Hexavest Inc.

Q2 2014 13F Holdings Report, Options Holdings

Signature - Title: Jeffrey Alexander Davies - Senior Adviser
Location: Montreal, Quebec, Canada
Options holdings as of: June 30, 2014
Options notional value $: $2.33M
Number of options holdings: 4
Date filed: 7/10/2014, 04:09 PM
Description: All US holdings of this investor are reported in this report.
Previous filing: Q1 2014 - Apr 28, 2014
Next filing: Q3 2014 - Oct 3, 2014
Stock holdings: Showing options holdings, see here for stock holdings

Sym	Company	Class	Option	Share Change	Activity	* Price $	Shares	Notional Value

Filing 2014 Q2 compared to 2014 Q1 by default.

Compare Q2 2014 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Lucille Leonard	Chief Accountant	Montreal, Quebec, Canada	7/10/2014