Current Investments * GRI Model Portfolio 2001 *  Test Portfolio 1999 - 2001

Current Investments * GRI Model Portfolio 2001 *  Test Portfolio 1999 - 2001

Model Portfolio 2001

In March 2001 as part of the early development of the GRI strategy a model portfolio was analysed.  The report from then is here in sxw format.  The summary is as follows:

March 2001

The Fund

Performance Benchmarking

Although globally responsible investment is an emerging phenomenon full of potential, an indication that superior returns may be justified is obtained by reviewing performance of listed vehicles. Suitable targets demonstrate globally responsible initiative in product or business management and in many cases are targets of socially responsible funds (either green or ethical).

Presented here is a summary review of nine listed companies to demonstrate that:

• There are commercial industrial opportunities available which may be acquired in public markets.

• Performance may be superior.

No private companies are reviewed here because information is less readily available and may be confidential.

No proposed investment portfolio structure or investment timing is advocated because no investment has been made by The Fund yet. However, some of the companies may be appropriate investments for the Fund now or in the future.

1. Summary

Name	Business	3 year Sales CAGR	3 year EPS CAGR	2 year Stock Price CAGR E*	Relative to Index
Astropower	Solar electric power products	44%	37%	137%	Above
Ballard Power Systems	Proton exchange membrane power cells	45%	NA	10%	Above
GaiaM	LOHAS goods and services	46%	65%	60% (1.5yrs)	Above
Horizon Organic Dairy	Organic dairy products	63%	NA	-26%	Below
Ionics	Water purification and treatment	10%	NA	-9%	Below
Odwalla	Natural super premium beverages	21%	NA	22%	Above
Plug Power	PEM power cells for on site generation.	91%	NA	0%	Above
Whole Foods Market	Natural food supermarkets.	18%	0%	22%	Above
Wild Oats Markets	Natural food supermarkets	34%	NA	-20%	Below

*Estimated