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Investment Counsel

Investment specialists: Stephanie Venn, Don Nilson

Account Administration

Client portfolios are maintained at TD Waterhouse Investor Services (Canada) Inc., a subsidiary of the Toronto-Dominion Bank. The country's largest discount brokerage offers low transaction costs for buying and selling securities. Its investor services are on the leading edge in the financial community.

We have access to your account information at all times via a secure website at TD Waterhouse. We receive the month-end statements for all accounts on, approximately, the tenth of the following month. Over the ensuing days, we go through every statement for an in-depth review of the portfolios' positions and activities.

We look for:

• Excess cash and Money Market holdings
• Foreign content status for RRSPs
• Maturing investments in the upcoming month
• Adherence of the portfolio to the allocation plan
• Completion of buy or sell orders initiated during the previous month
• Status of execution of "proposed changes" agreed upon in the last Annual Report
• Status of execution of "approved buy list"
• Successful processing of any deposits, withdrawals or transfers during the previous month
• Other activity in the month
• Movement in market value of direct equity holdings

The TRIVEST Status Report keeps track of the status of every account. It is updated periodically during the month as events unfold; however, the major updating results from the Month-End review above. This report thus directs the account management and administration for the next four weeks, when the process begins anew.

Annual Report

Many of our individual clients have investment portfolios. Some manage their own wealth; some use brokers and other financial advisors. We have observed that few people actually monitor how successfully their portfolio has been managed. Oft-times, success is only measured by the last trade.

In the annual report, we review the adherence to strategic allocation goals. We then calculate your portfolio's performance, including rates of return for the overall portfolio and the specific assets in it. You can compare this with quoted bench marks to assess whether your wealth is being managed well. Next, we comment on the constituent parts of the portfolio. Lastly, we make recommendations for short and long term changes.

Internet Technology

Our custodian, TD Waterhouse, provides free access to your account and to other market information through their world wide web application called "WebBroker".

Here you can find:

• Your account valued at the previous day's close
• The last 60 days of activity for your account
• Real-time market quotes for stocks
• Economic and market outlooks
• The latest market news and price changes for individual companies, sectors and market indices
• Charts and financial reports for companies

If you would like to obtain access, please inform us and we will request an ID number and password on your behalf.

Fees

Our fees are based on a percentage of assets under management. We charge .85 of 1% on the first $100,000 managed, and .6 of 1% on the excess, per portfolio. Our fees are billed either quarterly, semi-annually or annually, based upon the size of the account, and charged directly to your account.