ARGONAUT ROWING CLUB

INVESTMENT POLICY

Effective Date: August 10, 2012

SCOPE

All short, medium and long-term investments made by, or on behalf of, Argonaut Rowing Club, in accordance with the “Ontario Trustee Act”.

OBJECTIVES

The security of the principal invested must be the first consideration in any investment, and although the need to maximize income is an important consideration, it should only be considered after the requirements of security and liquidity^[1] have been met. To reaffirm this principle, Argonaut Rowing Club prefers that its investments be held by Schedule 1 banks, or by other well known reputable Canadian financial institutions.

Whenever possible, the maturity date of the investment should be arranged so as to coincide with specific, or general operating cash requirements.

POLICY

This policy is intended to provide limits within which the investment portfolio will operate.

To safeguard the capital of the investment portfolio, a dollar limit of not less than sixty-six percent of the total value of the portfolio, will be invested in financial instruments where the principal of the investment^[2] is guaranteed. The Treasurer will act on behalf of Argonaut Rowing Club’s Board of Directors, and will establish the appropriate risk parameters for the balance of the invested funds. Directors of Argonaut Rowing Club shall not profit directly or indirectly as a result of these investments.

If a specific situation arises, where it appears advantageous to go beyond these set limits, then the written approval of the Board of Directors must be obtained prior to the investment taking place. It will be the Treasurer’s responsibility to ensure that the investments in the portfolio are in agreement with this policy.

The performance of the investment portfolio will form part of the Treasurer’s report, which will be brought forward for information, at each regular meeting of the Board of Directors and presented annually to the Members at the Annual General Meeting.