An anonymous director reports

COUNSEL PORTFOLIO SERVICES ANNOUNCES RISK RATING CHANGE

IGM Financial Inc. member Counsel Portfolio Services has made a risk rating change for Counsel Retirement Preservation Portfolio.

The risk rating change is a result of Counsel's review of its risk ratings in connection with the filing of Counsel's annual management report on fund performance (MRFP) and not the result of any alterations to the investment objectives, strategies or management of the fund. The change is consistent with regulatory requirements and the Canadian Securities Administrators' (CSA) risk classification methodology.