AUGUST 16 — 18, 2017JW Marriott, The Rosseau Resort,

Muskoka ON

Managing Risk in Uncertain Times

Canadian Investment Review in partnership with the Stephen J.R. Smith School of Business at Queen’s University is pleased to present the:

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AGENDA • AUGUST 16 – 18, 2017

WEDNESDAY, AUGUST 16

7:00 a.m. – 8:20 a.m. Breakfast for Golf (Cottages Restaurant)

8:30 a.m. First Tee-off (Rock Golf Course)

5:00 p.m. – 6:00 p.m. Mandatory Speaker Rehearsal (Rosseau Rooms 3–5)

6:00 p.m. Registration and Cocktails (Lakeview Lawn Terrace)

7:00 p.m. Opening Dinner (Lakeview Lawn Terrace)

THURSDAY, AUGUST 17

7:30 a.m. – 8:15 a.m. Registration and Breakfast (Rosseau Rooms 1–2)

8:15 a.m. – 8:30 a.m. Opening Remarks and Icebreaker #1 (Rosseau Rooms 3–5)

8:30 a.m. – 9:30 a.m. KEYNOTE SESSION, SESSION ONE (Rosseau Rooms 3–5) Trump and Canada: How Bad? Any Good?The Trump presidency promised big, bold change—including a renegotiation of NAFTA. The Canada-U.S. relationship, so stable for so long, is now under question in a way not seen in decades. What are the financial and economic risks? And could there possibly be unexpected benefits and opportunities for a stronger North American economy ahead?Speaker:David Frum, senior editor, The Atlantic, and former speech writer for George W. Bush

9:30 a.m. – 10:00 a.m. SESSION TWO (Rosseau Rooms 3–5) Policy Uncertainty: Emergent Risk?Over the past few years, spates of political uncertainty have repeatedly generated urgent discussion in financial circles. Yet challenges in defining and evaluating the impact of uncertainty over policy and institutions hinder the explicit incorporation into the investment process. This session explores recent policy uncertainty in developed economies, potential implications for risk and return, and considerations for asset owners and investors.Speaker:Seth Weingram, senior vice-president, director, strategy, Acadian Asset Management

10:00 a.m. – 10:30 a.m. SESSION THREE (Rosseau Rooms 3–5) What Makes Politics Tick? Understanding Political Risk in MarketsTraditionally, assessing political risk has been viewed as more relevant when investing in emerging rather than developed markets. However, after the electoral upset of 2016 and the rise of “populist” parties across the advanced economies, investors are increasingly aware of the powerful effect politics

AGENDA • AUGUST 16 – 18, 2017

can have on developed market outcomes. This session will outline an analytical framework for assessing the factors that drive political risk and the potential consequences for investors. These factors are separated into two distinct risks: institutional and cyclical. By understanding how these risks influence a potential political risk event, investors can build an investment view that takes political risk into account in a structured, holistic way.Speaker:Stephanie Kelly, political economist, Standard Life Investments

10:30 a.m. – 10:45 a.m. Networking Break (Foyer)

10:45 a.m. – 11:30 a.m. SESSION FOUR (Rosseau Rooms 3–5) DEBATE: Who Really Bears the Risk in a Defined Benefit Pension Plan?Taxpayers bear a disproportionate share of the risk in public sector pension plans – and do not get the benefit of the investment rewards. Moderator:Caroline Cakebread, editor, Canadian Investment Review

Debaters:Malcolm Hamilton, senior fellow, C.D. Howe InstituteHugh O’Reilly, president and CEO, OPTrust

11:30 a.m. – Noon SESSION FIVE (Rosseau Rooms 3–5) Risk in Fixed Income ManagementThe investment landscape has been altered in Canada and globally by the long-term decline in interest rates, punctuated more recently by negative rates in Japan, most of the eurozone, Switzerland, Denmark, and Sweden. Yet investors still look to fixed income markets as a source of diversification, risk mitigation, and return within their overall asset allocations. In this uncertain environment, what are the key risks and opportunities for institutional asset owners within Canadian and global fixed income markets?Speaker:William J. Adams, chief investment officer, global fixed income, MFS Investment Management

Noon – 1:00 p.m. Lunch (Rosseau Rooms 1–2)

AGENDA • AUGUST 16 – 18, 2017

1:00 p.m. – 1:30 p.m. SESSION SIX (Rosseau Rooms 3–5) Tactical Fixed Income Allocation Strategies: Providing Diversification and Flexibility for Pension PlansWith lower return expectations from traditional asset classes and yields still near historical lows, many investors are looking to make their fixed income portfolios work harder, but in a risk-controlled fashion. This presentation will illustrate how implementing tactical fixed income allocation strategies can help achieve this goal by diversifying away from risk-free duration when appropriate; exploring correlations, volatilities, and compounding to provide enhanced returns to a plan’s risk-seeking allocation; and adding duration as a tail risk management tool.Speaker:Jeff Moore, portfolio manager, Fidelity Investments

1:30 p.m. – 2:00 p.m. SESSION SEVEN (Rosseau Rooms 3–5) Cut Through Uncertainty: Finding Upside in the DownsideThe U.S. presidential election and Brexit provided stark reminders that no one can predict the future. With European elections upon us, and expectations of an increasingly volatile investment environment, pension plans need to rethink the traditional balanced fund approach. Long-term investors will require a more flexible approach focused on risk diversification rather than asset class diversification.Speakers:James Davis, chief investment officer, OPTrustTrevor Leydon, head of portfolio construction and risk, multi-asset, Aviva Investors Canada

2:00 p.m. – 2:30 p.m. SESSION EIGHT (Rosseau Rooms 3–5) Global Economic Risk and Implications for Public MarketsIncome inequality reduces demand for goods and services, potentially threatening world markets. Inflation is back, but will its cyclical nature have a benign, negative, or beneficial impact on your portfolio? Globalization has rationalized the supply chain, driven down costs, and boosted operating margins for companies. Will the rise of populism reverse these trends and damage your investments?Speaker:Olga Bitel, economist, William Blair

2:30 p.m. – 2:55 p.m. Networking Break (Foyer)

2:55 p.m. – 3:25 p.m. SESSION NINE (Rosseau Rooms 3–5) Capturing True Alpha and Managing Unintended Risks in Equity PortfoliosPosition sizing and risk allocation are essential components of portfolio management. While some portfolio optimization strategies can be useful in this regard, they don’t always yield intuitive portfolios. This is a particular challenge for fundamental, bottom-up equity managers who usually have more concentrated portfolios. This presentation will show how an effective optimization strategy can leverage the skill of these managers to deliver true alpha within a preferred risk budget, minimizing the effects of unintended risks.Speaker:Dag Wetterwald, senior portfolio manager, risk and portfolio construction, RBC Global Asset Management (U.K.)

