power of membership. 2011 annual summary. · reliable answers to everyday needs co-ops ensure needs...

Power of Membership. 2011 Annual Summary.

We offer competitive, reliable banking services that successfully empower members to build �nancial independence through �nancial planning, education, Micro Finance, and much more.

We’re proud to support local non-pro�t organizations and small to medium-sized businesses with a wide range of affordable �nancial services. We also invest in the communities we serve in various ways, including sponsorships, local employee involvement, and corporate donations.

We constantly strive to �nd better, more ef�cient ways to leverage our resources, people and capital to strengthen members’ wealth and well-being, and create positive impacts in our communities.

Alterna Savings is founded on cooperative business principles, which is why we dedicate considerable time and resources to support the success of other co-ops.

After all, cooperative enterprises help build a better world.

2011

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Power of Commitment

Alterna: bank fresh. bank local

About Alterna Savings

Alterna Savings is a full-service, member-owned �nancial cooperative, serving communities through 22 branches in the Greater Toronto Area, the National Capital Region, as well as Kingston, Pembroke and North Bay. Our Quebec clientele are served through our wholly-owned subsidiary, Alterna Bank.

Values and Commitments

VisionTo be the leader of co-operative

�nancial servicesMission

Develop and share an exceptional level of �nancial expertise that is:

tailored to member needs •

accessible to all •

supportive of local communities •

delivered by caring, professional employees

ValuesPeople First, Excellence, Integrity

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•

Report from the Board Chair, and President & CEOPower of trust

2011 was a year of uncertainty in the �nancial industry. Experts were disappointed that improvements they were expecting across the �nancial services landscape, including higher interest rates, reduced pressure on net interest margins, improved economic growth, and a sustained recovery in capital markets, didn’t materialize.

Here at Alterna Savings, we also had a challenging year, but despite the need for internal restructuring and important process changes, we emerged having successfully accomplished a great deal.

While many in our industry struggled, Alterna Savings continued to operate a strong and pro�table �nancial institution, meeting or exceeding our �nancial plan for the fourth year in a row, while still managing to focus much of our attention on you, our members. We maintained strong risk controls, and have been recognized as managing our overall risk well. We underwent a number of process changes early in the year in order to strengthen our operations, as well as help staff at all levels contribute more effectively. Additionally, we continued to experience good results in commercial and micro lending, as well as our efforts to build stronger relationships with cooperatives and non-pro�t organizations that are otherwise poorly served by our bank competitors.

In October, we launched the Alterna Savings Investment Shares offering and were rewarded by members who recognized the investment value, helping us achieve almost $35 million in new capital, thus strengthening our credit union with a solid capital cushion.

Over the last two years, we’ve also been working with our partner Qtrade Financial Group* to reinvent �nancial advisory services at Alterna. Our approach continues to mature, and many of our members are awakening to the advantage that our knowledgeable, quali�ed �nancial advisors provide. We invite you to speak to your branch and �nd out how you can take advantage of the new and improved �nancial expertise that is now available as part of your Alterna membership.

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Report from the Board Chair, and President & CEO

Throughout 2011, several much-needed and long-awaited technology upgrades were accomplished. As we all know, technology is becoming the lifeblood of Canadian banking.

Late in the year, we launched a new website as well as new online banking and telephone banking platforms. Despite a great deal of preparation, we encountered some unexpected challenges. Members were remarkably tolerant with us - we thank you for that, and apologize for making that patience necessary.

The issues with online banking were quickly resolved, and by early January we were working towards addressing a number of modest changes that were deemed immediately necessary.

Telephone banking in particular, however, presented members and staff with unique challenges. We are working with other credit unions to address as much of the problem as we can, as early as we can. Unfortunately, we are unable to provide a speci�c timeline at this point but we can assure you that we remain focused on resolving the key issues quickly.

