Voices of RPIA - 2021

VOICES OF RPIA

2021

RPIA

www.rpia.ca

General Line: +1 647 776 1777

39 Hazelton Ave. Toronto, ON M5R 2E3

Investor Services: +1 647 776 2566

CONTENTS

About Us | Core Values

2

A Letter from Our CEO

3

In Our Firm

4

Working at RPIA

5

The Allyship Committee

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Our Events

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Charitable Giving

10

In Our Work

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Excellence in Client Services 

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A Closer Look: Women in the Workplace 

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In Our Community

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Andy Pringle - CANFAR

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Allyson Watson - Canadian Museum of Immigration at Pier 21

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Caroline Cathcart - UNICEF & Nature United

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David Matheson - Covenant House Toronto

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Martin Erasmus - Ride to Conquer Cancer

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Tania Henriquez - Girls E-Mentorship

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ABOUT US

RPIA is a specialized fixed income manager with deep expertise in corporate bonds and active interest rate management. The firm was founded in 2009 by a highly experienced team that previously ran the global fixed income arm of Canada’s largest bank. Based in Toronto, RPIA now has over 80 employees including investment and risk management professionals with a collective experience set complementary to that of our founders. More than ten years in, we are now managing over $6 billion for a broad investor base of institutions and private clients. RPIA remains independent, privately owned by employees who have $170 million invested alongside our clients. We take an active, innovative approach to fixed income to offer our investors what we believe is a better way to meet their objectives.

CORE VALUES

Partnership Unwavering alignment of interests with our clients. We are invested alongside them.

Excellence High-quality work produced by talented, driven people.

Transparency Complete accessibility to our clients. We want them to understand and feel comfortable with their investments with us.

Community Creating meaningful change through ESG, philanthropic giving, and active volunteerism.

Integrity A steadfast commitment to honesty and accountability. We believe this is the path to lasting success.

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Voices of RPIA

A LETTER FROM OUR CEO

Richard Pilosof Principal, Chief Executive Officer

As we enter the final quarter of 2021, I look back with gratitude at what we’ve accomplished during the past 12 years, especially in the face of recent challenges in the last few years that required us to grow and adapt at an unprecedented rate. As an executive team, my partners and I have always wanted this firm to be a collection of talented professionals working together to help our clients. We highly value maintaining a flat corporate structure because it allows us to remain agile and collaborative. We achieve this by promoting open collaboration, mentoring one another, pushing ourselves to be in a constant state of learning, and bringing our best to work every day. I believe this is the optimal way to grow our team – investing in talent and nurturing them to thrive within the firm. Over a year and a half ago, the world shifted in so many ways. Since then, we have experienced what seems like decades of change and growth compressed into a short period. In the face of these challenges, we adapted to working from home while maintaining the high level of collaboration that I think makes this firm great. I am tremendously proud of the team for all that we’ve been able to accomplish despite the restrictions and distance. What started as a handful of investors has grown into a firm with over 80 full-time permanent team members, bringing their expertise from various fields to help us grow and continue to serve our clients with best-in-class products and services. Throughout all of these changes, we’ve remained true to who we are. Our goal continues to be developing partnerships with our clients, serving with excellence, integrity, and transparency as they entrust us with their capital. Our teams help bring this mission to life with a strong dedication to their roles as we continue to think ahead and adapt to the evolving world around us. At RPIA, community is very important to us, both within and outside the firm. We strive to give back to our community by supporting the causes that our employees and clients hold dear to their hearts. We believe it is our duty to support and enrich the world around us, not just with our money but also with our time, talent, and voices as we volunteer, educate, and speak up for what matters. This publication illustrates RPIA’s passion for having an inclusive and open culture, doing good through our work, and empowering our employees as they become leaders in the causes they care about. I hope you enjoy learning more about what we do and how the many voices of RPIA are speaking up for what they believe in.

Best Wishes, Richard

IN OUR FIRM

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In Our Firm

WORKING AT RPIA

Mentorship Program Our mentorship program focuses on building cross- functional relationships between senior leaders and junior members. This program has become the bedrock of a myriad of growth and learning opportunities. Virtual Counseling Our employees are so much more than their work, so we offer virtual counseling Lunch & Learn Series Our firm consists of talented and passionate people who love to share their knowledge. Our Lunch and Learn series allows that expertise to be passed on as we continue to work towards excellence. employees through socials, volunteering opportunities, weekly Spotify playlists, a monthly Book Club, and much more! Social Committee Our Social Committee comes up with fun ways to engage all services to all team members to help them manage Work- From-Home and personal priorities.

