Ja n u a r y 2 0 0 4

6,500 100% 35% $33 27 22 Shareholders RRSP Eligible Tax Credits Million Raised to Date Investment Transactions Saskatchewan Growth Companies

#1 Selling Labour Fund in Saskatchewan

R E C E I V E A 3 5 % TA X C R E D I T
One of the most unique features of Golden Opportunities Fund is that investors receive generous tax savings by way of tax credits and tax deductions due to the Funds RRSP eligibility. Investors receive a 35% tax credit while ensuring your funds remain at work in Saskatchewan companies.
RRSP Tax Deduction

A $5,000 investment could cost you as little as $1,050.

$2,200 C a l c u l a t e y o u r o w n Ta x S a v i n g s
Sample Taxable Income Marginal Tax Rate 35% Tax Credit1 RRSP Tax Savings2 Total Tax Savings & Credits Your Net Cost

Saskatchewan Tax Credit

Based on a $3,500 Investment $ 25,000 $ 35,000 $ 65,000 27% 35% 39% $ 1,225 $ 1,225 $ 1,225 $ 945 $ 2,170 $ 2,450 $ 2,590 $ 1,330 $ 1,050 $ 910

$1,000
$ 1,225 $ 1,365

Federal Tax Credit

Based on a $5,000 Investment $ 25,000 $ 35,000 $ 65,000 27% 35% 39% $ 1,750 $ 1,750 $ 1,750 $ 1,350 $ 1,750 $ 1,950 $ 3,100 $ 3,500 $ 3,700 $ 1,900 $ 1,500 $ 1,300

$750
Your Net Cost

Investments of $3,500 and $5,000 are used for examples only. Investors may invest any amount up to $5,000 a year for maximum tax credits. 1 Tax credits equal to 35% of the amount of your investment are available whether or not you hold your investments in an RRSP. Estimated tax reduction from a contribution to an RRSP for individuals with different levels of taxable income, as shown. RRSP tax savings are not unique to this investment.
2

$1,050
Assuming a marginal tax bracket of 44% and a $5,000 deposit to an RRSP plan.

INVESTMENT PORTFOLIO
Your investment into Golden Opportunities Fund ensures that your money stays at work at home in Saskatchewan. To date, Golden Opportunities Fund has completed 27 investment transactions into 22 Saskatchewan companies. The Funds investment has reached maturity, and it has exited, two of these investments and currently holds a portfolio of 20 Saskatchewan growth companies diversified across 9 strategic industries with business activity in every corner of the Province.

Some examples of the companies in our portfolio include:

Weyburn Inland Terminal Ltd. Since its start in 1976, the Weyburn Terminal has been at the forefront of change in the industry, leading the way to help improve the overall efficiency of Canadas grain handling system, and is one of the largest independent grain terminals in Saskatchewan.

Philom Bios Inc. Philom Bios is a world leader in the research, development and marketing of plant inoculants such as N-Prove, JumpStart and TagTeam.

Golden Health Care Inc. This health company takes pride in focusing on the development of long-term care facilities for senior residents in key markets throughout Saskatchewan.

Biotechnology Saskatchewan is ranked 4th highest among biotechnology and biomedical R&D centres around the world.

Health Care Saskatchewan has the oldest workforce and the highest concentration of seniors in Canada.

Phenomenome Discoveries Inc. Phenomenome has become a world leader in genomics research through the development of an innovative metabolic profiling technology for use in the agriculture, biotechnology, pharmaceutical and nutraceutical industries.

Romulus Exploration Inc. Romulus is a private oil and gas company under the direction of a proven management team that previously built and divested of Empire Energy Inc. in which Golden Opportunities Fund realized a 60% capital gain.

Oil & Gas Saskatchewan oil & natural gas drilling rates were at record levels in 2003, the 5th year in a row for record natural gas drilling rates with production up 9% over 2002.

Trinidad Drilling Ltd. Trinidad, an Income Trust, provides oilfield drilling services to customers throughout the Western Canadian Sedimentary Basin. Trinidad is currently ranked as one of the top performing Income Trusts in Canada.

Avalon Resources Ltd. Avalon is a private oil and gas company with activity based in northeastern Saskatchewan. Their 2003 drilling success and subsequent financing of $3million has the company poised for future growth.

Please visit our website www.goldenopportunities.ca for a complete listing of the Funds portfolio of 20 Saskatchewan growth companies.