These upgrades in online services are necessary if we’re to remain competitive and effectively react to industry, security and technological developments more quickly. They are also essential to the introduction of new services like mobile banking and Interac® eTransfer that we know members have been waiting for.

We appreciate the opportunity you’ve given us to serve you and your families, and the trust you continue to place in us. We remain committed to continuing our quest for excellence as the community-based �nancial institution you can be proud of.

* Securities and securities related �nancial planning services are offered through Qtrade Advisor. Online brokerage services are provided through Qtrade Investor. Qtrade Advisor and Qtrade Investor are divisions of Qtrade Securities Inc., Member of the Canadian Investor Protection Fund. Mutual funds and securities related �nancial planning services are also offered through Qtrade Asset Management Inc., member MFDA. Insurance is offered through Qtrade Insurance Solutions Inc., a licensed life insurance agency and a member of Qtrade Financial Group.

Johanne Charbonneau, ChairMarch 29, 2012

John Lahey, President & CEOMarch 29, 2012

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2011Alterna Savings Annual Summary

The United Nations General Assembly has proclaimed 2012 as the International Year of Cooperatives.Cooperative enterprises have been building local economies and improving lives and livelihoods for hundreds of years. In 2012, the International Year of Cooperatives will honour the value of working together to meet our economic, social and cultural needs.

With more than a billion cooperative and credit union members around the world, the international cooperative movement is a powerful global force. Nepal may be very different from Sweden, and Bolivia from Canada, but cooperative members around the globe are united in the knowledge that joining together in a common purpose can build a better world.

The Cooperative Difference - the guiding principlesPeople before pro�t Cooperatives apply democratic principles to their business model. Members share ownership, decisions and pro�t. Ordinary people gain more control over their economic lives, especially in hard times when they feel most powerless. People are both allowed and inspired to participate in economic life, rather than stand on the sidelines.

Investment in community Cooperative enterprises build communities. In turn, communities ensure the longevity of co-ops by not only providing jobs and necessary services, but by reinvesting locally. This helps stabilize communities economically and socially, and everyone bene�ts. What’s more, co-op members tend to deal with and sustain other co-ops, further strengthening communities.

Cooperative Enterprises Build a Better World

For 150 years, Canadian cooperatives have provided vital community services and built lasting economic strength. That’s the power of the cooperative.

And, for over a century, Alterna Savings has been living proof of that power, and what the cooperative difference really means.

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Economic stability, steady growth Cooperatives have, on average, a higher rate of business success and longevity than private enterprises. This promotes long-term stability and strength in local economies. It �attens out economic peaks and valleys. Cooperatives also make the overall economy healthier by providing lower-risk, ethical banking products and fostering a diversity of economic modes.

Reliable answers to everyday needs Co-ops ensure needs are consistently met through reliable local products and services controlled by the people. For instance, more local food from agricultural and �shing co-ops shipped directly to residents, markets and stores can make an enormous contribution to food security globally. Energy co-ops can help relieve energy crises by pooling resources and supplying energy locally.

Bringing people out of poverty around the world For 150 years, Canadian co-ops have provided vital community services and built lasting prosperity. We also help people in developing countries �ght poverty by building cooperatives. Co-ops provide jobs, savings, services and supplies.

As member-owned �nancial institutions, credit unions share their �nancial knowledge and expertise to help their members – at every stage of their lives – achieve their personal and �nancial goals.

Fair trade co-ops ensure good pay for hard work. Pro�t-sharing prevents the gap between rich and poor from growing too wide. Additionally, co-ops provide many avenues to peace and economic stability.

