AS AT NOVEMBER 30, Making Active Management Count NCM MONTHLY FUND SUMMARIES INVESTMENTS. ncminvestments.com

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1 AS AT NOVEMBER 30, 2018 Making Active Management Count NCM MONTHLY FUND SUMMARIES INVESTMENTS ncminvestments.com

2 Contents 03 Fund Performance 04 NCM Conservative Income Portfolio 06 NCM Balanced Income Portfolio 08 NCM Growth and Income Portfolio NCM Norrep Fund NCM Small Companies Class NCM Income Growth Class 16 NCM Energy Plus Class 18 NCM Entrepreneurs Class 20 NCM US Dividend Plus Class 22 NCM Global Income Growth Class 24 NCM Short Term Income Fund 26 NCM Core Canadian 28 NCM Core Global

3 FUND PERFORMANCE SUMMARIES as at November 30, 2018 Fund - F Series YTD 1Y 3Y 5Y 10Y 15Y Since Inception Inception Date Fund Yield CANADIAN EQUITY NCM Norrep Fund (A Series, closed) -9.0% -6.8% 0.7% 1.3% 11.6% 9.5% 13.9% Apr 12, NCM Small Companies Class -8.1% -5.9% 2.4% 2.0% 11.6% - 7.6% Jan 31, NCM Income Growth Class -6.6% -3.7% 3.7% 3.0% 11.9% - 8.3% Dec 31, % NCM Energy Plus Class -31.6% -30.2% -16.5% -15.5% % May 31, NCM Entrepreneurs Class -15.6% -14.0% 5.1% 6.7% % May 31, GLOBAL EQUITY NCM US Dividend Plus Class 3-1.3% -1.3% 6.0% 10.4% 12.4% - 7.2% Dec 31, % NCM Global Income Growth Class -4.9% -4.5% 5.1% 8.3% % May 31, % NCM Short Term Income Fund 0.4% 0.5% 2.8% 2.5% % Sep 16, % PENSION PORTFOLIOS NCM Conservative Income Portfolio Oct 1, NCM Balanced Income Portfolio Oct 1, NCM Growth and Income Portfolio Oct 1, CORE FUNDS NCM Core Canadian -4.7% -4.4% % Feb 17, NCM Core Global 2.2% 3.4% % Feb 17, NOTES 1. NCM Norrep Fund inception date May 31, 1997, public inception date listed. 2. NCM Small Companies Class inception date September 30, 2001, public inception date listed. 3. On January 31, 2013, the investment objective of the NCM US Dividend Plus Class was changed from a focus on small and micro capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalizations. If the change had been in effect prior to January 31, 2013, the Fund s performance could have been materially different. All performance F Series as of November 30, 2018, net of fees, annualized, unless otherwise stated. NCM Mutual Funds are offered for sale by prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect the future values or returns in any Fund. We have made reasonable commercial efforts to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information.

4 MONTHLY SUMMARY as at November 30, 2018 NCM CONSERVATIVE INCOME PORTFOLIO NCM Conservative Income Portfolio targets wealth preservation and income by investing in fixed income and global equities. FOR INVESTORS Who want to target preservation of capital through exposure to fixed income and global equities. TOP TEN REASONS TO OWN NCM PENSION PORTFOLIOS 1. Invest just like a sophisticated pension fund 2. Asset allocations are actively managed 3. Provides global diversification in one portfolio 4. Provides sector diversification in one portfolio 5. Exposure to real assets 6. Wealth Preservation to protect your capital 7. Wealth Creation to grow your capital 8. Easy to use, invest and monitor 9. Monthly income solutions available for when you are 10. Lower volatility for peace of mind PERFORMANCE There is no performance for this Fund as it is new. 4

