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2008 Document Transcript

  • 1. SRI Institutional Investment Directory Asset Managers & Investment Consultants 2008
  • 2. TABLE OF CONTENTS Introduction ..................................................................................................................... 2 About Socially Responsible Investment ................................................................................ 3 Aberdeen Asset Management ............................................................................................. 4 Acuity Investment Management .......................................................................................... 6 Alterna Savings .................................................................................................................. 9 Assiniboine Credit Union ................................................................................................... 10 Batirente ............................................................................................................................ 11 Caisse d’economie solidaire Desjardins ................................................................................ 14 Credential Financial Inc. ……................................................................................................ 16 Deloitte & Touche LLP ...................................................................................................... 17 Desjardins Trust ............................................................................................................... 18 Dexia Asset Management ................................................................................................... 19 The Ethical Funds Company ............................................................................................... 23 F&C Asset Management plc ................................................................................................ 25 FondAction CSN ...................................................................................……....................... 26 Genus Capital Management ................................................................................................ 27 Growthworks Capital Ltd. ................................................................................................... 29 Guardian Ethical Management Inc. ..................................................................................... 30
  • 3. Great West Life Investment Management ............................................................................. 31 Inhance Investment Management Inc. ................................................................................. 33 Innovest Strategic Value Advisors ........................................................................................ 35 Investors Group ................................................................................................................. 38 ISG Capital Corporation Inc. .............................................................................................. 40 Jantzi Research Inc. ........................................................................................................... 41 Mackenzie Financial Corporation ........................................................................................ 43 Mavrix Mutual Funds ......................................................................................................... 44 Mercer Investment Consulting ............................................................................................ 46 Meritas Financial Inc. ......................................................................................................... 48 Phillips, Hager & North Investment Management Ltd. ........................................................... 49 PricewaterhouseCoopers .................................................................................................... 51 RiskMetrics Group .............................................................................................................. 52 RBC Asset Management .................................................................................................... 53 Seamark Financial Services Inc. ........................................................................................... 54 Social Investment Research Service ..................................................................................... 55 Standard Life Investments .................................................................................................. 56 UBS Global Asset Management .......................................................................................... 58 Vancity Investment Management ....................................................................................... 60 1
  • 4. Introduction The Social Investment Organization is pleased to present the 2008 Socially Responsible Investment (SRI) Institutional Investment Directory. This guide was written in response to requests for information on SRI by investment consultants and institutional investors. The Directory includes information on asset management firms and consultants specializing in SRI. We have asked firms to provide information on their history and investment philosophy. All of the firms listed in this Directory are Sustaining or Associate Members of the SIO. As Canada’s national association for socially responsible investment, the SIO raises public awareness of SRI, educates the financial community and the public about SRI and takes a leading role in furthering the use of SRI. As leading members of the SIO, the firms listed in this Directory have a strong interest in the principles of socially responsible investing, and have made a significant commitment to the development of SRI in Canada. 2
  • 5. About Socially Responsible Investment Socially responsible investment is defined as the process of selecting or managing investments according to social or environmental criteria. As of June 2006, we estimate there was more than $500 billion in socially responsible investment assets in Canada. Socially responsible investment includes six components: Screening based on exclusionary or inclusionary criteria, such as tobacco, alcohol, environmental performance, human rights violations, community involvement and employee relations. This is the application of pre-determined social or environmental values to investment selection. Stock portfolio analysis and management based on social responsibility and/or sustainability policies, integrating social and sustainability indicators with traditional financial analysis. It incorporates social and sustainability analysis to inform the investment decision-making process without necessarily screening out particular holdings based on pre-determined social or sustainability choices. Shareholder advocacy and corporate engagement strategies, which involve the use of shareholder power to influence corporate behaviour through corporate communication, shareholder proposals, proxy voting policies and divestment. Community investment, which is the placement of capital into local loan or equity vehicles targeting community development or serving low-income or disadvantaged groups. Socially responsible lending, which is a unique form of lending in which prospective borrowers are subjected to social and environmental screens. Sustainable venture capital, which is the placement of funds – primarily private investments outside the public markets – in start-up firms and small businesses that produce products or services that optimize the use of natural resources while reducing environmental impact. SIO members believe that socially responsible investment represents a useful fiduciary tool to enhance returns and reduce risk by incorporating social and environmental factors traditionally excluded from portfolio management, as well as a catalyst for positive social change. Questions? We have produced the Directory in hard copy and electronic formats. An electronic version of this report can be downloaded at www.socialinvestment.ca. If you have any questions or require further information on any of the firms included in this Directory, full contact information is included with each company listing. If you have general questions about SRI, don’t hesitate to contact us at the email address or telephone listing below. Eugene Ellmen, Executive Director Social Investment Organization 184 Pearl Street 2nd Floor Toronto ON M5H 1L5 Telephone: +1 (416) 461-6042 Facsimile: +1 (416) 461-2481 ellmen@socialinvestment.ca 3
  • 6. FIRM PROFILE Aberdeen Asset Management PLC (Aberdeen PLC), the parent company of Aberdeen Asset Management Inc. (AAMI), was formed in 1983 via a management buyout led by the Firm’s current Chief Executive, Martin Gilbert. Aberdeen PLC has been providing investment management services since that time and listed on the London Stock Exchange in 1991. AAMI has been registered with the SEC since August 1995 and is headquartered in Philadelphia, Pennsylvania. Aberdeen PLC is publicly traded on the London Stock Exchange (ticker: ADN LN). As of June 30, 2007, Aberdeen PLC’s directors, management, and staff represent 7.3% of outstanding shares on a fully diluted basis. Current assets under management are approximately C$190.2 billion (as of June 2007). Since 1988, the group has provided Socially Responsible Investing (SRI) services for clients who would like their investments to reflect an ethical bias. Aberdeen’s team of dedicated SRI fund management professionals oversees ethical portfolios totalling over C$3.1 billion. Aberdeen Asset Managers Limited (AAML) is authorized and regulated by the UK Financial Services Authority and as well as the OSC in Canada, and is a subsidiary company of Aberdeen. INVESTMENT PHILOSOPHY Aberdeen believes, given the inefficiency of markets, that superior long-term returns are achieved by identifying good quality stocks cheaply and holding for the long term. Sound fundamentals drive stock prices over time. We identify good companies from first-hand research, and add value from active management, which constitutes intensive and ongoing scrutiny at the company level, and not from portfolio trading. We hold absolute return to be more important over the long term than index-relative. We do not see indices as providing meaningful guidance to the prospects of a company or its inherent worth. Neither market capitalization nor index membership is a guarantee of quality either. As such, we do not use indices as a starting point for building a portfolio, preferring to rely on common sense checks and the principles of diversification. We are comfortable taking decisive bets against the benchmark, underpinned by convictions from proprietary analysis. We do not equate risk with divergence from benchmark, but with investing in companies that do not deliver. SR I P R O D U C T S AND SERVICES We have two Screened Pooled Funds available to institutional clients in Canada: • International Equity (excludes both Canada and US) • Global Equity Both mandates above are also available on a segregated basis. 4
  • 7. PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 Fund 1 Yr. (%) 3 Yr. (%) 5 Yr. (%) 10 Yr.(%) International Equity SRI Composite 24.4 16.1 11.8 N/A Global Equity SRI Composite 22.07 14.52 11.83 N/A Source: Aberdeen Asset Management, Gross of fees, C$ MINIMUM ACCOUNT SIZE CAN $6,000,000 – pooled CAN $60,000,000 – segregated FEE SCHEDULE For an International Equity Portfolio: • Segregated: 0.75% on first C$30 mil; 0.65% on the next C$30 mil; 0.55% on the next C$60 mil and 0.50% on the assets over $120 million. • Pooled (includes custody): 0.75% on first C$30 mil; 0.65% on the next C$30 mil; 0.55% on the next C$60 mil and 0.50% on the assets over $120 million. For Global Equity Portfolio: • Segregated: 0.75% on first C$30 mil; 0.65% on the next C$30 mil; 0.55% on the next C$60 mil and 0.50% on the assets over $120 million. • Pooled (includes custody): 0.75% on first C$30 mil; 0.65% on the next C$30 mil; 0.55% on the next C$60 mil and 0.50% on the assets over $120 million. INQUIRIES Renee Arnold, Senior Manger Aberdeen Asset Management Institutional Business Development 1738 Market Street 37th Floor Telephone: +1 (219) 922-0600 Philadelphia, Pennsylvania 19103 Facsimile: +1 (219) 922-0606 www.aberdeen-asset.com renee.arnold@aberdeen-asset.com 5
  • 8. FIRM PROFILE Since its inception in 1990, Acuity has been considered a leader in Canada’s growing sustainable investment industry. The Acuity Clean Environment Mutual Funds, available since the Firm’s inception, as well as the Acuity Social Values Mutual Funds have become best-in-class alternatives in the SRI arena. Acuity is distinguished by the unique makeup of its portfolio management team, who apply scientific, technical and business backgrounds to the security selection process. Armed with their personal expertise in the engineering, medical, geological and environmental fields, the team conducts in-depth bottom-up security analysis, creating portfolios that are financially strong and socially and environmentally sound. Enhancing the skills of our team is the Acuity Scientific Advisory Council, comprised of prominent multinational environment and business professionals that provide periodic assessments of global trends. In addition to offering management expertise in SRI strategies, the firm has taken a leading role in promoting the importance of sustainable and socially responsible investing within Canada and around the world. Acuity was selected as the only Canadian company to participate as a member of the United Nations Environmental Program Financial Initiatives Asset Management Working Group. The group publishes research, which highlights the environmental and social impact of companies in a range of sectors. INVESTMENT PHILOSOPHY Acuity's investment philosophy is consistent across all asset classes: we purchase reasonably valued securities to hold over the mid to longer-term for capital appreciation. Equities are held for their upside potential, bonds stabilize portfolio returns and deliver a secure and consistent income stream. Equities Acuity's value conscious growth style is a disciplined, conservative approach to identifying reasonably valued growth companies that can be held for the mid to long term. Our investment strategy emphasizes companies with viable business models derived from sustainable competitive advantages. The scientific and technical expertise of our portfolio managers enables us to probe companies to determine whether a company truly possesses such advantages. In terms of their environmental profiles, candidates for the Clean Environment strategies tend to fall into the three categories of Environmental Innovators, Environmental Leaders or Environmentally Benign. To assist in identifying attractively valued securities and determining appropriate purchase prices we perform a rigorous financial analysis to identify companies with robust fundamentals. 6