Investment Committee The Investment Committee sets the investment strategy for each of the funds RPIA manages. The committee consists of senior professionals from the Portfolio Management, Risk, and Client Relationship teams. As part of their regular monitoring, the Investment Committee reviews risks across portfolios, evaluates changes to the funds’ positioning, and determines future risk parameters the portfolios should have to achieve their goals. Risk Committee The Risk Committee consists of senior Risk, Portfolio Management, Compliance personnel, and management advisors. The committee sets the risk frameworks for each of the funds and evaluates all risks faced by the funds and the firm. Risks may be economic (e.g things that may cause a decrease in the value of the funds’ investments), or non- economic (e.g. things that may impact the reputation of the firm or cause operational or ESG concerns).

Allyship Committee The Allyship Committee is grassroots volunteerism at its core. It is a safe place where all RPIA employees can listen and learn to become better allies. Each month, we focus on a different cause through presentations from organizations, individuals from equity seeking groups, or engaging with the local community through acts of kindness and volunteer work. chaired by Mike Quinn, Chief Investment Officer, and helps set and update the firm’s ESG Philosophy, research and recommend new beneficial industry associations, and consider the adoption of new industry standards. IT Steering Committee The IT Steering Committee is chaired by Dannielle Ullrich, Chief Operating & Financial Officer. It determines the strategic vision for Information Technology at the firm, approves ESG Committee The ESG Committee is the implementation set forth by Cezar Gheorghe, Head of Technology, and provides the Technology team with feedback on IT Operations.

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In Our Firm

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In Our Firm

The Allyship Committee’s goal is to inspire all of us to do our part and act against social inequality and injustice. Our combined efforts will help activate our mission to learn more about the topics we discussed with the purpose of becoming better allies in both our personal and professional lives.

How we fulfill our promise

Who we are

We are a group of passionate individuals, and our promise is to help amplify the voices of those who are disproportionately disadvantaged and marginalized based on their race, gender, religion, sexual orientation, and disabilities.

• Through acts of solidarity when we witness an injustice. • Through active educating and learning by sharing and listening to the perspectives and lived experiences of others. • Through organizing and mobilizing our work community in acts of voluntarism in support of causes we believe in. Each month we host learning events with guest speakers. We work with not-for-profit organizations and community partners to coordinate volunteer and charity work opportunities for our employees to take part.

Some topics and causes that individual members have committed to acting upon are:

• Diversity and Inclusion in the alternative investment industry. • Providing a learning forum on non-binary inclusivity. • Educating ourselves on the topic of Truth and Reconciliation. • Promoting ways to support local businesses. • Finding ways to provide mentorship to women and individuals from minority backgrounds entering finance. • Providing a learning forum on addressing and accommodating individuals with visible and non-visible disabilities. • Volunteering time and resources to support new Canadians. • Provide a forum for open and safe discussion around gender bias and inequality in the finance industry and what we can do to help move the dial.

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In Our Firm

OUR EVENTS

Breaking Barriers: Diversity & Inclusion

Kripa Kapadia, Director, Client Portfolio Management, spoke on AIMA’s Breaking Barriers: Diversity & Inclusion Panel on December 8, 2020. She was joined by minority leaders from other organizations in the industry to discuss race, ethnicity, and culture, and how these topics factored into some of the challenges faced by minorities in the investment industry. On this panel, Kripa shared her personal experiences and provided some insight on actionable ideas for improving allyship, education, mentorship, recruitment, and authentic leadership at firms of all sizes. After this panel, Kripa also shared her thoughts and experiences internally at the firm by hosting an open, firm-wide dialogue about how everyone can be an amplifier of inclusion and diversity at RPIA every day.

The Equity Workshop

Equity Leaders, Next Gen Men hosted a thought- provoking workshop to help us understand, identify, and acknowledge the different forms of individual, organizational, and societal power and privilege. From there, we worked towards strengthening self- awareness and gaining practical strategies and approaches to share power and increase equity in the workplace. As a group, we defined allyship and considered practical examples and approaches, limitations and concerns, and the value of sharing and using power and privilege to actively support and defend the rights and dignity of others within and outside of RPIA!

