INVESTMENT COMMITTEE ANNUAL REPORT TO THE BOARD OF

INVESTMENTCOMMITTEEANNUALREPORT

TO

THEBOARDOFGOVERNORS



FortheYearEndedMarch31,2015 

UNIVERSITYOFALBERTA 



INVESTMENTCOMMITTEEANNUALREPORT

TO

THEBOARDOFGOVERNORS



FortheYearEndedMarch31,2015



CONTENTS:



ExecutiveSummary 1



InvestmentPolicy&Ri sk 2



MajorInitiativesduringtheYear 3



EndowmentFunds 5



Non‐EndowedFunds 10



GoingForward11



ExecutiveSummary



TheBoardofGovernorshasdelegatedresponsibilityandauthorityformostinvestmentrelatedmatters

totheInvestment Committee.Annually,theCommitteepresentstheBoardwiththisreport.



TheinvestmentassetsoftheUniversityofAlbertathatare

underthegovernanceoftheInvestmentCommitteehada

totalmarketvalueof

$1,982millionasofMarch31,2015

(2014‐$1,883 million) and consist of Endowment Funds

andNon‐EndowedFunds,assummarizedinExhibit1.



With very few exceptions, the Endowment Funds are

pooled together and invested collectively in the Unitized

Endowment Pool (UEP). The investment objective of the

UEP is

 to achieve a long‐term rate of return that in real

dollars (i.e. adjusted for inflation) shall equal or exceed

therateofspending established in theUEPSpending Policy. Thisisdoneinordertoprovidethe same

levelofsupporttofuturegenerationsthatcurrentbeneficiariesreceiveand

italsoimpliesthatthereal,

long‐termrateofreturnmustequalorexceedtherateofspending.



Non‐Endowed Funds  are predominately short‐term in nature. Consequently the primary investment

focusisonmoneymarketsecuritiesanddepositstoprovideliquidityandpreservationofcapital.

EndowmentFunds‐Highlights



 TheUEPreturned15.3%duringtheyear.Globalequitiesgenerate dstrongreturns,whilereturnsfor

theCanadianequitymarketweremoremodest.



 The market value of the Endowment Funds increased to $1,181 million, up $187 million from the

end of fiscal 2014. This increase is comprised

of $151 million in earnings, $82 million in new

contributions, less $33 million spending allocation, $7 million administrative assessment and $6

millionforinvestmentmanagementcosts.

2015 2014

Non‐EndowedFunds

Short‐term 527$ 567$

Mid‐term 47 17

Long‐term 220 190

ABCP* 7 115

801 889

EndowmentFunds 1,181 994

1,982$ 1,883$

* Asset Backed Commercial Paper

Millions

Exhibit1

Exhibit2

 Duringtheyear,therealvalueoftheendowmentsincreasedby9.9%.Thisincreasewasduetothe

aforementioned gain inmarketvalue of 15.3%ontheinvestment assets lesstotalexpenditures of

4.2% and inflation of 1.2%. The value of the Endowment Funds over their cum ulative inflation

adjusted objective

 increased to $172 million as at March 31, 2015 (2014‐$78 million) or 17.0%

(2014–8.5%).

 Revisions to the UEP Spending Policy to allow the first fiscal year’s earnings associated with new

contributionstobefullyrecapitalizedforgrowthandinflationprotectionandtochangecalculation

dates to

enable the spending allocation to be set one full year in advance were approved by the

BoardofGovernors.

 For the fiscal year, $33 million was made available for program spending on academic programs,

chairsandprofessorships,researchandscholarships, anincrease of$0.5million fromthe previous

year. The

 spending allocation is linked to inflation, provided the real value of the endowment

portfoliois abletomeetcertainconditions.Oneofthoseconditionsisthatthemarketvalueofthe

UEP must exceed its infla tion tracking target by at least 10%. The spending allocation was not

indexedforinflation

thispastyearasthisconditionwasnotmetasofMarch31,2013.

 Significant progress was made in restructuring the investment portfolio as contemplated by the

Investment Policy. In the growth strategy a specialist manager was retained to focus on smaller

publicly traded Canadian companies and commitments to two

 private equity investments were

finalized. In the deflation hedging strategy, three  fixed income mandates were transitioned to an

internally managed mandate focused exclusively on Government of Canada bonds. Allocations to

natural resource and oil and gas equities were brought towards their targets in the inflati on

sensitivestrategy,whileduediligence

reviewsrelatedtotwooil andgasprivateequityfundswere

completed.Inthediversifiersstrategy,theactivecurrencyoverlaymandatewasterminated.