There are many ways of celebrating the power of working together to build a better world. To �nd a local Ontario co-op, visit: www.ontario.coop/�nd_a_coop

To learn more, visit the of�cial International Year of Cooperatives website at www.Canada2012.coop

Cooperative Enterprises Build a Better World

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$185Being a community-oriented organization, Alterna Savings is involved in the economic development and

sustainability of the neighbourhoods and communities we serve. In fact, about 85 cents from every dollar

deposited at Alterna is invested into loans to our members. You may be wondering just how that makes

us different. Here’s how:

Big banks have assets in countries around the world. At Alterna, we are truly local - depositing one

dollar at an Alterna branch in Ottawa keeps the money right here. It allows us to lend to an individual

member, small business or non-pro�t in areas such as Toronto, Ottawa, or Pembroke. We’re building

local communities right here, in Ontario.

Alterna Savings is also committed to contributing at least 2% of our pre-tax pro�ts back into the

community. 1% of this commitment is achieved through our community grants program, used to provide

small grants to local community organizations where a little money can make a big difference. Twice a

year, the Grants Committee reviews applications received from community organizations and distributes

the funds accordingly.

The other 1% of this commitment is ful�lled through our corporate community involvement. Often

exceeding 1%, our investments through community involvement include community partnerships,

sponsorships, awards, and other activities.

We believe that knowledge is power, and knowledgeable members make us a stronger institution.

As such, we’re focused on empowering people through �nancial literacy, which is a fancy way of

saying we love to share our expertise and help people make better - and smarter - �nancial decisions.

And, as a �nancial cooperative, we’re accountable to all our members for everything we do (after all,

when you’re a member, you’re also an owner). We want to ensure our members know about what we’ve

done well, or where there’s room for improvement, and we share it publicly on our website and in our

corporate reports. Everyone has the right to make informed decisions about where they’ll spend and

invest their hard-earned money, and organizational transparency is just one more way we protect our

member and community interests.

For information about our community involvement, grants and Spare Change Program, visit alterna.ca.

Your financial cooperative at work – in your Community

85 CENTS FROM EVERY DOLLAR DEPOSITED AT ALTERNA IS INVESTED INTO LOANS TO

OUR MEMBERS

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Your fi nancial cooperative at work – in your Community

While many organizations have tightened purse strings or made cuts to Community Involvement activities, Alterna Savings has once again stepped up. While our minimum commitment is a cash investment of 2% of pre-tax earnings, in 2011 we invested 4.24% - more than double our original commitment.

In addition to Alterna’s corporate investments of $269,758, our employees and members supported our communities through employee fundraising events and the Spare Change Program. The combined value of Alterna Savings’ investments and the dollars raised by our employees and members totaled $376,728 in 2011.

LBG (London Benchmarking Group) Canada is a network of companies setting the highest standard in community investment in Canada. Through our membership with LBG Canada, we have adopted a recognized global approach to auditing community investments based on standardized, internationally accepted methodology to value inputs, thereby ensuring our results are reported with greater credibility and con� dence through LBG’s third party assurance. For this report, we have used LBG Canada standards to calculate our community giving performance in order to enhance the transparency and comparability of our investments.

█ Cash Investments (corporate)█ Community Grants (corporate)█ Employee Fundraising (employee & member)█ Spare Change Program (employee & member)

2011 Grants, Sponsorships and Community Investment

A beautiful window box in Kingston. An Alterna Community. 7

$94,4

50

$219

,758

$50,000

Total Value to theCommunity

$376,728$12,520

LBG (London Benchmarking Group) Canada is a network of companies setting the highest standard in community investment in Canada. Through our membership with LBG Canada, we have adopted a recognized global approach to auditing community investments based on standardized,


Member Loyalty

Part of our commitment to transparency includes producing a full Accountability Report every three years. Annually, we provide �nancial performance, as well as report back on three key areas the Board of Directors has identi�ed as an organizational focus: Member Loyalty, Employee Engagement, and our Environmental footprint.

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2011 Accountability Summary

What we didAlterna’s annual member survey provides insights into what our membership thinks about our products and services, as well as what we’re doing well or where there’s room for improvement.

Gathering feedback, input and comments from our members is important to us, since it helps us develop better products and services to meet our members’ needs.

