MAR 25 2011 – Commentary from BCV on the Transition from Penson to TD Waterhouse

The following is a commentary from BCV on transitioning custodians:

“BCV Asset Management Inc. has two very basic business mandates- to provide professional investment management services and to provide the highest level of customer service for the clients who have entrusted us with their assets. We look to ourselves on a daily basis to ensure that we continually meet and exceed the expectations of our clients and advisor partners. We also look to our key business partners for excellence in the products and services that they provide in support of our business.

Over the past two months, we have faced challenges in providing the highest level of customer service because of the impact of a decision by Penson Financial Services Canada Inc. (‘Penson’) to move to Broadridge’s Brokerage Processing Services platform. We understand that this change has not been seamless and we know that a number of client accounts have been temporarily impacted by errors that have resulted from that conversion. As we continue to face these challenges, we believe that it is important to notify advisors that their clients have an alternative to Penson.

If clients or advisors wish to move assets from Penson to TD Waterhouse Canada Inc. (‘TD Waterhouse’), BCV Asset Management Inc. would like to make advisors aware of a new agreement with TD Waterhouse. The key features of this new agreement include the following benefits for accounts transferred from Penson:

• Transfer Costs: TD Waterhouse will absorb fees of up to 100 dollars per account.
• Transfer Support: TD Waterhouse will provide resources and technology to assist in the completion of new acount documentation.
• Trading Costs: TD Waterhouse will reduce equity trade commissions to 3 cents per share, subject to a reduced minimum commission of 15 dollars per trade. This represents a significant reduction from the 5 cents per share and 29 dollar minimum commission that was previously charged.
• Mutual Fund Trailers: TD Waterhouse will now also pay 100 percent of all trailer fees on mutual fund mutual fund positions.

If you require any further information, please do not hesitate to contact one of the professionals at BCV Asset Management Inc.

Tony Demarin, MBA, CFA                 Todd Johnson, CFA
President                                            Portfolio Manager”

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