Financial Strength

Saturna Capital derives its income from two main business activities:

Investment management and distribution fees from affiliated mutual funds and private accounts (72%); and
Administration fees from servicing affiliates (27%).

For the fiscal year ended June 30, 2012, Saturna Capital operated profitably with revenues of $41,739,899. At June 30, 2012, Saturna had shareholder equity of $24,300,258, most of which is invested in Saturna's affiliated mutual funds. Saturna's common stock and/or common stock options are owned by 71 employees and related parties. Conservative in our finances, Saturna Capital has no debt or other forms of financial leverage.

Saturna Capital Corporation's, Saturna Brokerage Services' and Saturna Trust Company's June 30, 2012 annual reports, with audited financial statements, are available free upon request. Saturna Sdn. Bhd.'s financial statements are independently audited in Malaysia.

Code of Ethics

All Saturna employees are subject to a strict Code of Ethics, common to Saturna Capital, Saturna Brokerage Services, Saturna Trust Company, Saturna Sdn. Bhd. and the affiliated mutual funds. Transactions for clients have priority over employee transactions and personal transactions cannot operate adversely to clients' interests. Pre-clearance of employee trading in securities may be required to give clients adequate opportunity to act on recommendations before employees may act. Saturna Capital Corporation, as well as its employees and affiliates, are encouraged to invest in the Saturna mutual funds. Mr. Kaiser maintains substantial positions in the Saturna mutual funds, and does not trade securities for his own account.

A copy of the Code of Ethics is available to any client or prospective client free upon request, and on the Saturna website here. All transactions by Saturna employees are reported under the Code of Ethics and monitored by its Chief Compliance Officer. Violations of the Code of Ethics may result in censure, fines and/or dismissal of any employee.