<FONT COLOR=#000099>CONSULTIVA</FONT> <font color="#99000">Internacional</font>, Inc.

CONSULTIVA is an international investment management consulting firm, specialized in designing investment strategies, blueprints and portfolios tailored to the specific goals and needs of each client.

Each client is different: a pension fund requiring an increase in the growth of its assets... an individual planning for retirement, a child’s college education, or how to create his/her own firm... a foundation seeking to assure the perpetuity of its work... an insurance company with liquidity requirements... each one has different investment objectives and particular needs.

Yet, they all need a professional plan to achieve their goals.
This is the exclusive role of CONSULTIVA.

• ANY PORTFOLIO OF ASSETS should be managed
exclusively
- according to its objectives and liabilities,
- conforming to its own risk tolerance
- with no improvisation.
• As more savings and investment opportunities unfold,
it becomes essential for institutions and individuals to
rely on expert professional advice, in order to
responsibly fulfill their commitments, financial goals
and fiduciary duties.

• TO SUPPORT, with our methodology, resources and
experience, our clients’ ability to achieve
a’SUSTAINABLE level of financial self-sufficiency.

• TO CREATE AN ENVIRONMENT for objective, creative,
conflict-free research that produces focused and
measurable investment strategies.
• To be an integral component of the service and support
network of endowments, foundations, pension funds
and private clients throughout the U.S.
• To design and foster creative savings and investment
processes to meet increasing demands of extended life
expectancies,
• To nurture a new culture of savings and investment.

At CONSULTIVA we are committed to the financial well being of our clients. Our goals are clear:

To be the preferred investment management consulting firm, known for our ethics, commitment and excellence.
To create an environment for objective and conflict-free research that results in effective, focused and measurable investment strategies.

Any investment portfolio, be it a private pension plan or company reserves, is invested exclusively according to its particular needs, conforming to its risk appetite, and with no improvisation.

As more options and alternatives unfold, the universe of savings and investments becomes increasingly complex. Fortunately, you don't need to become a financial wizard to achieve your economic goals: you only need professional advice and the discipline to follow a determined investment.

CONSULTIVA Internacional, Inc. is a Signatory to the UN Global Principles for Responsible Investing (www.unpri.org), as a professional service provider . The Principles, which are voluntary, identify a range of steps investors can take to integrate environmental, social and governance (ESG) issues in several areas, including investment decision-making, active ownership, transparency, collaboration and gaining wider support for these practices from the financial services industry. As a signatory to the Principles, CONSULTIVA joins many of the most powerful institutional investors in the world in recognizing that ESG issues can be material to investment performance, particularly over the long term.

CONSULTIVA believes that developing investment policy requires patient consideration and discussion about the means by which investment goals should be achieved; and the companies and business activities that institutional and individual investors may or may not wish to support. We believe that as advisors and co-fiduciaries, we should stand prepared to provide guidance regarding exclusionary and inclusive investment strategies, as well as identifying investing opportunities, strategies and partners that are consonant with an organization's mission and values.

In addition, we strive to identify those investment management firms that are experienced and prepared to execute such strategies and, through our due diligence process, engage in meaningful dialogue with firms that seek to do so.

CONSULTIVA Internacional, Inc. is committed to assisting trustees and individual clients in assessing the impact of the decisions of companies related to environmental, social and governance issues, on their ability to sustain profitability, as well as their impact on the lives of their employees, their clients and their neighbors. We support the Principles of Responsible Investing as our commitment to this framework for sound and responsible investment management.

The Principles were developed by a group of investment professionals representing 20 large institutional investors from 12 countries who came together at the invitation of the UN Secretary-General, Kofi Annan. They were supported by a 70-person multi-stakeholder group of experts from the investment industry, intergovernmental and governmental organizations, civil society and academia. More than 30 leading investors from 15 countries, representing US$2 trillion in assets, signed on to the Principles during an April 27, 2006 ceremony presided over by the UN Secretary General at the New York Stock Exchange. All signatories are categorized as asset owner, investment manager or professional service partner. The signatories as well as the six Principles and 35 possible actions that institutional investors can pursue, are listed on www.unpri.org.

The Principles are designed to be compatible with the investment styles of large, diversified institutional investors that operate within a traditional fiduciary framework since institutional investors have a duty to act in the best interests of those for whose assets they are responsible. This duty involves giving appropriate consideration to any factor, including ESG issues, that materially affects performance. Therefore, the Principles apply across the whole investment business and are not designed to be relevant only to Socially Responsible Investment (SRI) products. However, the Principles do point to a number of approaches - such as the integration of ESG issues into investment analysis - that SRI and many corporate governance fund managers also practice.

Implementing the Principles will lead to a more complete understanding of a range of material issues, and this should ultimately result in increased returns and lower risk. Signatories are part of a network, which creates opportunities to pool resources, lowering the costs of research and active ownership practices. The Principles also allow investors to work together to address a range of systemic problems that, if remedied, may then lead to more stable, accountable and profitable market conditions overall.

