In the last few years, we have articulated a strategic direction that guides AGF's approach to nurturing valuable and trusting relationships. The wealth continuum combines product development along with an important focus on our clients, both investment advisors and consumers. Quite simply, we want to serve our customers for life.

Building and extending the wealth continuum demonstrates our commitment to customers at any age or stage of life. Building and extending our brand allows us to communicate with customers in a unique voice in a relevant way.

Along the wealth continuum, AGF Private Investment Management and Harmony, AGF's tailored investment program, have met with success with strong fund management and a growing clientele. New refinements introduced for Harmony this year further facilitate the selling and administration of this program for advisors.

As we seek to serve investors across the spectrum of age and wealth accumulation, we will focus increasingly on these products and services to give us a competitive edge.

With one of the strongest brands in the Canadian investment management industry, AGF continues to find sustainable competitive advantage in our unique positioning expressed through "What are you doing after work?^®"

With this year's launch of AfterWorks, a business-building program for investment advisors, we have added a new dimension to the AGF brand experience. Through AfterWorks^TM, we have introduced a comprehensive program that helps investment advisors and their clients develop a life plan that complements their financial plan. This is a first for a financial services company in Canada. It reinforces our brand across all customer groups and entrenches our positioning as the investment management company with a human face.

Given its initial success, we expect this program to expand and flourish in 2003.