5 G A global fixed income balanced fund that provides investors with current income and the potential for capital preservation Provides investors with geographic and sector diversification beyond the Canadian market A diversified portfolio consisting primarily of fixed-income securities and to a lesser extent equity securities from anywhere in the world 13+ ASSET ALLOCATION <Canadian Equities (13.3%) <U.S. Equities (12.7%) <European Equities (6.2%) <Other Equities (3.6%) <Canadian Fixed Income (5.9%) <U.S. Fixed Income (45.8%) <Other Fixed Income (7.1%) <Cash (5.4%) Fund Codes NRP 7100 (F) NRP 7101 (A-FE) NRP 7106 (T6) NRP 7109 (F6) Inception October 1, 2018 CIFSC Category Risk Rating Management Fee F Series A Series F6 Series T6 Series Portfolio Manager Auditor Global Fixed Income Balanced Low to Medium 0.75% 1.75% 0.75% 1.75% NCM Asset Management Ltd. KPMG LLP DYNAMIC ASSET ALLOCATION Fund Vanguard FTSE Developed All Cap 1 ex North America Index ETF (CAD $ Hedged) 4% 6% Range Custodian Transfer Agent and Registrar CIBC Mellon Trust CIBC Mellon Global Securities Services 2 NCM Core Global 10% 15% NCM Core Canadian NCM Norrep Fund BMO High Yield US Corporate Bond Hedged to CAD Index ETF (CAD $ Hedged) 8% 2% 3% 12% 3% 10% MANAGEMENT TEAM Craig Millar, CFA NCM Short Term Income Fund 9% 30% BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF(CAD $ Hedged) 25% 55% BMO Global Infrastructure Index ETF 2% 3% ishares Global Real Estate Index ETF 2% 3% 1. Excludes North America 2. Includes North America The min, max and range targets provided under Dynamic Asset Allocation are determined by the of the Fund, provided for information purposes only, and are subject to change without notice. Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 5

6 MONTHLY SUMMARY as at November 30, 2018 NCM BALANCED INCOME PORTFOLIO NCM Balanced Income Portfolio targets a balance of income and long-term growth by investing in global equities and fixed income. FOR INVESTORS Who want to balance the need for wealth preservation and capital appreciation by investing in global equities and fixed income. TOP TEN REASONS TO OWN NCM PENSION PORTFOLIOS 1. Invest just like a sophisticated pension fund 2. Asset allocations are actively managed 3. Provides global diversification in one portfolio 4. Provides sector diversification in one portfolio 5. Exposure to real assets 6. Wealth Preservation to protect your capital 7. Wealth Creation to grow your capital 8. Easy to use, invest and monitor 9. Monthly income solutions available for when you are 10. Lower volatility for peace of mind PERFORMANCE There is no performance for this Fund as it is new. 6

7 A global neutral balanced fund that combines long-term capital appreciation and stable income A multi-asset model that tactically blends several unique investment mandates Provides investors with geographic and sector diversification beyond the Canadian market 17+ ASSET ALLOCATION (17.1%) <U.S. Equities (23.0%) <European Equities (9.3%) <Asian Equities (4.4%) <Other Equities (0.7%) <Canadian Fixed Income (3.6%) <U.S. Fixed Income (31.9%) <Other Fixed Income (5.0%) <Cash (5.0%) DYNAMIC ASSET ALLOCATION Fund Vanguard FTSE Developed All Cap 1 ex North America Index ETF (CAD $ Hedged) 2 NCM Core Global 4% 14% G<Canadian Equities 7% 26% Range Fund Codes NRP 7200 (F) NRP 7201 (A-FE) NRP 7206 (T6) NRP 7209 (F6) Inception October 1, 2018 CIFSC Category Risk Rating Management Fee F Series A Series F6 Series T6 Series Portfolio Manager Auditor Custodian Transfer Agent and Registrar Global Neutral Balanced Low to Medium 0.80% 1.80% 0.80% 1.80% NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services NCM Core Canadian 9% 16% NCM Norrep Fund BMO High Yield US Corporate Bond Hedged to CAD Index ETF (CAD $ Hedged) NCM Short Term Income Fund BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (CAD $ Hedged) 2% 4% 7% 25% 3% 10% 20% 45% MANAGEMENT TEAM Craig Millar, CFA BMO Global Infrastructure Index ETF 4% 7% ishares Global Real Estate Index ETF 4% 7% 1. Excludes North America 2. Includes North America The min, max and range targets provided under Dynamic Asset Allocation are determined by the of the Fund, provided for information purposes only, and are subject to change without notice. Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 7

8 MONTHLY SUMMARY as at November 30, 2018 NCM GROWTH AND INCOME PORTFOLIO NCM Growth and Income Portfolio targets long-term growth and income by investing in global equities and fixed income. FOR INVESTORS Who place more emphasis on capital appreciation over wealth preservation by investing in global equities and fixed income. TOP TEN REASONS TO OWN NCM PENSION PORTFOLIOS 1. Invest just like a sophisticated pension fund 2. Asset allocations are actively managed 3. Provides global diversification in one portfolio 4. Provides sector diversification in one portfolio 5. Exposure to real assets 6. Wealth Preservation to protect your capital 7. Wealth Creation to grow your capital 8. Easy to use, invest and monitor 9. Monthly income solutions available for when you are 10. Lower volatility for peace of mind PERFORMANCE There is no performance for this Fund as it is new. 8

