Investment Objective

The objective of this fund is to achieve long-term investment returns through a portfolio of international equities that are sufficiently diversified to minimize investment risk. The fund may hold an aggregate of up to 5% in cash or cash equivalents.

Fund Details

• Fund Inception: October 1, 2000
• Net Assets: $166.8 million
• Primary Investments: Non-North American stocks
• Distributions: Monthly as required
• Not RRSP eligible

Growth of $1,000*†

Regional Mix

Annual Returns to September 30 (%)*
1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
—	—	-29.5	-7.3	9.2	21.8	18.6	18.3	12.1	-31.3
Annualized Returns to September 30, 2008 (%)*
Qtr**	6 mo**	1 yr	2 yr	3 yr	4 yr	5 yr	6 yr	7 yr	10 yr
-22.0	-24.0	-31.3	-12.2	-3.0	2.0	5.7	6.2	4.2	—

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) Royal Dutch Shell PLC France Telecom S.A. Zurich Financial Services Nintendo Co. Ltd. Hitachi Ltd. ING Groep N.V. Banco Santander Central Hispano S.A. Munich Re AG Panasonic Corp. ThyssenKrupp AG 4.7 4.2 3.9 2.7 2.7 2.4 2.1 2.1 2.1 2.1

Regional Mix (%) Region MSCI-EAFE Index INTEGRA U.K. Europe Japan Pacific Basin Emerging Markets 21.7 46.5 22.1 9.7 — 17.5 42.8 26.4 6.1 7.2

*Pursuant to securities legislation the fund cannot disclose performance returns prior to the date it commenced offering its units to the public by way of a prospectus.
†Growth is calculated based on compounded monthly returns.
**Performance for the quarter and 6 months to September 30 represent the actual total return of the funds for the period, and are not annualized.

Acadian Asset Management - Value Manager
Boston, MA., founded 1978, managing $73.4 billion.

Acadian identifies market inefficiencies and exploits them using a structured, multi-factor process and sophisticated portfolio optimization techniques.

Equity markets saw negative results for the quarter, as the credit crisis worsened and governments around the world raced to shore up financial institutions.

Europe’s collective performance for the period was markedly negative. Germany’s manufacturing and service industries contracted as companies reduced production in response to slowing orders. France saw business confidence decline precipitously, while retail sales in Italy continued to languish. The United Kingdom’s housing slump deepened, with higher mortgage rates and tighter borrowing conditions sending home sales to a record low.

Asia performed modestly better than Europe for the quarter. Japan saw household spending drop amid rising inflation and sluggish wage growth, while business sentiment in Australia held at a seven-year low. In Singapore, industrial production fell on declining outputs from drug makers and electronics manufacturers. Hong Kong saw export growth slow due to weaker global demand for products made in China.

The U.S. saw considerably negative returns for the period as investors absorbed the bankruptcy of Lehman Brothers, the nationalizations of Fannie Mae, Freddie Mac and American International Group and the failure of a proposed government rescue plan in the House of Representatives. While exports remained a bright spot in the economy, consumer spending stalled as the effect of last quarter’s tax rebates faded and households grappled with mounting job losses, dwindling home equity values and slumping confidence.

Recent additions to the portfolio include Japanese electronics giant Panasonic, whose product lines include award wining high definition Plasma and LCD TV’s, digital cameras, security systems and home appliances. Out of the Netherlands, AEGON is a Dutch life insurance and pension group and a strong provider of investment products. Mitsui was also added to the portfolio, Mitsui is one of the largest and most successful conglomerates in Japan, and one of the largest publicly traded companies in the world.

All performance is presented in Canadian dollar terms, gross of investment management fees. Past performance is not indicative of future results.