The member loyalty index score that comes out of the annual survey is one key area we look at closely to gauge how well we are meeting member needs. It is composed of survey questions related to overall member satisfaction, willingness to recommend us to others, and whether our members intend to increase or decrease their business with us in the coming year.

In 2010, it was decided to expand the survey sample so we could obtain results at an individual branch level, which involved selecting a larger sampling of members to survey than in previous years. To do this effectively, the sample for each branch was selected in proportion to the size that branch represented relative to Alterna overall. In following this process, not only was the sample representative by branch size, but by default the regions were now also in proportion to their size, relative to Alterna overall.

To allow for correct year-over-year comparison, 2009 and 2010 results have been re-stated to provide consistent weighting with the sample. Moving forwardTo reach our 2012 goal of 50% Member Loyalty, we’re working toward implementing online banking tools like mobile banking and Interac® eTransfer, a new Member Welcome program, and other loyalty-building projects. We’re also working toward empowering our front-line staff with products and tools to help them provide an outstanding member experience.

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2009

2010

2011

48%47%

49%

49%Sco

re

2011 Member Loyalty


What we did

In order to get timely and relevant feedback from our staff, it was decided to conduct the employee engagement survey more frequently, so we now complete this annually, rather than bi-annually as done previously.

Similar to employee engagement surveys from previous years, the 2011 survey’s response rate was high. The survey included 20 questions with an opportunity for employees to provide additional comments.

Questions included:

• Alterna as a place to work and their satisfaction

• Employees’ optimism about the organization’s future

• Their pride in the company• Whether they would recommend

Alterna as a place to work• Whether or not they intend to

continue working with Alterna

Employee Engagement

At Alterna Savings, we believe it’s important to foster an environment that values our employees. After all, without our caring and loyal staff, we can’t deliver our best to our members.

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The survey revealed that our employee engagement score dropped over 2010. We believe the explanation lies in the many changes we’ve had to introduce, which have made our employees work lives more challenging - a re�ection of the environment we compete in. In addition, the timing of the survey proved challenging as it immediately followed the online changes that were implemented late in the year. Having said that, we’re committed to doing better. We’ve already seen ample evidence that employees recognize that these changes are necessary in order for us to move forward as an organization. The new internal processes, structure and technology enhancements that we are implementing will better equip employees to provide a superior service experience to our members.

Moving forward

For 2012, the employee engagement target will be 56%. Key areas we’ll be focusing on to reach this target include:

•Leadership Development, continuing with our internal leadership development, with concrete activities speci�cally targeted to improve employee engagement

•Alterna Experience Committee, a cross-functional committee with the mandate to identify and implement action items that facilitate high quality employee and member experience

•Member Service, with the goal of increasing member satisfaction through simpli�ed processes, as well as an increased focus on sales and service training

•Technology enhancements, with a signi�cant upgrade and update to internal and external systems

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2006

47%

2008

51%

2010

56%

2011

51%

Employee Engagement Score


What we said

Our 2011 goals included developing an Environmental Sustainability committee, known internally as the “E-Team”, representing a cross-section of Alterna’s different business areas to spearhead various environmental initiatives.

What we did

The E-Team successfully led a wide range of activities throughout the year, including:

• Participation in the Earth Day 20-Minute Makeover

• Making the switch to 100% compostable cups at our branches, and eliminating all paper cups at corporate of� ces. Employees now enjoy their morning free-trade java in reusable mugs!

• Reducing our environmental impact by using Canada’s � rst FSC-certi� ed printer powered by Bullfrog, and using 100% post-consumer paper for the member newsletter and various marketing collateral

Environment

The responsibility placed on corporations to be leaders in the preservation and sustainability of our environment is a matter of importance to Alterna staff, our Board of Directors, and our members. We realize we need to do more to proactively reduce our impact on the environment by changing how we do business and how we make decisions, and encourage others to do the same.

