1. The Solidarity Fund QFL: an Exportable Model! Yvon Bolduc CEO

2. A Bit of Geography

3. A leader in SME development capital, founded in 1983 A labour-sponsored investment fund created by the QFL to promote jobs in Québec by investing in small and mid- sized businesses

4. Contributions US$630 million per year on average over the last 5 years Contributions Solidarity Fund QFL Net assets of US$5.6 billion Solidarity Fund QFL Net assets of US$5.6 billion Investments US$2.7 billion, 2,139 partner companies and 105,596 jobs Shareholders Close to 570,000 Shareholders As at November 30, 2005 Securities US$2.9 billion Figures that speak for themselves…

5. Technology firms: 26% Industries and services: 74% As at May 31, 2005 (fair value) A diversified portfolio Turnaround/consolidation: 36% Start-up: 20% Mergers/acquisitions: 11% Expansion: 33%

6. Market share Invested Capital Labour Fund (Funds, Fondaction) Institutions (CDP, Investissement Desjardins) Government (BDC, Innovatech, SGF) Corporations / Private / Other Foreign $1,534 M$1,003 M$739 M$621 M$635 M$709 M Source: Mary McDonald 10 % 20 % 30 % 40 %

7. Québec SMEs that are able to become leaders in their industries and/or able to grow from SMEs into large companies. Our investment criteria: Québec SMEs that are able to become leaders in their industries and/or able to grow from SMEs into large companies. Our investment criteria: Our objective Socio-economic criteria Financial criteria Products and markets Management

8. Patient capital Patient capital – The Fund establishes long-term partnerships Value-added services Value-added services – Help create or improve the company’s board of directors – Identify acquisition targets – Provide economic training Flexible financial products Flexible financial products – Productivity loan – Trademark loan SME succession fund SME succession fund Patient capital Patient capital – The Fund establishes long-term partnerships Value-added services Value-added services – Help create or improve the company’s board of directors – Identify acquisition targets – Provide economic training Flexible financial products Flexible financial products – Productivity loan – Trademark loan SME succession fund SME succession fund Our goal: to create more wealth for our partners and shareholders

9. Conclusion