09
percent and -5. The
Forest Stewardship Council is an international, independent, not-for-profit
organization made up of social, environmental and business representatives.

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, Pax World Funds, home to the
United States' first socially and environmentally responsible mutual fund,
announced today that, as of March 31, 2005, all three of its funds have an
Overall Rating of four stars in their respective categories from Morningstar,
a leading mutual fund research organization. mutual
fund to adopt broad socially responsible standards for its investments, thus
pioneering the idea of a mutual fund with a conscience .com., Inc.

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PORTSMOUTH, N.72 percent, 8. Wellington + Co.

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These figures quoted represent past performance ,
which is no guarantee of future results. Investment return and principal value of an investment will
fluctuate, so that an investor's shares, when redeemed, may be worth more or
less than their original cost. domiciled high yield
bond funds respectively.
222 State Street
Portsmouth , NH 03801

Distributor:
H. - Member NASD/SIPC

April 2005

bluejay futurist

noted in an April 11, 2005 article: "The granddaddy
of socially responsible investing [Pax World Balanced Fund] . The
average annual total returns for the Pax World Growth Fund for the one-,
three-, and five-year periods ended March 31, 2005 were 11.S.S. It
is the only forest products certification standard accepted and endorsed by
environmental and conservation organizations, including the Rainforest
Alliance, the World Wildlife Fund and ForestEthics.

responsibility vincular

The "Overall Morningstar Rating " for a
fund is derived from a weighted average of the performance figures associated
with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics
which are based on risk-adjusted returns.07 percent, and
6. The Pax
World Balanced Fund received four stars for the three-year period, three stars
for the five-year period, and five stars for the 10-year period as rated among
668, 524, and 219 U.socialinvest. Its initiatives in the forest and at its mills have
allowed it to be included in the prestigious Dow Jones Sustainability World
Index since the Index's inception .
Domtar has a well-documented history of business practices that protect
the environment, conserve resources and ensure sustainable development. THE
COMPANY ALSO HAS A 50% INVESTMENT INTEREST IN NORAMPAC INC.

Institutional research services and resources for professionals involved in socially responsible or ethical investing.

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Current performance may be higher or lower than
that quoted. We also take great pride in the fact that
our efforts in the marketplace are being welcomed today by environmental
groups," he added. Domtar
has also committed to extending the line with additional products for other
business applications.
Domtar is also the only North American forest products company to be
included in the prestigious Dow Jones Sustainability World Indexes for the
past six consecutive years. IT IS ALSO A LEADING MANUFACTURER OF BUSINESS PAPERS, COMMERCIAL
PRINTING AND PUBLICATION PAPERS, AND TECHNICAL AND SPECIALTY PAPERS.

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*
Although past performance is no guarantee of future results, Pax World
Funds President Tim Grant said: "The sweep by Pax World Funds of strong
ratings from Morningstar underscores what Pax World Funds can offer to
investors: strong performance and unstinting adherence to our social and
environmental beliefs.paxworld. You should consider a fund's investment objectives,
risks, charges, and expenses carefully before investing . For this and other
important information about the fund, please obtain a free fund prospectus by
calling 1-800-767-1729 or visiting http://www. mutual
fund voting patterns that are now discernible as a result of the first 12
months of mandatory proxy disclosure, a requirement that was strenuously
opposed by most of the mutual fund industry.

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"
For the one-, three-, five- and 10-year periods ended March 31, 2005, the
average annual total returns for the Pax World Balanced Fund were 8. Pax World
Growth Fund's fundamental investment objective is to provide its shareholders
with a diversified holding of securities of companies that offer primarily
long-term growth of capital.
Figures quoted represent past performance, which is no guarantee of future
results.

Study: Socially Responsible Mutual Funds Are Far Tougher on Traditional Corporate Governance Resolutions Than 'Conventional' Mutual Funds

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.89 percent, respectively.S. The Funds seek to invest in companies that produce
goods and services that improve the quality of life such as health care,
technology, housing, food, education , pollution control, utilities, and
leisure-time activities and that are not engaged in the manufacture of defense
or weapons-related products or that derive revenue from the manufacture of
tobacco , liquor, or gambling products.S. domiciled mid-
cap growth funds respectively. DOMTAR HAS MORE THAN 10,600 EMPLOYEES ACROSS NORTH AMERICA.

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The Morningstar ratings and our performance track
records make it very clear that an investor can enjoy profits while also
remaining true to their personal values. The Pax World High Yield Fund is the first
socially screened high-yield fund to be offered to the public. Please read it
carefully before investing.

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had a strong
record and appealing risk /reward profile, making it a Morningstar Analyst Pick
among moderate-allocation funds. The
Pax World Growth Fund received five stars for the three-year period and three
stars for the five-year period as rated among 650 and 451 U.

Pax World Management Corp. The Dow Jones Sustainability World Indexes tracks
the performance of sustainability-driven companies in 62 industry segments and
is selected from 2,500 of the largest capitalized companies in the Dow Jones
Global Index.

sustainability socially

The Fund's fundamental
investment objective is to provide its shareholders with a diversified holding
of securities of companies that offer primarily income and conservation of
principal and secondarily possible long-term growth of capital.