We recognize that ‘walking the talk’ of conducting our business in an environmentally responsible fashion will not only help us raise awareness of the importance of the issue, but also help us reduce our footprint on the earth. We’re looking for innovative ways to conduct our business in a manner that’s less harmful to the environment, like purchasing carbon offsets for our AGM.

eTeam

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Moving forward

In 2011, it was determined that switching all corporate of�ce printers to more ef�cient models that allow for duplex (2-sided) printing would help move us forward in reducing our paper consumption. We’ll see the full implementation of this initiative throughout 2012 in the Toronto and Ottawa of�ces.

Also, in late 2011, Alterna’s Board of Directors decided that moving to a secure online corporate Board portal would not only allow for more effective board governance management, but also help with our “green” movement. Effective February 1, 2012, Alterna no longer provides Directors with printed copies of Board and Committee materials, representing a savings of 234,000 pages of paper annually.

Environmental Indicator

* The increase is re�ective of a change in purchasing practices which reduced the amount of on-hand inventory signi�cantly in 2010

Indicator 2010 2011 Comments and De�nitions

Fuel consumed for heating/cooling or on-site electricity generated

147,955 Cubic Metres

147,982 Cubic Metres

Natural gas consumed by Alterna for the Ottawa and Toronto corporate of�ce locations and 11 of 24 branches where gas is paid directly by Alterna. This comprises approximately 78% of the space used by Alterna for its operations. Branches where the landlord pays for this expense are excluded.

Electricity consumption

3,686,362 kwh

3,771,852 kwh

Electricity Consumed by Alterna Savings for the Ottawa and Toronto corporate of�ce locations and 17 of 24 branches where electricity is paid directly by Alterna. This comprises approximately 86% of the total space used by Alterna for its operations. Electricity used by branches where the landlord pays for this expense and standalone ABMs at separate locations are excluded.

Paper used 6,258 Reams*

7,541 Reams

Paper Used represents the paper that was purchased by Alterna Savings and Alterna Bank as copier paper, computer, printout and stationery. Excludes suppliers where paper is purchased as part of printing (eg. letterhead, forms, brochures, etc.)

Paper Recycled (measured in lbs)

87,866 pounds

140,420 pounds

In 2011, Alterna changed its paper recycling service to Shred-It, and as a result, was able to add the Western Region Branches for monitoring. Overall recycling at our Ottawa Head Of�ce and Eastern region branches increased by over 30,000 lbs., and another 20,000 lbs. from the Western branches now being monitored for recycling volumes was added for a total of 140,420 lbs.

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As committed, the above-noted indicators were reviewed by the Alterna Savings Internal Audit Department and no exceptions were noted.

Susan Henry, Pamela Stewart, Manager, Corporate Social Responsibility Vice President & Chief Marketing Of�cer

Alterna Savings Corporate Social Responsibility Department


Financial Highlights

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In 2011, our members demonstrated their continued con�dence in Alterna Savings, trusting us to handle a larger portion of their business. Deposits grew by more than 4% or $84 million over 2010, and loans to our members increased 5.2%, or $98 million.

Intense ‘big bank’ competition resulted in some of the lowest mortgage rates we’ve seen in decades, a favourable situation for our members seeking credit, but an organizational challenge due to compression of interest margins. Revenue was further limited due to lower revenue from banking fees, a testament to the increasing average age of our membership, which allows a larger portion of members to qualify for the no-charge Good Life Banking Package.

Despite the narrowing interest spreads and fees, Alterna Savings’ total revenue rose in 2011, enabled by the overall increased volume of business from our members. In addition, the diligent management of our investment portfolio allowed us to seize opportunities presented by interest rate volatility - a side effect of the European debt crisis. We also maintained prudent lending practices, preserving loan costs below the industry average thanks to the genuine quality of our membership.