 The fund’s benchmark returned 16.9%, indicating UEP underperformance of 1.6% on a one year

basis.Onatenyearbasisthefundhasoutperformeditsbenchmark

byanannualizedrateof0.1%.

Non‐EndowedFunds‐Highlights



 The Non‐Endowed Investment Pool (NEIP) recorded an overall return of 4.7% for the year (2014:

6.0%).

 Themajority oftheNEIPcontinuestobeinvestedinoneyearshorttermmoneymarketproducts,

whichagainoutperformedtheir91‐dayTreasury‐billbenchmark.



Duringtheyearthemajorityoftheasset‐backedcommercialpaper(ABCP)portfoliowasredeemed

through a voluntary unwind auction process. Redemption proceeds were re‐invested in the short‐

termandlong‐termstrategies.AsatMarch31,2015theremainingexposuretorestructuredABCP

was$7million.



InvestmentPolicy&Risk



EndowmentFunds



TheprimaryinvestmentobjectivefortheUEPistoachievealong‐termrealrateofreturnthatequalsor

exceedstotalexpenditures.TheInvestmentCommitteehasimplementedanumberofstrategiesbothto 

meettheUEPreturnobjectivesandalsotocontrolriskthroughtheestablishmentof

atargetallocation

thatclassifiestheassetsintheportfoliointotheirrespectivestrategicroles:Growth,InflationSensitive,

DeflationHedgingandDiversifiers:



 Tomeetspendingtargetsandgrowthevalueoftheassetsovertime,alargeallocationtopublicand

privateequities,hedgefundsandotherassetswithexposuretoequity

marketreturnsisnecessary.

 Inflation sensitive assets are those that adjust to unexpected and/or rising inflation. The assets in

this category includereal estate, naturalresource equities, commoditiesaswell as exposuretooil

andgasprivateequity.

 Deflation sensitive assets are those that increase in value during times

 of extreme economic and

capitalmarketturmoil.Thisassetclassconsistsofhigh‐qualitysovereignbonds.

 Diversifiers are any asset classes that have low or no correlation with the capital markets and

inflation.



Non‐EndowedFunds



Non‐Endowedfundsarepooledtogetherforinvestmentpurposesuntilrequiredforexpenditure.Long‐

termcashflowprojectionsindicatethatasubstantialportionofthesefundswilllikelynotberequired

on an urgent orunplanned basis for at least five years. Accordingly, Non‐Endowed funds are invested



acrossthreedistinctstrategieswithvaryingmaturityprofiles.



 TomeettheUniversity’sliquidityrequirements,theshort‐termstrategyisfocusedprimarilyonthe

preservation of capital and invests predominantly in government and high quality bank issued

moneymarketsecuritiesmaturingwithinoneyear.

 In order to enhance the

 yield of the Non‐Endowed funds, while remaining focused on the

preservation of capital, the mid‐term strategy invests in government and high quality  bank issued

bondsmaturingwithinfiveyears.

 Forreturnenhancementpurposes,thelong‐termstrategyinvestsintheUEP.



MajorInitiativesduringtheYear



ContinuedImplementationofTargetAssetAllocation



TheInvestmentPolicy’sassetmixandtargetportfolioaredesignedto:



 Increasetheexpectedrealrateofreturnwhilemai ntainingthepresentlevelofriskandvolatility

 Maintainanappropriateallocationtoill iquidinvestmentstrategies

 Improvethelevelofdiversification

intheinvestmentprogram

 IncreasetheinflationsensitivityoftheUEP

 Optimizethenumberofinvestmentmandates





TheInvestmentCommitteereceivesquarterlyupdatesfromManagementonthestatusofthetransition

to the target asset allocation (Exhibit 3). The transition is projected to be substantially completed by

March31,2016.



During the year,a new equity investment managerwas retained

 for a $30 million Canadian small cap

equitymandate.ThisstrategywasfundedthroughareducedallocationtoCanadianlargecapequities.

Thegrowthstrategyalsosaw$15millionincommitmentstotwoprivateequityfunds.



Deflation Hedging activity saw the three external mandates focused on the broad Canadian bond

universe replaced by an internally managed mandate focused exclusively on bonds issued by the

GovernmentofCanada.Thistransitioninvolvedthepurchaseandsaleorredemptionof$180millionof

fixedincomesecurities.