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In Our Firm

International Women’s Day

On March 8th, International Women’s Day, Katie Squires-Thompson, President of Women in Capital Markets (WCM), shared a special presentation on The Equity Equation and how we can contribute to the acceleration of equity, diversity, and inclusion in the Canadian finance industry. The presentation included key data on how different demographics feel about the industry and their employers, which shed light on important themes surrounding equity and inclusion for women, and particularly women of colour. After the presentation, we had an open discussion and Q&A period about the reality of gender-equity in Capital Markets and the actions we can take for a more equitable industry.

Canada’s LGBT+ Chamber of Commerce (CGLCC) A representative from Canada’s LGBT+ Chamber of Commerce (GLCC) hosted a presentation about how to improve our support toward the LGBTQ+ community. The CGLCC is an organization designed to elevate LGBT businesses and foster greater diversity and inclusion across Canada’s economy, as well as serving businesses looking to form more inclusive cultures or programming. The representative shared his own experiences as an out professional and provided insight on how we can all be thoughtful allies.

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In Our Firm

CHARITABLE GIVING

ART & CULTURE

CHILDREN & YOUTH

CIVIL RIGHTS

HEALTHCARE RESEARCH

HEALTH CARE

HOMELESSNESS

JEWISH COMMUNITIES

MENTAL HEALTH

RACIAL EQUITY

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In Our Firm

EDUCATION

ENVIRONMENT

FOOD SCARCITY

IMMIGRATION

HUMAN RIGHTS

INDIGENOUS COMMUNITIES

SPORTS

WOMEN’S RIGHTS

WATER & SANITATION

IN OUR WORK

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In Our Work

EXCELLENCE IN CLIENT SERVICES

Our Core Values in Action

Our clients are at the forefront of everything that we do. Across all our teams, from client services to operations and portfolio management, we actively collaborate to ensure that our clients benefit from our shared expertise. We aim to bring our firm’s core values to life by serving our clients with excellence, partnership, integrity, transparency, and community. RPIA employees and partners also have significant capital invested in our funds to ensure that our interests align with those of our clients – in true partnership. We strive to offer best-in-class services, transparency, and reporting, to ensure that our clients understand and feel comfortable with their investments and what we do.

Our Client Team

Client Engagement

Client Experience

Client Portfolio Management

13 Professionals

4 Professionals

8 Professionals

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In Our Work

Some of the services we offer include:

1. Continuous dialogue and open communication with clients – We are always available to answer any questions you may have on markets or your investments. 2. Current information uploaded on our secure Investor Portal. This includes items such as weekly performance updates, portfolio analytics are available every week, quarterly DDQs, semi-annual and annual financial statements, tax reporting (for direct clients), and much more. If you need help setting up an account, please let us know. 3. Monthly commentaries and market insights on current themes and our firm view are available on our website’s market insights section (www.rpia.ca/market-insights). 4. Educational videos from our Investor Education series discussing market updates and our strategies. Be sure to check them out on our website at www.rpia.ca/media. 5. Community involvement - We support a wide variety of organizations that reflect the values of our clients, our employees, and our firm. If there is a non-profit organization close to your heart, please let us know how we can help and get involved.

The Trading Desk Perspective

RPIA’s clients trust us to find unique opportunities to help them protect their savings and to build up wealth for generations. In addition to our client teams, our Portfolio Management Team works with a client-centric approach across all specialties, including research, structuring, execution, risk, and technology. Our research, structuring, and execution teams actively seek ways to achieve our clients’ investment goals. Our risk team ensures that the right policies and parameters are in place to ensure that trading decisions can withstand different market conditions. Finally, our technology team works closely with our Portfolio Management and Risk teams to ensure that our experienced colleagues on the trading desk have the right tools at their disposal to make informed, quick decisions. The ultimate goal of our collaborative culture is to benefit our clients. It allows us to harness our team’s expertise as we honour our responsibility of safeguarding and growing our client’s assets. In other words, our goal is to help you achieve your financial goals, whether it’s through client services or the trading desk. As we continue to grow, our goal is to continue providing excellent service for our clients and to ensure that the right information is available to them. If you have any feedback or suggestions on anything else we can do or provide, we would be happy to work with you.

