Please Let Me Highlight Some Key Points About Schroders

 Page 1July 10, 2008July 9, 2008March 18, 2008March 17, 2008

December 4, 2018DRAFT

Dear Sir or Madam:

At Schroders Investment Management North America, we are committed to growing our Canadian client base. With more than 200 years of experience in world financial markets and $277 billion in assets globally, we are in position to deliver focused asset management to an array of institutional clients.

During the past few years, Schroder Investment Management North America has devoted considerable resources to developing an innovative, best-in-class range of institutional equity, fixed income and alternative investment products for clients across North America. The enclosed package contains information on some of these products. (suggest including product profiles since we don’t have a capabilities brochure at this time).

As I hope you are aware, Schroders is a global asset management company with over 200 years of experience in world financial markets. Our current levels of expertise, market presence and client assets are the result of growth over several decades. We are a purely focused asset management business offering clients a tremendous breadth of locally managed products, delivered through a fully integrated global distribution platform. We believe that our strict focus on investment management ensures that the long-term interests of the company are aligned with the investment objectives of our clients – to gain access to investment opportunities (across geographies and asset classes) and deliver consistently competitive risk-adjusted returns. Our investment strategies are supported by over 175 professionals here in North America.

Please let me highlight some key points about Schroders:

Headquartered in the UK, asset management is our sole business
Schroder family and related trusts control 47% of voting shares
360 portfolio managers and analysts worldwide
Over 2900 personnel in 28 countries

Schroders Investment Management has devoted considerable resources to developing an innovative, best-in-class[S1] range of institutional equity, fixed income and alternative investment products for clients across North America. In addition, it is our goal to expand our use of communications as a tool to deliver thought provoking value-added articles and white papers surrounding topics & issues facing today’s institutional investors.

In the enclosed commentary, Schroders' Chief Investment Officer, Alan Brown, examines developments facing the increasingly global marketplace, the resulting increase in correlations and subsequent reduction in diversification benefits associated with global investing. This experience, coupled with changing accounting and regulatory rules in a number of countries, has acted as a powerful catalyst for funds to look for alternative sources of return with genuinely diversifying risk premia. Alan examines these developments while looking at the consequences.

If you are interested in learning more about Schroders' capabilities, please do not hesitate to contact me.

We believe superior performance combines investment results, unwavering fiduciary integrity and a proactive and productive client communication framework. Our comprehensive range of investment products is designed to meet the distinct needs of a diverse group of Canadian institutional clients, including endowments and foundations, governments and public funds, corporate, banks, insurance companies and mutual funds.

Our institutional investment solutions include:

Fixed Income Management

Fundamental Equities

Quantitative Equities

Alternatives

Multi-Asset Solutions

Fixed Income Management

Schroder Investment Management offers fixed-income strategies that can be customized to meet the mandates of your organization. Our strategies range from highly liquid, short-term money management solutions, to active strategies that have demonstrated superior performance – domestic, international and global. We also offer specialized strategies such as Nuclear Decommissioned Trusts, as well as tax-advantaged fixed income management including municipal bonds. In building fixed income portfolios, we focus on active sector rotation , security selection and extensive risk management – all supported by Schroders’ proprietary research (fundamental, technical and quantitative).

Fundamental Equities

Schroders’ range of fundamental equity solutions includes pooled funds, mutual funds, and individually managed accounts. We believe that a bottom-up, unconstrained approach to portfolio construction offers distinct advantages over traditional index-based investing. Our teams draw upon the global resources of Schroders’ extensive network of local equity analysts as well as the firm’s in-house economists and strategists. With over 30 strategies worldwide, including International Diversified, International Alpha, U.S. SMID and U.S. Large Cap, as well as Global and European, Japan and Pacific Ex-Japan region specific, our strategies can address different performance requirements within a variety of equity markets.

Quantitative Equities

Schroders’ quantitative equity portfolios incorporate unique, innovative statistical techniques that enable a wide range of stock selection strategies. We offer Global Active Value, Global (ex-US) Active Value and North American and Japanese Core as well as other diversified portfolios that seek to deliver consistent outperformance with low volatility in all market environments. Our systematic approach to investing and risk management ensures consistent and repeatable results supported by strong, rigorously researched quantitative models.

Alternatives

Schroder Investment Management offers clients alternative investment strategies including commodities, fund-of-hedge-funds strategies and emerging market debt. The result is a suite of products that can provide broad diversification and deliver competitive returns independent of market volatility.

Multi-Asset Solutions

Our multi-ssset solutions use a combination of the following strategies to achieve targeted returns in excess of the rate of U.S. inflation, but with significantly reduced volatility relative to an all-equity portfolio:

 Active asset allocation among a wide range of traditional asset classes such as equity and fixed-income investments, as well as less traditional, alternative asset classes or strategies, such as investments in private equity, hedge funds, real estate securities, commodities, currencies and absolute return strategies; and

On-going asset allocation across markets and asset classes in response to changing market conditions and market cycles; and

Specialist management within certain of the underlying asset classes. We manage a strategy’s allocation to a particular asset class directly or through a mutual fund or other pooled vehicle that we manage, or we may invest in other investment companies or private investment pools providing access to specialist management outside of the Schroders organization. Our goal is always to maximize alpha relative to the unit of fees paid.

Schroder Investment Management prides itself on the relationship it has with its clients, and our partnerships with Canadian institutions have and will continue to form a key dimension to the expansion of our asset management business in North America. Please take a moment to review the product information enclosed and feel free to contact me with any further questions. I welcome the opportunity to discuss any of these key strategies in further detail.

All the best,

E. Ross Servick, II

Head of Consultant and Research Relations

P: (212) 632-2946

875 Third Avenue – 22nd Floor, New York, NY

All statistical information is as of December 31, 2007. Sincerely,

[S1]Please replace best-in-class