2. Updated 30-11-05 2 Mission Stimulate the Québec economy by making strategic investments that will benefit Québec workers and businesses alike To invest in Québec businesses and provide them with services to further their development and to help create, maintain and protect jobs in Québec.

3. Updated 30-11-05 3 Mission Promote the economic training of workers to enable them to increase their influence on Québec’s economic development Educate workers on the need to save for retirement and encourage them to contribute to the economic growth of Québec by purchasing shares in the Fund

4. Updated 30-11-05 4 The Solidarity Fund answers to a Board of Directors composed of ten persons appointed by the general council of the Québec Federation of Labor, 2 elected at the annual shareholdres meeting and 4 appointed by the preceding directors to represent industrial companies, financial institutions and the socio- economical sectors

5. Updated 30-11-05 5 Members of the Board QFL CUPE USW Energy, Communication and Paper UFCW CAW SEIU Construction Teamsters Public Services Alliance Teacher’s Federation

6. Updated 30-11-05 6 Subscriptions Annual average of $727 million for past five years* Subscriptions Annual average of $727 million for past five years* Solidarity Fund QFL Net assets of $6.2 billion Solidarity Fund QFL Net assets of $6.2 billion Investments $ 2.7 billion 2,139 partner companies* and 105,596 jobs* Investments $ 2.7 billion 2,139 partner companies* and 105,596 jobs* Shareholder base Nearly 570 000 shareholders Shareholder base Nearly 570 000 shareholders As at November 30, 2005 Portfolio investments and marketable securities $3.5 billion A leader in SME development capital, established in 1983 * As at May 31, 2005

7. Updated 30-11-05 7 A profitable investment vehicle for shareholders Share value $23.07 Note: Rate of return does not take into account tax credits to shareholders Since inception 5.0% Rate of return of the Fund 5.9% Year ended November 30, 2005

8. Updated 30-11-05 8 A rapidly growing force 489 000 550 000 566 000 June 30, 2001June 30, 2003November 30, 2005 Shareholders

9. Updated 30-11-05 9 A rapidly growing force 4 601 4 620 June 30, 2001 Net assets ($ millions) 6 242 June 30, 2003November 30, 2005

10. Updated 30-11-05 10 A rapidly growing force 2 879 2 634 2 657 June 30, 2001June 30, 2003November 30, 2005 Investments ($ millions)

11. Updated 30-11-05 11 Investment volume As at May 31, 2005 405 2000200120022003 Investments* ($ millions) 254 229 209 118 390 283 159 * Including investments not eligible under 60% rule Net investments Disinvestments Investments 372 619 512 368 2004 361 44 492 296 196 2005

12. Updated 30-11-05 12 31,770 Fund 105,596 jobs created, maintained or preserved by the Fund and its partners As at May 31, 2004 Direct jobs 55,474 The Fund’s network 28,818 indirect jobs 20,797 induced jobs 507 jobs stemming from investments outside Québec 3,043 specialty funds 20,661 fonds régionaux and local funds

13. Updated 30-11-05 13 Technology sector 26% Industry and services sectors 74% Including: Industrial technologies, transportation, textile and clothing, plastics, rubber, tourism, mining, agri-food, culture, wood and furniture, real estate, etc. Export financing A diversified portfolio As at May 31, 2005 (fair value)

14. Updated 30-11-05 14 A patient partner The Solidarity Fund QFL establishes partnerships for the long term -Exit horizon generally 5 to 7 years The Solidarity Fund QFL assumes its partnership role in the event of setbacks -The Fund has unique expertise in turning around businesses in temporary difficulty

15. Updated 30-11-05 15 A partner that is active without interfering Target equity stake of 10% to 40% Helps company define its strategic vision -Participation on board of directors -Sector specialist that adds value to the business

16. Updated 30-11-05 16 A partner that meets the needs of business $ Seed Start-Up Consolidation Expansion Export IPO

17. Updated 30-11-05 17 A partner that meets the needs of business Unsecured capital For unionized and non-unionized companies At all stages of development of small and medium-sized businesses From pre-start-up to IPO Up to $100 million in tangible assets or $50 million in net assets for a first investment Helping create, maintain and preserve jobs

18. Updated 30-11-05 18 Local Representatives 2118 local representatives 32 450 000 $ per month of payroll deductions RRSP: marginal rate + 15% + 15 %

19. Updated 30-11-05 19 Worker Relations A partner that brings added value…

20. Updated 30-11-05 20 Roles Conduct a social audit of prospective partner companies Follow up after investment with the Fund’s financial advisor Process investment referrals from the union structure Provide turnaround support, etc.

21. Updated 30-11-05 21 Economic Training A partner that brings added value…

22. Updated 30-11-05 22 Economic training in the workplace Only the Fund offers this added value Goal: Make employees active participants in the company’s growth Philosophy: -Trust employees’ intelligence

23. Updated 30-11-05 23 Economic training in the workplace (continued) Results: -Better understanding of the company’s financial and strategic situation -Management transparency -Genuine communication resulting in: a change in mentality problem resolution better working atmosphere

24. The Solidarity Fund QFL Network 24 Start-up Expansion Turnaround $5,000 - $100,000 88 SOLIDE Updated 30-11-05

25. Start-up Expansion Turnaround 25 The Solidarity Fund QFL Network Up to $2 million 16 fonds régionaux de solidarité FTQ Updated 30-11-05

26. Start-up Expansion Turnaround 26 The Solidarity Fund QFL Network $500,000 - $50 million Export Updated 30-11-05

27. Project financing Export financing Expertise and an international network Export support 27 The Solidarity Fund QFL Network Updated 30-11-05

28. 28 The Fund: A partner for growth A leader in development capital A profitable investment vehicle A rapidly growing force A diversified portfolio An extensive network

29. Updated 30-11-05 29 The Fund: A partner for growth (continued) Substantial assets Patient capital A partner that is active without interfering A partner that meets the needs of business A partner that brings added value

30. The Solidarity Fund QFL… A labour-sponsored investment fund that has become the largest Québec institution dedicated to job creation through economic solidarity. www.fondsftq.com (514) 383-8383 1 800 361-5017 30 Updated 30-11-05