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In Our Work

A CLOSER LOOK: WOMEN IN THE WORKPLACE RPIA’S ESG Committee Q&A

Lubna Reda - Manager, Client Engagement (Moderator) Ozioma Nwankwo - Associate, Client Engagement Aaron Young - Associate Portfolio Manager

Lubna Reda: ESG (Environmental, Social, and Governance) factors have become more mainstream in recent years, and was especially accelerated by the impact of COVID-19. We’ve seen record high green bond and sustainability- linked bond issuances by companies all over the world and the rise of social bonds. We’ve spoken about our carbon-related initiatives before in our 2020 Sustainability Report and other articles, but today, we want to talk more about the S in ESG. Ozioma Nwankwo and Aaron Young from our ESG Committee have done extensive research on social topics, particularly about Women in the Workplace. I had the opportunity to ask them questions about what this issue means for responsible investing, our investment process, and our firm. 1. Tell me about the importance of gender diversity in the workplace at a

high level and how increasing diversity affects corporations.

Ozioma Nwankwo: Gender inequality is one of the most pressing issues faced by society. In light of the social progress made over the last few decades, we see more and more data pointing to the need to address this issue globally. The United Nations has listed the achievement of gender equality as one of their Sustainable Development Goals. At a more specific corporate level, it is becoming more apparent how gender diversity within a corporation truly does bolster performance. In May 2020, McKinsey & Company published an incredibly insightful article: “Diversity Wins: How inclusion matters.” This was the third report in a series investigating the business case for workplace diversity. They found that now

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In Our Work

more than ever, there is a strong correlation between a company’s level of diversity and its likelihood of financially outperforming its industry peers. According to this report, “companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the fourth quartile—up from 21% in 2017 and 15% in 2014.” These reports and others highlight how a corporation’s willingness and ability to increase diversity & inclusion indicate how its overall business affairs are managed and how it can have a meaningful impact on profitability. 2. As corporate investors, how can RPIA address this issue? Aaron Young: As corporate investors, we recognize that there is a strong business case for workplace diversity. As a firm, we understand that promoting a more diverse, equitable, and inclusive workplace will make us a better organization. Ultimately, we also believe we should apply this thinking to the companies in which we invest. With this issue in mind, we aligned ourselves with the UN SDG 5 (Gender Equality), and our goal is to formulate a model that assesses how well companies are addressing this issue through both an internal scoring system and engagement with issuers. Our scoring system aims to quantify the material aspects of gender diversity in the workplace and goes beyond just considering board and workforce composition. By isolating material disclosures, we selected four key pillars as our focus: Labor Force Participation, Upwards Mobility, Leadership, and Equal Pay. 3. Why these pillars? What do they tell us? ON: We selected these pillars because we believed they were quantifiable, impactful, and would facilitate meaningful engagement with our issuers.

Ozioma Nwankwo

invaluable and straightforward because the natural first step to understanding and closing the inequality gap between men and women in the workplace is knowing the current rate of workforce engagement women receive. Scoring a company here will tell us how much of a participation gap exists within their workforce. The second pillar is Upwards Mobility. This metric depicts the change in the percentage of women in roles at the different levels of the corporate structure. A company’s score here will indicate the rate at which women are being promoted within the workplace, which demonstrates whether women are given the same opportunities for career advancement as their male peers. Third, we have Women in Leadership. Our initial research on this pillar focused on board composition (i.e., the number of women vs. men holding board seats). Because we have seen a great deal of social change, these senior roles, which have arguably more visibility, are increasingly occupied by women. Though this is noteworthy progress, it is unfortunately not realized across all levels of the corporate structure. This pillar takes into account the percentage of women at each level of the corporate structure. The data shows that women are still over-represented in entry- level roles, and as we move up the corporate structure, the number of women holding positions of authority and influence dwindles.

