DISCLOSURE STATEMENT

This statement shall confirm that I / We have been informed, regarding purchases of professionally managed investment (mutual) fund(s) through Rattenbury Financial Management Inc. as follows:

1.	Investments in mutual funds are not covered by the Canada Deposit Insurance Corporation.
2.	I understand that my investment in the mutual fund is protected by a legal requirement that my investment be held on my behalf by a custodian and not by the fund itself. I understand that, by law, the custodian for a mutual fund must meet specific financial criteria and that a mutual fund custodian is most commonly a Canadian chartered bank. I understand that the assets of the mutual fund are at all times segregated from those of the fund’s trustee, manager and custodian, and they are not, under any circumstances, available for any use or purpose other than the investment objectives of the mutual fund.
3.	I understand that a mutual fund also provides me with full administrative and accounting services. I understand that the mutual fund will issue information slips for tax purposes outlining the type and amounts of income earned in my mutual fund investment that I must report on my income tax return.
4.	I understand that, for these services, I will be charged a management fee based on a percentage of my total investment in that mutual fund. My investment professional will also be compensated for the service they provide to me, and that payment may take the form of an up front payment (“front end load”) or a fee upon my redemption of this investment (“rear end load”). This redemption fee may be reduced annually, so that after the specified period, there will be no redemption fee. In the case of mutual funds that offer “no-load” funds, my investment professional is compensated directly by the fund manager from money derived from the management fee.
5.	I understand that although my investment in this mutual fund provides me with professional investment expertise, my mutual fund’s performance is subject to a number of external influences including the state of Canadian and foreign stock and bond markets, interest rates, and the overall outlook for the economy.
6.	I understand that an effective investment strategy requires me to take a long view of my investment strategy. I also understand that no matter how conservative the investment style of my mutual fund, the value of my investment may fluctuate. Past performance of the fund is not necessarily an indication of future performance and therefore future performance cannot be guaranteed.

BORROWING MONEY TO BUY INVESTMENT FUNDS
(LEVERAGING)

Regulatory authorities require delivery of this document to investors who consider borrowing money to buy mutual funds, to make investors aware of the risks in borrowing to invest.

Leverage Risk Disclosure: Using borrowed money to finance the purchase of securities involves greater risk than a purchase using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.

Risks of Borrowing to Invest

Here are some risks and factors that you should consider before borrowing to invest:

Is it Right for You?

•	Borrowing money to invest is risky. You should only consider borrowing to invest if:
	º	You are comfortable with taking risk.
	º	You are comfortable taking on debt to buy investments that may go up or down in value.
	º	You are investing for the long-term.
	º	You have a stable income.
•	You should not borrow to invest if:
	º	You have a low tolerance for risk
	º	You are investing for a short period of time.
	º	You intend to rely on income from the investments to pay living expense.
	º	You intend to rely on income from the investments to repay the loan. If this income stops or decreases you may not be able to pay back the loan.

You Can End Up Losing Money

•	If the investments go down in value and you have borrowed money, your losses would be larger than had you invested using your own money.
•	Whether your investments make money or not you will still have to pay back the loan plus interest. You may have to sell other assets or use money you had set aside for other purposes to pay back the loan.
•	If you used your home as security for the loan, you may lose your home.
•	If the investments go up in value, you may still not make enough money to cover the costs of borrowing.

Tax Considerations

•	You should not borrow to invest just to receive a tax deduction.
•	Interest costs are not always tax deductible. You may not be entitled to a tax deduction and may be reassessed for past deductions. You may want to consult a tax professional to determine whether your interest costs will be deductible before borrowing to invest.

Your advisor should discuss with you the risks of borrowing to invest.

DUAL OCCUPATIONS

Rattenbury Financial Management Inc. is aware that members of the firm may conduct other gainful occupations and that these activities are not conducted through Rattenbury Financial Management Inc. and therefore Rattenbury Financial Management Inc. is not responsible for such activity.

