October 2007 o v e r v i e w p r e s e n t a t i o n.

October 2007

o v e r v i e w p r e s e n t a t i o n

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o b j e c t i v e s

• To provide private and institutional investors with a family of mutual funds that have Judeo-Christian values and outstanding financial results.

• To give means for investors to invest in a socially responsible way that may include a social distribution of the funds’ profits.

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s u i t a b l e i n v e s t o r s

• Ethical and Christian values-conscious

investors

• Religious congregations & foundations

• Christian charities and not-for-profits

• Savings plans for ethics-conscious

organizations

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a u n i q u e o f f e r

Proven Investment Track RecordPictet’s investment approach guarantees a thorough review of each company’s fundamental economic and market conditions.

Judeo-Christian ValuesThe fund has a restricted universe of investment possibilities that have passed the screening of a research team of the Westchester Institute partnered with other universities.

Social DistributionThe fund may donate part of the yearly return to nonprofit institutions, if the return is over the year’s benchmark.

Certificate of Ethical Compliance An ethics counsel grants a certificate based on the criteria defined by the Westchester Institute and one of its partners, the Pontifical Athenaeum Regina Apostolorum.

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s t r a t e g i c p a r t n e r s

• Pictet & Cie is the custodian bank, central

administrator, promoter, and investment

manager.

• The Westchester Institute For Ethics and

the Human Person supplies ethical

screening services for the fund.

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P i c t e t & C i e

• Founded in 1805 in Geneva, Pictet & Cie is today one of Europe’s largest private banks, and one of the premier independent asset management specialists in Europe, with over 200 billion euros in assets under management and custody.

• The Pictet Group is an asset management specialist focused mainly on the following areas of expertise: private and institutional asset management, fund administration and management, global custody and family office services.

• Pictet has more than 2,500 employees worldwide.

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T h e W e s t c h e s t e r I n s t i t u t e

• Founded in 1998 to renew, deepen, and promote the Western tradition of moral reflection.

• Pursues its objectives in cultural, political, business, and academic settings.

• Seeks to reinvigorate contemporary moral discourse on all levels through seminars, lecture series, research and consulting.

• Engages in fundamental philosophical research, applied research on contemporary moral issues, public policy analysis, and business ethics questions.

THE WESTCHESTER

INSTITUTE FOR ETHICS

AND THE HUMAN PERSON

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J u d e o - C h r i s t i a n e t h i c a l c r i t e r i a

Ethical CriteriaIn order to provide an investment universe for the fund, the Westchester Institute and its partners have designed a proven methodology for analyzing companies that do not comply with the defined criteria.

This methodology is composed of questions which pertain to violations of human dignity or practices which seriously undermine healthy family and social life.

In the future WI will also offer positive screening.

The research determines if the company’s products or practices are related to:• Violence to Human Life• Workers’ Rights Violations • Arms Trade• Pornography• The Abusive Marketing of Alcohol, Tobacco and Gambling• Environmental Abuse• Fraud• Promotion of Unchristian Ideals• Complicity with Government Injustice

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• The Westchester Institute

for Ethics and the Human Person

www.westchesterinstitute.net

• The Pontifical Athenaeum

Regina Apostolorum

www.upra.org

The ethics counsel reviews and certifies the fund every six months.

Experts review the fund’s positions based on a methodology and criteria developed by:

c e r t i f i c a t e o f e t h i c a l c o m p l i a n c e

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p a r t n e r s h i p s

The Westchester Institute has partnered with well-known institutions to define its criteria and continuously research ethical issues:

– Pontifical Athenaeum Regina Apostolorum in

Rome

– Francisco de Vitoria University in Spain

– Anahuac Network of Universities in Mexico

– European University of Rome in Italy

– Management Institute of Paris in France

– Lumen Institute in New York City

– Finis Terrae University in Chile

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i e f c h a r a c t e r i s t i c s

• Incorporated in Luxembourg

• Family of ethical funds (umbrella company)

• European Passport, SICAV part 1 – UCITS III

• Managed by Pictet & Cie (Geneva)

• Will be registered in France, Italy, Germany and Spain

• Limited to 100 US Investors

• Auditor: Delloite S.A. (Luxembourg)

• Will receive a Certificate of Ethical Compliance

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• The fund uses PICTET’s best practice in portfolio investment through a balance of money market tools, bonds and equities. Futures, options and other derivative tools may be used for management of liquidity.