First, Labor Force Participation. This pillar is

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In Our Work Finally, Equal pay – this pillar highlights the ever-present need to bridge the gender pay gap. Scoring a company here will show how significant the pay gap is between men and women in their workforce and whether they have committed to a plan of action to bridge this gap. The data shows that women are still over-represented in entry- level roles, and as we move up the corporate structure, the number of women holding positions of authority and influence dwindles. 4. Let’s talk about the pandemic – how did the COVID-19 pandemic exacerbate the issues women face in the workplace? ON: As you can imagine, COVID-19 had a very notable impact on the representation of women in the workplace. This is because the crisis was twofold: a health crisis and an economic one. The pandemic caused a disproportionate increase in job vulnerability

5. How is RPIA looking to modify its internal practices to promote diversity & inclusion? ON: From an investment process perspective, we certainly hope to expand our social scoring system to further measures of marginalization. Not only are we looking to move beyond the binary view of gender that we are currently employing, but we also hope to develop similar scoring systems with the goal of promoting equity and inclusion along the lines of ethnicity and race as well as ability and accessibility. From the perspective of our firm’s culture, we remain committed to promoting diversity and inclusion. In our hiring, we strive for increasingly diverse candidate pools by encouraging new applicants from marginalized groups. In 2020, we were proud to launch our Allyship Committee, which has been instrumental in providing a safe place for our staff to have ongoing honest conversations and learn from one another about how best to be allies.

6. Why should investors care?

AY: ESG metrics cover a broad spectrum of company information often excluded or not explicitly recognized from “traditional” financial analysis. The research has found that companies that pay special attention to environmental, social, and governance concerns tend to exhibit better risk management and understanding of future headwinds facing their industry. By combining our ESG framework with in-depth credit analysis, we believe we can gain a better picture of a company’s risk- reward profile, which ultimately benefits investors seeking high-quality holdings in their investments. LR: Thank you both for taking the time to answer my questions! This has been a great learning opportunity for me and I hope it will be for others as well.

for women. There are two key things to consider in this context: 1) the closure of childcare centers and schools and 2) a declining need for low-skilled entry-level jobs in the corporate sector. The pandemic intensified gender diversity issues in the workplace by causing many women to assume childcare responsibility in their households, often leaving them with no choice but to leave their jobs, thus undoing some progress made in the area of increased labor force participation. Another point worth mentioning is that the pandemic put a severe strain on the healthcare sector, adding another layer of vulnerability to women in the workplace because women were also over-represented in front-line roles.

For more information on our approach to ESG, visit: www.rpia.ca/esg

IN OUR COMMUNITY

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In Our Community

ANDY PRINGLE

Canadian Foundation for AIDS Research

Principal, Chairperson

Andy Pringle is currently Chairman at RPIA and a strong supporter of the community through his active participation in causes that are close to his heart. Over the years, he has been a chair, board member, or adviser to several organizations including the Canadian Foundation for AIDS Research (CANFAR), Upper Canada College, The Canadian Council of Christians and Jews, The Evergreen Brickworks, The PC Ontario Fund, The Shaw Festival, The Schmeelk Canada Foundation, Toronto Police Services Board, the McMichael Canadian Art Collection, and Mount Sinai Foundation. He has also worked on several capital campaigns and has been a donor to many more.

Andy’s passion for the community first started during his time at Dominion Securities in the investment business before RBC acquired them in 1988. The company had a strong sense of partnership and emphasized the importance of giving back to the community. This ideology came to life through the actions of senior partners like Tony Fell, Robin Younger, and Jim Pitblado who were very active and high-profile members in quite a number of not-for-profit activities. Another leader, Michael Wilson, is an example of someone who gave up his career at the firm to run for federal politics in 1978, going on to be one of our most important Finance Ministers and, later, the Canadian Ambassador to the US. These men set an example for young Andy and encouraged him to get involved and give back as much as possible. In his thirties, Andy could devote only so much of his time to not-for-profit work, but as his career progressed in the investment business, he has been able to allocate more of his time and resources, which has enabled him to expand his engagement in many important causes.

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In Our Community

Andy & CANFAR

Andy first got involved with CANFAR in 1991 because his brother-in-law and good friend was an active member of the gay community, and Andy and his wife, Valerie, were concerned about this then little-known, stigmatized, and deadly disease. He became involved first as a donor, then as a board member, president since 1995, and later serving as Chairman. He has seen this disease go from an almost certain death sentence to a somewhat manageable disease to today’s experience of a chronic illness. It is still a challenging disease to live with, but the organization has made significant progress in 35 years and is still working to improve HIV testing in Canada, find the next generation of medicines, and perhaps even a vaccine. The CANFAR experience has been a long journey, but also a very rewarding one.

