Michpicoten Settlement Trust Investment Overview September 21, 2012 Michael McAuley, CFA, CFP, CIM, FCSI Portfolio Manager

2 Over $16.4 Billion of assets under management (as at June 30, 2012) Since 1991 serving individuals, Estates and Trusts, First Nations Band Corporations, Foundations, Endowment Funds, Corporations & Non- Profit Organizations Long-Term Investment Focus Discretionary portfolio management specialists 100 investment professionals across Canada The vast majority of Portfolio Managers are CFA* Charter holders-the highest level of investment accreditation worldwide. * Chartered Financial Analyst Services Offered: Private Investment Counsel – Overview

3 Services Offered: Private Investment Counsel – Trust Overview We manage over $3 Billion in fiduciary assets (including Aboriginal Trust assets) We offer specialized expertise in the management of fiduciary portfolios and the additional unique requirements of managing Aboriginal Trusts Our Portfolio Managers work closely with the Trust professionals of The Canada Trust Company to assist with the preservation and growth of capital across generations

4 Client Experience and Advisory Process Private Investment Counsel’s philosophy centers on the fine balance between preserving capital and growing it responsibly. We seek to minimize risk levels to help safeguard your piece of mind. Value Added by PIC through –Predictable and sustainable income –Preservation of capital and growth of assets –Inflation protection –Sustaining Assets for Present and Future Generations

5 Trust Investment History Trust originally established in late Private Investment Counsel (PIC) initially worked with The Canada Trust Company (the Trustee) to select appropriate short-term investments. Chief and Council were prudent to hold off investing longer term due to the turbulence of 2008 and subsequent years. Interest rates continued to drop and it became apparent that a new strategy would need to be developed to ensure appropriate income was generated by the Trust investments. May 2012, PIC was hired to manage the Trust investments to ensure present and future generations would benefit.

6 Cash Flow/Yield Portfolio Cash Flow/Yield before increasing allowable investments (May 2012) 1.70% - and ↓ Decreasing Portfolio Cash Flow/Yield presently (September 14, 2012) 2.22% - and ↑ Increasing Portfolio Cash Flow/Yield when old investments fully mature (March 2013) 2.95% - based on yields today This is still lower than the required payout. Stocks are used to supplement the Cash Flow by producing Capital Gains.

7 Portfolio Performance As previous investments have matured, we have used the capital to invest in Large, Quality Companies. Portfolio has just reached the allowable target weight for Stocks. In 3 month, the investments have produced: –Dividends: $23,000 –Interest: $107,000 –Capital Gains: $197,000 This income should increase over time as the previous investments mature and are re-invested. $327,000

8 Questions? Thank You! Chi Miigwetch Michael McAuley, CFA, CFP, CIM, FCSI Portfolio Manager TD Waterhouse Private Investment Counsel