  • 9. Fixed Income & Money Markets Historically, Acuity has avoided over-exposing fixed income assets to market risk. Our strategy emphasizes quality while focusing on managing term and duration relative to the Universe Bond Index benchmark. Our fixed income style is best described as a managed duration/yield spread trading approach, which is designed to produce consistent and predictable income while minimizing risk. Bond portfolios are constructed around a core of high quality Government of Canada issues with short, mid and longer term maturities, averaging to within ± 0.5 years around the benchmark duration. The remaining holdings tend to be quality (A, AA) provincial and corporate names with superior yield characteristics. Income Trusts Acuity takes a time proven approach to Income Trusts, securities incorporating characteristics of both stocks and bonds – and starts with bottom-up research. Acuity analyzes the underlying asset base of the income trust with an emphasis on safe, high-quality, long-term contracts, capital preservation and low volatility. We buy long-life, high-yield vehicles, avoiding resource-based trusts commonly associated with high volatility and dependent on commodity-based pricing. SR I P R O D U C T S AND SERVICES Acuity Investment Management has assessed the market value implications of environmental issues for over a decade within its Clean Environment product offerings. The Firm applies wider social criteria through its Social Values strategies. Investment solutions are offered for institutional investors of varying investment horizons, risk tolerances and return objectives. Acuity assigns a senior manager to work with prospective institutional investors as they proceed through the steps that lead to the approval of customized investment policy guidelines, portfolio structuring, contracting, funding and ongoing reporting. PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 Fund 1 Yr. (%) 3 Yr. (%) 5 Yr. (%) 10 Yr. (%) Social Values Canadian Equity 17.5 15.4 17.2 N/A Social Values Global Equity 12.2 7.3 6.2 N/A Clean Environment Equity 26.5 15.8 14.2 10.0 Clean Environment Balanced 17.4 13.1 13.1 9.6 Pooled Social Values Canadian Equity 20.5 17.7 N/A N/A 7
  • 10. MINIMUM ACCOUNT SIZE $2 million FEE SCHEDULE Variable by asset class, but generally in the 0.5 – 1.0% range, depending on asset size, mandate and pooled vs. segregated account. INQUIRIES     Michael Peck, VP Institutional Acuity Funds Ltd. Telephone: +1 (416) 867-2559 40 King Street West Facsimile: +1 (416) 366-8747 Scotia Plaza, 55th Floor Michael_Peck@acuityfunds.com Toronto, ON M5H 3Y2 www.acuityfunds.com 8
  • 11. FIRM PROFILE Alterna Savings is a member-owned provider of financial services serving approximately 190,000 members through 24 branches in Ottawa, Toronto, Pembroke, North Bay and Kingston and has over $1.8 billion in assets. Alterna Savings owns Alterna Bank, a federally chartered licensed bank, which operates two branches in Quebec. Alterna Savings was officially launched on April 1, 2005 through the merger of Toronto based Metro Credit Union and Ottawa based CS CO-OP. Alterna’s professional Investment Advisors are committed to providing investment advice and financial planning that focuses on your goals and needs. Advisors are not paid commissions. Potential bonuses are based on client survey results, portfolio performance and performance management. Our Investment Advisors are knowledgeable in socially responsible investing so they can meet the needs of clients interested in matching their social interests with their investments. Through associated organizations, we can round out your financial plan with an assessment of your personal insurance needs, and provide access to a full range of life, disability, Critical Illness, Long Term Care and group insurance products, segregated funds and trust and estate services. FEE SCHEDULE Varies as it is based on account type, size and whether it is an IDA account with an Investment Advisor or an MFDA account with a Mutual Fund Investment Specialist. MINIMUM ACCOUNT SIZE Prefer accounts of $75,000 for the Investment Advisors. Smaller accounts can be serviced through the Mutual Funds Investment Specialists. INQUIRIES Doug McGee, VP Financial Advisory Services Alterna Savings Telephone: +1 (416) 252-5625 x 7657 165 Attwell Drive Facsimile: +1 (416) 679-0337 Toronto ON, M9W 5Y5 Mobile: +1 (416) 567-6734 www.alterna.ca Doug.McGee@alterna.ca 9
  • 12. FIRM PROFILE At Assiniboine Credit Union, we’re driven by both the responsibility to make a profit and our commitment to making a difference. Our unique vision of success has earned us the distinction of being named one of Manitoba’s 50 fastest growing companies and one of the province’s top 100 companies. In addition to being recognized nationally and provincially for our community impact initiatives, ACU has been awarded the 2004 Manitoba Co-operative Achievement Award by the Manitoba Co-operative Council in recognition of our contribution to community economic development. ACU celebrated our 60th anniversary in 2003. With more than $850 million in assets generated by 54,000 members, we are among the largest Manitoba credit unions. We deliver services through a network of electronic delivery channels; ten Winnipeg branches; a Member Communication Centre; a Business and Community Financial Centre; a Dealer Finance division; our financial planning centre, Assiniboine Financial Group; and Outlook, our on-line investment division. ACU is finding great support from our members for our distinctive approach to doing business. Over the past five years our assets have grown nearly 80%. INVESTMENT PHILOSOPHY Based on the belief that a financial institution has an obligation to give back to the community from which it profits, Assiniboine not only offers competitive services and products, but we also work to establish policies that are fair and just and contribute to building strong, self-reliant communities. These policies are reflected in our approach to staff, our members, and our partnerships with community builders outside the credit union. Assiniboine’s Mission Statement sums it up: Our purpose as a co-operative financial institution is to provide financial services for the well being of our members, employees and community. As a socially responsible organization, we provide accessible financial services that meet members’ current and future needs; offer fair and meaningful employment in a workplace that is safe and respectful; and build partnerships that foster economic development to create self-reliant, sustainable communities. INQUIRIES Priscilla Boucher, Vice President - CSR & Corporate Governance Assiniboine Credit Union Telephone: +1 (204) 958-8493 200 Main Street Facsimile: +1 (204) 943-6798 Winnipeg, MB R3C 2G1 pboucher@assiniboine.mb.ca www.assinibione.mb.ca Cheryl Crowe, SRI Specialist Telephone: +1 (204) 958-8493 ccrowe@assiniboine.mb.ca 10
  • 13. FIRM PROFILE Established in 1987, the Comite syndical national de retraite Batirente Inc. is a non-profit organization mandated by the Confederation of National Trade Unions (CNTU/CSN) to promote retirement regime and investment funds for affiliated workers. With more than 24’000 participants and $800 millions assets, Bâtirente reaches many of the workers of the CNTU private sector. The Comite proposes an integrated service of defined contribution accumulation plans and retirement income plans. Bâtirente provides tools enabling each member to invest in compliance with his priorities in matter of profitability and risk tolerance. Crée en 1987, le Comité syndical national de retraite Bâtirente inc. est un organisme à but non lucratif mandaté par la Confédération des syndicats nationaux (CSN) pour promouvoir des régimes de retraite à l’intention des travailleuses et travailleurs qui lui sont affiliés. Avec plus de 24 000 participantes et participants et quelque 800 millions d’actifs, Bâtirente rejoint un nombre important de membres du secteur privé de la CSN. Le Comité propose une gamme complète de régimes d’accumulation de capital- retraite et de régimes de prestation de revenu-retraite. Bâtirente fournit des outils permettant à chaque membre d’effectuer les choix de placement convenant à ses priorités en matière de rendement et de tolérance au risque. INVESTMENT PHILOSOPHY Bâtirente investment vehicles are governed by an investment policy, which defines the financial criteria to respect. In order to reduce the long-term risk inherent in all financial portfolios, Bâtirente has completed these traditional investment policies by a policy of management of extra financial risks, G.R.I.E.F or “Guidelines relative to the active management of social, environmental and corporate governance risks.” This policy identifies the main extra financial risks, which should be avoided by the societies in which Batirente’s funds hold investment and therefore frames the way the votes resulting from its participation in public companies will be cast. Ruling out screening strategies, Bâtirente turned towards corporate advocacy. The Comite requires its portfolio managers to add to their traditional financial analysis the G.R.I.E.F analysis and thus to identify and to point out the undesirable extra financial risks. Bâtirente can then alert the company on the risks, which have been identified. If needed Bâtirente may propose resolutions to AGM’s and may consider alternative securities if dialogue and/or shareholder resolutions process do not lead to a reduction of the level of the identified risk issue. Bâtirente maintains relations with other members of the SRI movement to develop common strategies and therefore to create a leverage effect to reach it’s objectives in socially responsible investing. The operational setting up of this policy and of partnerships this year enabled Bâtirente to experience on going successes. The Comité has for instance actively taken part in the distribution of fair trade products by Metro stores in Quebec, adherence to international anti bribery norms by extractive companies such as Barrick Gold or the adoption of certified FSC purchase and distribution policies by retailing companies such as Transcontinental. 11
  • 14. Les véhicules de placement de Bâtirente sont régis par une politique de placement définissant les paramètres de gestion financière à respecter. Afin de limiter les risques à long terme inhérents à tout portefeuille financier, Bâtirente a complété ces politiques de placement traditionnelles par une politique de gestion des risques extra financiers, G.R.I.E.F. ou Lignes directrices sur la gestion active des risques sociaux, environnementaux et de gouvernance. Cette politique identifie les principaux risques extra financiers qui devraient être évités par les sociétés dans lesquelles les Fonds Bâtirente détiennent des placements et encadre ainsi la façon dont les droits de vote résultant de la prise de participation dans les sociétés ouvertes seront exercés. Excluant toute approche basée sur le tamisage, Bâtirente s’est résolument orienté vers l’engagement corporatif. Le Comité demande à ses gestionnaires de compléter leur analyse financière traditionnelle par une analyse G.R.I.E.F. et ainsi d’identifier et de signaler les risques extra financiers non souhaités de manière à ce que, dans un second temps, Bâtirente puisse alerter l’entreprise sur le risque identifié. Au besoin, Bâtirente pourra présenter des propositions d’actionnaire et envisager des placements de substitution si les représentations et/ou les résolutions d’actionnaires n’ont pas pour effet de réduire les risques auxquels sont exposés ses portefeuilles. Bâtirente mise sur un réseau de contacts avec d’autres intervenants de la finance responsable pour développer des stratégies communes et ainsi disposer d’un effet de levier facilitant l’atteinte de ses objectifs en matière de finance socialement responsable. La mise en oeuvre opérationnelle de cette politique et ses partenariats ont permis à Bâtirente de connaître des succès continus. Il a, entre autres, participé activement aux dossiers de la distribution de produits de commerce équitable dans les magasins Métro au Québec, à l’adoption de normes internationales de lutte contre a corruption par des entreprises du secteur extractif telle que Barrick Gold ou encore à l’adoption de politique d’approvisionnement et de distribution de produits certifiés FSC par des entreprises du secteur du détail tel que Transcontinental. PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 année à 3 mois 6 mois 12 mois 24 mois Au 30 juin 2007 date 1 mois avr-juin jan-juin juin-juin juin 05 - 07 Marché monétaire 2,18% 0,35% 1,08% 2,18% 4,43% 3,88% Trésorerie 1,17% 0,37% 0,04% 1,17% 4,34% 2,67% Obligations 0,40% -0,01% -0,52% 0,40% 4,45% 2,76% Actions canadiennes MULTI 9,95% 0,30% 5,73% 9,95% 22,59% 16,62% Actions canadiennes PMB 7,80% -0,14% 5,75% 7,80% - - Actions canadiennes LODH 13,06% 1,03% 6,12% 13,06% - - Actions mondiales -3,90% -1,38% -4,49% -3,90% 10,75% 11,49% Diversifié patrimonial -0,08% -0,10% -1,37% -0,08% 5,02% - Diversifié prévoyant 0,11% -0,88% -1,82% 0,11% 9,48% 7,32% Diversifié intrépide 0,87% -1,06% -1,44% 0,87% 12,58% 9,53% 12
  • 15. Year to 3 months 6 months 12 months 24 months As at June 2007 date 1 month Apr-June Jan-June June-June June 05 - 07 Money Market 2,18% 0,35% 1,08% 2,18% 4,43% 3,88% Treasury 1,17% 0,37% 0,04% 1,17% 4,34% 2,67% Bonds 0,40% -0,01% -0,52% 0,40% 4,45% 2,76% Canadian Equity MULTI 9,95% 0,30% 5,73% 9,95% 22,59% 16,62% Canadian Equity PMB 7,80% -0,14% 5,75% 7,80% - - Canadian Equity LODH 13,06% 1,03% 6,12% 13,06% - - Global Equity -3,90% -1,38% -4,49% -3,90% 10,75% 11,49% Diversified Patrimonial -0,08% -0,10% -1,37% -0,08% 5,02% - Diversified Provident 0,11% -0,88% -1,82% 0,11% 9,48% 7,32% Diversified Intrepid 0,87% -1,06% -1,44% 0,87% 12,58% 9,53% INQUIRIES Daniel Simard, General coordinator Bâtirente Telephone: +1 (514) 525-5065 or 2175, boul. de Maisonneuve Est, +1 (514) 889 5065 bureau 203 Facsimile: +1 (514) 525-2199 Montréal, Québec H2K 4S3 www.batirente.qc.ca Laetitia Tankwe, Manager, Extra financial risks Telephone: +1 (514) 525 5740 ext 2426 or +1 (514) 993 3044 info@batirente.qc.ca 13