AGENDA • AUGUST 16 – 18, 2017

3:25 p.m. – 3:55 p.m. SESSION TEN (Rosseau Rooms 3–5) Multi-asset InvestingJoin a discussion about the opportunity of dynamic asset allocation. Sebastien Page will share his view on current investment opportunities and provide suggestions for measuring risks within multi-asset strategy solutions.Speaker:Sebastien Page, head, asset allocation group, T. Rowe Price

3:55 p.m. – 4:25 p.m. SESSION ELEVEN (Rosseau Rooms 3–5) In Conversation With Jim KeohaneThis one-on-one discussion will cover key investment topics plan sponsors are dealing with, as well as emerging risks in the investment space. What are the major emerging trends, and how should Canadian pension investors tackle risk both new and old?Speaker:Jim Keohane, CEO, HOOPP, in conversation with Caroline Cakebread, editor, Canadian Investment Review

4:25 p.m. Closing Remarks (Rosseau Rooms 3–5)

6:00 p.m. Cocktails and Reception (Water’s Edge Restaurant - Lake Joseph)

7:00 p.m. Dinner (Water’s Edge Restaurant - Lake Joseph)

FRIDAY, AUGUST 18

8:00 a.m. – 8:45 a.m. Breakfast (Rosseau Rooms 1–2)

8:45 a.m. – 9:00 a.m. Icebreaker #2 (Rosseau Rooms 3–5)

9:00 a.m. – 9:30 a.m. SESSION TWELVE (Rosseau Rooms 3–5) Every Basis Point Counts: How to Manage the Risk Inherent in Implementing Asset Allocation ChangesEven the most innovative investment ideas can fall short of expectations if implemented poorly. Despite the best laid plans, the expected benefit of your critical investment strategy can be lost to a minor shortcoming in risk mitigation. This session will consider the specific areas at risk in a transition, as well as strategies to manage and mitigate these risks. You’ll hear from a plan sponsor and a service

AGENDA • AUGUST 16 – 18, 2017

provider that have worked through a challenging transition together. What strategies did they employ? Did they work? And what would they do differently the next time?Speakers:Travis Bagley, director, transition management, Russell Investments Implementation ServicesNatasha Trainor, chief investment officer, Provident10

9:30 a.m. – 10:00 a.m. SESSION THIRTEEN (Rosseau Rooms 3–5) Managing Alternative Risk Premia: Charting a Course Through Regime ChangeIn a world where correlations are inherently unstable and volatility is seductively low, how do you identify the hidden risks in a portfolio of alternative risk premia (ARP)? How will these risks evolve when the current regime shifts, and what are the implications for portfolio construction and diversification? This presentation will identify potential risks in different market regimes and offer suggestions on how best to manage ARP in an uncertain world.Speaker:Ashley Lester, head of multi-asset research, Schroder Investment Management Ltd.

10:00 a.m. – 10:30 a.m. Networking Break (Foyer)

10:30 a.m. – 11:00 a.m. SESSION FOURTEEN (Rosseau Rooms 3–5) In Conversation With Claude BergeronWhat are the new and emerging risks in the investment world, and how should plan sponsors tackle them? This one-on-one interview will address key areas of concern and best practices in risk management that any plan sponsor can use.Speaker:Claude Bergeron, executive vice-president and chief risk officer, Caisse de dépôt et placement du Québec in conversation with Caroline Cakebread, editor, Canadian Investment Review

11:00 a.m. – 11:45 a.m. SESSION FIFTEEN (Rosseau Rooms 3–5) Campfire Session: Managing Risk in Uncertain TimesIn this first-ever session of its kind at a Canadian Investment Review conference, delegates will hear fresh asset allocation data from the top 150 pension plans (collected by the Canadian Institutional Investment Network). Based on this new information, we’ll ask you to imagine yourselves sitting around a campfire. You’ll share experiences in real time about some of the risks that keep you up at night and what asset allocations you’re making to mitigate those risks. Get your marshmallows ready! It’s time to build connections through experience!

11:45 a.m. Conference Concludes and Closing Lunch (Rosseau Rooms 1–2)

SPEAKERS

SPEAKER BIOGRAPHIES

DAVID FRUMDavid Frum worked as a journalist before taking a job as a speechwriter for George W. Bush. He is currently a senior editor at The Atlantic, and the author of New York Times bestseller The Right Man, and the novel Patriots, among numerous other titles. Whether it is the latest foreign policy debate or the inner workings of the White House, David offers refreshing and clear insights of complicated issues of the day. The Wall Street Journal dubbed him one of the leading politician commentators of his generation for his work in The Atlantic, Newsweek, The Daily Beast and CNN. He has been called one of the top 100 public intellectuals in America. In his quest for the truth, David has been a long-time voice for shaking up the polarized U.S. Political system. He provides fascinating insight into what political outcomes mean for specific audiences around the world. As a speaker, David has the rare ability to engage audiences at a deeper level: that of their belief systems. Audiences appreciate his thought-provoking style and ability to boil complex subjects into digestible bites. David captivates audiences as a speaker, but isn’t afraid to interject humour.

WILLIAM J. ADAMS William J. Adams is chief investment officer, Global Fixed Income and a fixed income portfolio, manager at MFS Investment Management (MFS). He has overall responsibility for the global team of fixed income portfolio managers and fixed income research analysts. Adams is also a member of the MFS Global Fixed Income Management team and serves on the portfolio management team of several of the firm’s fixed income strategies. He is based in Boston. Adams joined MFS as a corporate credit analyst in 1997 and was named portfolio manager in 2000. He left MFS in 2005 and rejoined the firm in 2009 as director of High Yield Research. The following year, he was appointed director of Credit Research. In 2011, he was named highyield portfolio manager and was appointed director of Fixed Income, with oversight of MFS’ team of fixed income research analysts. He was named to his current position in 2015. During his tenure at MFS, Bill has covered a number of sectors, including industrials, media, cable, telecommunications, retail and consumer products. As a portfolio manager, he has invested across a variety of investment-grade and high-yield corporate bond securities. Prior to joining the firm, Adams was a credit/securities analyst at Conseco Capital Management from 1994 to 1997, where his responsibilities included investment-grade and high-yield credit, as well as equity coverage. From 1991 to 1994, he served as a lending officer at Mellon Bank. Adams received a BA in 1988 from LaSalle University. In 1990, he was awarded an MA from Indiana University, here he also received an MBA in 1991. He holds the Chartered Financial Analyst (CFA) designation from the CFA Institute and is a member of the Boston Security Analysts Society.

