MONTHLY MARKET MONITOR (M 3 ) December 2015

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1 MONTHLY MARKET MONITOR (M 3 ) December 2015 January 4th, 2015 THE LATEST MONTHLY MARKET RETURNS FROM THE RICHARDSON GMP TEAM GLOBAL MARKETS AT A GLANCE Americas Level 1mo 3mo 6mo 12mo YTD BRIC Level 1mo 3mo 6mo 12mo YTD S&P/TSX Composite 13, Brazil 43, S&P/TSX Comp TR 40, Russia S&P 500 2, India 26, S&P 500 Total Return 3, China 3, Dow Jones Ind Avg 17, NASDAQ Comp 5, MSCI Level 1mo 3mo 6mo 12mo YTD Mexico Bolsa 42, World 1, S&P/TSX Venture Composite EAFE 1, Russell , Emerging Markets Europe Level 1mo 3mo 6mo 12mo YTD EURO STOXX 50 3, Foreign Indices in CAD$ 1mo 3mo 6mo 12mo YTD England (FTSE) 6, S&P France (CAC 40) 4, S&P 500 Total Return Germany (DAX) 10, EURO STOXX Spain (IBEX) 9, MSCI World MSCI EAFE Asia Level 1mo 3mo 6mo 12mo YTD MSCI Emerging Japan (Nikkei) 19, Hong Kong (Hang Seng) 21, Fixed Income 1mo 3mo 6mo 12mo YTD Australia (ASX 200) 5, FTSE TMX Universe Bond Note: Returns are in local currency unless otherw ise indicated MARKET QUILT YTD TSX Composite -3% 30% 6% -14% -14% 24% 12% 22% 15% 7% -35% 31% 14% -11% 4% 10% 7% -11% S&P % 20% -10% -13% -23% 26% 9% 3% 14% 4% -38% 23% 13% 0% 13% 30% 11% -1% NASDAQ 40% 86% -39% -21% -32% 50% 9% 1% 10% 10% -41% 44% 17% -2% 16% 38% 13% 6% U.S. Small Cap -3% 20% -4% 1% -22% 45% 17% 3% 17% -3% -35% 25% 25% -5% 15% 37% 4% -6% Europe 32% 47% -3% -20% -37% 16% 7% 21% 15% 7% -44% 21% -6% -17% 14% 18% 1% 4% Japan -9% 37% -27% -24% -19% 24% 8% 40% 7% -11% -42% 19% -3% -17% 23% 57% 7% 9% EAFE 18% 25% -15% -23% -18% 35% 18% 11% 23% 9% -45% 28% 5% -15% 14% 19% -7% -3% Emerging -28% 64% -32% -5% -8% 52% 22% 30% 29% 36% -54% 74% 16% -20% 15% -5% -5% -17% Canadian Short Bonds 6% 4% 7% 9% 4% 4% 4% 2% 4% 5% 8% 2% 2% 3% 1% 1% 1% 1% Canadian Long Bonds 12% -6% 13% 5% 11% 8% 10% 15% 3% 5% 12% -5% 12% 20% 5% -9% 17% 6% US Short Bonds 7% 3% 8% 8% 6% 2% 1% 2% 4% 7% 7% 1% 2% 2% 0% 0% 1% 1% US Long Bonds 14% -9% 20% 4% 17% 2% 8% 6% 2% 10% 25% -13% 10% 29% 4% -13% 25% -1% Gold 0% 0% -5% 2% 25% 19% 6% 18% 23% 31% 6% 24% 30% 10% 7% -28% -2% -10% S&P/TSX Venture 4% 63% 4% 23% 34% -5% -72% 91% 50% -35% -18% -24% -25% -24% Note: Returns are in local currency terms