  • 16. FIRM PROFILE Offrant une gamme complète de produits et de services financiers, tant aux personnes qu’aux associations et entreprises collectives, la Caisse d’économie solidaire Desjardins se distingue par sa mission et l’accompagnement de ses membres. Reconnue comme l’institution financière de l’action collective solidaire au Québec, elle est un outil privilégié pour celles et ceux qui veulent gérer leurs avoirs et leurs finances de manière socialement responsable. Avec un actif de 381 millions$ au 31 décembre 2006, cette coopérative, membre du Mouvement Desjardins, génère un volume d’affaires de 768 million$. Elle accompagne plus de 2500 associations et entreprises collectives, et quelque 7100 membres particuliers. Offering a complete range of financial products and services to individuals, associations and collective enterprises, this credit union, member of the Mouvement Desjardins, distinguishes itself in the financial sector through its social mission and the support it offers its members. The Caisse d’économie solidaire Desjardins is recognized as the financial institution for solidarity-based group action in Quebec, and is the financial institution of choice for individuals, enterprises and organizations that want to manage their assets and their finances in a socially responsible manner. As of December 31st 2006, the Caisse held $381,000 in assets. Yearly, it generates $768,000,000 in overall volume. The Caisse d’economie solidaire Desjardins’s membership is currently made up of nearly 2500 collective enterprises and 7000 members. .I N V E S T M E N T P H I L O S O P H Y La Caisse d’économie solidaire Desjardins s’est donné comme mission : • de soutenir le développement de l’économie sociale et solidaire en misant sur l’entrepreneuriat collectif, tout particulièrement au sein de quatre réseaux : syndical, communautaire ou associatif, coopératif et culturel • de conseiller les citoyennes et les citoyens dans leur volonté de gérer leurs finances personnelles de manière à la fois judicieuse et socialement responsable • de contribuer, avec d’autres acteurs nationaux et internationaux, au développement d’un mouvement de la finance solidaire Guided by its mission, The Caisse d’économie solidaire Desjardins works to: • Support the development of the social and solidarity economy by focusing on collective entrepreneurship, specifically within the following four sectors: Labour Unions, Community Organizations, Cooperative Enterprises and the cultural sector • Advise citizens seeking to manage their personal finances in a judicious and socially responsible manner • Contribute, along with other national and international players, to the development of the solidarity finance movement INQUIRIES Madame Colette Harvey Caisse d’economie solidaire Desjardins Telephone: +1 (418) 647-9667 x 126 155, boul. Charest Est, bureau 500 14
  • 17. Facsimile: +1 (418) 647-2051 Québec, Quebec G1K 3G6 colette.harvey@desjardins.com www.cecosol.com 15
  • 18. FIRM PROFILE Credential Financial Inc. (Credential®) is the lead provider of wealth management for the Canadian credit union system. Our mission is to deliver investment and insurance products and services, expert advice, and innovative wealth management solutions to our credit union partners, their advisors, and their members. As part of the credit union community, Credential holds the same cooperative values and places a high priority on giving back to the community. We help Canadian investors include environmental, social, and governance factors in their investment plans. Credential is proud to be the principal dealer of Ethical Funds investment products. Credential is owned 50% by the Provincial Credit Union Centrals across Canada and 50% by The CUMIS Group. Credential is the parent company for several entities that distribute investment and insurance products and advice: Credential Asset Management Inc., Credential Securities®, Credential Direct®, Credential Insurance Services Inc., and Credential Financial Strategies Inc. Credential Direct is a division of Credential Securities. These companies operate with common management and board direction. As at September 30, 2007, Credential administered over $11.35 billion in investment assets on behalf of 279 credit union partners across Canada. Credential has 231 full-time equivalent staff working in its Vancouver head office and regional sales offices, and licenses over 2400 dually- employed sales representatives in credit unions across the country. INQUIRIES     Elaine McHarg, SVP and Chief Marketing Officer Credential Financial Inc. Telephone: +1 (604) 714-3800 800-1111 West Georgia St. emcharg@credential.com Vancouver, BC V6E 4T6 www.credential.com 16
  • 19. FIRM PROFILE Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, enterprise risk and financial advisory services through more than 6,800 people in 51 offices. Deloitte operates in Québec as Samson Bélair/Deloitte & Touche s.e.n.c.r.l. The firm is dedicated to helping its clients and its people excel. Deloitte is the Canadian member firm of Deloitte Touche Tohmatsu. SR I P R O D U C T S AND SERVICES Deloitte’s Corporate Responsibility & Sustainability professionals provide assurance, risk management & controls, financial advisory & transactional support and advisory services to help Canadian organizations better understand and respond to issues of sustainable development, and integrate them into existing core business strategies. INQUIRIES     Valerie Chort, Partner Deloitte & Touche LLP Telephone: +1 (416) 601-6147 Commerce Court South Facsimile: +1 (416) 601-6400 30 Wellington St. West vchort@deloitte.ca P.O. Box 400 Stn Commerce Toronto, ON M5L 1B1 www.deloitte.com 17
  • 20. FIRM PROFILE With its five million members and $135 billion in assets, the Desjardins Group personifies the most striking success of cooperation in Québec, indeed throughout Canada and North America. Every day, Desjardins, thanks to its network of caisses and its complete range of financial services, proves the usefulness, relevance and success of cooperative values, as well as their contribution to the economic and social well-being of the whole community. SR I P R O D U C T S AND SERVICES The Desjardins Environment Fund has offered a wise choice for investors who genuinely care about preservation of the environment. The Desjardins Environment Fund recognizes that all human and economic activities have an effect on the environment. That’s why it’s fully open to businesses from all sectors of activity, including those that pose a potential risk to the environment—natural resources, for example—based on the conviction that protecting the environment is of the utmost importance in these sectors. However, the Desjardins Environment Fund on principle excludes enterprises whose operations by their nature cause permanent damage to human beings and our surroundings: tobacco, arms and nuclear energy. The Desjardins Environment Fund does not claim to be an equity fund made up exclusively of environment-related businesses. Associated with Ethical Funds, the largest manager of ethical funds in Canada, Desjardins also offers a fund of fund called the Desjardins Ethical Canadian Balanced Fund. It contains four (4) underlying funds that have been selected because of their particular objectives. They are made up of shares in companies, for example, that have progressive employment policies that do business with countries that foster racial equality and equal opportunity. As well, certain companies derive the majority of their energy from non-nuclear sources or have sound environmental policies. MINIMUM ACCOUNT SIZE N/A FEE SCHEDULE Negotiable, based on the funds to be invested in, amount to be invested and servicing package required. INQUIRIES   Helene Gagne, Director, Marketing-Communications Desjardins Group Investment Funds Division 1, complexe Desjardins, Telephone: +1 (514) 286-3100 ext. 2330 case postale 34, succ. Desjardins Facsimile: +1 (514) 287-1579 Montréal, Québec H5B 1E4 helene.gagne@fiduciedesjardins.com www.desjardins.com 18
  • 21. FIRM PROFILE Dexia Asset Management is the research, financial analysis and asset management centre of the financial group Dexia. Dexia Asset Management currently manages €109.7 billion (as of December 2007) of assets for institutional and retail clients. It is a European fund management providing a complete range of investment solutions in all asset classes for institutional and private clients. Dexia Asset Management has management centers in Brussels, Luxembourg, Paris and Sydney and marketing teams in Belgium, France, Luxembourg, the Netherlands, Switzerland, Italy, Spain, Scandinavia, Germany, Austria, Poland, Australia, Canada and Bahrain. All-weather Asset Manager Dexia Asset Management offers a whole range of funds under Belgian, French or Luxembourg law. The majority are rated in the first or second quartiles. They cover equity, fixed income, money market, global balanced, sustainable, alternative and structured funds with our without capital protection. All investment strategies can be implemented through investment funds or via tailor- made portfolios Dexia AM oversees about 10 billion euros in hedge funds Dexia AM is active in both direct alternative fund management, where it manages 8.5 billion euros, and in alternative multi-management, which represents 2 billion euros of AUM. The alternative product range offers a large array of funds under European legislation with high liquidity. Besides Real Estate and Alternative investments Structured Products, our Hedge Funds and Cash Enhanced Funds cover 15 different strategies in alternative investments. Dexia AM’s strategies offer limited leverage and an optimal combination of return and risk. Moreover, Dexia AM has put independent risk controls in place through a team experienced in alternative management. SR I P R O D U C T S AND SERVICES Market leader in Sustainable and Responsible Investment Since 1996, Dexia AM is engaged in Sustainable and Responsible Investment (SRI). In Europe it is the market leader in (SRI) with more than €18.4 billion under management and 20 people fully dedicated to SRI analysis and fund management. 19
  • 22. Gaëtan Herinckx Head of Sustainable & Responsible Investments SRI Management Equities Bonds & Money Market 3 SRI managers (*) 2 SRI managers Institutional mandates and insurance company assets 4 SRI managers Financial Analysis Fundamental, Duration, Quantitative, Quantitative Credit Accounting, ALM and specific constraints Sustainability 10 sustainability analysts Analysis SRI Communication & Marketing: 2 specialists SRI Advisory Board: 5 independent members Fully dedicated resources Dexia AM offers a range of more than 20 SRI funds/subfunds, the largest in Europe. Asset Fund/Name of subfund Benchmark Class Dexia Sustainable Emu MSCI EMU Dexia Equities L Sustainable Emu MSCI EMU Dexia Sustainable Europe * MSCI Europe Dexia Sustainable Pacific MSCI Pacific Equity Dexia Sustainable North America MSCI North America Dexia Sustainable World MSCI World Dexia Equities L Sustainable World MSCI World Dexia Equities L Sustainable Green Planet MSCI World (ex-financials) Dexia Equities L Sustainable Emerging Markets MSCI Emerging Markets 20
  • 23. Asset Class Fund/Name of subfund Benchmark Mixed index: Dexia Sustainable European Balanced High MSCI Europe (70%) & JPMorgan EMU (30%) Mixed index: Balanced Dexia Sustainable European Balanced Low MSCI Europe (30%) & JPMorgan EMU (70%) Mixed index: Dexia Sustainable European Balanced MSCI Europe (50%) & Medium JPMorgan EMU (50%) Structured Dexia Dynamix Sustainable - Product (protected Dexia Clickinvest B Climate Change - capital) Dexia Sustainable Euro Bonds JPMorgan EMU Dexia Sustainable L Euro Bonds JPMorgan EMU Dexia Sustainable Euro Corporate Bonds iBOXX Euro Corp All Fixed Dexia Sustainable Euro Government Bonds JPMorgan EMU Income Dexia Sustainable Euro Long Term Bonds JPMorgan EMU + 7 years Dexia Sustainable Euro Short Term Bonds JPMorgan EMU 1-3 years Dexia Sustainable World Bonds JPMorgan Global ex-Japan Money Dexia Money Market Euro Sustainable Euribor 1M Market Dexia Asset Management offers tailor-made investment solutions fulfilling financial and regulatory constraints, as well as the sustainable approach requirements of institutional investors: • Choice of sustainable approach (sustainable/ethical/international standard-based…) • Choice of investment universe/severity of the sustainable filter and financial constraints of the portfolio • Choice of performance objective and investment directives • Choice of reference index • Choice of investment vehicle • No choice : rigorous investment process and disciplined risk management 21
  • 24. Christophe Vandewiele, Head of Dexia Asset Management, Dexia Asset Management Canadian Representative Office 77 King street West, 32nd Floor Telephone: +1 (416) 974-9055 Toronto, ON M5W 1P9 Facsimile: +1 (416) 955-6226 www.dexia.com Mobile: +1 (416) 294-0589 christophe.vandewiele@dexia.com 22
  • 25. FIRM PROFILE With assets under management of over $2.6 billion, The Ethical Funds Company is Canada’s leading manager of socially responsible mutual funds. Founded by Canada’s credit unions in 1992, Ethical Funds delivers a successful track record of combining financial performance with making good companies better. Today, The Ethical Funds Company family has grown to include 16 optional-load funds, including the Ethical Advantage Series® of lifecycle (target date) funds. The Ethical Funds Company has multiple award-winning funds, Canada’s largest team of sustainability analysts and Canada’s most comprehensive Shareholder Engagement Program. The Ethical Funds Company is a division of Northwest & Ethical Investments LP. I NV ES T ME N T PHI LOS O PHY “Sustainability is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”* The Ethical Funds Company has developed a rigorous, leading-edge response that supports this philosophy: our Sustainable Investing Program. This program combines traditional financial analysis with a company’s environmental, social, and governance (ESG) performance. The Sustainable Investing Program incorporates two main tools: the Corporate Sustainability Scorecard and the Shareholder Action Program. The Scorecard assesses a company’s performance on its ESG practices. It also points out which companies trail the ESG performance of their peers. These companies may be candidates for shareholder action. We continue to exclude companies whose primary activities involve tobacco, military production, or nuclear energy. Our Shareholder Action Program uses the combined power of unit holders to raise the bar for the social and environmental performance of the corporations in which we hold shares. Active engagement strategies include dialogue with company management, proxy voting, and filing shareholder resolutions. * Our Common Future, the Report of the World Commission on Sustainable Development FEE STRUCTURE Negotiable; based on the funds to be invested in, the amount to be invested, and the servicing package required. 23