“We in the investment business are generally extraordinarily lucky to be in such a vibrant and profitable career, and I think that good

fortune demands that we spend time giving back. Second, I find that in each organization and cause that I get involved with, while I may expend considerable time and money, in every single case, I find I have received far more in return in terms of experience, knowledge, understanding, and new friends and connections. Indeed, I find that giving back is truly one of the most rewarding experiences of my life, and I would encourage everybody in their own time and in their own way to find the causes that are important to them and get engaged.”

- Andy Pringle, on why he spends so much time engaged in not-for-profits.

CANFAR Bloor Street Entertains 2018/19.

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In Our Community

ALLYSON WATSON Director, Client Portfolio Management

Canadian Museum of Immigration at Pier 21

Allyson’s ancestors arriving in the Maritimes in 1805 from Isle of Skye, Scotland.

My ancestors arrived in the Maritimes in 1805 from Isle of Skye, Scotland, eventually settling in Mabou Coalmines, Cape Breton Island, Nova Scotia. Canada’s immigration story is made up of more than 400 years of such newcomers. Newcomers will be as much a part of Canada’s future as they have been a part of our past. The Museum ensures that the past serves as an essential prologue in the ever evolving story of our country. Recently, I joined the Organizing Committee and have agreed to take over as Chair for the California Wine Dinner in support of the Canadian Museum of Immigration at Pier 21 in Halifax, NS. The exhibits at Pier 21 are all privately funded, in part through this annual fundraising event. Pier 21 is Canada’s national museum dedicated to sharing our country’s immigration journey. It is a museum of stories - the stories of countless newcomers who arrive in Canada with a dream for their future. Their sacrifices, perseverance, and hope continue to shape Canada into a diverse and inclusive culture, admired around the world. They help create a country where we are proud of our shared values of diversity, unity, equality, and inclusion. At this difficult juncture in our history, championing these core Canadian values is more important now than perhaps ever before. When visitors go through an exhibition, read a story online, or listen to the museum’s podcast, they draw connections to their own family’s journey or that of someone they know. This knowledge paves the way to a better understanding of our connection as Canadians and as human beings, and makes us stronger as a people. Stories change us and they change our society for the better. They give us the perspective of the sacrifices and motivation for why our families choose Canada to be our home. These stories are our history and our heritage. I am proud to be a part of this endeavour to help make a difference in helping connect Canadians, moving us toward greater empathy, kindness and compassion. 2021 is the 20th anniversary for the event and our theme this year will recognize and pay tribute to the contributions of newcomers. I am excited to take on this new volunteer role at this important time in the museum’s evolution.

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In Our Community

CAROLINE CATHCART

UNICEF & Nature United

Chief Administrative Officer

I believe that philanthropy is generosity in all its forms and that we are the fortunate ones who are in a position to be able to give back thoughtfully, in a meaningful and impactful way. My experience with non-profits and non-government organizations like UNICEF and Nature United has shown me that we can all make a difference in the world we live in. Joining The 25th Team at UNICEF Canada was a pivotal moment for me. I met a group of like-minded passionate Canadian women and we demonstrated that we are stronger together. In working together, we can make a greater difference, especially in the lives of the world’s most vulnerable. Because of the compassion and commitment of that circle of Canadian women, over 3.8 million women, babies and children will benefit from simple but life-saving essentials like clean water, vaccines, birth registration programs, stronger healthcare systems and nutrition programs. That a small circle of 60 women could make that kind of impact changed the way I look at the world around us. The more I learned about the way UNICEF works, witnessing first-hand the impact of the programs and the infrastructure

Afterschool robotics club at Walton Jameson Primary school in the Pretoria Township - the club is part of a program supported by UNICEF to encourage and promote STEM learning among young girls in the townships.