Periodically throughout the year additional exchange traded funds (ETFs) were purchased to build up

exposuretothenatural

resourceequityandoilandgasportionsoftheinflationsensitivestrategy.These

Exhibit3

Investme ntStrategies

UEPPortfolio

(Mar312014)

UEPPortfolio

(Mar312015)

TargetUEP

Portfolio

U.S.Equi ty

14.2% 0.0% 0.0%

CanadaEquity

19.7% 17.4% 13.0%

GlobalEquity

31.6% 43.4% 30.0%

EmergingMarketsEquity

4.5% 4.2% 10.0%

Pri vate Equity

0.0% 0.4% 6.0%

Canada(Government)Bonds

13.4% 12.2% 16.0%

NaturalResourceEquity

0.0% 4.2% 5.0%

Commodities

0.0% 0.0% 5.0%

RealEstate

5.9% 5.4% 5.0%

(Private)Oil&GasEquity

0.0% 4.4% 5.0%

Absolute Return(LowBeta)

5.6% 5.4% 5.0%

Cash

5.1% 3.0% 0.0%

100.0% 100.0% 100.0%

ExpectedRealReturn

6.1% 6.2% 6.5%

ExpectedStandardDeviation

12.3% 12.3% 11.7%

ExpectedSharpeRatio

0.41 0.43 0.47

ActualRealReturn*

7.9% 9.9%

ActualStandardDeviation*

7.7% 7.0%

ActualSha rpeRa tio*

0.58 0.73

Growt hEngi ne 70% 65% 59%

DeflationHedgi ng 13% 12% 16%

InflationSensitive 6% 14% 20%

Di vers ifi ers 11% 8% 5%

*FourYearAnnu alized

ETFs provide market exposure while active management and  private equity investment opportunities

are investigated. During the year due diligence wa s completed on two Canadian oil and gas private

equity funds. A $20 million commitment to one manager was finalized during the year and it is

anticipated that a $10 million commitment

to the other managerwillbefinalizedearlyinthe2015/16

fiscalyear.



Management andtheInvestmentCommitteeundertookamajor reviewofthestrategicdecisiontaken

in2005tohedge50%oftheUEP’sexposuretoforeigncurrency. Itwasconcludedthathedgingcurrency

exposure will not usually reduce

the volatility of overall returns. The active currency overlay was

terminated in the latter half of November 2014. The timing of this strategic long‐term decision was

accretivetoreturnsforthecurrentfiscalyear.



AssetBackedCommercialPaper(ABCP)



The University successfully redeemed the majority of its ABCP holdings 

through a voluntary unwind

auction process in May 2014 at a clearing price of 95.3%. The majority of the redemption proceeds,

totalling $106 million, were received during the quarter ending September 30, 2014. Additional

proceeds of $4 million were received from the sale of selected remaining restructured ABCP notes.

During the

 year, Barclays abandoned its litigation related to the Devonshire notes that had not been 

restructured,resultinginafullprincipalrepaymentof$3million.



As at March 31, 2015 the remaining exposure to ABCP was $7 million. Of this amount, $3.4 million

represents indemnificatio n  holdback notes related to the aforementioned

voluntary unwind auction

process. A further $3.3 million relates to the Superior notes sponsored by Bank of America/Merrill 

Lynch.Bothremainingholdings willmatureduringthe2016/17fiscalyear.



EndowmentFunds



EndowmentinvestmentsarecategorizedbyStrategicRoleinExhibit4.



Exhibit4

InvestmentPerformanceRelativetoObjectives



TheUEPreturned15.3%fortheyearendingMarch31,2015,surpassingtotalspendingplusCPIof5.4%

byahealthymargin.Thereturnof15.3%reflects:



 strongglobalequityandmanagedfuturesperformance,

 adepreciatingCanadiandollarand,

 ahighallocation

toequities.

Noteveryyearwillseereturnsthatareabovethelong‐termreturntarget.TheEndowmentFundsmust

beinvestedforthelong‐termandprovideextrareturninsomeyearstomakeupfordeficientreturnsin

otheryears.

Exhibit5illustratestheUEP’shistoricalperformancerelativetothatobjective.



