Termination of Canadian Equity Manager, PCJ Investment Counsel

The FPP Board recently approved the termination of one of the four Canadian equity managers, PCJ Investment Counsel. This change affects the Balanced Fund and Canadian Equity Fund options. Effective mid-June 2016, the assets being managed by PCJ Investment Counsel will be equally distributed to the remaining three Canadian equity managers (i.e. Connor, Clark & Lunn, Guardian Capital and Leith Wheeler). This change does not affect the amount allocated to Canadian equities in either of the two fund options. The investment management fees are expected to decrease only marginally with this change.