The objective is for the Principles to be integrated within the mainstream investment and ownership practices across the investment functions of an entire organization. They are not just applicable within specific asset classes or product lines. The Principles have been designed as a commitment from the top-level leadership of the whole investment business. It is recognized that this may take some time, but on balance, the drafting signatories believe that a whole-of-organization commitment is important to the mainstreaming process.

Finally, while these Principles are designed to enhance the delivery of long-term returns to beneficiaries, their implementation will also focus greater attention on ESG issues throughout the investment and corporate sectors.

1. We will incorporate ESG issues into investment analysis and decision-making processes.

2. We will be active owners and incorporate ESG issues into our ownership policies and practices.

3. We will seek appropriate disclosure on ESG issues by the entities in which we invest.

4. We will promote acceptance and implementation of the Principles within the investment industry.

6. We will each report on our activities and progress towards implementing the Principles.

* The Comply or Explain approach requires signatories to report on how they implement the Principles, or provide an explanation where they do not comply with them.


	<< CONSULTIVA Internacional, Inc. CONSULTIVA is an international investment management consulting firm, specialized in designing investment strategies, blueprints and portfolios tailored to the specific goals and needs of each client. Each client is different: a pension fund requiring an increase in the growth of its assets... an individual planning for retirement, a child’s college education, or how to create his/her own firm... a foundation seeking to assure the perpetuity of its work... an insurance company with liquidity requirements... each one has different investment objectives and particular needs. Yet, they all need a professional plan to achieve their goals. This is the exclusive role of CONSULTIVA. THESIS • ANY PORTFOLIO OF ASSETS should be managed exclusively - according to its objectives and liabilities, - conforming to its own risk tolerance - with no improvisation. • As more savings and investment opportunities unfold, it becomes essential for institutions and individuals to rely on expert professional advice, in order to responsibly fulfill their commitments, financial goals and fiduciary duties. VISION • TO SUPPORT, with our methodology, resources and experience, our clients’ ability to achieve a’SUSTAINABLE level of financial self-sufficiency. MISSION • TO CREATE AN ENVIRONMENT for objective, creative, conflict-free research that produces focused and measurable investment strategies. • To be an integral component of the service and support network of endowments, foundations, pension funds and private clients throughout the U.S. • To design and foster creative savings and investment processes to meet increasing demands of extended life expectancies, • To nurture a new culture of savings and investment. GOALS At CONSULTIVA we are committed to the financial well being of our clients. Our goals are clear: To be the preferred investment management consulting firm, known for our ethics, commitment and excellence. To create an environment for objective and conflict-free research that results in effective, focused and measurable investment strategies. PHILOSOPHY Any investment portfolio, be it a private pension plan or company reserves, is invested exclusively according to its particular needs, conforming to its risk appetite, and with no improvisation. As more options and alternatives unfold, the universe of savings and investments becomes increasingly complex. Fortunately, you don't need to become a financial wizard to achieve your economic goals: you only need professional advice and the discipline to follow a determined investment. SIGNATORY to UNPRI CONSULTIVA Internacional, Inc. is a Signatory to the UN Global Principles for Responsible Investing (www.unpri.org), as a professional service provider . The Principles, which are voluntary, identify a range of steps investors can take to integrate environmental, social and governance (ESG) issues in several areas, including investment decision-making, active ownership, transparency, collaboration and gaining wider support for these practices from the financial services industry. As a signatory to the Principles, CONSULTIVA joins many of the most powerful institutional investors in the world in recognizing that ESG issues can be material to investment performance, particularly over the long term. CONSULTIVA believes that developing investment policy requires patient consideration and discussion about the means by which investment goals should be achieved; and the companies and business activities that institutional and individual investors may or may not wish to support. We believe that as advisors and co-fiduciaries, we should stand prepared to provide guidance regarding exclusionary and inclusive investment strategies, as well as identifying investing opportunities, strategies and partners that are consonant with an organization's mission and values. In addition, we strive to identify those investment management firms that are experienced and prepared to execute such strategies and, through our due diligence process, engage in meaningful dialogue with firms that seek to do so. CONSULTIVA Internacional, Inc. is committed to assisting trustees and individual clients in assessing the impact of the decisions of companies related to environmental, social and governance issues, on their ability to sustain profitability, as well as their impact on the lives of their employees, their clients and their neighbors. We support the Principles of Responsible Investing as our commitment to this framework for sound and responsible investment management. About the Principles The Principles were developed by a group of investment professionals representing 20 large institutional investors from 12 countries who came together at the invitation of the UN Secretary-General, Kofi Annan. They were supported by a 70-person multi-stakeholder group of experts from the investment industry, intergovernmental and governmental organizations, civil society and academia. More than 30 leading investors from 15 countries, representing US$2 trillion in assets, signed on to the Principles during an April 27, 2006 ceremony presided over by the UN Secretary General at the New York Stock Exchange. All signatories are categorized as asset owner, investment manager or