  • 26. MINIMUM ACCOUNT SIZE N/A INQUIRIES Elaine McHarg, SVP and Chief Marketing Officer The Ethical Funds Company Telephone: +1 (604) 714-3800 800-1111 West Georgia St. emcharg@ethicalfunds.com Vancouver, BC V6E 4T6 www.ethicalfunds.com 24
  • 27. FIRM PROFILE F&C Asset Management plc (F&C) is one of Europe’s oldest and largest asset management firms and a top-ten manager of institutional pension funds in Europe. As such, F&C is strongly positioned as one of the few asset managers with the critical mass to prosper in a rapidly changing marketplace. With over 200 investment professionals directly responsible for investment management across the full range of asset classes, we have an excellent flow of ideas and processes, structured within a transparent and accountable environment. SR I P R O D U C T S AND SERVICES F&C has a long commitment to Governance and Socially Responsible Investing (GSRI), from the launch of the first socially responsible investment fund in the UK in 1984, to the creation of a new generation of ‘engagement’ products in 1999. Today we maintain a team of 13 investment professionals wholly dedicated to GSRI issues and a host of products and services designed to meet specific GSRI needs. These services include: • reo® (responsible engagement overlay), a service that allows organizations to align their values with their investments through direct engagement with the companies in their portfolios. This engagement service acts as an overlay to the current portfolio and does not alter any aspect of the investment management process. reo® is a perfect alternative to screening or divestment for reducing risk in the portfolio. • International SRI seeks to invest in companies on an international basis that make a positive contribution to society. This traditional screened approach identifies and prohibits investment in companies that have poor corporate governance practices, lack transparency, manufacture and sell weapons, exploit developing countries, or damage the environment among other criteria. INQUIRIES William Boardman, Director F&C Asset Management Ltd Telephone: +1 (617) 426 9050 30 Rowes Wharf, Suite 540 Facsimile: +1 (617) 426 3433 Boston, MA 02110 william.boardman@fandc.com www.fandc.com 25
  • 28. PROFILE FONDAction, le fonds de développement de la CSN pour la coopération et l’emploi, a été fondé en 1996. Son actif provient de la cueillette d’épargne-retraite auprès des travailleuses et des travailleurs, principalement affiliés à la CSN. La mission principale de Fondaction est le maintien et la création d’emplois par des investissements dans la PME québécoise. À la fin de son année financière 2003-2004, le nombre d’actionnaires s’élève à 56 938 et son actif total atteint 345,2 millions $. PHILOSOPHIE DE PLACEMENT En tant qu’institution de capital de développement, la mission de Fondaction privilégie trois créneaux d’intervention en se rendant plus disponible auprès des entreprises inscrites dans un processus de gestion participative, aux entreprises d’économie sociale ou dans celles qui contribuent à l’amélioration de la qualité de l’environnement. Fondaction investit 60 % de son actif dans des entreprises admissibles (PME québécoises) dans une fourchette de 250 000 $ à 10 000 000 $. Il tient compte du profil socioéconomique des entreprises par le biais d’un diagnostic socioéconomique préalable qui aborde les dimensions de l’organisation interne, des relations avec les partenaires et du rapport au milieu dans une perspective de développement durable. Le solde est investi principalement sous forme d’obligations. PRODUITS ET S E R V I C E S ISR Les épargnants qui investissent dans Fondaction bénéficient d’un crédit d’impôt de 30 %, en plus de profiter des réductions pour contribution à un REER. Fondaction est disponible par déduction à la source dans plus de 1 400 lieux de travail. Dans le but de développer les aptitudes à la gestion des travailleurs et favoriser leur implication active, Fondaction a créé le Fonds de formation professionnelle, un fonds de formation économique alimenté par les entreprises de notre portefeuille d’investissement. Fondaction a aussi participé à la création d’autres outils financiers dont Filaction, le fonds pour l’investissement local et l’approvisionnement des fonds communautaires, le Fonds de financement coopératif et le Fonds d’investissement en développement durable (FIDD). QUESTIONS Mme Claude Normandin FONDAction CSN Telephone: +1 (514) 525-6500 ou 2175 boul. De Maisonneuve Est +1 (800) 253-6665 Bureau 103 Facsimile: +1 (514) 525-0863 Montréal, PQ H2K 4S3 claude.normandin@fondaction.com www.fondaction.com 26
  • 29. FIRM PROFILE Genus Capital Management was established in 1989, and is an independent investment counselling firm with a western Canadian focus. Genus is based in Vancouver, BC, and manages $1.6 billion for 665 clients across Canada. Clients include pension funds, First Nations, foundations, mutual funds and high net worth individuals. We introduced our first socially screened portfolios in 1994 and have significant expertise in this area. SRI options include Canadian Equity, Global Equity and Bonds-all under the banner of our Biosphere Plus brand. We have a consistent, long-term history of socially responsible investment performance with returns that closely track the performance of our traditional equity and bond portfolios. INVESTMENT STYLE AND PHILOSOPHY We describe our equity investment style as “style-diversified Core”. We blend value, growth and quality strategies to create style-diversified portfolios with lower than average risk. Our approach has an advantage over single style approaches because it protects our clients from “style cycles” and smoothes out short-term volatility without sacrificing overall long-term returns, and produces superior, consistent returns in most market conditions. At the stock level, we focus on under-valued, large capitalization stocks with improving fundamentals and earnings momentum. We believe this combination leads to low risk and superior long-term performance. Our fixed income philosophy is based on our belief that complementary strategies can provide us with many opportunities to add value and contribute to overall lower levels of risk in our portfolios. INVESTMENT PROCESS We manage socially screened portfolios using the same approach we use for our traditional equity and fixed income portfolios. Careful attention to portfolio attributes and risk measures ensures that we do not have concentrated positions as a result of the smaller selection universe and that portfolios are adequately diversified across all sectors. The end result is that our SRI clients enjoy the same level of consistent, value-added performance that we produce for clients who invest in our traditional or unscreened portfolios. The first step in our equity investment process is to define a universe of suitable investment candidates based on the results of our screening process. Our screens were developed in conjunction with Jantzi Research Associates and Kinder, Lydenberg, Domini & Co. Our equity investment approach blends traditional value measures such as price to earnings, price to cash flow and price to sales ratios with indicators of fundamental growth and profitability such as expected growth, earnings forecast revisions and return on equity. Our blend of value, growth and quality styles offsets volatile single style approaches. The Biosphere Plus fixed income portfolio is managed in accordance with Genus’ overall fixed income investment philosophy, which emphasises a conservative, fundamental approach. A key characteristic of our style is that we do not make “big bets” on a single strategy. We prefer instead to use multiple strategies that include currency selection, issues selection, interest rate anticipation, sector selection and maturity structure to add value. 27
  • 30. SR I P R O D U C T S AND SERVICES Genus offers screened pooled funds and screened segregated account services. • Genus Biosphere Plus Canadian Equity • Genus Biosphere Plus Global Equity • Genus Biosphere Plus Bond Our services include drafting a customized Investment Policy Statement for each of our clients, asset mix recommendation and management, security selection, customized benchmarking and performance reporting, regular investment commentary and insight, and flexible and personal service. MINIMUM ACCOUNT SIZE $300,000 FEE STRUCTURE Institutional Fee Schedule (pooled) 0.75 % per annum of assets up to $1 Million 0.35 % per annum of assets from $1 to $10 Million 0.20 % per annum of assets over $10 Million Institutional Fee Schedule (segregated) 0.50 % per annum of assets up to $10 Million 0.25 % per annum of assets from $10 to $35 Million 0.20 % per annum of assets from over $35 Million Private Fee Schedule 1.25 % per annum of assets up to $500,000 0.90 % per annum of assets from $500,000 to $1 Million 0.70 % per annum of assets from $1 Million to $4 Million 0.45 % per annum of assets from $4 Million to $5 Million 0.20% per annum of assets over $10 Million INQUIRIES Christy McLeod, Portfolio Manager, Partner Genus Capital Management Telephone: +1 (604) 605-4620 1690 – 999 West Hastings St. Facsimile: +1 (604) 683 7294 Vancouver, BC V6C 2W2 cmcleod@genuscap.com www.genuscap.com 28
  • 31. FIRM PROFILE GrowthWorks managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages approximately $900 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd., GrowthWorks Canadian Fund Ltd. and ENSISTM Growth Fund Inc. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian venture capital management. *GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital Ltd, manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. and ENSIS Management Inc., manager of ENSIS Growth Fund Inc. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd. ENSIS is a registered trademark of ENSIS Capital Corporation. INVESTMENT PHILOSOPHY GrowthWorks managed funds invest in small to medium sized companies throughout Canada (the Working Opportunity Fund invests solely in British Columbia). The funds typically invest between $500,000 to $5,000,000 for a minority ownership position and support their portfolio companies in their continued growth through follow-on investments. GrowthWorks often partners with other funds in investing in a broad range of technology-focussed industries, primarily in information technology, life sciences, advanced manufacturing and early stage investing. SR I P R O D U C T S AND SERVICES An ethical review is employed by the funds as part of the investment process. An evaluation of the environmental impact of the company, issues such as employee relations, job and product safety, are all considered. *GrowthWorks took over the management of Working Ventures Canadian Fund in November 2002. INQUIRIES Telephone: +1 (604) 633-1418 GrowthWorks Capital Ltd. Facsimile: +1 (604) 669-7605 1055 West Georgia St., Suite 2600 investment@growthworks.ca Vancouver, BC V6E 3R5 www.growthworks.ca 29
  • 32. FIRM PROFILE The Ethical Funds Company and Guardian Capital LP (Guardian Capital) announced the creation of Guardian Ethical Management Inc. (GEM) on September 27, 2005. Focused on serving the needs of institutional investors, GEM combines the investment management discipline of Guardian Capital with The Ethical Funds Company’s expertise in socially responsible investing (SRI). GEM will be the first investment management firm in Canada to specialize in providing institutional investors with an integrated SRI solution. A dedicated team of professionals will pursue superior investment results through portfolios whose holdings adhere to a set of comprehensive social and environmental criteria. INVESTMENT PHILOSOPHY GEM believes that companies that responsibly manage their businesses are, over time, superior investments. GEM formalizes this process and provides institutional investors with a truly integrated solution from the teams at Guardian Capital and The Ethical Funds Company. Although sustainable investing has grown substantially in Europe and the U.S. with trillions invested, Canada is just beginning to embrace SRI strategies. This coupled with the growing evidence that sustainable investing strategies are competitive, means GEM with be in a strong position to service the needs of those organizations that have a natural affinity with SRI – foundations, endowments, religious organizations, charities, and pension plans. SR I P R O D U C T S AND SERVICES GEM initially will offer five mandates: Balanced, Canadian Equity, Global Equity, Fixed Income, and Diversified Income on both a segregated and pooled fund basis. MINIMUM ACCOUNT SIZE $10 million minimum for segregated accounts FEE SCHEDULE Dependent on asset size INQUIRIES    John M. Clancy, CFA, Managing Director Guardian Ethical Management Inc. Telephone: +1 (416) 350-6880 Commerce Court West Facsimile: +1 (416) 947-8003 Suite 3100, PO Box 201 jclancy@gemportfolios.com Toronto, ON M5L 1E8 www.gemportfolios.com 30