PRIVACY

Rattenbury Financial Management Inc. collects your personal information for the purposes of establishing and servicing your account(s) and to fulfill our legal, regulatory and self-regulatory obligations in Canada. For this purpose, your personal information is made available to the employees, agents and third party service providers of Rattenbury Financial Management Inc. and / or agents, and in some cases to government regulatory or self-regulatory authorities as required by domestic law or as required under the rules and regulations of any self-regulatory authorities of which Rattenbury Financial Management Inc. will NOT sell your personal information to anyone. If you require further information about the privacy policies and procedures at Rattenbury Financial Management Inc. please contact your Advisor or our Head Office at #1050, 10020 - 101A Avenue, Edmonton, Alberta T5J 3G2.

MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Client Complaint Information

Clients of a mutual fund dealer who are not satisfied with a financial product or service have a right to make a complaint and to seek resolution of the problem. MFDA Member dealers have a responsibility to their clients to ensure that all complaints are dealt with fairly and promptly. If you have a complaint, these are some of the steps you can take:

•	Contact your mutual fund dealer. Member firms are responsible to you, the investor, for monitoring the actions of their representatives to ensure that they are in compliance with by-laws, rules and policies governing their activities. The firm will investigate any complaint that you initiate and respond back to you with the results of their investigation within the time period expected of a Member acting diligently in the circumstances, in most cases within three months of receipt of the complaint. It is helpful if your complaint is in writing.
•	Contact the Mutual Fund Dealers Association of Canada (“MFDA”), which is the self-regulatory organization in Canada to which your mutual fund dealer belongs. The MFDA investigates complaints about mutual fund dealers and their representatives, and takes enforcement action where appropriate. You may make a complaint to the MFDA at any time, whether or not you have complained to your mutual fund dealer. The MFDA can be contacted:
	º	By completing the on-line complaint form at www.mfda.ca
	º	By telephone in Toronto at (416) 361-6332, or toll free at 1-888-466-6332
	º	By e-mail at complaints@mfda.ca**
	º	In writing by mail to 121 King Street West, Suite 1000, Toronto, ON M5H 3T9 or by fax at(416) 361-9073

Compensation:

The MFDA does not order compensation or restitution to clients of Members. The MFDA exists to regulate the operations, standards of practice and business conduct of its Members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry. If you are seeking compensation, you may consider the following:

•	Ombudsman for Banking Services and Investments (“OBSI”): After the dealer’s Compliance Department has responded to your complaint, you may contact OBSI. You may also contact OBSI if the dealer’s Compliance Department has not responded within 90 days of the date you complained. OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. OBSI can make a non-binding recommendation that your firm compensate you (up to $350,000) if it determines that you have been treated unfairly, taking into account the criteria of good financial services and business practice, relevant codes of practice or conduct, industry regulation and the law. The OBSI process is free of charge and is confidential. OBSI can be contacted:
	º	By telephone in Toronto at (416) 287-2877, or toll free at 1-888-451-4519
	º	By e-mail at ombudsman@obsi.ca
•	Legal Assistance: You may consider retaining a lawyer to assist with the complaint. You should be aware that there are legal time limits for taking civil action. A lawyer can advise you of your options and recourses. Once the applicable limitation period expires, you may lose rights to pursue some claims.
•	Manitoba, New Brunswick and Saskatchewan: Securities regulatory authorities in these provinces have the power to, in appropriate cases, order that a person or company that has contravened securities laws in their province pay compensation to a claimant. The claimant is then able to enforce such an order as if it were a judgment of the superior court in that province. For more information, please visit:
		Manitoba: www.msc.gov.mb.ca New Brunswick: www.nbsc-cvmnb.ca Saskatchewan: www.sfsc.gov.sk.ca
•	Québec: The Autorité des marchés financiers (“AMF”) pays indemnities to victims of fraud, fraudulent tactics or embezzlement where those responsible are individuals or firms authorized to practice under the legislation governing the provision of financial services in Quebec. It also rules on the eligibility of claims and sets the amount of the indemnities to be paid to victims. Consumers can thus be compensated to a maximum of $200,000 per claim, through funds accumulated in a financial services compensation fund. For more information, please visit www.lautorite.qc.ca.

** You may wish to consider issues of internet security when sending sensitive information by standard e-mail.