An anonymous director reports

GLOBAL INSURANCE DIVIDEND FUND ANNOUNCES INITIAL PUBLIC OFFERING

Global Insurance Dividend Fund has filed a preliminary prospectus for the initial public offering of units of the fund at a price of $10 per unit.

The fund has been created to provide investors with exposure to an equal-weight portfolio of equity securities of 15 global insurance companies, which are constituents of the MSCI World Insurance Index. To be included in the portfolio, at the time of investment, and at the time of each periodic reconstitution and rebalancing, each global insurer comprising the portfolio must: (i) have a market capitalization of at least $5-billion; (ii) pay a dividend/distribution at an annualized rate of at least 2 per cent; and (iii) have an issuer rating of at least A minus by S&P or an equivalent investment-grade rating by a recognized rating agency. After applying the above-mentioned criteria, the manager will select 15 global insurers to comprise the portfolio, giving consideration to valuation, growth prospects, profitability and liquidity.

The initial indicative portfolio includes ACE Ltd., Aflac Inc., Allianz SE, Aviva PLC, Axa SA, Great-West Lifeco Inc., Legal & General Group PLC, Manulife Financial Corp., Marsh & McLennan Companies Inc., Munich Reinsurance Company, Prudential PLC, Prudential Financial Inc., Sun Life Financial Inc., The Travelers Companies Inc. and Zurich Insurance Company Ltd.

The portfolio will be rebalanced and reconstituted at least annually. The manager will write covered call options from time to time on up to, but not more than, 33 per cent of the portfolio, in order to seek to earn attractive income from call option premiums and lower the overall volatility of returns associated with owning a portfolio of equity securities. The manager will seek to hedge substantially all of the portfolio's foreign currency exposure back to the Canadian dollar.

The syndicate of agents for the offering is being led by RBC Capital Markets and CIBC, and includes TD Securities Inc., Scotiabank, BMO Capital Markets, National Bank Financial Inc., GMP Securities LP, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., Industrial Alliance Securities Inc., Mackie Research Capital Corp. and Manulife Securities Inc.

We seek Safe Harbor.