  • 33. FIRM PROFILE GWL Investment Management Ltd. (GWLIM) was incorporated in 1981 as the investment management subsidiary of The Great-West Life Assurance Company (GWL). GWLIM is responsible for the investment management of pooled segregated funds and separately managed portfolios and providing investment counselling services for our clients. As at December 31, 2007, GWLIM manages and administers assets in excess of $13.8 billion, with a high quality team of 33 employees providing a wide range of investment experience, knowledge and technical expertise. Our key investment professionals have been together for more than a decade, which has contributed to our consistent and strong investment performance. GWLIM’s affiliation with its parent provides key strengths and support from various resources such as legal, accounting and information technology. This support infrastructure allows us to provide efficient and timely services at low cost to our clients. INVESTMENT PHILOSOPHY GWLIM's investment philosophy for managing investment fund assets seeks to achieve superior rates of return while at the same time minimizing and controlling portfolio risk and volatility. Superior rates of return are generated through effective asset mix decisions and security selection, while volatility is minimized through meaningful diversification within the investment portfolios. Our ability to include both mortgages and real estate in investment portfolios further enhances diversification. By using these disciplines effectively, GWLIM seeks to achieve superior returns in strong markets and effectively conserve capital in weak markets. In general, our pooled funds have the objective of outperforming, over moving four-year periods, the median fund on performance measurement surveys. In addition, our investment portfolios seek to add value over specific market indices on a benchmark basis. SR I P R O D U C T S AND SERVICES Great-West Life Ethics Fund 9.02G Great-West Life Socially Responsible Canadian Equity Index Fund 16.01G Great-West Life Socially Responsible Canadian Bond Fund 16.02G 31
  • 34. PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 GWL Ethics Fund - Inception date December 2000 Annual Rates of Return (Gross) at June 30th 2007 2006 2005 2004 2003 2002 GWL Ethics Fund 28.57% 18.06% 20.51% 29.48% 0.24% 0.18% Annualized Rates of Return (Gross) at June 30, 2007 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. GWL Ethics Fund 28.57% 23.20% 22.30% 24.05% 18.88% 15.53% MINIMUM ACCOUNT SIZE Pooled $1 million; Non-pooled $10 million FEE SCHEDULE Custodial fees are included in the Investment Management Fee Schedule below: Pooled Fund Non-Pooled fund Assets Annual IMF Annual IMF First $1.5 million 0.60% 0.78% Next $3.5 million 0.36% 0.48% Next $15.0 million 0.24% 0.30% Next $15.0 million 0.18% 0.21% Over $35.0 million 0.12% 0.15% Plus .30% on Mortgage Fund Assets Plus .72% on Real Estate Fund Assets Plus .64% on International Equity Assets Plus .30% on International Bond Assets Plus .12% on assets managed by London Capital, Beutel Goodman and Sceptre Plus .33% on assets managed by AGF, Mackenzie and AIM Trimark Plus .30% on assets managed by Cardinal Capital INQUIRIES     Rick Lewis, Vice-President, Investment Counselling GWL Investment Management Ltd. Telephone: +1 (204) 946-7386 100 Osborne Street North Facsimile: +1 (204) 946-8818 Winnipeg, MB R3C 3A5 Rick.Lewis@gwlim.ca www.gwlim.ca.com 32
  • 35. FIRM PROFILE Inhance Investment Management has been operating in the Canadian investment industry since 2001. We are committed to using sound financial analysis supplemented with environmental, social and governance (ESG) analysis to select superior companies for our portfolios. Inhance is part of the Vancity Group (Vancity). Vancity is Canada’s largest credit union. Inhance is dedicated to being a leader in positioning and executing Responsible Investing as a viable alternative for the Canadian mutual fund and investment industry, and was the first mutual fund company in Canada to adopt the UN Principles of Responsible Investment. INVESTMENT PHILOSOPHY Inhance’s mission is to create wealth for Canadian investors through Return on ResponsibilityTM by balancing the interest of customers, employees, shareholders, and community. Inhance had evolved the SRI investment style by creating a unique in-house investment team and process which rigorously incorporates environmental, social and governance (ESG) criteria with in-depth financial analysis and active portfolio management. INVESTMENT PROCESS Through our unique investment process, we look for companies that can provide superior returns through an extra level of risk mitigation and added alpha while improving our world. On the financial side we review the companies for the strength of their business model, profitability and valuation as well as the nature and competitiveness of the industry and their position within. From an ESG perspective, we identify and measure a company based on 7 key performance criteria to assess how the organization is prepared and able to operate successfully in a world of evolving environmental and corporate regulations, increased social expectations and changing shareholder demands. We seek out companies who are prepared to meet changing conditions and position themselves for long-term success. Shareholder Engagement At Inhance, we use the tools of shareholder engagement to encourage the companies we invest in to pursue continuous improvement in managing existing and emerging ESG risks, and create better long-term value for the company and its stakeholders. These tools include: • Filing shareholder resolutions • Engaging senior management in discussions • Attending annual general meetings • Proxy voting on behalf of our investors 33
  • 36. MINIMUM ACCOUNT SIZE $300,000 FEE SCHEDULE Inhance’s family of funds are available to institutional clients through O-Class units of our mutual funds. The management fees payable with respect to Class O units are negotiated between the Manager and the investor and paid by the investor outside of the Fund. INQUIRIES Kerry Ho, CEO Inhance Investment Management Inc. Telephone: +1 (604) 975-3310 1200-900 West Hastings Street Facsimile: +1 (604) 975-5850 Vancouver, BC V6C 1E5 kerryho@inhance.ca www.inhance.ca Israel Garcilazo, Marketing and Communications Coordinator Telephone: +1 (604) 975-3316 Facsimile: +1 (604) 975-5850 israelgarcilazo@inhance.ca 34
  • 37. Innovest STRATEGIC VALUE ADVISORS FIRM PROFILE Innovest Strategic Value Advisors is an international investment research firm specializing in analyzing “non-traditional” drivers of risk and shareholder value, including companies’ performance on environmental, social, and strategic governance issues. Innovest has been recognized recently by several independent commentators as the leading firm in the work in this area. Founded in Canada in 1998, the firm currently has over US $1.4 billion under structured sub-advisory mandates with asset management partners including State Street Global Advisors, UBS, HSBC, Credit Agricole and others. Its sub-advisory clients include both CalPERS and ABP, two of the three largest pension funds in the world. Innovest also provides custom portfolio analysis and research to more than thirty major institutional investors including Hermes, Schroders, Cazenove, and Rockefeller & Co., as well as leading pension funds in the United States, the U.K., continental Europe, and Scandinavia. Innovest currently has clients in over twenty countries, and offices in seven. Innovest has been recognized by the Enhanced Analytics Initiative (EAI) as having robust and critical analysis in the area of ESG. In 2007 and 2006, Innovest was ranked the #1 ESG research firm by the prestigious Thomson Extel global survey for the provision of extra-financial research to the investment community. In 2004, Innovest was awarded the Globe Foundation’s Capital Markets Award for Innovation and leadership in environmental finance. SR I P R O D U C T S AND SERVICES Company Profiles and Industry Sector Reports Innovest follows and rates over 2,000 publicly-traded companies from each of the major developed and developing country stock exchanges in the world. Of this total, roughly 1500 have been codified into written profiles which are available to clients. In addition, Innovest has produced over 25 in-depth industry sector reports, focusing primarily on sectors with high environmental and/or social impacts. These reports identify the key drivers or risk and return and analyse companies’ relative performance against these drivers. Custom Benchmarking Studies and Portfolio Research Leveraging its industry sector expertise and global company database, Innovest frequently conducts custom benchmarking studies for major industrial clients. This typically allows them to assess their strategies, practices, and rate of improvement against 20-30 global industry peers. These benchmarking studies can be undertaken for any of 60+ GICS industry sectors worldwide. In addition, for its institutional investor clients, Innovest frequently conducts portfolio analyses and simulations which are customized to individual institutions’ specific portfolios and “watch lists”. 35
  • 38. Innovest STRATEGIC VALUE ADVISORS Global Compact PLUS: A new tool for both investors and corporations, which assesses companies’ relative performance with respect to each of the UN Global Compact’s 10 Principles. Over 1,600 global companies have been analyzed to date. Clients include major institutional investors, multinational corporations and leading NGOs. Thematic and “Issues” Research Innovest has built up considerable expertise in the provision of customized research services to financial, corporate and government clients. Recent examples of thematic research conducted by Innovest include: • Access-to-Medicine Index: Commissioned by the Access to Medicine Foundation, the Access to Medicine (ATM) report rates and ranks pharmaceutical companies based on their performance and positioning on ATM issues. • Nanotechnology: an assessment of the investment risks, and the creation of the first nanotech index of companies with the best commercial prospects in the field. • The Business Impacts of HIV/AIDS, with partners including USS and ISIS. Results to be published in early 2005. • Government of Australia: custom research on the energy efficiency and risk exposure to climate change of major Australian companies. • Government of Canada: development of an analytic platform to enhance traditional company valuation models in the oil and gas sector. • International Finance Corporation (IFC): development of sustainability performance benchmarking tools for emerging markets companies. • Inter-American Development Bank: proposal of innovative financing mechanisms to increase the sustainability of infrastructure projects in Latin America. Carbon Finance and “Clean Technology” Practice The Innovest Carbon Finance and “Clean Technology” Practice was formed to assist our financial sector clients understand the relevance of, and craft appropriate strategic responses to emerging carbon finance issues with regard to their investment banking, asset management, equity research and risk management activities. Recent clients of Innovest’s carbon finance and clean technology work include: • Carbon Disclosure Project, 2003-2007. Awarded role as lead technical advisors and analysts each of the four years of the global project’s life to date. The CDP currently includes over 300 institutional investors, with combined assets of over 41 trillion USD • Carbon Trust, United Kingdom: 2004. Integrating climate risk into investment analysis in multiple sectors • Government of Australia, Australian Greenhouse Office, 2004. Analysis of climate risk and energy efficiency in 5 industry sectors • Government of Canada, Natural Resources Canada, 2004. Integrating sustainability factors in mainstream valuation models 36
  • 39. Innovest STRATEGIC VALUE ADVISORS • Corporate risk analysis: clients have included United Technologies, Electricité de France, and Duke Energy Innovest has also developed a proprietary carbon risk portfolio analysis and investment tool-the Carbon Beta platform. The platform is already being used by a leading global investment bank to back its long/short “climate hedge fund”. Asset Management Sub-Advisory Innovest provides its proprietary alpha overlays to clients in a range of products and investment styles. Working with partners including State Street Global Advisors, UBS, Credit Agricole and others, Innovest currently serves as the sub-advisor or co-manager on 1.4 billion in assets. By working with traditional asset managers (rather than competing with them), Innovest can provide institutional clients with the best insights, ideas, and analysis of both organizations. INQUIRIES Michelle McCulloch, Director, Corporate Development Innovest Group Telephone: + 1 (905) 707-0876 225 East Beaver Creek Road, Suite 290 Facsimile: +1 (905)707-9084 Richmond Hill, ON, Canada L4B 3P4 mjmcculloch@innovestgroup.com www.innovestgroup.com 37
  • 40. FIRM PROFILE Investors Group Inc. is a Canadian leader in providing personal financial planning services, and is dedicated to building lasting client relationships. Our primary objective is to help Canadians plan for financial security by providing quality financial planning advice and products through a network of Consultants. Investors Group offers financial planning, a unique family of mutual funds and a comprehensive range of other investment products and financial services, including Registered Retirement Savings Plans, Registered Retirement Income Funds, Deferred Profit Sharing plans, life and disability insurance, Guaranteed Investment Certificates and mortgages. Today, Investors Group serves over one million clients through our dedicated Consultant Network and staff team, working out of hundreds of Financial Planning Centres across Canada. Investors Group Inc. is a member of the IGM Financial Inc. group of companies. The shares of IGM Financial Inc. are listed on The Toronto Stock Exchange. The stock exchange symbol is IGM. SR I P R O D U C T S AND SERVICES At Investors Group we take great pride in our longstanding tradition of caring for the communities where we live and work. Investors Group is a founding member of Imagine Canada’s Caring Company Program; an organization of like-minded corporations committed to making a difference. Through this commitment, we contribute nationally and at the local grass roots level to organizations focused on social and environmental issues that are important to many Canadians. At Investors Group, we believe you can invest for both performance and social good at the same time. We were one of the first major Canadian financial institutions to offer a mutual fund that that featured heightened social ideals with the launch of Investors Summa SRI Fund in 1987. Over more than twenty years, Investors Summa SRI Fund has become the largest socially responsible fund in Canada. SRI is a broad approach to investing that my incorporate factors related to environmental sustainability, social responsibility or various social issues with traditional investment analysis. This approach to investing provides solid investment choices designed to fit both your financial goals and personal values. We offer two SRI funds focused on companies that have adopted progressive standards and practices towards the environment, human rights, and/or other social issues and an environmental fund focused on companies who are environmental leaders in their industries. Investing in these types of funds provides you with the comfort of knowing that you are investing in companies that meet certain stringent socially responsible investment criteria. 38