that would allow those programs to be sustained once our direct involvement was over, the more committed I became in my support. I am fortunate to have had an opportunity to observe the deep respect and appreciation that people and governments around the world have for UNICEF and the essential role the organization plays in moving the agenda for women and children forward. Support of individuals and local groups is essential, however, legal and policy advocacy work with local organizations and governments is fundamental to develop lasting solutions. Within Canada, my work with Nature United opened my eyes to the critical link between the First Nations and the land, and the importance to Indigenous communities of the responsible stewardship of natural resources. What differentiates Nature United, and its global affiliate The Nature Conservancy, is their approach to reimagining conservation and advancing reconciliation through Indigenous partnerships and Indigenous led conservation. It has been a deeply moving learning journey as I developed some small understanding of the First Nations and the challenges and colonization has put in their way, and that they continue to face. As the descendent of early settlers, I have come to realise the enormity of the debt that we owe to the First Nations. Advancing reconciliation through respectful conservation partnerships

with First Nations who are building sustainable economies and resource stewardship on their traditional territories has heightened my awareness of those challenges and the debt they are owed.

Working with First Nations partners on conservation projects that impact both their communities, and our world has only served to reinforce my belief that it is by working together can we make a real difference.

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1

2

3

1. Village women near Lalibela, Ethiopia registering the birth of their child. Prior to the UNICEF-funded project, less than 5% of births in Ethiopia were registered, approximately 2.9 million children born each year were not legally recognised. Birth registration ensures children will have access to social and economic services including health, social assistance, and education. Later in childhood, identity documents help protect children against early

marriage, child labour, and premature enlistment in the armed forces. 2. Local women’s council meeting - rural village near Lalibela, Ethiopia.

3. LAND OF THE ANCESTORS: After nearly 50 years, Thaidene Nëné is an Indigenous Protected Area that was designated by the Łutsël K’é Dene First Nation in 2019. As Nature United’s keystone program in the NWT, this First Nations-led conservation vision will not only protect over 6 million acres but guide the creation of all other modern protected areas throughout the NWT and Canada.

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DAVID MATHESON Principal, Head of Portfolio Management

Covenant House Toronto

I’ve been involved in Covenant House through the annual Sleep Out for around five years. In this annual experience, people come together to sleep on the streets, so the homeless youth of Toronto don’t have to. To say that it has touched my life would be an understatement. I remember being nervous during my very first Sleep Out event because I didn’t know what to expect. It was very cold that first year and rained all night, but I was not dressed appropriately and couldn’t find a covered spot. I suppose, in a lot of ways, I experienced first-hand what so many homeless kids do – no one ever really intends to sleep on the street. Despite the rain and the cold, I woke up the next morning feeling warm inside - I met so many inspirational people, including residents of the house, and heard countless stories about the positive impact Covenant House had on each of their lives. I found a new sense of purpose through this immersive experience. The amazing work done by the frontline workers and staff of Covenant House inspired me to get more involved in this agency that provides shelter for so many of Toronto’s homeless, trafficked, and at-risk youth. Since then, I have participated in the Sleep Out every year, became a sports program volunteer, a mentor, and was privileged to chair the Sleep Out: Champions Edition for two years. No matter their reasons for being there, I was always touched by the kindness, energy, and passion for the future that the youth of Covenant House displayed during my time working with them. These kids didn’t do anything to deserve to be there. As a community, I hoped that if we could sleep outside, donate money or time, or simply recognize the importance of supporting the countless wonderful Covenant House staff members, that maybe we could make the city a better place. At RPIA, I am very proud to say that many of my colleagues have joined me over the years in participating in the Covenant House Sleep Outs. A number of them have volunteered with me in the sports program before the pandemic. As a firm, we have supported this organization over these past few years with financial resources and our time. I encourage others to participate in this truly impactful event, as it’s so much more than just sleeping on the street; it’s really an opportunity to get to know the frontline workers and the youth of Covenant House. The money and other resources we raise for this cause can change the lives of so many of Toronto’s vulnerable youth, helping them achieve the future they deserve.

Over the past few years, Brian Tinney, Sarah Pereira, Liam O’ Sullivan, Brendon Scott, Ray Cao, Ilias Lagopoulos, Lorne Creighton, Ozioma Nwankwo, and Sergio Ortiz-Orendain have participated in the Covenant House Sleep Out.