2 SECTOR PERFORMANCE (local returns) TSX Sector S&P 500 Sector Performance 1mo 3mo 6mo 12mo YTD Weight Performance 1mo 3mo 6mo 12mo YTD Weight Materials Materials (US) Energy Energy (US) Industrials Industrials (US) Consumer Disc Consumer Disc (US) Consumer Staples Consumer Staples (US) Health Care Health Care (US) Financials Financials (US) Info Tech Info Tech (US) Telecom Svs Telecom Svs (US) Utilities Utilities (US) COMMODITIES Energy Level 1mo 3mo 6mo 12mo YTD Precious Metals Level 1mo 3mo 6mo 12mo YTD Nat Gas (US/MMBtu) $ Gold (US/oz) $1, WTI Crude (US/bbl) $ Silver (US/oz) $ Gasoline (USd/gal) Grains Heating Oil (USd/gal) Corn (US/bu) $ Industrials Wheat (US/bu) $ Aluminum (US/lb) $ Soybeans (US/bu) $ Nickel (US/lb) $ Livestock Copper (US/lb) $ Hogs (US/lb) $ Lead (US/lb) $ Cattle (US/lb) $ Tin (US/lb) $ Soft Commodities Zinc (US/lb) $ Cocoa (US/MT) $3, Lumber (US/1000bf) $ Sugar (USD/lb) $ Cotton (USD/lb) FCOJ (USD/lb) $ Coffee (USD/lb) $ CURRENCIES AND BONDS Canadian Yields Current -1mo -3mo -6mo -12mo EFFAS Gov Bonds 1mo 3mo 6mo 12mo YTD 3M T-bills All yr Govt Bonds years yr Govt Bonds years yr Govt Bonds years yr Govt Bonds Currency Levels Current -1mo -3mo -6mo -12mo U.S. Yields Canadian Spot M T-bills Cdn - Euro yr Treasury Bonds Cdn - Australian yr Treasury Bonds Euro - US yr Treasury Bonds Yen - US yr Treasury Bonds British Pound - US Trade Weighted Dollar Blended Benchmark Returns (S&P/TSX Composite TR and FTSE TMX Universe Bond) 1mo 3mo 6mo 12mo YTD 75% TSX TR / 25% Bonds % TSX TR / 40% Bonds % TSX TR / 70% Bonds

3 Long Term Returns (local annualized) YTD 1yr 2yr 3yr 5yr 7yr 10yr 15yr S&P/TSX Comp (price) S&P/TSX Total Return S&P/TSX VENTURE COMP IDX S&P 500 (price) S&P 500 Total Return NASDAQ (price) Europe EURO STOXX S&P Europe England (FTSE) France (CAC 40) Germany (DAX) Spain (IBEX) Asia Japan (NIKKEI) Hong Kong (Hang Seng) Australia (ASX 200) BRIC Brazil Russia India China MSCI World EAFE Emerging Markets Bonds All Government Bonds FTSE TMX Universe Bond Long Term Returns (C$ annualized) YTD 1yr 2yr 3yr 5yr 7yr 10yr 15yr S&P 500 (price) S&P 500 Total Return NASDAQ (price) Europe EURO STOXX S&P Europe England (FTSE) France (CAC 40) Germany (DAX) Spain (IBEX) Asia Japan (Nikkei) Hong Kong (Hang Seng) Australia (ASX 200) BRIC Brazil Russia India China MSCI World EAFE Emerging Markets Bonds All Government Bonds

4 /17/15 8/1/15 8/16/15 8/31/15 9/15/15 9/30/15 10/15/15 10/30/15 11/14/15 11/29/15 12/14/15 12/29/15 S&P TSX Composite USD/CAD WTI Crude S&P EUR/USD Brent Crude Euro Stoxx GBP/USD Natural Gas Nikkei AUD/USD Gold NASDAQ U.S. Dollar Index World Equities Currencies Commodities Silver

5 The opinions expressed in this report are the opinions of the author and readers should not assume they reflect the opinions or recommendations of Richardson GMP Limited or its affiliates. Assumptions, opinions and estimates constitute the author s judgment as of the date of this material and are subject to change without notice. We do not warrant the completeness or accuracy of this material, and it should not be relied upon as such. Before acting on any recommendation, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Past performance is not indicative of future results. Richardson GMP Limited is a member of Canadian Investor Protection Fund. Richardson is a trade-mark of James Richardson & Sons, Limited. GMP is a registered trade-mark of GMP Securities L.P. Both used under license by Richardson GMP Limited.