Exhibit5

‐5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Ro lling4‐yearAnnualizedReturnvs.Long‐termReturnTarget

UEPRolling4‐yearAnnualizedReturn

Long‐termreturntarget‐ 7.25%

As shown in Exhibit 6, the UEP has, since its April 1989 inception, produced an annualized return of

10.0%.Thisreturnhasexceededannualizedtotalspendingplusinflationof7.8%overthattimeperiod.

Thisobjectivehasalsobeenachievedoverallothertimeframesinthegraphbelow.Althoughthe

excess

returnovertotalspendingplus infla tionforthe10yearannualizedperiodisverysmall,itdemonstrates

thattheUEPhasrecoveredfromthenegativeimpactsoftheglobalfinancialcrisis.



MeasuringPerformanceofAssetClassesRelativetoMarketMovements



The returns of individual

 asset classes in the UEP

are measured against established market index

benchmarks. The total fund return is measured

against the weighted return of the current asset

mix benchmark as shown in Exhibit 7. The

difference between the endowment and the

benchmark return reflects the impact of strategic

allocation decisions together

with active

managementdecisionsbyourinvestme ntmanagers.



Withits15.3%return,thefundunderperformeditsbenchmarkby1.6%or160basispoints.Therewere

several reasons for this underperformance. First, off‐benchmark allocations to the underperforming

emerging markets equities and global natural resources strategies contributed 165 basis  points to

underperformance. Second, active gl obal and emerging markets equity investment managers, in

aggregate, underperformed the benchmark and contributed a further 45 basis points to total

Exhibit7

UEPInvestmentPolicyBenchmark

S&P/TSXCompositeIndex 20%

MSCIACWI Ex‐Ca nadaIndex

(CAD)

50%

IPD/RealpacCanadaPropertyIndex 6%

FTSE/TMXAl lFederalBondIndex 16%

HFRIFund ofFundsCompositeIndex 8%

100%

Exhibit6

underperformance. Third, although the overall return from hedge fund strategies were strong, they

trailed the benchmark and contributed a further 30 basis points to total underperformance.

Underperformancewaspartiallyoffsetbyapositive contributionof40basispointsfromrealestateand

40basispointsfromCanadianequity‐despitethepoorly

performingoff‐benchmarkallocationtooiland

gas ETFs. Neither the active currency manager nor individual deviations from the benchmark

contributedordetractedfromrelativeperformancebyameaningfulamount.



Canadianequitiesgained8.8%fortheyear,outperformingtheS&P/TSXCompositeIndexbenchmarkby

1.9%. This was a second quartile

ranking in the BNY Mellon Canadian Master Trust Universe of peer 

Canadian large cap investment managers. Despite no exposure to the very strong performing Health

Care sector, the outperformance was largely driven by a sustained large underweight to the poorly

performing Materials sector and overweight allocations to forestry products and other

 non‐mining

stocks.AnoverweighttoConsumerStaplesstockswasalsoaccretive.



In aggregate, global equity (including emerging market and natural resource equity) underperformed

theMSCIWorldbenchmarkforthefiscalyear,returning17.6%or4.7%underthebenchmark.This was

fourth quartile performance. In aggregate the active investment strategies

 were more conservatively

positionedthanthebroadermarket.Thereturnfromstockselectionwasslightly negativethisyearand

theeffectofsectorallocationwasalargerdetractortoreturns.



Canadianfixedincome  returned 8.3%,10 basis pointsabovethebenchmarkFTSETMX Canada Federal

Universe Index return of 8.2%.

This represents a fourth quartile ranking for fixed income portfolios in

the Canadian Fixed Income Master Trust Universe. The majority of the fixed income asset class  was

investedpassivelyinaFTSETMXCanadianUniverseBond IndexfunduntilNovember.Afterwardsfixed

incomeassetsweretransitionedtoGovernmentofCanadabonds

only.Thetransitionedportfoliolagged

the index for the fourth quarter of the year as it was managed to have shorter duration and interest

ratesdeclined.



The UEP invests in both Canadian and US real estate. On the Canadian side,  the investment is in an

open‐endedcorediversified real

estatefund.Thisfundreturned6.9%,whichmatchedtheIPDRealpac

CanadianPropertyIndex.Mostofthefundholdingsareoffice,apartment,retailandindustrialbuildings

located in Ontario, Alberta, and BC. The main US real estate investment is in an open‐ended core

diversified fund. This fund returned 25.9%

to the UEP in Canadian dollar terms. This manager invests

across the United  States in all four  major real estate categories. The University continued to fund its

capital commitments to a private (closed‐ended) real estate fund that specializes in a value added

strategyfocusedonofficeproperties.Duringtheyear

onebuildingwassoldandproceedsfromthesale

weredistributedtoinvestors.Theprimarytargetmarketsforthisfundaresixmajorsupply‐constrained

UScities.