KEYNOTE

SESSION SPEAKERS AND PANELLISTS

SPEAKER BIOGRAPHIES

OLGA BITELOlga Bitel is an economist with William Blair. She is responsible for economic research across all regions and sectors for the firm in which she joined in 2009. Prior to joining William Blair, Bitel was a senior economist at the National Institute of Economic and Social Research in London, U.K., where she was responsible for macroeconomic forecasting and thematic research projects for international organizations and government bodies. She has a B.A. from the University of Chicago and a M.Sc. Economics from the London School of Economics and Political Science. CLAUDE BERGERONClaude Bergeron has been executive vice-president and chief risk officer with the Caisse de dépôt et placement du Québec (CDPQ) since November 2009. In this capacity, he oversees the teams responsible for transactional analysis and monitoring, cross-sectoral analysis, as well as quantitative measurement and analysis of risk at CDPQ. His team is also responsible for promoting a risk culture within the institution. To do this, his team focuses on specialized expertise in CDPQ’s investment areas and uses the tools developed to identify risks. The team also plays an active role in the annual strategic investment planning (PSI) process and in all of CDPQ’s management processes. He is also co-chair of the Investment-Risk Committee, where he sits on the Executive Committee. At CDPQ since 1988, Bergeron has been responsible for managing risk since 2009, first as Acting Chief Risk Officer and later as Chief Risk Officer. Under his leadership, CDPQ implemented an extensive program to strengthen its risk management practices in addition to adopting a new risk management culture within the organization. In previous years, Bergeron was instrumental in developing the plan to restructure third-party asset-backed commercial paper (ABCP) in Canada. In 2009, Bergeron completed an international MBA program, specializing in financial services and insurance, co-administered by two reknowned universities, the Vlerick Leuven Gent Management School, in Belgium, and the University of St. Gallen, in Switzerland. He also has a degree in business administration from HEC Montréal and studied accounting at the Université du Québec à Montréal. Bergeron holds a law degree from the Université de Montréal. He is a member of the Barreau du Québec and the Canadian Bar Association. He was previously in charge of Legal Affairs and Secretariat, in which he played a lead role in a number of domestic and international files and major investments, and he has in-depth knowledge of the public and private sectors. He was also assigned various mandates for CDPQ’s investment sectors, subsidiaries and general services. He is invited regularly to speak at international events about risk management. Over the course of his career, he was presented with the Canadian General Counsel of the Year Award in 2009 and, in 2007, received the Commerce-ZSA Québec Lifetime Achievement Award. He is a former member of several corporate boards of directors, including those of Noverco and Quebecor Media. JAMES C. DAVISJames C. Davis is chief investment officer of OPTrust, one of Canada’s largest pension funds with assets of $18.4 billion and investment professionals in Toronto, London and Sydney. Davis joined OPTrust in 2015. He leads the organization’s investment strategy and oversees its diversified portfolio spanning the globe with public market, private market, infrastructure, and real estate assets in North America, Europe, Developed Asia and emerging markets. Davis has more than 25 years of strategic investment planning and leadership experience, including proven results in liability driven investing and portfolio design. Most recently, he held the role of vice-president, Strategy and Asset Mix and chief economist at Ontario Teachers’ Pension Plan (Teachers’). Before joining Teachers’, he was President of FuturesTrend Capital Corporation in Prince Edward Island and vice-president and head, Global

SPEAKER BIOGRAPHIES

Fixed Income and Currencies at RBC Global Investment Management in Toronto. Davis is widely recognized as an engaging speaker in a broad range of forums within the pension industry, and is known for his insights on global economics, portfolio construction and investment strategy. In addition to degrees in mathematics and meteorology, he holds an MBA in Finance from Dalhousie University and is a CFA charterholder.

MALCOLM HAMILTONMalcolm Hamilton recently retired after 33 years at Mercer. He consulted to large Canadian pension plans in both the public and private sectors. He is currently a Senior Fellow with the C.D. Howe Institute. He graduated from Queens University in 1972 as the Gold Medalist in Mathematics. He attended McGill as a National Research Council scholar, receiving his M.Sc. in 1975. Hamilton became a Fellow of the Canadian Institute of Actuaries and a Fellow of the Society of Actuaries in 1977. He speaks frequently at pension conferences.

JIM KEOHANEJim Keohane is president and CEO of the Healthcare of Ontario Pension Plan (HOOPP). He joined HOOPP in 1999, bringing more than 25 years of institutional investing experience with several national firms. In his role, Keohane is responsible for the overall leadership and management of the organization, as well as for developing, implementing and overseeing—in consultation with HOOPP’s Board of Trustees—performance measurement programs, long-term strategies and annual work plans to ensure the organization meets the needs of Plan beneficiaries. After completing his Bachelor of Science degree at the University of Ottawa, he obtained his MBA at Queen’s University. He is a Chartered Financial Analyst and has completed the Directors Education Program (Rotman School of Business) at the Institute of Corporate Directors. Keohane is the vice-chairman of the investment committee of Queen’s University, he is a board member of the Canadian Coalition for Good Governance, and he was selected as a member of the Ontario Technical Advisory Panel on Retirement Income Security. STEPHANIE KELLYStephanie Kelly is the political economist for the Multi-Asset Investment team at Standard Life Investments. Her areas of coverage include UK, European and US political and policy analysis, and she is responsible for the creation of the SLI in-house political risk framework. She holds a BA (Hons) in Economics and Politics and an MSc in International Politics from Trinity College Dublin with research experience from IEP (Institut d’Etudes Politique) Paris and the University of British Columbia, Vancouver. Kelly joined Standard Life Investments in 2014. ASHLEY LESTERAshley Lester is the head of multi-asset research at Schroders, which involves responsibility for factor investing strategies (both long-only and long-short), risk premium allocation modelling and the development of proprietary portfolio construction tools. Lester is chair of the Strategic Investment Group Multi-Asset (SIGMA) and the Model Review Group. He joined Schroders in 2015 and is based in London. He was the head of fixed income and multi-asset research at MSCI from 2013 to 2015, which involved responsibility for fixed income, alternatives and risk methodology in the widely used Barra and RiskMetrics platforms. He was a visiting Assistant Professor of Economics and Finance at Columbia Business School during 2007. He was managing director and head of market risk methodology at Morgan Stanley from 2007 to 2013, which involved responsibility for all market risk models used by Morgan Stanley globally to calculate both regulatory capital and economic capital. Major projects included Basel 2.5 and CCAR. He was an Assistant Professor of Economics at Brown University from 2005 to 2007 as well. Lester has his PhD in Economics from M.I.T and a Bachelor of Economics (Honours Class I and University Medal) in Economics from the University of Sydney.

SPEAKER BIOGRAPHIES

TREVOR LEYDONTrevor Leydon joined Aviva Investors in 2013, where he oversees portfolio construction and risk for multi-asset strategies, providing overarching quantitative discipline to the portfolio management process. This includes monitoring and providing risk parameters for individual portfolios and top-level reporting to senior management. Prior to joining Aviva Investors, Leydon was responsible for UK and Ireland risk control at UBS Global Asset Management. He joined the industry working for HSBC’s investment bank in risk before moving to Santander’s Global Banking and Market Risk team. He holds a Masters in Accounting and Finance from the University of Ulster, having graduated from Dublin Business School. He is also a fellow of the Association of Certified Chartered Accountants.

JEFFREY MOOREJeffrey Moore is a portfolio manager in the Fixed Income division at Fidelity Investments. In this role, he manages portfolios across retail and institutional assets, ranging from Tactical Bond, Core and Core Plus, and Global strategies. Prior to assuming his current position, he was a fixed income analyst assigned to several sectors, including sovereign debt, energy, real estate investment trusts (REITs), Yankee banks, and Canada. Before joining Fidelity in 1995, Moore worked at Dominion Bond Rating Service in Toronto and at the Government of Canada’s Department of Finance. He was selected into the Accelerated Economist Training Program, serving at the Treasury Board and at the Privy Council Office. He has been in the investments industry since 1990. Moore earned his bachelor of arts degree, with honors, in economics from the University of Western Ontario and his master’s degree in economics from the University of Waterloo. He is also a CFA® charterholder. Additionally, Moore and team received Morningstar’s 2016 U.S. Fixed-Income Manager of the Year Award for Fidelity Total Bond Fund.