  • 41. INQUIRIES Aaron Margolis, Assistant Vice-President, Product Management Investors Group Telephone: (204) 956-8744 447 Portage Avenue Aaron.margolis@investorsgroup.com Winnipeg, Manitoba R3C 3B6 www.investorsgroup.com Jon Kilfoyle, Manager, Product & Service Development Telephone: (204) 956-8817 Jon.kilfoyle@investorsgroup.com Pierre Lacroix, Associate Manager, Product Development Telephone: (204) 956-8527 Pierre.lacroix@investorsgroup.com Ryan McGregor, Assistant Manager, Product Management Telephone: (204) 956-8379 ryan.mcgregor@investorsgroup.com 39
  • 42. FIRM PROFILE ISG Capital Corporation was incorporated under the Canada Business Corporations Act on July 23, 2007. ISG completed the initial public offering of its Common Shares on November 21, 2007. The Common Shares were listed for trading on the Exchange on November 30, 2007. ISG was founded to create significant shareholder value and generate superior risk adjusted returns on investments through a targeted acquisition strategy, proactive asset management and selective environmental improvements to industrial and office properties. In doing so, ISG seeks to be recognized as an industry leading investment management and advisory platform with an environmental and socially responsible approach to long term value creation for our investors, tenants and partners. ISG is at the forefront of a global movement by real estate owners, investors and managers to enhance the environmental performance and sustainability of real property assets. According to industry experts, buildings which are more energy-efficient and environmentally friendly could command a growing premium in the future by drawing in more tenants and generating higher rents. INQUIRIES David S. Ogden ISG Capital Corporation Telephone: +1 (416) 203-7538 x 225 4 King Street West Facsimile: +1 (416) 367-1508 Suite 1020 Mobile: +1 (416) 802-9227 Toronto ON, M5H 1B6 david.ogden@isgcapital.ca www.isgcapital.ca 40
  • 43. FIRM PROFILE Jantzi Research Inc. is a leading independent research firm that evaluates and monitors the environmental, social, and governance performance of Canadian companies. We service one of the fastest growing segments of the investment community, both in Canada and abroad, allowing investment managers to add value by integrating non-traditional indicators into the investment decision-making process. A pioneer in this field since our inception in November 1992, Jantzi Research is a proven innovator of socially responsible investment (SRI) products, services and research tools. Jantzi Research works globally with mutual funds, pension funds, money managers, investment advisors, foundations, religious orders, governments, academic institutions and other organizations. We provide independent SRI research, strategic portfolio analysis, investment guideline development, and proxy voting services. Jantzi Research’s clients include some of Canada’s largest pension funds and several of the world’s largest asset management firms. In Canada alone, Jantzi Research estimates that we provide research and/or consulting support to 75% of the Canadian SRI asset base ($65.5 billion, Social Investment Organization Survey, June 2004) representing more than $46 billion. SR I P R O D U C T S AND SERVICES • Canadian Social Investment Database (CSID™) CSID ensures compliance with social and environmental mandates. In addition to supporting the management of SRI accounts, CSID adds value to the traditional equity research process by identifying issues and risks that traditional equity analysis often overlooks. It offers corporate data and analysis on a broad range of issues, including aboriginal and community relations, corporate governance, diversity in the workplace, employee relations, environmental performance, human rights, and involvement in controversial business activities such as alcohol, tobacco, and weapons-related production. • PortfolioEdgeTM Builder- Jantzi Research provides a foundation for building SRI products for the Canadian, U.S., and International markets. Whether such products are aimed at a specific target market or a broader client base, PortfolioEdge Builder provides assistance with social, environmental, and governance investment policy and guideline development, and Universe Customization and Monitoring (UcaM). • PortfolioEdgeTM Audits - The PortfolioEdge Audit is a sophisticated risk management tool designed to help plan sponsors and investment managers become more knowledgeable about the companies they own. Using proprietary research tools, including the Best-of-SectorTM methodology, PortfolioEdge Audit reveals a portfolio’s exposure to environmental, social, and governance risks and opportunities. The PortfolioEdge audit can be undertaken using either the client’s customized social and environmental investment guidelines or Jantzi Research’s proprietary rating framework, and supports a plan sponsor’s role as a fiduciary while ensuring portfolio compliance with SRI criteria or investment guidelines. 41
  • 44. • PortfolioEdgeTM Investment Compliance- This service is suited for compliance and legal departments within financial and investment institutions. Jantzi Research’s compliance product ensures that environmental, social and governance restrictions established by clients are monitored. The automated restriction checklist ensures that only trades matching the portfolio guidelines will be processed. • Sector and Issue Reports- Jantzi Research published leading-edge industry sector reports highlighting the sustainability performance of Canadian companies compared to international peers (oil and gas report available June 2006). • Proxy Research and Voting- Through a partnership with Shareholder Association for Research and Education, (SHARE) and Glass Lewis, Jantzi Research offers a full range of proxy research and voting services to clients. Jantzi Research works with its clients to become more active and knowledgeable owners of the companies in their portfolios. • Portfolio Benchmarks- Jantzi Research develops performance benchmarks for socially screened portfolios. In January 2000, Jantzi Research launched the Jantzi Social Index® (JSI®), a socially screened, capitalization-weighted index of 60 common stocks. With partners Dow Jones Indexes and State Street Global Advisors, the JSI has begun to generate the first definitive data on the effects of social screening on financial performance in Canada. Through its relationship with KLD Research & Analytics, Inc. (KLD), Jantzi Research offers its clients access to a series of social benchmarks of the U.S. market. • Global Research- Through partnerships with KLD Reseach & Analytics, Inc. and SiRi Company, Jantzi Research provides its clients with coverage of the Russell 3000 and MSCI World Index. • Specialized Research- Using thousands of sources referencing thousands of companies, Jantzi Research provides customized research and reports to a wide variety of clients, including financial institutions, foundations, civil society organizations, government, investment managers, and pension funds. INQUIRIES Paula Glick, Director of Sales & Marketing Jantzi Research Inc. Telephone: +1 (416) 861-0403 x 17 87 Front Street East, Suite 200 Facsimile: +1 (604) 861-0183 Toronto, Ontario M5E 1B8 pglick@jantziresearch.com www.jantziresearch.com 42
  • 45. FIRM PROFILE Mackenzie Financial Corporation (Mackenzie Investments) (www.mackenziefinancial.com), founded in 1967 and now with over $46.9 billion in assets under management, provides investment management and related services to over one million Canadian investors and over 30,000 financial advisors. Mackenzie Investments is part of Canada’s premier wealth management firm, IGM Financial Inc. (TSX:IGM), the country’s largest manager and distributor of mutual funds and other managed assets, with approximately $88.7 billion under management. Mackenzie offers Mackenzie Universal Sustainable Opportunities Capital Class, a global equity SRI Fund, to institutional and retail clients. Aberdeen Asset Management, an international investment management company, is responsible for the portfolio management of the Fund. Aberdeen began managing socially responsible investment (SRI) mandates in 1988 and is widely acknowledged as one of the leading specialists in this asset class. Under Aberdeen’s leadership, Mackenzie Universal Sustainable Opportunities Capital Class, is managed to ensure that only companies passing the twin hurdles of strong financial fundamentals and acceptable social behaviour are eligible for investment. Once Aberdeen has invested in a company they maintain a dialogue with management to ensure that their “engagement” with companies is ongoing; this enables them to build a relationship and encourage management to strive to be more socially responsible. FEE SCHEDULE Series I and O units of Mackenzie Universal Sustainable Opportunities Capital Class fund are designed for certain high net worth and institutional investors who are entitled to reduced management fees and operating expenses. Fees vary depending on account size. MINIMUM ACCOUNT SIZE Series I: CAD$500,000 Series O: CAD$5,000,000 Lower account sizes can be serviced via our Series A or retail units INQUIRIES Doug Heighington, CFA, Senior Vice President, Sales Mackenzie Financial Corporation Telephone: +1 (416) 967-2377 150 Bloor St W dheighi@mackenziefinancial.com Toronto, Ontario M5S 3B5 www.mackenziefinancial.com 43
  • 46. FIRM PROFILE Mavrix Fund Management Inc. was founded by experienced portfolio managers as a national asset management firm in 2001. In 2004, Mavrix became publicly listed on the Toronto Stock Exchange under the stock symbol MVX:TSX. Assets under management have grown from $50 million from inception to $531 million in April 2008. During this remarkable period of growth, Mavrix staffing has grown 4 fold and offices have been opened in Vancouver, Calgary, Winnipeg, Montreal and Halifax to accommodate growing business directly in these regions with our Toronto office as national headquarters. The investment management culture of Mavrix is dedicated to serving the needs of investment advisors and financial planners by providing direct access to Mavrix portfolio managers and by developing investment products that address their specific investment choices. Mavrix offers a unique suite of mutual funds and resource limited partnerships that are differentiated from the mainstream as a complement to investment portfolios rather than compete directly with larger generic fund offerings. We believe the merit of our differentiated fund products and direct access to portfolio managers provides a much needed niche value for our clients, Investment Advisors. Mavrix has been proudly active in many charitable activities since inception. We recognize that our leadership and support acts as a catalyst for awareness as well as for generating donations to help promote greater community commitment in general to many deserving charitable foundations. INVESTMENT PHILOSOPHY The Mavrix Sierra Equity Fund offers investors the opportunity to invest in their “values” by integrating environmental, social and corporate governance considerations with fundamental investment analysis to reduce portfolio risk and to enhance returns. We believe that the values and personal beliefs of investors need not take a back seat when making investment decisions. Investing that makes a difference means selecting successful companies that embrace and promote concern and action about the environment and climate change, social and economic progress in the communities where they operate, plus ethical and compassionate corporate conduct. Just as importantly, investing that makes a difference means that we do not invest in companies that do not meet these standards, regardless of the opportunity SR I P R O D U C T S AND SERVICES Mavrix offers the Mavrix Sierra Equity Fund as our primary SRI fund investment product. The Fund is available for purchase across Canada through licensed investment advisors only and is 100% RSP eligible. PERFORMANCE INFORMATION Performance information for the Mavri Sierra Equity Fund and other Mavrix Funds can accessed via: http://www.mavrixfunds.com/mavdev/en/prices/performance.aspx 44
  • 47. MINIMUM ACCOUNT SIZE $500 initial purchase, $25 subsequent. FEE SCHEDULE Provided in the prospectus for the Mavrix Sierra Equity Fund. http://www.mavrixfunds.com/mavdev/en/PDF/Documents/ENG-29-06-07.pdf INQUIRIES David Balsdon, Chief Compliance Officer, Mavrix Fund Management Inc. Secretary-Treasurer and Vice President 36 Lombard Street, Suite 400 Telephone: +1 (416) 365-4201 Toronto, ON M5C 2X3 Facsimile: +1 (416) 362-7191 www.mavrixfunds.com dbalsdon@mavrixfunds.com 45