9 G A global equity balanced fund that aims to provide investors with long-term capital appreciation and stable income A multi-asset model that tactically blends several unique investment mandates Provides investors with geographic and sector diversification beyond the Canadian market ASSET ALLOCATION 23+ <Canadian Equities (23.1%) <U.S. Equities (22.6%) <European Equities (9.5%) <Asian Equities (4.6%) <Other Equities (0.8%) <Canadian Fixed Income (3.1%) <U.S. Fixed Income (22.7%) <Other Fixed Income (3.4%) <Cash (10.2%) Fund Codes NRP 7300 (F) NRP 7301 (A-FE) NRP 7306 (T6) NRP 7309 (F6) Inception October 1, 2018 CIFSC Category Risk Rating Management Fee F Series A Series F6 Series T6 Series Portfolio Manager Auditor Global Equity Balanced Low to Medium 0.85% 1.85% 0.85% 1.85% NCM Asset Management Ltd. KPMG LLP DYNAMIC ASSET ALLOCATION Custodian Transfer Agent and Registrar CIBC Mellon Trust CIBC Mellon Global Securities Services MANAGEMENT TEAM Craig Millar, CFA The min, max and range targets provided under Dynamic Asset Allocation are determined by the of the Fund, provided for information purposes only, and are subject to change without notice. Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 9

10 MONTHLY SUMMARY as at November 30, 2018 NCM NORREP FUND A Canadian small cap equity fund, focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed. FOR INVESTORS Seeking long-term, above average growth who can tolerate medium to high risk levels. Please note that NCM Norrep Fund is currently closed. PERFORMANCE NAV/Share A Series: $32.83 F Series: $ month 3 month 6 month YTD 1 year 3 year 5 year 10 Year 15 year Inception A -2.6% -12.0% -10.0% -9.0% -6.8% 0.7% 1.3% 11.6% 9.5% 13.9% F -2.6% -11.8% -9.7% -8.3% -6.1% 1.4% % A 41.4% 23.5% 20.7% 43.9% 25.0% 32.4% 25.7% 19.9% -51.1% 62.8% F A 30.8% -4.3% 10.0% 31.3% 0.5% -0.2% 6.2% 6.5% F % 1 6.9% 7.2% return begins with July 6 inception VALUE OF $10,000 INVESTED AT INCEPTION $150,000 $120,000 $112,355 $90,000 $60,000 $30,000 $ TOP TEN HOLDINGS Listed alphabetically DISTRIBUTIONS 2017 Paid Distribution $2.078 BADGER DAYLIGHTING LTD. MAJOR DRILLING GROUP INTERNATIONAL INC Paid Distribution $ CHEMTRADE LOGISTICS INCOME FUND CHORUS AVIATION INC. NORTH AMERICAN CONSTRUCTION GROUP LTD. PAREX RESOURCES INC Paid Distribution $ Aggregate of eligible and capital gains distributions paid. Complete list and breakdown available at ncminvestments.com. DESCARTES SYSTEMS GROUP INC. PARKLAND FUEL CORPORATION FIRSTSERVICE CORP. TFI INTERNATIONAL INC. 10

11 Disciplined Canadian small and mid cap equity fund utilizing NCM s proven investment methodology Focuses on growing companies trading at reasonable valuations in an asset class that has historically outperformed Utilizes both deep fundamental and quantitative analysis to create a portfolio of businesses with attractive attributes 21+ HOW THE FUND INVESTS PORTFOLIO ATTRIBUTES Source: CPMS (of covered securities) Trailing P/E <Basic Materials (20.1%) <Industrials (20.0%) <Consumer Discretionary (4.4%) <Information Technology (6.1%) <Utilities (2.7%) <Real Estate (6.0%) <Net Cash (19.8%) G<Energy (21.0%) Trailing ROE Cash Flow/ Debt Trailing P/CF NCM Norrep Fund 18.2x 13.9% x BMO Small Cap Equity Index (Weighted) 36.8x 5.9% x Advantage 18.6x 8.0% x Fund Codes Net Assets Inception F Series A Series CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar NRP 100 (F) NRP 101 (A-FE) $50.3 Million July 6, 2015 April 12, 2000 Canadian Small/Mid Cap Equity Medium to High 1.25% 2.00% BMO Small Cap Equity Only Weighted Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services FIVE YEAR METRICS Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). Except where indicated otherwise, A Series data as of November 30, 2018, net of fees, annualized. NCM Norrep Fund is closed to new investors. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. *Does not include performance bonus. MANAGEMENT TEAM Alex Sasso, CFA Don Walker, CFA Sarah Hughes, CFA 11

