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Ethical Funds and Northwest Mutual Funds in new national partnership with US$5.5 billion assets under management

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Desjardins Group

Effective December 28, 2007, the assets, liabilities and operations of Ethical Funds Inc. and those of Northwest Asset Management Inc. and Northwest Mutual Funds Inc. were merged into Northwest & Ethical Investments L.P., a limited partnership owned indirectly by Desjardins Group and the Credit Union Centrals of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia and Prince Edward Island. Ethical Funds Inc. was founded in 1992 by the Credit Union Centrals, and had $2.67 billion in assets under management as of August 31, 2007. Northwest Mutual Funds Inc. was created in 1997 and acquired by Desjardins Group in 2003 and had $2.78 billion in assets under management as of August 31, 2007. The new Partnership, with over $5.5 billion in assets under management, will provide investment services on a national basis. The Ethical and Northwest products contributed to the new Partnership will continue being offered under their respective brands and through existing networks as well as through the distribution network of the Desjardins Group and through the Credit Union network. Desjardins Group was represented by Fasken Martineau, with a team comprised of Robert Paré, Daniel Picotte, Jean-Michel Lapierre and Marvin Mikhail (corporate), Alain Ranger and Thomas Copeland (tax), Pierre-Yves Châtillon and Garth Foster (regulatory), and Sylvie Bourdeau (Commercial-Distribution), in close co-operation with John Mountain, Senior Vice President, Legal & Compliance of Northwest Mutual Funds Inc. and related entities.



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