FUNDS:

The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the Norrep Mutual Funds are offered for sale by way of prospectus in all provinces of Canada except Quebec.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Norrep Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, their values change frequently and past performance may not be repeated.

If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund.

We have made reasonable commercial efforts, to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice

FTLP:

The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Such an offer may only be made by prospectus.

The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges by any security holder that would have reduced returns. The indicated rates of return may or may not take into account income taxes payable; if so, at the rates disclosed in this document. Limited partnership units are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer, their values change frequently and past performance may not be repeated.

If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the limited partnership or returns on investment in the limited partnership. Since the levels and bases of taxation can change, any reference in this document to the impact of taxation should not be construed as offering tax advice. Clients should consult with their own tax advisors.

We have made reasonable commercial efforts, to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. All opinions expressed and data provided herein are subject to change without notice.

MORNINGSTAR

Morningstar Ratings reflect performance as of July 31, 2005 and are subject to change monthly. The ratings are calculated from the fund’s 3 and 5 year returns measured against 91-day Treasury Bill and peer group returns. For each time period the top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3 and 5 year ratings. For greater detail see www.morningstar.ca. The star ratings and number of Canadian Small Capitalization funds for the Norrep Fund and Norrep II Class each period are as follows: one year five star, of 45 funds, three years five stars, of 45 funds, and the Norrep Fund only five years five stars, of 45 funds.