2003 HIGHLIGHTS
Golden Opportunities is the Labour Fund of Choice in Saskatchewan!
Strong Performance Rating.
Golden Opportunities Fund has been among the top performing labour funds since its inception in 1999. It is the only labour fund in Canada to receive a 1st quartile ranking for the past two years from Globefund.
(Ranking as of December 22nd 2003. Globefund is an independent rating source.)

Quartile Ranking YTD* Golden Opportunities Fund 1

Quartile Ranking 2002* 1

Performance Rank

% Increase in Share value

Fundata Rating**

(Based on 3yr Return)* (Since Inception)*

#1 in Canada

27%

All Statistics as of December 23, 2003, Sources:* www.globefund.com and** www.fundata.com

Growing Momentum.
The Fund has raised more than $33 million since inception with an increasing amount of capital being raised each year. In 2003, the Fund raised $10.5 million of investment capital, an increase of more than 45% over that raised in 2002 accounting for approximately 50% of the market share. More than 1 in every 100 Saskatchewan taxpayers is a Shareholder in Golden Opportunities Fund.

Growth of the Fund

Solid Investment Pace.

Since inception, the Fund has completed 27 investment transactions in 22 Saskatchewan growth companies and is two years ahead of investment pace requirements. In 2003, the Fund completed 8 investment transactions totalling more than $7.75 million.

Invested Capital

Impacting the Saskatchewan Economy.

The impact of Golden Opportunities Fund is being felt across the province. The Funds investments have supported the creation and maintenance of hundreds of jobs and millions of dollars of economic activity within the province.
As a shareholder in Weyburn Inland Terminal, Golden Opportunities Fund is helping to support Saskatchewan agriculture as our company focuses on providing innovative products, services and information to help our customers farm as efficiently and productively as possible.

Rob Davies, CEO, Weyburn Inland Terminal Ltd.

Golden Opportunities Fund has supported our management team in past ventures through their investment in Empire Energy Inc. Our new company, Romulus Exploration, has had a successful summer and is set to be another winner for the Fund.

Les Guzowski, President & CEO, Romulus Exploration Inc.

The investment climate within Saskatchewan could be characterized as conservative to pessimistic at best. The investment made by Golden Opportunities Fund has encouraged our company that venture capital financing is plausible today. Investment into small companies like Prairie Plant Systems is critical to realize new opportunities presented by the combination of advancing technologies and new markets.

Brent H. Zettl, President & CEO, Prairie Plant Systems Inc.

MEETING OUR GOALS

Golden Opportunities Fund was established in 1999 to make a difference in the venture capital climate in Saskatchewan by providing investment capital for strategic growth companies within the province. In the past four years, the Fund has made great strides in achieving the goals it set out:
To become the Labour Fund of Choice in Saskatchewan. To ensure proper capitalization of Saskatchewans First Provincial Labour Fund. To maintain a timely investment pace into strategic Saskatchewan companies. To maintain a diversified investment portfolio for risk management. To provide valuable capital to growth oriented companies across the Province of Saskatchewan. To create and sustain job opportunities at home. To become a key economic influence in moving Saskatchewan forward. To maximize shareholder value over the long term. To operate in a professional and ethical manner with integrity and honesty.

It has been about investing at home and making a difference, and Golden Opportunities Fund is making a difference. Grant Kook CEO/Chairman

GREATER TAX CREDITS FROM GOLDEN OPPORTUNITIES FUND

One of the main differences between Golden Opportunities Fund and Federal Labour-sponsored Investment Funds is the value of the provincial tax credit. The net difference of purchasing Golden Opportunities compared to a Federal Labour Fund, based on a $5,000 investment is $475 as a result of the difference in the provincial tax credit.

Ta x

C re d i t

A n a l y s i s
Golden Opportunities Fund Federal Labour Funds $ 5,000 $ 750 $ 525 $ 1,275

Investment Amount Federal Tax Credit Provincial Tax Credit Total Tax Credits Available

$ 5,000 $ 750 $ 1,000 $ 1,750

INVESTMENT RISKS AND CONSIDERATIONS INVEST WISELY. Golden Opportunities shares are subject to a mandatory eight-year hold period. Commissions, trailing commissions, and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Sold by prospectus only. Copies of the prospectus may be obtained through Investment Dealers, participating Mutual Fund Dealers and Credit Unions. Please read the prospectus before investing. Wellington West Capital Inc. is a member of CIPF (January 2004).

I N V E S T I N G I N YO U R F U T U R E
INVESTING IN SASKATCHEWAN

For more Information on Golden Opportunities Fund Inc., please contact your Financial Advisor.