  • 48. FIRM PROFILE Mercer is a leading global provider of investment consulting services, and offers customized guidance at every stage of the investment decision, risk management and investment monitoring process. We have been dedicated to meeting the needs of clients for more than 30 years, and we work with the fiduciaries of pension funds, foundations, endowments and other investors in some 35 countries. Globally, we have over 750 inderdisciplinary staff members. We assist with every aspect of institutional investing (and retail portfolios in some geographies), from strategy, structure and implementation to ongoing portfolio management. We create value through our commitment to thought leadership; world-class, independent research; and top-notch consultants with local expertise. Our consultants in over 40 offices around the world have a diverse set of skills and backgrounds and we encourage them to think broadly and proactively when guiding clients. Our ability to create value is achieved through combining: • A global commitment to thought leadership and sharing intellectual capital with our clients in a way that directly supports their business needs; • High-quality, independent research on investment managers, carried out consistently and shared globally via our web-based Global Investment Manager Database (Mercer GIMD); and • Strong global expertise in the industry, providing local knowledge and hands-on guidance to create effective long-term relationships with our clients. With some 100 full-time staff dedicated to investment-related issues in Canada, we are a leader in the Canadian investment consulting community. Our consultants are based in Vancouver, Calgary, Winnipeg, Toronto, Montreal and Halifax. RI PRODUCTS AND SERVICES Responsible investment (RI) describes an investment process that incorporates an active consideration of environmental, social and corporate governance (ESG) factors within investment decision making and ownership practices. It is driven by the growing recognition among investors that responsible corporate behaviour can have a positive influence on the financial performance of companies-particularly over the long term. Investors who are aware of all factors that could affect investment performance are better placed to manage risk and generate value. In 2004, Mercer formally launched a global business unit focused on RI and ESG issues, after years of providing advice to clients on these topics. Headquartered in Toronto, this unit now employs fifteen dedicated professionals in six offices around the globe. We work directly with leading responsible investors to develop cutting edge strategies and implementation plans. As well, our consulting work is increasingly undertaken in conjunction with colleagues from our investment consulting business so that we can provide truly integrated solutions to Mercer clients. To date, we have provided RI advice to national pension plans, corporate plan sponsors, foundations, industry bodies, and other significant institutional investors from around the world. Our team works with investors to make better investment decisions within a fiduciary framework: to enhance expected returns while managing risk and cost. 46
  • 49. The RI priorities, objectives and resources of organizations differ widely. Key to our approach is developing a dialogue with clients to clearly understand their specific requirements. Supporting fiduciary responsibilities and our clients’ extra-financial objectives, Mercer’s responsible investment expertise links the business and organizational goals of our clients to their financial objectives. We offer clients an integrated and tailored service that helps them achieve a cost-effective responsible investment strategy throughout the investment cycle. We work on projects both big and small, and can be involved in various stages of the process from education to strategy to implementation. Our services included: • Investor education • Identifying RI opportunities for your plan • Integrating RI into your investment policy • Developing a coordinated approach to active ownership • Integrating ESG factors into investment decision making • Building your intellectual capital • Implementing the UN Principles for Responsible Investment To discuss how we can help you develop a value-added approach to responsible investment, contact us or visit our website at www.mercer.com/ri for more information. INQUIRIES Jordan Berger Mercer Head of Responsible Investment, Canada BCE Place, 161 Bay Street, Telephone: +1 (416) 868-2830 PO Box 501 jordan.berger@mercer.com Toronto, Ontario M5J 2S5 www.mercer.com 47
  • 50. FIRM PROFILE Meritas Financial Inc. is devoted solely to creating and marketing socially responsible investments under the brand name Meritas Mutual Funds and through its institutional investment division. Committed to all three aspects of Socially Responsible Investing, Meritas uses positive and negative screening guidelines, shareholder activism and community development investments to help people align their investments with their social, ethical and environmental concerns. INVESTMENT PHILOSOPHY The managers invest in companies that offer a blend of value and growth opportunities. The standards Meritas uses to evaluate potential investments is by looking for companies that: • Respect the dignity and value of all people • Build a world at peace and free of violence • Internalize a concern for justice in a global society • Exhibit responsible management practices • Support and involve communities • Practice environmental stewardship PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 Fund 1 Yr. (%) 3 Yr. (%) 5 Yr. (%) 10 Yr. (%) Meritas Money Market Fund 4.31 N/A 3.06 N/A Meritas Canadian Bond Fund 4.43 4.97 5.95 N/A Meritas Balanced Portfl. Fund 12.05 8.69 N/A N/A Meritas Monthly Div. & Inc. Fund 15.29 N/A N/A N/A Meritas Jantzi Social Index Fund 24.24 19.16 17.42 N/A Meritas US Equity Fund 12.14 1.23 0.85 N/A Meritas Intrl Equity Fund 21.60 13.51 7.97 N/A MINIMUM ACCOUNT SIZE $ 150,000 FEE SCHEDULE Negotiated on a case-by-case basis. INQUIRIES Gary Hawton, President and CEO Meritas Socially Responsible Investments Toll Free: +1 (866) 924-6767 410 Hespeler Road, Suite 5 Telephone: +1 (519) 624-6767 Cambridge, ON N1R 6J6 Facsimile: +1 (519) 624-5225 www.meritas.ca ghawton@meritas.ca 48
  • 51. FIRM PROFILE Founded in 1964, Phillips, Hager & North is among Canada’s oldest and largest independent investment managers. We began investing in a socially responsible manner on behalf of client early in the 1990s. Since that time, we have expanded our SRI products and services dramatically. INVESTMENT PHILOSOPHY We believe that long-term investment returns need not be compromised by investing in a socially responsible manner. We strive to achieve superior long-term performance in a disciplined and cost- effective manner while providing excellent client service and reporting. For equities, we invest in high quality, often-growing companies with reasonable valuations. In constructing fixed income portfolios, we use a multi-strategy approach and strive to add value while controlling risk. All assets under management are managed directly by us, except non-North American equities which are sub-advised by Sky Investment Counsel Inc., a specialty international equity firm in which we hold a significant, non- controlling interest. SR I P R O D U C T S AND SERVICES Pooled investment funds: The PH&N Community Values Funds comprise four socially responsible investment funds that do not invest in companies scoring poorly against a broad range of established social and environmental criteria: • PH&N Community Values Bond Fund • PH&N Community Values Balanced Fund • PH&N Community Values Canadian Equity Fund • PH&N Community Values Global Equity Fund Segregated portfolio management: Custom portfolios that screen out issuers who do not comply with a client-specific range of socially and environmentally responsible criteria. MINIMUM ACCOUNT SIZE Minimum account sizes may apply. 49
  • 52. PERFORMANCE Annual Rates of Return (%) at June 30 (series O, pre-fee) 2007 2006 2005 2004 PH&N Community Values Bond Fund 4.95 0.05 11.90 3.30 SC Universe Bond Index 4.77 -0.66 11.97 3.29 PH&N Community Values Balanced Fund 14.22 6.03 8.78 15.42 Balanced Benchmark* 14.20 8.14 10.72 15.04 PH&N Community Values Canadian Equity Fund 27.29 14.26 18.12 24.58 S&P/TSX Composite Index 22.73 19.64 18.04 24.48 PH&N Community Values Global Equity Fund (C$) 14.97 3.57 -4.57 19.13 MSCI World ex Canada Index (C$) 18.05 5.75 0.64 21.63 * The PH&N Community Values Funds were launched in September 2002. ** The Balanced Benchmark comprises: 5% SC 30-day T-Bill Index; 35% SC Universe Bond Index; 35% S&P/TSX Composite Index; 25% MSCI World ex Canada Index C$. Annualized Rates of Return (%) to June 30, 2007 (series O, pre-fee) 1 Yr. 2 Yr. 3 Yr. 4 Yr. PH&N Community Values Bond Fund 4.95 2.47 5.52 4.96 SC Universe Bond Index 4.77 2.02 5.24 4.75 PH&N Community Values Balanced Fund 14.22 10.05 9.62 11.04 Balanced Benchmark* 14.20 11.13 10.99 11.99 PH&N Community Values Canadian Equity Fund 27.29 20.60 19.77 20.95 S&P/TSX Composite Index 22.73 21.18 20.12 21.20 PH&N Community Values Global Equity Fund (C$) 14.97 9.12 4.35 7.86 MSCI World ex Canada Index (C$) 18.05 11.73 7.90 11.18 INQUIRIES Brent Sutton, Vice President Phillips, Hager & North Investment Management Ltd. Telephone: +1 (604) 408-6034 Waterfront Centre, 20th Floor Facsimile: +1 (604) 408-6024 200 Burrard Street bsutton@phn.com Vancouver, BC V6C 3N5 www.phn.com 50
  • 53. FIRM PROFILE PricewaterhouseCoopers is a global leader in providing sustainable business solutions. • 500 practitioners in over 40 countries • Serving 50 of the Fortune 100 companies • Created by business people for business people • Canada (Toronto, Edmonton, Calgary, Vancouver, Montreal) • Global base in Switzerland PRODUCTS AND SERVICES • Corporate social responsibility strategy design and implementation • Reporting and assurance of extra-financial information • Climate change, emission credit verification and emissions trading structural design • Transaction support on issues concerning environmental health and safety; and corporate reputation • Supply-chain risk management INQUIRIES Mike Harris PricewaterhouseCoopers LLP National Partner, Sustainable Business Solutions Royal Trust Tower, TD Centre Telephone: +1 (416) 941-8256 77 King Street W, Suite 3000 mike.harris@ca.pwc.com Toronto, ON M5K 1G8 www.pwc.com Peter Johnson Director, Sustainable Business Solutions Telephone: +1 (416) 815-5066 peter.j.johnson@ca.pwc.com 51
  • 54. FIRM PROFILE The ISS Governance Services division of RiskMetrics Group has been providing proxy analysis and agency voting services to Canadian institutional investors for over twenty years. RiskMetrics Group consists of three primary business units providing risk management, governance services and financial research and analysis serving over 3300 clients around the world. RiskMetrics Group offers its clients a broad suite of risk management tools including expanded SRI coverage and services including SRI screening and voting services through SIMON Portfolio Screening Service and the Social Advisory Services division of ISS. With the launch recently of the ISS ESG Analytics offerings, the ISS Governance Services of RiskMetrics has expanded the scope of products and services it can offer the financial market to help understand the risks inherent in their financial portfolios. We work to improve markets by making risk more understandable, manageable and actionable. SR I P R O D U C T S AND SERVICES Proxy Analysis of all issues including SRI Responsible Investment Guideline Review ESG Data Feeds and Screening and Modeling Tools Proxy Voting and Reporting Services SIMON Portfolio Screening Service ESG Analytics Sustainability Risk Reports, Reputational Risk Reports, Controversial Business Reports ISS Governance Services in Canada offers in-depth analysis of Canadian proxy voting issues and customized proxy vote execution and reporting for Canadian institutional clients. ISS is able to offer SRI portfolio screening services via the TrustSIMON and Portfolio$creener internet-based screening platforms, as well as detailed proxy analysis of SRI issues, vote execution, special reports on social and environmental issues, socially responsible investing. The Canadian bi-monthly publication, Corporate Governance Review, contains articles on corporate social responsibility and corporate governance. INQUIRIES Debra Sisti, Vice-President, Research ISS Governance Services, Telephone: (416) 364-9000 Ext. 232 RiskMetrics Group, Direct Dial: +1 617-768-3487 67 Yonge Street, Suite 1400 Facsimile: +1 (416) 364-6710 Toronto, ON M5E 1J8 debra.sisti@riskmetrics.com www.riskmetrics.com 52
  • 55. FIRM PROFILE RBC Asset Management provides a broad range of investment services to investors through mutual funds, pooled funds and separately managed portfolios, and has over $92 billion in assets under management. RBC Asset Management received the Lipper Award for "Best Overall Fund Group" in Canada for the second consecutive year in 2008. Four individual funds also won Lipper awards this year. For further information regarding RBC Asset Management, visit www.rbcam.com. INVESTMENT PHILOSOPHY Our disciplined investment approach is focused on security selection — the ability to identify securities with the greatest potential for success over the long term. We believe that superior long- term returns are driven by a consistent, team-based approach to research. This is the cornerstone of our investment process. Our multi-disciplined approach to stock selection is based on three types of analysis — fundamental, quantitative and technical — that work together to assess the strength of individual securities and find top-performing stocks. SR I P R O D U C T S AND SERVICES RBC Asset Management has partnered with Jantzi Research, the Canadian leader in socially responsible investment screening, to deliver a suite of mutual funds that combines the Jantzi Research screening process with the RBC Asset Management investment management approach. The RBC Jantzi Funds include three socially responsible mutual funds that invest only in companies that rank highly in their industry sector, based on social, environmental and corporate governance indicators. First, Jantzi Research uses its Best-of-Sector™ screening process to develop lists of stocks within each industry sector that pass the Jantzi environmental, social and governance screens. Next, RBC Asset Management applies its multi-disciplined security selection process to identify the securities that make up the RBC Jantzi Funds. The fund portfolios are monitored on an ongoing basis to ensure the securities in the RBC Jantzi Funds continue to be Best-of-Sector. For more information on the RBC Jantzi Funds, visit www.rbcam.com/jantzi. PERFORMANCE INFORMATION AS OF J U N E 30 , 2007 N/A MINIMUM ACCOUNT SIZE N/A INQUIRIES     Juliette Chin Sang RBC Asset Management Senior Manager, RBC Asset Management 77 King Street West, 37th Fl. Telephone: (416) 955-6214 Toronto, ON M5W 1P9 Facsimile: (416) 955-7679 www.rbcam.com juliette.chinsang@rbc.com 53