Operationally, changes to Alterna Savings’ staff and leadership, administration, as well as investments in IT infrastructure, resulted in some higher internal expenses than we’ve seen in recent years. These changes and investments position us for greater future success. Additional contributors to our annual expenses include the impact of a full year of HST in 2011 vs. half a year in 2010, as well as other increases in regulatory costs, comprising roughly 6% of our overall expenses and affecting our year-over-year results.

After accounting for unrealized losses on �nancial instruments due to market rate �uctuations, and provisioning for income tax, 2011 net income closed at $5.1 million, slightly below 2010 earnings yet remaining steadfast.

These earnings contributed to our growing capital base and allowed for the payment of dividends on Class A and Class B shares. In 2012, our strong capital base will be further supplemented by the new Series 3 Class A investment shares, which have been very popular with members since going on sale in October 2011. This new capital will enable future growth, technological investment and other strategic initiatives to continually improve our members’ service experience.

Overall, we can look back on 2011 as a successful year as the economic and competitive challenges were met head on. With solid �nancial results and enduring member loyalty, we look to 2012 and beyond with energy and optimism.

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ALTERNA SAVINGS

Consolidated Balance Sheet (in thousands of dollars)

December 31, 2011

31-Dec-11 31-Dec-10 01-Jan-10

ASSETS

Cash and cash equivalents $ 60,852 $ 81,933 $ 166,222Investments 235,682 229,539 160,384Loans, net of allowance for impaired loans 1,965,294 1,867,763 1,802,129Property and equipment 11,701 10,898 9,736Intangible assets 2,985 3,858 5,726Derivative �nancial instruments 5,904 7,300 8,736Income tax receivable 516 - 939Deferred income tax asset 1,830 1,916 1,179Other assets 9,171 9,252 6,979

$ 2,293,935 $ 2,212,459 $ 2,162,030

LIABILITIES AND MEMBER’S EQUITY

Liabilities:Deposits $ 2,081,029 $ 1,997,139 $ 1,904,609Borrowings 46,136 53,261 102,881Derivative �nancial instruments 1,716 3,503 4,732Income tax payable - 1,578 -Deferred income tax liability - 25 -Other liabilities 35,700 33,217 31,600Membership shares 1,554 1,578 1,779

$ 2,166,135 $ 2,090,301 $ 2,045,601Members’ equity:

Special shares 24,059 23,960 24,019Contributed surplus 19,282 19,282 19,282Retained earnings 86,539 82,391 77,551Accumulated other comprehensive loss (2,080) (3,475) (4,423)

127,800 122,158 116,429$ 2,293,935 $ 2,212,459 $ 2,162,030

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Consolidated Statement of Income (in thousands of dollars)

December 31, 2011

Consolidated Statement of Comprehensive Income (in thousands of dollars)

December 31, 2011

31-Dec-11 31-Dec-10

Interest income $ 92,400 $ 93,008Investment income 6,059 3,096

98,459 96,104Interest expense 33,861 35,372

Net interest income 64,598 60,732Loan costs 613 1,221

63,985 59,511Other income 11,379 12,678

75,364 72,189Operating expenses 66,969 62,611

Operating income 8,395 9,578Unrealized losses on �nancial instruments (2,036) (2,007)Income before income taxes 6,359 7,571

Provision for income taxesCurrent 927 2,642Deferred 312 (960)

1,239 1,682Net income $ 5,120 $ 5,889

31-Dec-11 31-Dec-10

Net income $ 5,120 $ 5,889

Other comprehensive income, net of tax:Change in unrealized gains and losses on available-for-sale securities (1) 2,468 (1,287)Change in gains and losses on derivatives designated as cash �ow hedges (2) 2,284 1,517Net losses on derivatives designated as cash �ow hedges transferred to net income (3) (40) 954De�ned bene�t plan - actuarial losses (4) (3,317) (236)

1,395 948

Comprehensive income $ 6,515 $ 6,837

(1) Net of income tax expense of $390 (2010 - recovery of $200) (2) Net of income tax expense of $408 (2010 - expense of $290)(3) Net of income tax recovery of $7 (2010 - expense of $72) (4) Net of income tax recovery of $616 (2010 - recovery of $36)