HUGH O’REILLYHugh O’Reilly is president and CEO of OPTrust with responsibility for all of the organization’s operations, overseeing management of the pension fund’s $19 billion in assets and pension plan administration. He is one of Canada’s foremost pension experts with extensive expertise in the operation and governance of jointly-sponsored pension plans. Before joining OPTrust, O’Reilly led the Pension Benefits and Insolvency Practice at Cavalluzzo Shilton McIntyre Cornish LLP. During his career, O’Reilly also served as senior policy advisor and Chief of Staff to a cabinet minister in the Ontario government, held the role of Senior Counsel at Canada Trust and practiced law as an associate lawyer at Osler, Hoskin & Harcourt and a partner at Torys in Toronto. He is a member of the TMX Advancing Innovation Roundtable and the editorial advisory board of Benefits and Pensions Monitor. In 2016, O’Reilly was the recipient of the Industry Leadership Award from the Benefits Canada Workplace Benefits Awards. He is a strong advocate for community engagement and serves as a member of the Board of Directors of Regent Park Community Health Centre and Chair of the Board’s Governance Committee. He holds an LL.B. from the University of Calgary and a B.A. from the University of Regina.

SEBASTIEN PAGESebastien Page is head of asset allocation at T. Rowe Price, overseeing a team of investment professionals dedicated to a broad set of multi-asset portfolios. He is a member of the Asset Allocation Committee, which is responsible for tactical investment decisions across asset allocation portfolios. He is also a member of the Management Committee of T. Rowe Price Group. Prior to joining the firm in 2015, Page was an executive vice-president at PIMCO, where he led a team focused on research and development of multi-asset solutions. Prior to joining PIMCO in 2010, he was a senior managing director at State Street Global Markets. He won research

SPEAKER BIOGRAPHIES

paper awards from the Journal of Portfolio Management in 2003, 2010, and 2011 and from the Financial Analyst Journal in 2010 and 2014. He is the co-author of the book Factor Investing and Asset Allocation (CFA Institute Research Foundation, 2016) and a member of the editorial board of the Financial Analysts Journal. He earned a master of science degree in finance and a Bachelors degree in business administration from Sherbrooke University in Quebec, Canada. Page has also earned the Chartered Financial Analyst designation.

SETH WEINGRAMSeth Weingram is senior vice-president and director of strategy with Acadian Asset Management. He joined Acadian in 2014 in the role of strategist, aligned closely with both Acadian’s Marketing & Client Service and Investment Teams. Weingram brings 19 years of financial industry experience to the firm. Most recently, he was a managing director in Equity Derivatives Trading at UBS, where he ran the electronic options market making desk, led development of quantitative trading tools, and launched Equity Derivatives Strategy efforts. Previously, he was a researcher at Barclays Global Investors, focusing on options and volatility. He was a founding member of Deutsche Bank’s award-winning Equity Derivatives Strategy Group, where he served as global head for several years. Weingram holds a Ph.D. in economics from Stanford University and a B.A. in economics from the University of Chicago.

DAG WETTERWALDDag Wetterwald is a senior portfolio manager and member of the RBC Global Asset Management (RBC GAM) Global Equities team, responsible for risk management, portfolio construction and quantitative research. Wetterwald has also held portfolio management and research roles at two other asset management firms and a research role at a government institution. He holds Masters degrees in Finance from the London Business School and in Economics from the University of Oslo.

ATTENDEES

First Name Last Name Title Organization

William J. Adams Chief Investment Officer, Global Fixed Income MFS Investment Management

Renee Arnold Head of Business Development – Canada Aberdeen Asset Management

Travis Bagley Director, Transition Management Russell Investments

Martin Bélanger Director, Investments Western University

Claude Bergeron Executive Vice-president and Chief Risk Officer Caisse de dépôt et placement du Québec

Thak Bhola Manager, Pension, Investments, and Administration Goodyear Canada Inc.

Olga Bitel Economist William Blair

Louise Charette Chief Investment Officer Batirente

Gary Chateram Vice-president, Institutional Sales Fidelity Investments Canada

Andrew Davis Specialist, Pension Assets Canadian Pacific Railway Company

James Davis Chief Investment Officer OPTrust

Marie Desrochers Director, Client Relationships, Defined Benefit Solutions Sun Life Financial

Fern Elliott CEO Nunavut Trust

Ed Finn Partner William Blair

Simon Frechet Director, Pension Investments Bruce Power

David Frum Senior Editor The Atlantic

Louis Gagnon Professor of Finance and Distinguished Faculty Fellow Smith School of Business, Queen's University

Marc Gauthier University Treasurer and Investment Officer Concordia University

Christine Girvin Managing Director of Sales – Canada MFS Investment Management

Paul Halpern Professor Emeritus University of Toronto

Malcolm Hamilton Senior Fellow C.D. Howe Institute

Alejandro Hernandez Associate Portfolio Manager Alberta Investment Management Corp.

Danny Ip Senior Advisor Hydro One

Algis Janusauskas Manager, Pension, Investment and Insurance Imperial Tobacco Canada

Tom Keenleyside Associate Director, Investments Western University

Stephanie Kelly Political Economist Standard Life Investments

Jim Keohane CEO HOOPP

Rahul Khasgiwale Investment Specialist Director Aviva Investors Canada

Andrew Kitchen Managing Director, Institutional – Canada Russell Investments

Maciek Kon Director, Quantitative Analysis and Strategic Research UBC Investment Management

Doug Kryscio Partner William Blair

Sho Kulidjian Director Russell Investments

Sean Kulik Managing Director, Investments Nunavut Trust

Nora Lamb Manager, Pensions, Canada and International Suncor Energy, Inc.

James Lampard Vice-president Lincluden Investment Management

ATTENDEES • AUGUST 16 – 18, 2017

ATTENDEES • AUGUST 16 – 18, 2017

Jason Lau Investment Analyst CAAT Pension Plan

Ashley Lester Head of Multi-asset Research Schroder Investment Management Ltd.

Mei Leung Manager, Pension Investments York University

Trevor Leydon Head of Portfolio Construction and Risk, Multi-asset Aviva Investors Canada

Andrew Marshall Vice-president, Canadian Institutional Sales Standard Life Investments

Anthony Martinello Director IESO

Robert Matule Vice-president, Relationship Manager Acadian Asset Management

Jean Francois Milette Head of Canadian Sales Aviva Investors Canada

Jeff Moore Portfolio Manager Fidelity Investments

Paula Moore Vice-president, Tax and Treasury Bayer Inc.

William Moriarty Investment Advisor HOOPP

Ted Noon Senior Vice-president, Director, North American Business Development

Acadian Asset Management

Remi Olu-Pitan Portfolio Manager Schroder Invesment Management Ltd.

Brian O'Neill Director, Investment Services Queen's University

Hugh O'Reilly President and CEO OPTrust

Sebastien Page Head, Asset Allocation Group T. Rowe Price

Faruk Patel Senior Risk Manager CMPA

Michelle Peshko Head of Pension Investments Glencore

Jacques Poddar Director, Treasury and Pensions Rogers Communications

Kevin Pyo Senior Director, Global Retirement CIBC

Michael Quigley Institutional Portfolio Manager Phillips Hager and North

Farouk Ratansi Executive Director Credit Union Pension and Benefits Trust

Blair Richards CEO Halifax Port ILA/HEA

Ross Servick Head of Canada Schroder Investment Management Ltd.

David Shedd Vice-president, Institutional Sales Fidelity Investments Canada

Craig Siddall Consultant Relations, Canada T. Rowe Price

Brent Simmons Senior Managing Director, Defined Benefit Solutions Sun Life Financial

Colin Sinclare Managing Director of Institutional Sales – Canada MFS Investment Management

Toza Siriski Manager, Pension Investments RBC

Michelle Skelly Director, Institutional Business Development Schroder Investment Management Ltd.

