Jarislowsky Fraser Limited
International Equity Management

Organizational Background
Jarislowsky Fraser Limited (JFL), headquartered in Montreal, was founded in 1955 as an investment research firm. In 1959, the firm began to use its research expertise to offer money management services to private investors and institutions. In 1966, the firm began managing global assets, which included ADR's. Today, the firm manages over $50 billion in assets and its clients include more than 400 pension and eleemosynary funds, including corporate, public and union pensions, university endowments and private foundations

Since 1966, JFL has been investing in non-North American equities and began offering active EAFE management in 1995 with the introduction of the JF International Equity Fund. This investment product invests in countries listed in the MSCI EAFE Index as well as non-EAFE (max. 10%).

In 1991, JFL became a registered investment advisor in the US under the Securities Act of 1940. In addition to its Montreal office, JFL also has offices in Toronto, Calgary and British Columbia.

Distinctions
Research Prowess - JFL has a history of proven fundamental research dating back to 1955. Investment professionals average 17 years of investment experience.

Focus on Risk - JFL's conservative growth approach has historically resulted in low standard deviation and beta compared to both the EAFE Index and a peer group of managers.

Conviction - JFL focuses on global or regional leaders, concentrating portfolios in an average of 45 holdings.  Turnover has averaged 10-15% per year.

Performance Results - Over the long-term, JFL's performance has exceeded its benchmark, while ranking high in a competitive universe for 7 and ten year periods.

Assets Under Management
(as of December 31, 2006)

Len Racioppo*, CFA, President and Chief Investment Officer. At JFL since 1987, industry experience since 1979. BA & MBA, University of Toronto.

Kim White*, CFA, Portfolio Manager. Began investment career at JFL in 1999. Industry experience since 1969. BA from the University of Western Ontario.

Global Research Analysts

Michel Brutti* CFA, Portfolio Manager/Global Research Analyst. With JFL since 1994, industry experience since 1989. BS, Universite Compiegne (France) and MBA, University of Toronto.

F. Joseph Sirdevan*, CFA,  Director of Research/Portfolio Manager and Investment Strategy Committee Member.  At JFL since 1994, industry experience since 1991. BA, University of Toronto and MBA, University of Western Ontario.

Jacques Nolin*,  Portfolio Manager/Global Research Analyst. At JFL since 1988, industry experience since 1980. BSc, University of Montreal, MBA, University of Western Ontario.

Robert McFarland*, CFA, Portfolio Manager/Global Research Analyst. At JFL since 1994, industry experience since 1983. BComm, Carleton University.

Danielle LaRiviere*, CFA, Portfolio Manager/Global Research Analyst. At JFL since 2002, industry experience since 1987. B.B.A. at Ecole des Hautes Etudes Commerciales in Montreal Quebec.

Peter Angelou, CFA, Partner, Global Research Analyst.  At JFL since 1997, industry experience since 1989.  B Comm and an MBA from the University of Toronto.

Bruce Beingessner, CFA, Global Research Analyst. At JFL since 1998, industry experience since 1994. Bcomm, University of Alberta, MBA, Western University.

Charlie Ongking, CFA, Global Research Analyst. At JFL since 2002, industry experience since 1996. BA, Ateneo de Manila University and MBA, University of Pennsylvania, Wharton School.

Marc Novakoff, Global Research Analyst. At JFL since 2003, industry experience since 2002. Engineering degree, McGill University and MBA, Harvard Business School.

Stanley Wu, CFA, Global Research Analyst. At JFL since 2005, industry experience since 2001. BS, Zhejiang University, MS, Chinese Academy of Science and MBA, McGill University.

Kelly Patrick, Global Research Analyst. At JFL since 2006, industry experience since 2004. BA, University of Alberta, MBA, John Molson School of Business.

* Member of JFL's Investment          Strategy Committee.