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Consolidated Statement of Changes in Members’ Equity (in thousands of dollars)

December 31, 2011

31-Dec-11 31-Dec-10

Special shares:Balance, beginning of year $ 23,960 $ 24,019Net shares issued (redeemed) 99 (59)Balance, end of year 24,059 23,960

Contributed surplus:Balance, beginning of year 19,282 19,282Balance, end of year 19,282 19,282

Retained earnings, net of tax:Balance at beginning of year, as previously reported 82,391 89,149Transitional adjustment on adoption of new accounting policies (IFRS) - (11,598)Balance at beginning of year, as restated 82,391 77,551Net income 5,120 5,889Dividend on special shares (972) (1,049)Balance, end of year 86,539 82,391

Accumulated other comprehensive income, net of tax:Balance at beginning of year (3,475) (4,423)Other comprehensive income 1,395 948Balance, end of year (2,080) (3,475)

Members’ equity $ 127,800 $ 122,158

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Alterna Savings Senior Management Team

John Lahey, President & CEO

Nick DiRenzo, Senior Vice President Personal Banking Business

José Gallant, Senior Vice President and Chief Financial Of�cer

Josette Gauthier, Senior Vice President Human Resources

Michael Somerville, Senior Vice President and Chief Information Of�cer

Frank Grigg, Vice President and Chief Internal Auditor

Allan Jensen, Vice President Commercial Services


Johanne Charbonneau, ChairCommittee

Governance, Alterna BankAttendance

18/23Remuneration

$37,285.16Other Boards that Director Serves On

Central 1 Credit Union, Certi�ed General Accountants of Ontario

Ruth Baumann, Vice-ChairCommittee

Governance, Human ResourcesAttendance

26/27Remuneration


Wychwood Barns Community Association

Ian Bennett, DirectorCommittee

Finance & Audit, Nominating, Alterna BankAttendance

38/44*Remuneration


Alterna Bank

Mary-Lu Brennan, DirectorCommitteeGovernance, Member Relations, NominatingAttendance20/21Remuneration$13,511.54

Faren Bogach, DirectorCommitteeHuman Resources, Member Relations, NominatingAttendance21/22Remuneration$17,602.36

Norman Ayoub, DirectorCommitteeFinance & Audit, Human Resources, NominatingAttendance26/26Remuneration$15,461.54Other Boards that Director Serves OnRoyal Ottawa Hospital, High View Financial, Lorax Systems

Board of Directors

20

Randal Heide, DirectorCommittee

Human Resources, Member RelationsAttendance

16/17Remuneration

$12,861.54

Raj Kapoor, DirectorCommittee

Finance & Audit, Member Relations, NominatingAttendance

32/32Remuneration


The Whitestone Group, Whitestone Properties, Carleton Condominium Corporation 204

Kevin Lindsey, DirectorCommittee

Governance, Finance & Audit, Alterna BankAttendance

30/35Remuneration


Alterna Bank (until May 2011)

Jeff May, DirectorCommitteeGovernance, Human Resources, Alterna BankAttendance39/39*Remuneration$24,320.33Other Boards that Director Serves OnAlterna Bank

Duncan Munn, DirectorCommitteeGovernance, Finance & Audit, Member RelationsAttendance34/34Remuneration$22,477.36Other Boards that Director Serves OnYouth Challenge International

Peter Ostapchuk, DirectorCommitteeFinance & Audit, Member Relations, Alterna BankAttendance37/38*Remuneration$25,633.79Other Boards that Director Serves OnAlterna Bank, icorp.ca inc.

* Combined Alterna Savings/Alterna Bank attendance 21


Alterna: bank fresh. bank local

Call Us 1.877.560.0100Visit Us alterna.caAlterna Savings [email protected]

AS1404E

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