Susan Strelioff Director, Total Compensation VON Canada

Katherine Strutt General Manager Saskatchewan Pension Plan

Andrew Sweeney Institutional Portfolio Manager Phillips Hager and North

Randi Topp Director, Pension Finning International Inc.

Derek Towle Vice-president Acadian Asset Management

ATTENDEES • AUGUST 16 – 18, 2017

Sofi Traiches Senior Financial Analyst The Independent Order of Foresters

Natasha Trainor Chief Investment Officer Provident10

Anthony Treier Senior Portfolio Manager – Fixed Income and Currencies TELUS Corporation Pension Plan

Terri Troy CEO/Chief Investment Officer HRM Pension Plan

Colette Wagner Senior Investment Analyst Mobius Benefit Administrators

Paul Walker Manager, Pension Investments ATCO Ltd. and Canadian Utilities Ltd.

Kevin Wazette Senior Manager, Investment Risk Monitoring, Compliance & Valuations

HOOPP

Seth Weingram Senior Vice-president, Director, Strategy Acadian Asset Management

Dag Wetterwald Senior Portfolio Manager, Risk and Portfolio Construction RBC Global Asset Management (U.K.)

Wayne Wilson Vice-president Lincluden Investment Management

Bruce Winch Head of Sales, Canada T. Rowe Price

Kimberley Woolverton Senior Business Development Manager Aberdeen Asset Management

Christopher Wright Head of Canadian Institutional Sales Standard Life Investments

Chad Yaskiw Portfolio Manager, Public Markets University of Alberta

SPONSORS

CORPORATE PROFILE

ACADIAN ASSET MANAGEMENT LLCAcadian Asset Management LLC is an institutional asset management firm specializing in active global, emerging, and frontier markets investments. Acadian was founded in 1986 and is headquartered in Boston, with affiliates located in Singapore, Sydney, Tokyo, and London. As of April 2017, we have approximately C$115 billion in assets under management, serving over 500 institutions in 25 countries worldwide. Acadian manages approximately C$8 billion for Canadian clients and has managed Canadian client assets since 1992. Acadian was among the first firms to apply data and technology to the systematic evaluation of global investments. Thirty years later, we believe we have built an organization whose experience and resources are uniquely positioned to thrive in a globalized, data-driven world. Our proprietary database covers over 40,000 securities in more than 100 markets worldwide. Acadian’s extensive research capabilities are used to develop customized investment management strategies for our clients. From our origin as a core non-U.S. equity manager, Acadian has grown to manage over 40 different investment strategies for clients across the globe including global, non-U.S, small-cap, micro-cap, emerging markets, and frontier markets strategies. Acadian is a pioneer in low-risk equity investing, and in 2006 was among the first investment firms to offer low-volatility approaches that seek to match the market return at lower risk with our Managed Volatility strategies. In addition to long-only equity strategies, Acadian also offers a number of equity long/short portfolios including 130/30 and equity market neutral. Finally, Acadian was the first quantitative asset manager to sign the UN PRI in 2009, and offer a number of ESG related strategies including most recently an emerging markets ex-fossil fuel strategy. Whether it be an exact execution to fill a specific need, or creative collaboration around a more broadly defined goal, we are idea-driven with a practical orientation. We take the building blocks at our disposal—forecasts, factor data, risk analysis and portfolio construction tools—and put them in the service of our clients. Drawing creatively from our core process ensures philosophical consistency while supporting broad opportunity for strategy development.

To learn more, visit acadian-asset.com

Acadian Asset Management has been a pioneer

in disciplined, quantitatively-driven investing for

over three decades and was among the first to apply

this approach to investing in International Equity,

Emerging Markets Equity, Managed Volatility and

Frontier Markets. Today we bring this long-term

experience to portfolio management for leading

institutions in 25 countries worldwide.

Why Acadian?

GET IN TOUCH:DEREK TOWLETel : 617 .598.6891dtowle @acadian-asset .com

CORPORATE PROFILE

AVIVA INVESTORS CANADAFor Today’s InvestorWe realize that everyone is unique. This is why we start by listening closely to our clients to understand their investment aspirations and concerns. Our role is not only to understand each investor’s desired outcomes, it is also to possess a deep understanding, by using our extensive skills and experience, of how we aim to deliver them. We make it our business to know what’s important to our clients and use this insight to develop strategies that aim to cater to their real goals, and help build stronger and deeper long term relationships. In an environment where investors face a bewildering choice of ever more complex financial products, gaining the outcomes they desire can be challenging. We have strategies that aim to meet this objective, now and over the long term. This is why we are unequivocally for today’s investor.

Deep Experience Across A Global NetworkAviva Investors is the investment arm of Aviva plc, a multinational financial services company headquartered in London and listed on the London Stock Exchange, who offers general insurance in the UK, Europe, Asia and Canada. Aviva plc’s roots can be traced back 320 years and has 33 million customers1. Aviva Investors manages assets of $426 billion USD across a broad range of asset classes and employs over 1,300 professionals, including 400 investment professionals with operations that span 15 financial centers2. As such, our clients stand to benefit not only from our significant local knowledge and experience but also from the extensive global investment resources at our disposal. As a global business, Aviva Investors acts as a single team – collaborating to bring together knowledge and capabilities. The firm values creativity and empowers investment teams to find and execute what they believe are great investment ideas. In-depth research and robust risk management underpin every investment decision.

To learn more, visit avivainvestors.com/en-ca/institutional.html

¹Source: Aviva Group, as of December 31, 2016 2 Source: Aviva Investors as of December 31, 2016 | Aviva Investors America AUM: $8.3 billion | Aviva Investors Canada AUM: $6.1 billion

The name ‘Aviva Investors’, refers to the global organization of affiliated asset management businesses operating under the Aviva Investors name. Each affiliate is ultimately owned by Aviva plc, a publicly traded financial services company headquartered in London. Aviva Investors America LLC is an SEC registered investment advisor. Our Form ADV Part 2A brochure is available from our Compliance Department upon request. Aviva Investors Canada Inc. is registered with the OSC as a portfolio manager, an exempt market dealer and a commodity trading manager. 2017-0101 - GPMSTR – AD

Sustainable Income | Capital Growth | Beating Inflation | Meeting Liabilities

Cut through uncertainty

For today’s investor

GEOPOLITICS. OPPORTUNITY OR THREAT?

For cutting through uncertainty

Heightened geopolitical instability creates volatility as investors try to navigate a new age of uncertainty. However, while shocks such as the US election result and the UK’s vote for Brexit are challenging, they can also generate investment opportunities for those who know how and where to look.

Help your clients understand how global geopolitics could impact their investment outcomes. Visit avivainvestors.com/geopolitics-cad to start cutting through the uncertainty.

CORPORATE PROFILE

FIDELITY CANADA INSTITUTIONAL Fidelity Canada Institutional serves a diversified client base across all major asset classes, focusing on corporate and public defined benefit and defined contribution pension plans, endowments and foundations, insurance companies, MEPPS and financial institutions. Built on over 50 years of serving the needs of institutional investors worldwide, we offer active and risk-controlled disciplines including; Canadian, U.S., international and global equity, fixed-income, asset allocation, real estate and custom solutions.

Philosophy and ApproachThe cornerstone of our investment philosophy is the belief that outstanding research drives results.We believe in fundamental bottom-up research that is focused on identifying opportunities that offer stable growth through an investment cycle. Combined with prudent risk management and portfolio construction expertise, this allows us to offer best-in-class solutions aligned with our clients’ interests.