• The fund is a moderate risk vehicle with a value perspective. It is designed for individual and institutional investors who want a diversified portfolio with Judeo-Christian ethical guidelines, as established by the Westchester Institute.

v a l u e f u n d : i n v e s t m e n t c o n c e p t

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v a l u e f u n d : i n v e s t m e n t c o n c e p t

• We recommend an investment horizon of at least 5 years.

• At most, 45% of the total assets will be invested in equities and other related securities or participation rights.

• Tactical allocations (maximum levels):

• 85% fixed income

• 45% equities

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i n v e s t m e n t a l l o c a t i o n

Fixed Income

60%

Equities40%

Strategic Asset Allocation

The fund’s objective is capital growth by strategic long-term allocation of equity and fixed income, while taking opportunities that the market gives for appreciation of assets in financial markets.

IEF - Value FundIEF - Value Fund

Equity

Growth

Balance

Income

Risk

Exp

ect

ed R

etu

rn

Strategic Asset Allocation(Currencies)

Others5%

Euros40%

USDollar55%

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s t r a t e g i c a l l o c a t i o n a n d b e n c h m a r k s

Strategic Allocations:• 35% Fixed Income N. America Investment grade

(AAA-BBB) • 25% Fixed Income Europe Investment grade

(AAA-BBB)• 20% Equities North America US and Canada• 15% Equities Europe European Union &

the UK• 5% Other countries Co’s with

international scope

Benchmark:• 35% - Lehman Bros. Aggregate index (US)• 25% - Lehman Bros. Aggregate Index Europe• 40% - MSCI World Index

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i n v e s t m e n t p e r f o r m a n c e

(s i m u l a t i o n)

Based on past performance (net of fees) of a portfolio managed by Pictet with the same criteria as IEF

Historic returns (net of fees) of portfolio with values similar to IEF

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

1.70

Ind

ex (

Dic

'01)

IEF-Value Fund (similar portfolio) Benchmark

IEF-Value Fund (similar portfolio) Benchmark

5.95% 5.03%Past two years 10.32% 8.92%Past five years 9.69% 7.99%Since Inception (May 1998) 6.67% 5.25%

YTD (May '07)

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v a l u e f u n d f a c t s

SHARE CLASSES– Class H: share class issued and closed at the launch of the fund (20/06/07)– Class I / IE: USD and Euro respectively, reserved to institutional investors. Max of 1.4% management, distribution and custodian fee.– Class P / PE: USD and Euro respectively, available to all investors. Max of 1.5% management, distribution and custodian fee.

REFERENCE CURRENCY USD and EURO

DIVIDEND POLICY the objective is to achieve capital growth, and so income is reinvested. No dividends will be distributed.

NAV will be calculated on a weekly basis, each Friday. It will be listed on the Luxembourg Stock Exchange.

SOCIAL INVESTMENT: the fund may give up to 5% of its annual return to charitable organizations when the performance (net of fees) exceeds the benchmark by more than 5%.

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ISIN CodesClass H:LU0298401992Class I/IE: LU0298402453/LU0307393966Class P/PE: LU0298402437/LU0307395821

Bloomberg TickerClass H:INTETHH LXClass I: INTETHI LXClass P: INTETHP LX

v a l u e f u n d c o d e s

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This document is intended solely for the individual(s) to whom it is presented and may not be reproduced in whole or in part, except to the client’s professional advisers or with the express written consent of Integer Ethical Funds.

This document is for information purposes only and does not constitute a solicitation to buy or sell securities. The information in this report is confidential. It is not to be reproduced or distributed to any other person except to the client’s professional advisers.

While information used in this document may have been obtained from various published and unpublished sources considered to be reliable, Integer Ethical Funds and its affiliates cannot guarantee its accuracy or its completeness, and thus do not accept liability for any direct or consequential losses arising from its use.This presentation contains information on Funds registered in Luxembourg. They have not yet been approved for distribution in any other country, specifically the United States of America and those of the European Union.

d i s c l a i m e r