CORPORATE (Last updated May 2006)

" Since the inception of SGGFMC in 1989, the Fund Companies have raised over $275 million of immigrant investor capital.
" To the end of 2005, the Fund Companies invested approximately $273 million in 72 new or expanding businesses and financing for infrastructure projects in Saskatchewan.
" SGGF I has redeemed all its investors. It is divesting itself of its remaining investments and resolving litigation. When these matters have been concluded, the net equity of SGGF I will allow payment of dividends to the General Revenue Fund (GRF) by SGGFMC. In 2002, SGGFMC declared a dividend of $800 thousand to the GRF.
" SGGF I results are consolidated with SGGFMC for purposes of financial reporting.

FUND COMPANY (Last updated December 2006)

All Fund Companies are fully invested and are at various stages in the liquidation of investments to make payments to investors. The priority of each of the Fund Companies is the liquidation of their investment portfolios in order to provide funds for payments to investors. Payments to investors at maturity of the notes are established periodically based on forecasts of cash expected to be available from disposal of investments and scheduled maturities of notes. Any forecasts of when such investments will be liquidated and what amounts will be realized reflect a best judgment based on current information. These forecasts involve a number of risks and uncertainties and other factors that may cause actual results to differ materially from the forecasts. Cash flow forecasts are reviewed quarterly, and available cash is distributed to investors. For each Fund Company, set out below is the range of amounts currently expected to be available for distribution to investors, and the timing of such distributions, assuming that the assumptions underlying current forecasts prove to be correct. The Fund Companies continue to actively manage their remaining investments with a view to achieving for investors the best liquidation proceeds available in the prevailing circumstances.

SGGF I: Since the last of its investors were redeemed in 1998, the focus of the Fund has been on liquidating its investments and resolving litigation.

SGGF II: During 2005, the Fund's remaining investments were liquidated. The proceeds of these disposals were used to pay the senior-ranking liabilities of the Fund and then to make a payment of $47,250 to the 31 investors who had not received a payment on their Bond. The accumulated deficit of the Fund at December 31, 2005 is $8.6 million. The Fund has no other sources of cash from which to make further payments to investors. It is not expected that any further cash distributions will be available to Bond holders.

SGGF III: All notes issued by SGGF III have matured. All investors have received at least $165,000 since the maturity of their notes. If the assumptions underlying the current forecast prove to be correct, sufficient cash will be generated to pay the remaining principal amounts of the notes as well as accrued interest. However, no further payments to investors are expected to be possible until 2007.

SGGF IV: All notes issued by SGGF IV have matured. All investors have received $240,000 since the maturity of their notes. As a result of investment losses, it is unlikely that the Fund will be able to repay the full principal amount to investors. If the assumptions underlying current forecasts of cash flows from investments prove to be correct, additional payments to investors may be possible in 2007. The current forecast projects that the total payment to investors could be in the range of $240,000 to $245,000.

SGGF V: Notes issued by SGGF V mature over the period 2004 to 2008. The amount paid at maturity of Notes is currently set at $225,000. As a result of investment losses, it is unlikely that the Fund will be able to repay the full principal amount to investors. If the assumptions underlying current forecasts of cash flows from investments prove to be correct, additional payments to investors may be possible in 2008. The current forecast projects that the total payment to investors could be in the range of $230,000 to $240,000.

SGGF VI: Notes issued by SGGF VI mature over the period 2006 to 2008. The amount paid at maturity of Notes is currently set at $205,000. As a result of investment losses, it is unlikely that the Fund will be able to repay the full principal amount to investors. If the assumptions underlying current forecasts of cash flows from investments prove to be correct, additional payments to investors may be possible in 2008. The current forecast projects that the total payment to investors could be in the range of $225,000 to $235,000.

SGGF VII: Notes issued by SGGF VII mature over the period 2006 to 2009. The amount paid at maturity of Notes is currently set at $195,000. As a result of investment losses, it is unlikely that the Fund will be able to repay the full principal amount to investors. If the assumptions underlying current forecasts of cash flows from investments prove to be correct, additional payments to investors may be possible in 2008. The current forecast projects that the total payment to investors could be in the range of $215,000 to $225,000.

SGGF VIII: Notes issued by SGGF VIII mature over the period 2006 to 2009. The amount paid at maturity of Notes is currently set at $190,000. As a result of investment losses, it is unlikely that the Fund will be able to repay the full principal amount to investors. If the assumptions underlying current forecasts of cash flows from investments prove to be correct, additional payments to investors may be possible in 2008. The current forecast projects that the total payment to investors could be in the range of $215,000 to $225,000.