Research Excellence• Our global research capabilities and portfolio construction expertise allows us to combine investment insights and our unique perspectives into actionable solutions to meet the needs of our clients. Proprietary Insights & Unrivalled Access• Exclusive access to in-house research, unavailable to others.• Unparalleled access to company management, central bankers and policymakers around the world.• Our analysts carry out on-the-ground research—visiting companies and speaking to customers, competitors, suppliers and independent experts to gain conviction. 360° Views on Companies • We combine insights from equity and credit research to form a 360° view on companies.

Client-Focused Alignment• A commitment to understanding each client’s business, goals and expectations• Long-term value creation aligned with our clients’ goals• A client-service culture focused on accountability, accessibility and transparency

We have the experience to develop the investment solutions that are right for you.

To learn more, visit institutional.fidelity.ca

BRINGINGTHE BEST OFFIDELITY’SINSTITUTIONALINVESTMENT CAPABILITIES TO CANADA

FIDELITYCANADA INSTITUTIONALTM

CANADIAN EQUITY U.S. EQUITY INTERNATIONAL EQUITY GLOBAL EQUITY FIXED INCOME ASSET ALLOCATION REAL ESTATE CUSTOM SOLUTIONS

©© 2017 Fidelty Investments Canada ULC. All rights reserved.

CORPORATE PROFILE

MFS INVESTMENT MANAGEMENTMFS is a global investment manager with capabilities spanning all major asset classes, serving institutional investors and consultants for more than 40 years. The firm manages $425.6 billion for clients in more than 30 countries (as of 12/31/16). MFS employs a disciplined, consistent approach across our global investment platform guided by three core principles: integrated research, global collaboration and active risk management. Our integrated global research structure organizes our investment personnel into eight global sector teams, each of which includes fundamental equity, quantitative and credit analysts. By combining these three disciplines, we ensure that our investment ideas are analyzed across each organization’s entire capital structure to develop a fuller perspective on each security. At MFS it’s about team oriented investing and collaboration. We believe teams of analysts with different disciplines and varied perspectives reach better decisions through active discussion. Broader views and better insights often come from sharing – and vigorously debating – diverse opinions. Risk management is embedded in – and an integral part of – our investment process. We take a holistic approach to actively managing risk, with reviews in place at the security, portfolio and firm levels with a clear focus on generating alpha for our clients. Drawing on the three core tenants of our global investment platform, we offer a broad range of investment solutions across multiple geographies and asset classes. As an active, global investment manager with investment and industry professionals located in nine financial centers across five continents, MFS is committed to being a valued partner for plan sponsors, endowments, foundations, sovereign wealth funds, insurance companies, intermediaries and consultants worldwide. We help clients meet their financial goals by providing long term focused investment strategies, flexible investment vehicles and perspectives on the financial markets.

To learn more, visit mfs.com

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CORPORATE PROFILE

PHILLIPS, HAGER & NORTH INVESTMENT MANAGEMENT (PH&N)Founded in 1964, Phillips, Hager & North Investment Management (PH&N) has grown to become one of Canada’s most established institutional asset managers with a solid reputation for conservative active management and consistently high-quality service. From offices across the country, we serve pension plans, non-profit organizations and other institutional investors. PH&N is the Canadian institutional client asset management business within RBC Global Asset Management (RBC GAM). PH&N currently manages $93 billion in institutional assets. Global Investment ExpertiseThrough PH&N, Canadian institutional investors have access to the investment capabilities of RBC GAM’s global team of investment teams. We offer a broad range of investment capabilities and solutions across all major asset classes, including domestic and international fixed income and equities, and alternative investments. Our investment teams deploy traditional and innovative strategies in pooled funds as well as segregated and separately managed portfolios. Our Objective is Always to Add Value While Controlling RiskThe term “controlling risk” encompasses many things at PH&N, including, a dedicated risk-management team, proprietary portfolio and risk management technology, and careful investment counsel which may include using traditional strategies such as diversification and currency hedging, as well as more sophisticated techniques like overlay strategies, liability-driven investment (LDI) approaches and objective-oriented equity strategies. Our integration of environment, social, and governance (ESG) factors into all our investment processes further enhances our ability to identify real and potential risks and opportunities.

To learn more, visit phn.com

WE AIM TO ADDVALUE WHILE CONTROLLING RISK

Phillips, Hager & North Investment Management is a division of RBC Global Asset Management Inc. ® / TM Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc., 201 . IC1

VANCOUVER • TORONTO • MONTREAL1-855-408-6111 • Institutions@phn.com

CORPORATE PROFILE

RUSSELL INVESTMENTS CANADA LTDEstablished in 1985, Russell Investments Canada Limited provides Canadian pension plans, endowments and foundations with capital market insights, manager research, portfolio construction and implementation services. With over 30 years’ experience in this market, we understand the pressures our clients face and can provide customized solutions for transition management, overlay services, commission and currency management as well as investment outsourcing (OCIO). Russell Investments, originally established in 1936, is a global asset manager and one of only a few firms that offers actively managed multi-asset portfolios and services which include advice, investments and implementation. Today, the Russell Investments group of companies has more than CAD$355.2 billion in assets under management (as of 03/31/2017) and serves clients in more than 33 countries. In 2016, Russell Investments Implementation Services traded CAD$2.7 trillion (as of 12/31/2016) of securities trades across all asset classes.

To learn more, visit russellinvestments.com/ca/

Nothing in this publication is intended to constitute legal, tax securities or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. This is a publication of Russell Investments Canada Limited and has been prepared solely for information purposes. It is made available on an as is basis. Russell Investments Canada Limited does not make any warranty or representation regarding the information. Russell Investments is the operating name of a group of companies under common management, including Russell Investments Canada Limited. Russell Investments’ ownership is composed of a majority stake held by TA Associates with minority stakes held by Reverence Capital Partners and Russell Investments’ management. Frank Russell Company is the owner of the Russell trademarks contained in this material and all trademark rights related to the Russell trademarks, which the members of the Russell Investments group of companies are permitted to use under license from Frank Russell Company. The members of the Russell Investments group of companies are not affiliated in any manner with Frank Russell Company or any entity operating under the “FTSE RUSSELL” brand.Copyright © Russell Investments Canada Limited 2017. All rights reserved.

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SCHRODERSSchroders is a truly global asset management firm with a proud 210-year history and professionals in 41 offices across 27 countries. Schroders provides a full range of actively managed domestic, international and emerging market investment products: from equities to fixed income, and multi-asset- to alternatives. Our firm structure and investment philosophy are focused on strengthening the partnership with our clients over the long-term. Schroders offers innovative solutions by intelligently challenging global market practices in anticipation of what’s ahead. Schroders is also deeply committed to acting responsibly through its ESG initiatives and seeking to make a wider contribution to society. Schroders has been managing assets for Canadian clients since 1994 with CAD$694.2 billion in assets under management and administration as of March 31, 2017.