professional service partner. The signatories as well as the six Principles and 35 possible actions that institutional investors can pursue, are listed on www.unpri.org. The Principles are designed to be compatible with the investment styles of large, diversified institutional investors that operate within a traditional fiduciary framework since institutional investors have a duty to act in the best interests of those for whose assets they are responsible. This duty involves giving appropriate consideration to any factor, including ESG issues, that materially affects performance. Therefore, the Principles apply across the whole investment business and are not designed to be relevant only to Socially Responsible Investment (SRI) products. However, the Principles do point to a number of approaches - such as the integration of ESG issues into investment analysis - that SRI and many corporate governance fund managers also practice. Implementing the Principles will lead to a more complete understanding of a range of material issues, and this should ultimately result in increased returns and lower risk. Signatories are part of a network, which creates opportunities to pool resources, lowering the costs of research and active ownership practices. The Principles also allow investors to work together to address a range of systemic problems that, if remedied, may then lead to more stable, accountable and profitable market conditions overall. The objective is for the Principles to be integrated within the mainstream investment and ownership practices across the investment functions of an entire organization. They are not just applicable within specific asset classes or product lines. The Principles have been designed as a commitment from the top-level leadership of the whole investment business. It is recognized that this may take some time, but on balance, the drafting signatories believe that a whole-of-organization commitment is important to the mainstreaming process. Finally, while these Principles are designed to enhance the delivery of long-term returns to beneficiaries, their implementation will also focus greater attention on ESG issues throughout the investment and corporate sectors. The Principles for Responsible Investing As institutional investors, we have a duty to act in the best long-term interests of our beneficiaries. In this fiduciary role, we believe that environmental, social, and corporate governance (ESG) issues can affect the performance of investment portfolios (to varying degrees across companies, sectors, regions, asset classes and through time). We also recognize that applying these Principles may better align investors with broader objectives of society. Therefore, where consistent with our fiduciary responsibilities, we commit to the following: 1. We will incorporate ESG issues into investment analysis and decision-making processes. Possible actions: Address ESG issues in investment policy statements Support development of ESG-related tools, metrics, and analyses Assess the capabilities of internal investment managers to incorporate ESG issues Assess the capabilities of external investment managers to incorporate ESG issues Ask investment service providers (such as financial analysts, consultants, brokers, research firms, or rating companies) to integrate ESG factors into evolving research and analysis Encourage academic and other research on this theme Advocate ESG training for investment professionals 2. We will be active owners and incorporate ESG issues into our ownership policies and practices. Possible actions: Develop and disclose an active ownership policy consistent with the Principles Exercise voting rights or monitor compliance with voting policy (if outsourced) Develop an engagement capability (either directly or through outsourcing) Participate in the development of policy, regulation, and standard setting (such as promoting and protecting shareholder rights) File shareholder resolutions consistent with long-term ESG considerations Engage with companies on ESG issues Participate in collaborative engagement initiatives Ask investment managers to undertake and report on ESG-related engagement 3. We will seek appropriate disclosure on ESG issues by the entities in which we invest. Possible actions: Ask for standardized reporting on ESG issues (using tools such as the Global Reporting Initiative) Ask for ESG issues to be integrated within annual financial reports Ask for information from companies regarding adoption of/adherence to relevant norms, standards, codes of conduct or international initiatives (such as the UN Global Compact) Support shareholder initiatives and resolutions promoting ESG disclosure 4. We will promote acceptance and implementation of the Principles within the investment industry. Possible actions: Include Principles-related requirements in requests for proposals (RFPs) Align investment mandates, monitoring procedures, performance indicators and incentive structures accordingly (for example, ensure investment management processes reflect long-term time horizons when appropriate) Communicate ESG expectations to investment service providers Revisit relationships with service providers that fail to meet ESG expectations Support the development of tools for benchmarking ESG integration Support regulatory or policy developments that enable implementation of the Principles 5. We will work together to enhance our effectiveness in implementing the Principles. Possible actions: Support/participate in networks and information platforms to share tools, pool resources, and make use of investor reporting as a source of learning Collectively address relevant emerging issues Develop or support appropriate collaborative initiatives 6. We will each report on our activities and progress towards implementing the Principles. Possible actions: Disclose how ESG issues are integrated within investment practices Disclose active ownership activities (voting, engagement, and/or policy dialogue) Disclose what is required from service providers in relation to the Principles Communicate with beneficiaries about ESG issues and the Principles Report on progress and/or achievements relating to the Principles using a 'Comply or Explain'* approach Seek to determine the impact of the Principles Make use of reporting to raise awareness among a broader group of stakeholders * The Comply or Explain approach requires signatories to report on how they implement the Principles, or provide an explanation where they do not comply with them. CONSULTIVA Internacional, Inc. Architects of Financial Prosperity


© 2005 CONSULTIVA Internacional, Inc. All Rights Reserved.