Peter T. Harrison

CNID invests the assets of the Canadian Railway Co. in a variety of asset classes including: cash and short-term investments; bonds; equities; real estate and; oil & gas assets. The CN Board of Directors reviews and confirms or amends the SIPP which includes the plans long-term asset class mix and related benchmark indices on an annual basis. The CN Investment Committee of the Board regularly compares the actual asset mix to the SIPP and the firm's asset mix target and also evaluates the actual performance of the trust funds relative to the performance of the SIPP. This is calculated using the SIPP asset mix and the performance of the benchmark indices. The Board's approval is required for all major investments in illiquid securities. The SIPP allows the use of derivative financial instruments to implement strategies or to hedge or adjust existing or anticipated exposures and prohibits investments in securities of the Canadian National Railway Co. or their subsidiaries. The Pension and Investment Committee shall report annually to the Board on the adequacy of their mandate.

Pace Oil & Gas Ltd. is an oil and gas exploration and production company. The company has a growing oil production base in the Peace River Arch area with its Montney pool at Dixonville and its Slave Point light oil resource play at Red Earth. It is developing and exploiting the lithic glauconite and mannville channels using 3D processing and interpretation and exploiting its legacy mannville oil pools using enhanced recovery techniques. The company also has a number of natural gas resource opportunities, including Elmworth in the Deep Basin and its Montney gas prospects at Pouce Coupe and Farrell Creek. Pace Oil & Gas was founded on June 29, 2010 and is headquartered in Calgary, Canada.

Montrusco Bolton Investments offers investors a variety of investment strategies in the equity, fixed income, balanced and alternative asset classes. Equity strategies offered include US, Canadian, EAFE and Global equity. Depending on the size of their investment, clients may choose to invest either through a separate account structure or utilize the firm's commingled funds to achieve their investment objective. Separate accounts are generally invested in one of the specific equity or fixed income strategies Montrusco Bolton offers. Alternatively, the firm can create a portfolio consisting primarily of interests in one or more of the Montrusco Bolton Funds, but may also include: individual equities, ETFs, bonds, and cash or cash equivalents.