Updated 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.

Updated 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

Updated 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

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

Updated 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 shareholders Shareholder base Nearly 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

Updated 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

Updated A rapidly growing force June 30, 2001June 30, 2003November 30, 2005 Shareholders

Updated A rapidly growing force June 30, 2001 Net assets ($ millions) June 30, 2003November 30, 2005

Updated A rapidly growing force June 30, 2001June 30, 2003November 30, 2005 Investments ($ millions)

Updated Investment volume As at May 31, Investments* ($ millions) * Including investments not eligible under 60% rule Net investments Disinvestments Investments

Updated ,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

Updated 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)

Updated 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

Updated 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

Updated A partner that meets the needs of business $ Seed Start-Up Consolidation Expansion Export IPO

Updated 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

Updated Local Representatives 2118 local representatives $ per month of payroll deductions RRSP: marginal rate + 15% + 15 %

Updated Worker Relations A partner that brings added value…

Updated 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.

Updated Economic Training A partner that brings added value…

Updated 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

Updated 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

The Solidarity Fund QFL Network 24 Start-up Expansion Turnaround $5,000 - $100, SOLIDE Updated

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

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

Project financing Export financing Expertise and an international network Export support 27 The Solidarity Fund QFL Network Updated

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

Updated 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

The Solidarity Fund QFL… A labour-sponsored investment fund that has become the largest Québec institution dedicated to job creation through economic solidarity. (514) Updated