartered
Accountants. Legal services are provided by Borden Ladner Gervais LLP.