Investment Objective

The objective of this fund is to provide long-term capital appreciation through a portfolio of non-North American equities that is sufficiently diversified to minimize investment risk.

Fund Details

• Fund Inception: December 1, 1996
• Net Assets: $50.0 million
• Primary Investments: Non-North American stocks
• Distributions: Monthly as required
• RRSP eligible

Growth of $1,000†

Regional Mix

Annual Returns to March 31 (%)
2000	2001	2002	2003	2004	2005	2006	2007	2008	2009
14.4	-11.6	-2.1	-29.3	37.4	9.9	23.8	10.4	-3.6	-33.6
Annualized Returns to March 31, 2009 (%)
Qtr*	6 mo*	1 yr	2 yr	3 yr	4 yr	5 yr	6 yr	7 yr	10 yr
-9.6	-16.9	-33.6	-20.0	-10.9	-3.3	-0.8	4.7	-1.0	-0.8

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) Roche Holding AG Vodafone Group PLC Japan Tobacco Inc. Total S.A. Cable & Wireless Pub Ltd. Co. Jardine Matheson Holdings Ltd. Novartis AG Nestlé S.A. Thales Group Koninklijke Ahold N.V. 3.5 3.5 2.8 2.4 2.2 2.1 2.1 2.1 1.9 1.8

Regional Mix (%) Region MSCI-EAFE Index INTEGRA U.K. Europe Japan Pacific Basin Emerging Markets 20.7 44.6 24.3 10.4 — 20.4 38.7 22.1 8.7 10.1

†Growth is calculated based on compounded monthly returns.
*Performance for the quarter and 6 months to March 31 represent the actual total return of the funds for the period, and are not annualized.

Newton Capital Management - Global Thematic Core
London, England, founded 1978, managing $59.8 billion U.S.

Newton’s approach recognizes that no economy, industrial sector or company should be seen in isolation when there is a global market for goods and services.

Investors’ nerves remained frayed during the first quarter of 2009, with reports of persistent weakness in the global economy and evidence of deteriorating corporate earnings tending to overshadow attempts by hyperactive policymakers to ease economic and financial-market strains. Fresh unease was derived from the worsening outlook for the emerging economies of Eastern Europe, whose currencies depreciated rapidly.

Governments, particularly in the U.S. and the UK, put in place a range of plans, including fiscal stimulus packages, asset purchase plans, and capital injections and guarantees for the banking sector. Central banks, meanwhile, cut interest rates sharply and, having all but exploited the scope of ‘conventional’ monetary policy, the Federal Reserve and the Bank of England implemented less orthodox measures to try to lower long-term interest rates.

The principal area of strength of the portfolio was once more the financials sector in which strong stock selection and the underweighting of developed-world banks were beneficial. Elsewhere, holdings in the energy and materials sectors were positive contributors to relative performance, with strong stock selection in the energy sector being especially favourable. Holdings in the utilities sector also performed well. The principal area of weakness was the consumer discretionary sector (the retailing sub-sector in particular), in which disappointing stock selection and underweight exposure combined to ill effect. Stock selection in the consumer staples sector also proved unfavourable.

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