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Covenant House Toronto Sleep Out

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MARTIN ERASMUS

Ride to Conquer Cancer

Head of Compliance & CCO

I bought a road bike when I was “voluntold” to join the 2017 RPIA Ride to Conquer Cancer Team. I certainly had never ridden 200+ km in support of anything, but the experience was transforming. It was fantastic to be part of such an amazing event and realizing how it was possible to make a difference in something bigger than yourself. Since then, in addition to doing more RTCC’s as part of Team RPIA, my love for cycling has been a great way to increase my involvement in several other important initiatives. Covid paused live rides, but I was able to continue with virtual events like Crush Covid in support of my local Toronto hospital’s mental health program, which is a topic I know has touched many of our lives during the pandemic. This summer, I was able to get back on the road to support fundraising efforts for Pediatric Brain Cancer Research through Bike for Kids. Staying active has certainly helped me through the pandemic. Knowing I can use it to support others through worthy causes in our community while positively impacting my own physical and mental health has been remarkable. I hope to continue supporting as many initiatives as possible and get more of the terrific and generous people at RPIA involved in future events.

Team RPIA at RTCC.

Over the past few years, Martin Erasmus, Caroline Cathcart, Dannielle Ullrich, Mike Quinn, Jacky Chu, Cynthia Kassabian, Lorne Creighton, Liam O’Sullivan, and Brian Tinney have participated in the RPIA Team at Ride to Conquer Cancer.

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Voices of RPIA

In Our Community

TANIA HENRIQUEZ

Girls E-Mentorship

Director, HR & Administration

I came to Canada with my parents and my older brother as political refugees from El Salvador at the formative age of 12. Being a teenager is hard enough, but when you add the socio-economic hurdles that young women from challenging circumstances must overcome to reach their full potential, early mentorships become a lifeline for so many of us.

Article published in The Hamilton Spectator about Tania’s father, who spoke up for what he believed in through his poetry.

I was lucky to find myself surrounded by a strong network of family, friends, and

teachers - women who lifted me up, loved me for who I am, and encouraged me to follow my dreams and aspirations. Determination and perseverance are often a driving force for women professionals, but when the odds are already stacked against you because of your gender, skin colour, and economic status, the empathy, guidance, and love of those who believe in you are all undeniable factors that help carry you forward in your professional success.

As a child, I was made aware of what social injustice, classism, and racial prejudices against marginalized communities look like. As an immigrant, I lived them. My father was a poet who was exiled from his country for speaking up against these injustices, and he fought for those who did not have a voice. After his untimely passing, I became determined to harness his legacy and do my part. I have never forgotten who I am and where I came from and I believe my purpose is to serve selflessly, to humbly provide guidance and encouragement to talented young women who have not been afforded an equal opportunity to realize their dreams. After some lengthy research, I came across the GEM organization, I was drawn to the values, pillars, and goals of the program and applied to be considered for the role of volunteer mentor. I am very excited and honoured to have been chosen for the 2021-2022 mentor/mentee cohort.

What is GEM?

GEM began in 2012 with just 22 girls from a single priority neighbourhood in Toronto. Today, GEM’s mentorship program has grown to become a robust and dynamic program across the GTA and beyond. Over the years, GEM has helped to transform the lives of hundreds of young women to become the next generation of future female leaders. GEM is founded, led, and made up of women who believe every girl deserves equal opportunity to develop professional skills, pursue higher education and build successful career paths. We are a force of dedicated women committed to youth education, promoting gender-equity and working with diverse communities. 1

1 https://www.girlsementorship.com/about

LEARN MORE

Canadian Foundation for AIDS Research (CANFAR)

Canada’s LGBT+ Chamber of Commerce (CGLCC)

Canadian Museum of Immigration at Pier 21

Covenant House Toronto Equity Leaders, Next Gen Men Girls E-Mentorship (GEM)

Nature United

Ride To Conquer Cancer (RTCC)

United Nations Children’s Fund (UNICEF)

Women in Capital Markets (WCM)

I believe that philanthropy is generosity in all its forms and that we are the fortunate ones who are in a position to be able to give back thoughtfully, in a meaningful and impactful way...we can all make a difference in the world we live in.

- Caroline Cathcart, Chief Administrative Officer

RPIA 39 Hazelton Ave. Toronto, ON M5R 2E3 www.rpia.ca General Line: +1 647 776 1777 Investor Services: +1 647 776 2566

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