  • 56. FIRM PROFILE SEAMARK Asset Management Ltd. provides investment management services with a focus on preserving and enhancing clients’ assets over the long-term. SEAMARK’s mission is to achieve each client’s objectives through prudent, ethical and consistent investment management principles which preserve and enhance capital. SEAMARK’s services have been benefiting clients for 25 years. Since its inception in 1982, experienced and accessible investment professionals have followed a team-based process that consistently applies proven investment principles to meet each client’s objectives. SEAMARK employs a long-term approach with durable investment merits-the cornerstone of the firm’s investment philosophy. SEAMARK’s conservative bond philosophy is predicated on owning investments of high credit quality that provide ample liquidity. The firm’s equity philosophy is focused on owning ‘Best of Class’ companies with a leading competitive advantage that provide a durable and sustainable earnings stream. SEAMARK’s team based investment process employs this long term philosophy in constructing well diversified investment portfolios. A publicly traded company, SEAMARK is financially sound and professionally managed. Experienced investment executives bring the same discipline to the management of SEAMARK’s business operations as the team brings to the management of client assets, focusing on long-term performance and stability. SR I P R O D U C T S AND SERVICES SEAMARK currently manages approximately $223 Million on behalf of institutional clients whereby socially responsible investing is a key component of the overall investment mandate. INQUIRIES Andrea Perry, Portfolio Manager SEAMARK Asset Management Ltd. Telephone: +1 (902) 423-9423 310-1801 Hollis Street Facsimile: +1 (902) 423-1518 Halifax, NS B3J 3N4 apery@seamark.ca www.seamark.ca 54
  • 57. Social Investment Research Service FIRM PROFILE ISS’s Social Investment Research Service (SIRS) has been providing corporate social research and screening services to the investment community since 1984. ISS is the leading provider of proxy voting and corporate governance services, serving more than 950 clients’ worldwide and providing research and vote recommendations for 20,000 shareholder meetings each year. SR I P R O D U C T S AND SERVICES The Social Investment Research Service (SIRS) offers a complete range of customized services and products for socially responsible and mission-based investors. Our research spans more than 20 different subject areas including: the environment, human rights, labour issues, weapons, genetically modified organisms, animal rights, contraception, gaming and pornography. Portfolio screening services are offered via SIMON, an Internet-based screening platform. SIMON users can upload and screen their own portfolios, create their own customized social screens, and generate detailed company profiles. Other screening-related services include SIMONdirect, which provides for integration of screening information directly into portfolio accounting and trading systems, and a Portfolio Audit Service for mission-based investors. SIRS’ SRI Proxy Voting Programs service offers detailed proxy analyses, vote execution, special reports on socially responsible investing, and consulting services. On issues of corporate social responsibility and corporate governance, SIRS works closely with ISS-Fairvest. FEE STRUCTURE Screening Services: Annual subscription fee Proxy Voting Services: Variable based on number of analyses, ballots, and accounts. INQUIRIES Joe Henzlik, SIRS Business Development Manager Social Investment Research Service Telephone: +1 (847) 501-3410 x14 Two Northfield Plaza, Suite 211 Facsimile: +1 (847) 501 3425 Northfield, IL. 60093 USA joe.henzlik@issproxy.com www.issproxy.com 55
  • 58. FIRM PROFILE Standard Life Investments Inc. has been providing investment management services in Canada since 1973. At the end of March 2004, managed assets surpassed CDN $25 billion. Standard Life Investments Inc. is a wholly owned subsidiary of Edinburgh-based Standard Life Investments Limited, one of the world's major asset management companies with over CDN $210 billion under management world-wide. Standard Life Investments Limited has a global investment platform with analysts based in offices in Asia, Europe and North America. The combination of local knowledge and global expertise gives our investment team a competitive edge that ultimately benefits our clients. Based in Montreal, Standard Life Investments Inc. manages both institutional and retail mutual funds. Pooled and segregated pension funds constitute our core institutional client base; we also manage assets for first nations, endowments, treasury accounts, foundations and wrap programs. Standard Life Investments Inc. counts on a team of 41 investment professionals for the development of its own proprietary research and strategic decisions. INVESTMENT PHILOSOPHY Fundamental internal research is the cornerstone of our investment philosophy, and our commitment reflects the importance in today's markets of independent, unbiased investment advice. SLI generates research through proprietary models. Our decision-making process has been established to answer to the needs and characteristics of our clients' mandates while maximizing returns and lowering portfolio volatility. Standard Life Investments employs a centralized approach in investment management. This ensures that all clients benefit from the expertise of the total investment management group. All portfolio managers and analysts are given responsibilities in specific investment areas. We operate with a committee structure to ensure a centralized approach to decision making. Furthermore, this structure clearly defines accountability for performance on our clients' behalf and focuses on the timeliness of the evaluation and the implementation of the decision. Portfolio managers perform client-servicing functions in addition to working in close collaboration with foundations, endowments and pension plan sponsors to establish investment strategies that comply with the fund's parameters and degree of risk exposure desired. SR I P R O D U C T S AND SERVICES Standard Life Investments’ mission is to serve the financial interests and goals of our clients in the long term by providing competitive returns, superior servicing and access to quality products designed to complement their specific investment policies. This mission is consistent with structuring client portfolios along SRI criteria. Standard Life Investments is a founding member of the Canadian Coalition for Good Governance, a group that includes Canada’s largest pension funds, mutual funds and money managers. The initiative of the Coalition is to hold corporate management accountable for growing long-term shareholder value. 56
  • 59. MINIMUM ACCOUNT SIZE $10 million FEE STRUCTURE Segregated Balanced Portfolios First $5 Million: 0.50% annually (.0417% monthly) Next $5 Million: 0.35% annually (.0292% monthly) Next $40 Million: 0.25% annually (.0208% monthly) Over $50 Million: 0.20% Annually (.0167% monthly) Additional Fees: International Equity: 0.35% annually (0.0292% monthly) is charged for the portion of assets invested in International Equities The minimum annual charge is $42,500.00 INQUIRIES     Jay Waters, Manager, Investment Services Standard Life Investments Inc. Telephone: +1 (416) 367-2049 121 King Street West, Suite 840 Facsimile: +1 (416) 367-1329 Toronto, Ontario M5H 3T9 jay.waters@standardlife.ca www.sli.ca 57
  • 60. FIRM PROFILE UBS has made responsible corporate conduct an important part of its culture, identity, and business practices. As a leading global financial services firm, we want to provide our clients with value-added products and services, promote a corporate culture that adheres to the highest ethical standards, and generate superior and sustainable returns for our shareholders. For our employees, we aim to provide a first-class working environment that is based on the values of diversity and meritocracy. We were one of the first financial institutions to sign the United Nations Environment Program’s “Statement by Financial Institutions on the Environment and Sustainable Development”, and among the first companies to endorse the UN Global Compact. UBS aims to observe international environmental standards in all that we do – not only with respect to our direct impact, but also when providing financial services to our clients. This commitment is underpinned with an ISO 14001 certified environmental management system. UBS Global Asset Management UBS is one of the world’s leading asset managers with CAD 797 billion in invested assets. By harnessing our global scope and diverse range of investment capabilities, we deliver innovative solutions and consistent results to our clients. We have the ability to accomplish this because: • We are client focused. By bringing our global resources and diverse range of boutique-like investment capabilities to bear at the local level we apply our powerful resources to each client’s situation and risk tolerance, and craft innovative, solutions to meet their needs. • We are risk managers. Our proprietary risk management system enables us to thoroughly understand and manage risk for our clients. • We are global. We create solutions for clients that draw on the scale and operational excellence of our global resources. SR I P R O D U C T S AND SERVICES UBS Global Asset Management has a long history of sustainable investing dating back to the 1990s and currently manages about CAD 2.7 billion in positively screened strategies. In addition, the firm manages approx CAD 14 billion in traditional exclusionary strategies. The SRI team was established in 1996 in Switzerland and has since expanded to the US and Singapore. The research team is separate and distinct in terms of the sustainability screening and much company research, yet it also leverages the UBS Global Asset Management fundamental research platform of more than 100 analysts. Initially starting with solely environmental assessment criteria, the team added social criteria in 2000. Criteria include a company's sustainability policy and strategy, corporate governance, environmental management, employee and stakeholder relations, to name a few. We believe this broad approach covering all the drivers of performance is necessary to truly assess a company’s contribution to sustainable development. The team also carries out in-depth theme-based research in the areas of climate change, water and demographics. In addition to external partners and specialized rating agencies, an academic board of experts also provides strategic support. 58
  • 61. The key strategies that UBS Global Asset Management’s SRI Team offers are: Eco Performance (10 year performance history) All cap global equity portfolio incorporating SRI themes and "best-in-class" companies. Broadly diversified across sectors with some exclusions: alcohol, arms, gaming, tobacco. • Global Innovators (5 year + performance history) Theme-based stock selection of companies providing innovative products and services that significantly contribute to sustainable development. Invests in typically small and mid-cap growth oriented stocks. • Focused theme funds (Launched in 2007) All cap concentrated funds are available in the themes of climate change, water and demographics. In addition, UBS Global Wealth Management has offered SRI-screened discretionary portfolio management strategies to individual investors in Canada since 2005. INQUIRIES Angela Vidakovich, Executive Director UBS Global Asset Management Telephone: +1 (416) 681-5166 161 Bay Street, Suite 3900 Facsimile: +1 (416) 681-5100 Toronto, Ontario M5J 2S1 angela.vidakovich@ubs.com www.ubs.com 59
  • 62. FIRM PROFILE Vancity Investment Management Ltd. (VCIM) was established in 1995 and is a wholly-owned subsidiary of Vancouver City Savings Credit Union (Vancity). We provide discretionary investment management services to individuals, unions, foundations and other institutions. All portfolios are segregated and therefore are tailor-made specifically to each client’s own unique investment goals, objectives and ethical criteria. VCIM’s portfolio managers work as a cohesive whole in managing its clients’ investments. Decisions are made collectively, ensuring a disciplined investment approach, and consistency of style. The managers have over 100 years of combined investment industry experience. Vancity is Canada’s largest credit union with assets of over $14.1 billion and close to 400,000 members throughout Greater Vancouver, the Fraser Valley, Squamish and Victoria. We are guided by a commitment to corporate social responsibility and to improve the quality of life in the communities where we live and work. INVESTMENT PHILOSOPHY Our investment philosophy is based on prudent investment principles with the goal of achieving consistent and above-average returns for our clients. We believe that a sound investment plan, a well- diversified portfolio of high-quality bonds and equities, and regular portfolio rebalancing will make periods of market volatility more tolerable. We are long-term investors. We don’t believe that market timing is a successful investment strategy and instead emphasize appropriate asset mix, industry selection and owning well-managed, quality companies that can be bought at reasonable prices. SR I P R O D U C T S AND SERVICES VCIM incorporates socially responsible investing (SRI) criteria as a constraint within the investment process. Our fundamental research includes inquiry and assessment of a company’s impact on the environment, the community and its labour practices. Since our portfolios are segregated, only individual securities are held. As a result, we can incorporate unique and client specific ethical screens and guidelines when desired. For most of our clients we normally apply a “soft” ethical screening process, eliminating investments in corporations such as nuclear weapons suppliers and tobacco manufacturers. We believe that these businesses may have potentially high future liabilities for detrimental effects on the environment or human health. We can also screen so as to include only companies with progressive labour and/or industrial relations practices. We believe that companies that treat their employees well are more likely to be successful long-term businesses. Your own ethical considerations can be discussed with us and incorporated into your “custom-made” Investment Policy Statement and Ethical Guidelines. FEE STRUCTURE     Our fees start at 1.0% per annum and tier down on amounts over one, three and five million dollars. Custodial fees start at 0.25% per annum and also tier down on amounts over three million dollars. 60
  • 63. MINIMUM ACCOUNT SIZE Our minimum account size is $400,000. INQUIRIES   Allan Pankratz, Vice President Vancity Investment Management Ltd. Telephone: (604) 871-5355 or 1-888-VAN-CITY 300-900 West Hastings Street Facsimile: (604) 877-4963 Vancouver, BC V6C 1E5 Allan_Pankratz@vancity.com www.vancity.com 61