The Long/Short Strategies are higher return, non-correlated strategies designed to substitute or complement traditional equity strategies. The products use leverage up to two times the strategies equity and have volatility equal to or less than traditional equity strategies. They always maintain a hedged position, with short positions offsetting some of the volatility inherent in the long portfolio.

These strategies, largely because of the non-correlated performance, are suitable for most investors with lower risk target and above average return requirements.

Canadian Long/Short Equity Strategy

The investment objective of the Strategy is to provide a rate of return on capital in excess of Canadian equities over a three-year period with a low correlation to, and with volatility equal to or less than, the S&P/TSX Composite Index. The Strategy invests a minimum of 80% of its Total Assets primarily in a diversified selection of 50 to 200 selected Canadian corporations trading on major Canadian stock exchanges with at least CAD $100 million market capitalization at the time of purchase or short sale. The Strategy maintains a net market exposure between 30% and 70% at all times with aggregate short positions maintained at a minimum of 25% of Total Assets. No single long or short position exceeds 5% of Total Assets. The Strategy may invest up to 5% of its NAV in derivative instruments, primarily exchange traded, in order to moderate its exposure to market risk. Leverage is limited to a maximum of two times the Strategy's net assets.

The investment objective of the Strategy is to provide a rate of return on capital in excess of U.S. equities over a three year period with a low correlation to, and volatility equal to or less than, the S&P 500 Composite Index. The Strategy invests a minimum of 80% of its Total Assets primarily in a diversified selection of 50 to 200 selected U.S. corporations trading on major U.S. stock exchanges with at least U.S. $500 million market capitalization at the time of purchase or short sale. The Strategy maintains a net market exposure between 30% to 70% at all times with aggregate short positions maintained at a minimum of 25% of Total Assets. No single long or short position exceeds 5% of Total Assets. The Strategy may invest up to 5% of its Net Asset Value in derivative instruments, primarily exchange traded, in order to eliminate its exposure to market risk. Leverage is limited to a maximum of two times the Strategy's net assets.