To learn more, visit schroders.com/en/ca

CORPORATE PROFILE

STANDARD LIFE INVESTMENTSStandard Life Investments is a global investment house with $460.5 billion of assets under management (as of December 31, 2016). Based in Scotland, our heritage stretches back to 1825 with the establishment of our parent company Standard Life, a FTSE-100 listed provider of long term savings and investments. Standard Life Investments launched as a separate company in 1998 and has quickly gained a reputation for developing innovative solutions designed to meet clients’ objectives. What can we offer?We offer a broad range of investment solutions across all major asset classes. In particular, we are at the forefront of multi-asset investing, creating a range of products that aim to deliver targeted returns within tight risk boundaries. How do we invest?Our distinctive Focus on Change investment philosophy lies behind all our investment solutions. It is based on the belief that:• underlying company fundamentals will ultimately drive asset prices• the market is not always efficient at pricing in these fundamentals when the asset is undergoing, or faces the prospect of, material change• experienced investment professionals can consistently add value to client portfolios by exploiting market inefficiencies. Our philosophy is not inherently growth or value biased, nor momentum driven. This means we have an opportunity to perform throughout economic cycles. To learn more, visit standardlifeinvestments.ca Standard Life Investments (USA) Limited and Standard Life Investments (Corporate Funds) Limited are both registered as an Investment Adviser with the US Securities and Exchange Commission. Standard Life Investments (USA) Limited is also registered as an Exempt Market Dealer in Canada.Standard Life Investments Limited is incorporated in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.Standard Life Investments Limited and Standard Life Investments (Corporate Funds) Limited are authorised and regulated in the UK by the Financial Conduct Authority.Standard Life Investments Limited is exempt from registration in Canada through reliance on the International Adviser exemption under subsection 8.26(3) of National Instrument 31-103 (the “Instrument”). These advisory services are provided only to permitted clients as defined in the Instrument.Calls may be monitored and/or recorded to protect both you and us and help with our training. © 2017 Standard Life, images reproduced under licence

Identifying and converting potential can be challenging, especially in volatile markets. It requires conviction, discipline and a focus on the long-term. At Standard Life Investments, we understand the value of potential. With expertise across a wide range of asset classes, backed by our distinctive Focus on Change investment philosophy, we constantly think ahead and strive to anticipate change before it happens.

This forward-thinking approach helps our clients look to the future with confidence. Take the long-term view today at standardlifeinvestments.ca

The value of an investment can fall as well as rise and is not guaranteed. You may get back less than you put in. Past performance is not a guide to future performance.

Equities . Fixed Income . Real Estate . Multi-asset . Private Equity

The Ryder Cup logo is a trademark owned by The Professional Golfers’ Association of America. Standard Life Investments Limited is incorporated in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL and is exempt from registration in Canada through reliance on the International Adviser exemption under subsection 8.26(3) of National Instrument 31-103 (the “Instrument”). These advisory services are provided only to permitted clients as defined in the Instrument. Standard Life Investments Limited is regulated in the United Kingdom by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Canadian laws. Standard Life Investments (USA) Limited is registered as an Exempt Market Dealer in Canada. www.standardlifeinvestments.com © 2017 Standard Life Aberdeen, images reproduced under licence.

P o t e n t i a l . D e l i v e r e d .

CORPORATE PROFILE

T. ROWE PRICET. Rowe Price is an asset management firm focused on delivering global investment management excellence that investors can rely on—now, and over the long term. We provide an array of separate account management and related services for institutions and accredited investors. Our intellectual rigor helps us seek the best ideas for our clients, our integrity ensures that we always put their interests first, and our stability lets us stay focused on their goals as we pursue better investment outcomes. The principle on which Thomas Rowe Price, Jr., founded the firm in 1937—that his company’s success should follow from the success it achieves for its clients—continues to guide us today. Our disciplined investment approach is rooted in proprietary research carried out by experienced professionals around the globe. To this approach, we bring a deep understanding of client needs and a long-term view that balances risk and reward. And we nurture a culture that encourages collaboration and diverse thinking. Facts about T. Rowe Price (as of 31 March 2017):• CAD $1,149.1 billion1 in assets under management (more than 50% institutional)• Headquartered in Baltimore, MD U.S. with 21 offices in 16 countries across four continents• Serves clients in over 40 countries• Over 6,000 associates worldwide• Offers a full range of equity and fixed income strategies across various market capitalizations, sectors,

styles, and regions• Management Committee members average 15 years’ tenure• Investment portfolio managers average 16 years’ tenure• Publicly traded, independent organization with substantial associate ownership (NASDAQ-GS: TROW)• Solid balance sheet with no long-term debt

To learn more, visit troweprice.com/usis/corporate/en/home.html

1The combined assets under management of the T. Rowe Price group of companies. The T. Rowe Price group of companies includes T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, T. Rowe Price Singapore Private Ltd., and T. Rowe Price (Canada), Inc. Assets under management are calculated in U.S. dollars and converted to Canadian dollars using an exchange rate determined by an independent third party.

CORPORATE PROFILE

WILLIAM BLAIR & COMPANYEighty-one years as an independent investment firm.

William Blair is committed to building enduring relationships with our clients and providing expertise and solutions to meet their evolving needs. We work closely with private and public pension funds, insurance companies, endowments, foundations, sovereign wealth funds, high-net-worth individuals and families, as well as financial advisors. We are 100% active-employee-owned with broad-based ownership. Our investment teams are solely focused on active management and employ disciplined, analytical research processes across a wide range of strategies, including U.S. equity, non-U.S. equity, fixed income, multi-asset, and alternatives. As of December 31, 2016, William Blair manages C$87 billion* in assets. William Blair is based in Chicago with an investment management office in London and service offices in Zurich and Sydney.

To learn more, visit williamblair.com

*William Blair Investment Management, LLC and the investment management division of William Blair & Company, L.L.C. are collectively referred to as “William Blair.”

Institutions around the world turn to William Blair* for disciplined, research-driven investment management across the spectrum of asset classes, investment styles, and geographies. We remain steadfastly focused on our clients’ goals through all market conditions.Managing more than C$91.2 billion in discretionary assets, including C$2.6 billion for Canadian institutions (as of June 30, 2017), we offer a broad array of actively managed equity strategies.

• Dynamic Allocation Strategies • Global Leaders • International Leaders • Emerging Markets Leaders • U.S. Growth—All Market Capitalizations • U.S. Value –All Market Capitalizations

To learn more about how William Blair can help meet your needs, please visit williamblair.com or contact:Ed Finn, Partner +1 312 364 8868 efinn@williamblair.com

Performance and Stability forCanada’s Institutional Plan Sponsors

*William Blair Investment Management, LLC and the investment management division of William Blair & Company, L.L.C. are collectively referred to as “William Blair.”

Copyright © 2017 William Blair. “William Blair” refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates. William Blair is a registered trademark of William Blair & Company, L.L.C.

4478147 (07/17)

KEYNOTE SPEAKERSPONSOR

CORPORATE PROFILE

LINCLUDEN INVESTMENT MANAGEMENTLincluden Investment Management has provided discretionary investment management since 1982. We do this by employing traditional, value-based investment principles across a range of equity, fixed income and balanced portfolios. Lincluden clients have benefited from over 35 years of solid risk-adjusted performance. Through superior security selection, effective risk management, diligent research and a rigorous portfolio management process, we strive to maintain this high level of performance for our clients each and every day. Lincluden manages assets for a variety of institutions including pension funds, unions, foundations, endowments and long-term health and disability funds. Lincluden whose only business is managing client assets offers clients the investment focus of a highly experienced entrepreneurial team of investment professionals along with the personal service and attention to client goals that only a boutique can offer. As value investors, we believe that financial markets are efficient in the long run but can be inefficient in the short and medium term. The investment process that we employ focuses on identifying mispriced securities to create diversified client portfolios that will outperform over time. Our goal is to identify securities that trade at a discount to our appraisal of their intrinsic or true economic value. This approach acts as a buffer from further price declines and offers the potential for greater capital appreciation. We invest with a long-term focus, we perform our own research and we follow a strict price discipline when purchasing and selling securities. Performing our own research gives us the conviction to construct focused portfolios of our best ideas.