Absolute return strategies in aggregate performed well during the year. The hedge fund of funds

investment strategy returned 3.8%, while the managed futures

fund of funds investment strategy

returned34.1%.TheseinvestmentsarebothinCanadiandollarhedgedshareclasses.Thehedgefundof

fundsreturnwaswellbelow the HedgeFundResearchFundof Funds CompositeIndexreturnof5.4%.

The managed futures component performed strongly as the underlying managers were correctly

positioned

 to profit from currency and fixed income trends during theyear. Managed futures fund of

fundsoutperformedtheHFRXMacro/CTAIndexof10.0%.



The Endowment Fund had a strategic long‐term Investment Policy to hedge 50% of the non‐Canadian

dollar denominated portion of the portfolio back to Canadian dollars through an actively managed

currencyoverlaystrategy.AfterconsiderableresearchanddiscussionitwasconcludedthatforCanadian

basedinvestors,hedgingcurrencyexposurewill

notreducethevolatilityofoverallportfolioreturns,and

thatundermostmarketconditionsthefundshouldnothedgeitsforeigncurrencyexposure.Theactive

currency overlay was terminated in the fall of 2014. Significant hedging loss es were avoided during a 

period of Canadian dollar weakness in the latter part

of the fiscal year. During the year the currency

hedgingprogramcontributed1.0%totheportfolio’sreturn.

OtherPerspectivesonRelativePerformance



The Universityof Alberta participates in benchmark studies sponsored by the Canadian Association of

UniversityBusinessOfficers(CAUBO)and,inthe UnitedStates,theNationalAssociationofCollege

and

University Business Officers (NACUBO) in conjunction with Commonfund. The most recent published

data from these organizations is for the periods ending December 31, 2013 and June 30, 2014

respectively. This data may make shorter‐term comparisons less than informative due to timing. The

University’stenyearreturnof6.4%for

theperiodendingDecember31,2013exceeded theCAUBO10

yearmedianreturnof 6.3%.TheUniversity’s8.2%return for thetenyearperiodendingJune30,2014

exceededtheNACUBO10yearmedianreturnof7.0%inUSdollarterms.



Costs



Thefundincurreddirectexpenses(investmentmanagementand

custodialfees)of$6.1millionor0.56%

of the average market value of the fund. As part of a process of monitoring and managing costs,

Managementparticipatedinthe2013CEMSurvey.CEMBenchmarkingInc.isaTorontobasedfirmthat

specializes in measuring the performance and costs of pension plans,

 foundations, and endowments.

The report foundthat theUEP’s actual costswere17.8basispoints higherthan expected  forfunds of

similarsizeandstructure.Thehighercostisprimarilyattributabletothefunds’useofanactivecurrency

overlaystrategyandtheemphasisonactiveinvestmentstrategies.Recentlyimplemented

changes;such

as the moveto internalfixed income management and the termination ofthe active currency overla y

mandateareexpectedtohaveapositiveimpactoncosts.



Anadministrativefeetosupportcentrallyfundedindirectcostsassociatedwithendowmentprogramsis

chargedtotheendowments.For2015thisamounted

to$6.5million,representing0.60%oftheaverage

marketvalueofthefund.



Non‐EndowedFunds



The Non‐endowed Investment Pool (NEIP) represents the University’s operating, capital and restricted

fundsassummarizedinExhibit8.



Investmentsintheshort‐termstrategyaccountfor63%ofNEIPholdings.Byfocusingoninvestmentsof

uptooneyearinbankandprovincialissuers,the

short‐termstrategyreturned1.2%andoutperformed

thebenchmarkFTSETMXCanadaTreasury91‐dayIndexby0.3%duringtheyear.



NEIP’s mid‐term strategy returned 3.1% for the fiscal year, falling 0.8% short of the benchmark FTSE

TMX Short‐Term Bond Index. Gains realized through the redemption and sale

of the majority  of the

ABCPholdings had a positive impact on relativeperformance. Otherholdings in the mid‐termstrategy

haddurationshorterthanthebenchmarkanddetractedfromrelativeperformanceasyieldsdeclinedin

thesecondhalfofthefiscalyear.