* Morningstar Ratings are subject to change every month . domiciled moderate allocation funds respectively. SRI funds are also more consistent in their support of popular
'plain vanilla' governance issues we examined (poison pills, expensing stock
options , golden parachutes, and declassifying the board) -- totaling 90
percent support for these four issues , opposed to 72 percent support by
'conventional' funds.org.
"Domtar is pleased to offer this comprehensive new line of coated and
uncoated papers to give corporate leaders peace of mind when purchasing papers
to conduct business and promote their companies and products. DOMTAR
MANAGES ACCORDING TO INTERNATIONALLY RECOGNIZED STANDARDS 18 MILLION ACRES OF
FORESTLAND IN CANADA AND THE UNITED STATES, AND PRODUCES LUMBER AND OTHER WOOD
PRODUCTS.

csr corpwatch

In addition, Domtar is helping to
reduce greenhouse gas emissions and bring them in line with target levels of
the Kyoto protocol through efforts to improve the energy efficiency of its
facilities.

DOMTAR IS THE THIRD LARGEST PRODUCER OF UNCOATED FREESHEET PAPER IN NORTH
AMERICA.

Professional papers, studies, projects, and summaries pertaining to socially responsible or ethical investing.

sustainability consolidates

64 percent, 8.
FSC certification promotes natural resource conservation, regeneration
and sustainability, while balancing the interests of the forest products
industry, governments, environmental organizations and indigenous peoples .

bluejay responsibility

Pax World Funds seek to enable persons of conscience to invest in keeping
with their ethical values and to challenge corporations to establish and meet
certain ethical standards. Conventional Mutual Funds Lag SRI Funds by
Surprisingly Large 2-to-1 Margin;
As Expected: SRI Mutual Funds Also Stronger on
Social /Environmental Proxy Issues

WASHINGTON, Socially responsible mutual funds are
considerably stronger proponents of corporate governance shareholder
resolutions -- such as focusing on poison pills, expensing stock options,
golden parachutes, declassifying boards, and "vote no" director campaigns --
than are "conventional" mutual funds, according to the surprising conclusion
of an extensive new study by the nonprofit Social Investment Forum Foundation
(SIFF), http://www.org.socialinvest . "Domtar is committed to managing its operations in a
sustainable manner.

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H..paxworld."
The SmartWood program of the Rainforest Alliance independently certifies
Domtar EarthChoice papers to FSC standards.

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"
As Morningstar, Inc.G."Rainforest Alliance applauds Domtar
and is proud to endorse the forest management practices behind the EarthChoice
line., THE LARGEST
CANADIAN PRODUCER OF CONTAINERBOARD.

vigeo corporateregister

The average annual total returns for
the Pax World High Yield Fund (Individual Class) for the one-, three-, and
five-year periods ended March 31, 2005 were 6.S.
The new study entitled "Mutual Funds, Proxy Voting, and Fiduciary
Responsibility: How Do Funds Rate on Voting Their Proxies and Disclosure
Practices?" concludes: "Socially responsible investing (SRI) funds as a
category support more shareholder-proposed corporate governance resolutions
and 'vote no ' campaigns than their conventional peers by a 2-to-1 margin. TICKER SYMBOL
DTC (TSX, NYSE )

NEW YORK, April 12 - Domtar Inc.

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Pax World Funds Sweep: Three Funds Get Overall Rating of Four Stars from Morningstar

22 percent, respectively.

Domtar Provides Socially and Environmentally Responsible Paper Solutions to Corporate End-Users

announced today
that it will provide a new line of socially and environmentally responsible
papers called Domtar EarthChoice(R), certified to the standards of the Forest
Stewardship Council (FSC) and endorsed by the Rainforest Alliance, for
businesses that are environmentally and socially responsible as well as brand
conscious.
Domtar EarthChoice includes 13 high-quality, cost-effective uncoated and
coated papers that can be used to print corporate identity packages, brochures
and promotional materials, annual reports , business forms, training manuals,
direct mail, newsletters, catalogs, magazines, book covers, invitations ,
presentation folders, calendars, envelopes, labels and business cards. It was
one of the first North American forest products companies to commit to the FSC
standard, and it is a founding member of the Boreal Leadership Council, a
multi-party organization whose mission is to make Canada's boreal region the
world's best-conserved forest ecosystem.

unep socially

80 percent, 1. For most recent month end performance visit
http://www.5 percent
receive four stars, and the next 35 percent receive three stars. The Pax World High Yield Fund (Individual
Investor Class) received three stars for the three-year period and four stars
for the five-year period as rated among 350 and 283 U.
They also tend to support more controversial governance resolutions, like
separating the CEO and chair positions, or limiting nonaudit services by
auditors.

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85
percent, 5.65 percent, respectively.

disclosures divest

The three funds -- Pax World Balanced Fund (PAXWX), Pax World Growth Fund
(PXWGX), and the Pax World High Yield Fund (PAXHX) -- received Morningstar's
Overall rating of four stars among their fields of 668 moderate allocation
funds, 650 mid-cap growth funds, and 350 high-yield bond funds, respectively,
for the period ended March 31, 2005. The top 10
percent of funds in each category receive five stars, the next 22. The SIFF report analyzed the U.

divest responsibility

77 percent and 10. The Fund's
primary investment objective is to seek high current income.com."

The full Social Investment Forum Foundation study is available online at
http://www.

sustainability responsibility

The Pax World Balanced Fund was launched in 1971 as the first U. To the extent
that it is consistent with the Fund's primary objective, the Fund will also
seek capital appreciation as a secondary objective. Indeed, the
papers in the Domtar EarthChoice line are in harmony with environmental
protection and reflect Domtar's quest to address corporate end -users' needs
for products that come from well-managed forests and are endorsed by a
conservation organization," said Raymond Royer, President and Chief Executive
Officer of Domtar.
"Domtar has taken impressive measures to help companies do their part to
conserve our natural resources for future generations," said Rainforest
Alliance Executive Director Tensie Whelan. All papers in the Domtar EarthChoice line are FSC-
certified, and most contain post-consumer waste content.