Lincluden’s clients have benefited from:• A focus on preserving clients’ capital.• A culture of integrity.• The firm’s long-standing tradition of ensuring that client portfolios are entrusted to an investment management team with a demonstrated performance track record, experience in a range of market environments and a commitment to the firm’s investment disciplines. VALUE DRIVEN, CLIENT FOCUSED

To learn more, visit lincluden.com

KEYNOTE SPEAKER SPONSOR

Derisking With Stable Returns

“During our 35 years of servicing institutional clients, buying excellent companies at a discount has protected client capital and provided strong results.”

FOUR SIMPLE RULES = PROVEN SUCCESSCAPITAL PRESERVATION Invest with a priority to protect clients’ capital

VALUATION Value a company from the perspective of an owner-operator

INDEPENDENT RESEARCH Find great companies with sound management at discounted valuations and attractive yields

LONG TERM PERSPECTIVE Allow the market to recognize the value in your investments

This information is not an offering of, nor advertisement for, any securities. Past performance is not a reliable indicator of future perfor- mance and should not be relied on to make investment decisions. Lincluden’s Stable Income Equity returns reflect the Canadian equity component of the Lincluden Income Plus Pooled Fund prior to the inception date of the Fund (December 31, 2012) and do not include cash. From that date forward, the returns reflect the Canadian equity component of the Lincluden Stable Income Equity Pooled Fund and do not include cash. Comparative performance and risk characteristics data is sourced from Mercer Manager Performance Analytics (Mercer MPA). The Lincluden series is not part of the Mercer MPA Universe and has been s only. Returns are in Canadian dollars and are gross of fees. Inception date for strategy is March 2007.

CONTACT: Wayne Wilson, Vice President Tel: 905.273.3018 email: wayne.wilson@lincluden.netwww.lincluden.com

LINCLUDEN SPTSX Median

Rate of Return for 10 Years (%) Substantially Lower Risk

Lincluden Stable Return Equity Strategy Comparison with the Pooled – Canadian Equities (PFS) universe (Percentile Ranking)

Performance characteristics vs. S&P/TSX Composite in C$ (before fees) over 10 yrs ending June 2017 (monthly calculations)

Return (%pa)9.0 (0)

3.94.8

(84)

Standard Deviation (%pa)9.913.4 13.5

(100)

(58)

Downside Capture %71.0

100.0097.5

(100)

(21)

9.0

10.0

8.0

6.0

5.0

4.0

7.0

3.0

2.0

17.0

14.0

15.0

16.0

13.0

11.0

12.0

10.0

100.0

110.0

90.0

70.0

80.0

60.0

ACADEMICSPONSOR

CORPORATE PROFILEACADEMIC SPONSOR

ABERDEEN ASSET MANAGEMENTAberdeen Asset Management PLC is a global investment management group headquartered in Aberdeen, Scotland and was founded through a management buy-out in 1983. With more than 30 years of investing expertise, Aberdeen has grown to be among the largest independent asset managers worldwide. Aberdeen’s global investment teams use a fundamental, bottom-up approach to managing assets for third party institutions and private investors from 39 offices in 26 countries. With over C$513 billion in assets under management (as of March 31, 2017) and capabilities in equities, fixed income, property and alternative assets, Aberdeen’s goal is to deliver strong performance across a diverse range of asset classes.

To learn more, visit aberdeen-asset.com

So we can see more clearly.At Aberdeen, asset management is our sole focus. That’s how we’ve been able to concentrate on building capabilities across all key asset classes – from equities to bonds, from property to alternatives.

And because we have this expertise, we can deliver multi-asset investment solutions as well as individual funds. More insight to capture more opportunity.

For more information please visit aberdeen-asset.ca

We’re focused.

Aberdeen Asset Management (“AAM”) is the marketing name in Canada for the following affiliated entities: Aberdeen Asset Management Inc., Aberdeen Fund Distributors, LLC, Aberdeen Asset Management Canada Limited and Aberdeen Capital Management, LLC. Aberdeen Asset Management Inc. is registered as a Portfolio Manager in the Canadian provinces of Ontario, New Brunswick, and Nova Scotia and as an Investment Fund Manager in the provinces of Ontario, Quebec, and Newfoundland and Labrador. Aberdeen Asset Management Canada Limited is registered as a Portfolio Manager in the province of Ontario. Aberdeen Fund Distributors, LLC, operates as an Exempt Market Dealer in all provinces and territories of Canada. Aberdeen Fund Distributors, LLC, Aberdeen Asset Management Canada Limited and Aberdeen Capital Management, LLC, are wholly owned subsidiaries of Aberdeen Asset Management Inc. Aberdeen Asset Management Inc. is wholly owned by Aberdeen Asset Management PLC.

GOLFSPONSOR

CORPORATE PROFILEGOLF SPONSOR

SUN LIFE FINANCIALSun Life Financial is a leading international financial services organization serving millions of customers worldwide. With innovative technology, a strong distribution network and long-standing relationships with some of the country’s largest employers, we are today providing financial security to one in five Canadians. Sun Life has been underwriting insurance products and assuming the mortality and longevity risk of Canadians for 150 years. Recognizing a growing market need to help Canadian companies more effectively manage risks in their defined benefit plans, Sun Life launched Defined Benefit (DB) Solutions in late 2008. DB Solutions provides customized solutions – from annuity buy-outs and annuity buy-ins, to longevity insurance and liability driven investments -- to help employers manage their DB pension risk. This team of actuarial, pension and investment experts works closely with employers and their consultants to understand the specific challenges of their DB plan and develop innovative solutions that allow them to get back to focusing on their core business. For more information, please visit sunlife.ca/DBSolutions. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2017, the Sun Life Financial group of companies had total assets under management of $927 billion.

To learn more, visit sunlife.ca/Canada/DBSolutions

S U N L I F E . C A / D B S O L U T I O N S

A N N U I T Y B U Y- O U T S

L O N G E V I T Y I N S U R A N C E

A N N U I T Y B U Y- I N S

L I A B I L I T Y D R I V E N I N V E S T M E N T S

THE POWER OF INNOVATION

Defined benefit solutions are provided by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies. Liability driven investing solutions are provided by Sun Life Institutional Investments (Canada) Inc., a Canadian registered portfolio manager, investment fund manager, exempt market dealer, and in Ontario, commodity trading manager.

Managing your defined benefit pension plan can be complex, especially in today’s unpredictable economy.

Whether your goal is to reduce volatility or ensure benefit security for your plan members, we can create innovative, affordable solutions to meet your needs.

Let Sun Life Financial’s team of pension and investment experts help you de-risk your defined benefit pension plan so you can focus on your core business.

L E A R N MO R EHeather Wolfe Managing Director, Client Relationships Defined Benefit Solutions heather.wolfe@sunlife.com 416-408-7834

SPONSORED BY

GOLF SPONSOR

ACADEMIC SPONSOR

KEYNOTE SPEAKER SPONSOR