Exhibit8

Exhibit9

Returns‐NEIP Annualized

2015 2014 2013 2012 4YR

%%%% %

Short‐te rm(c ombined) 1.2 1.3 1.2 1.3 1.3

DEX91‐dayindex 0.91.01.00.9 1.0

Mid‐termbonds (combined

)

3.1 18.0 10.8 6.3 9.4

DEXshort‐termbondindex 3.91.92.94.4 3.3

Long‐term(UEP) 15.3 15.4 12.2 3.0 11.3

UEPBenchmark 16.9 17.0 10.3 2.5 11.5

Overa ll Return 4.76.03.52.1 4.1

MTU Median 1.21.21.21.2 1.2

(Median ofCa nadianMoneyMarketFixedIncomePortfolios)

Year EndingMarch31

Theallocatio ntothelong‐termstrategy,orUEP,wasincreasedby$40millionduringtheyear,aspartof

the reinvestment strategy for proceeds from the redemption and sale of ABCP holdings. The UEP’s

15.3% return contributed significantly to the NEIP’s overall return of 4.7%. The allocation to the long

‐

termstrategywasrebalancedinFebruary 2015to $200 million (23% of NEIP),resultinginproceedsto

the NEIP of $21.9 million. For risk management purposes one half of this  amount was added to the

reservethathasbeenestablishedforthelong‐termstrategy.



TheNEIPhasbenefitedfrom

itsallocationstothemidandlong‐termstrategies.The10yearannualized

returnsfullyreflecttheimpactsoftheABCPholdingsandtheglobalfinancialcrisis.Overthistimeperiod

theNEIPreturned3.0%,outperformingthe FTSETMXCanadaTreasury91‐dayIndexby1.1%.



GoingForward





This year’s strong investment returns have substantially restored the real value  of the Endowment

Funds from the damage of the global financial cri s is. Continued implementation of the Investment

Policy, together with the Spending Policy, will he lp preserve both the real value of the funds and

intergenerationalequityinendowmentspending.



With the oversight ofthe Investment Committee,Management will undertakethefollowing initiatives

duringthe2016fiscalyear:



 Continue to restructure the investment portfolio as contem plated by the Investment Policy as

outlinedinExhibit3ofthisreport,

 Concludethesearchfora secondemergingmarketsequitymanager,

 Review the appropriateness of commodities as an  asset class in the inflation sensitive investment

strategyandeitherconductasearchforanappropriateinvestmentstrategyorrevisetheUEPtarget

portfolio,

 Reviewtheappropriatenes sofcertainelementsinthediversifiersstrategy,

 Developamediumtolong‐termstrategy

forallocatingtoprivateequity,

Exhibit10

 ConcludeanassessmentoftheUniversity’sinvestmentmanagementcapabilitieswiththeassistance

ofanindependentexternalconsultant,

 Increasetheinvestmentmanagermonitoringandcompliancecapabilities,

 Continuetoassesstheongoingappropriatenessofallexistinginvestmentstrategiesandmandates,

 Develop a risk budgeting framework for all aspects of

 the investment strategy including the

performancemonitoringprocess,and

 IncreasetheNEIP’sallocationstothemid‐terminves tmentstrategy.



InvestmentCommitteeMembershipfortheperiodJune2014toJune2015:



DaveLawson,Chair(externalmember) JamesHeelan(Boardmember)

JimDrinkwater,Vice‐Chair(externalmember) AllisterMcPherson(external

member)

KenBancroft(externalmember) SandyMcPherson(externalmember)



BarbaraBelch(externalmember) DouglasGoss(ex‐officio)

JohnButler(externalmember) RalphYoung(ex‐officio)

JaneHalford(Boardmember) Dr.IndiraSamarasekera(ex‐officio)



PreparedfortheBoardInvestmentCommitteebyFinancialServices–Investments&Treasury



RichardAllin,BComm(Alberta)‐CashManager

PamelaConnors,Dipl.Admin(NovaScotia

CommunityCollege)‐CashAnalyst

RichardIwuc,BSc,MBA(Manitoba),CFA‐PortfolioManager

PhilPoon,BComm(Alberta)‐AssociateDirector,Investments&Treasury

RonRitter,BComm(Alberta),CA‐Director,Investments&Treasury

ChadYaskiw,BComm(Alberta),CFA,CAIA‐SeniorTreasuryAnalyst