12 MONTHLY SUMMARY as at November 30, 2018 NCM SMALL COMPANIES CLASS A Canadian small cap equity fund focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed. FOR INVESTORS Seeking long-term, above average growth who can tolerate medium to high risk levels. PERFORMANCE NAV/Share F Series: $45.37 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year 10 Year 15 Year Inception F -2.6% -11.6% -9.5% -8.1% -5.9% 2.4% 2.0% 11.6% - 7.6% A -2.7% -11.9% -9.9% -9.0% -6.9% 1.4% 0.9% 10.5% 7.9%- 9.9% F % % 17.3% -51.9% 64.6% A 12.2% % 23.5% 33.9% 18.6% 16.4% -52.1% 60.5% % -7.0% 9.4% 28.4% 2.2% -3.5% 10.2% 7.3% 31.4% -7.9% 8.2% 27.2% 1.1% -4.6% 9.1% 6.2% return begins with Jan 31 inception return begins with Feb 15 inception VALUE OF $10,000 INVESTED AT INCEPTION $35,000 $30,000 $25,000 $20,000 $27,704 $15,000 $10,000 $5,000 $ TOP TEN HOLDINGS Listed alphabetically BADGER DAYLIGHTING LTD. CELESTICA INC. CHORUS AVIATION INC. DESCARTES SYSTEMS GROUP INC. FIRSTSERVICE CORP. MAJOR DRILLING GROUP INTERNATIONAL INC. NORTH AMERICAN CONSTRUCTION GROUP LTD. PAREX RESOURCES INC. PARKLAND FUEL CORPORATION TFI INTERNATIONAL INC. DIVIDENDS 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com. 12

13 Disciplined Canadian small and mid cap equity fund utilizing NCM s proven investment methodology Focuses on growing companies trading at reasonable valuations in an asset class that has historically outperformed Utilizes both deep fundamental and quantitative analysis to create a portfolio of businesses with attractive attributes HOW THE FUND INVESTS 21+ PORTFOLIO ATTRIBUTES Source: CPMS (of covered securities) Trailing P/E <Basic Materials (20.0%) <Industrials (20.0%) <Consumer Discretionary (4.4%) <Information Technology (6.1%) <Utilities (2.8%) <Real Estate (6.0%) <Net Cash (19.5%) G<Energy (21.2%) Trailing ROE Cash Flow/ Debt Trailing P/CF NCM Small Companies Class 18.3x 13.9% x BMO Small Cap Equity Index (Weighted) 36.8x 5.9% x Advantage 18.5x 8.0% x Fund Codes Net Assets Inception F Series A Series CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar NRP 200 (F) NRP 201 (A-FE) NRP 202 (A-LSC) $93.2 Million January 31, 2005 February 15, 2002 Canadian Small/Mid Cap Equity Medium to High 1.00%* 2.00%* BMO Small Cap Equity Only Weighted Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services FIVE YEAR METRICS Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). Except where indicated otherwise, A Series data as of November 30, 2018, net of fees, annualized. NCM Norrep Fund is closed to new investors. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. *Does not include performance bonus. MANAGEMENT TEAM Alex Sasso, CFA Chief Executive Officer and Don Walker, CFA Sarah Hughes, CFA 13

14 MONTHLY SUMMARY as at November 30, 2018 NCM INCOME GROWTH CLASS A Canadian balanced fund that combines small and mid cap dividend growth businesses with the stability of high yield fixed income securities, targeting a $0.066 per share monthly tax-advantaged dividend. FOR INVESTORS Looking for Canadian equity exposure that combines growth with dependable monthly income. PERFORMANCE NAV/Share F Series: $13.28 B Series: $ month 3 month 6 month YTD 1 year 3 year 5 year 10 Year Inception F -2.0% -9.1% -3.9% -6.6% -3.7% 3.7% 3.0% 11.9% 8.3% B -2.0% -9.4% -4.5% -7.5% -4.8% 2.7% 2.0% - 4.7% F 14.8% 20.5% -33.1% 42.6% 33.0% 3.3% 13.2% 22.2% -2.2% 1.7% 13.6% 6.3% B % % 21.0% -3.0% 0.5% 12.6% 5.3% return begins with June 30 inception VALUE OF $10,000 INVESTED AT INCEPTION $35,000 $30,000 $25,000 $28,164 $20,000 $15,000 $10,000 $5,000 $ TOP TEN HOLDINGS Listed alphabetically BADGER DAYLIGHTING LTD. CHORUS AVIATION INC. FIRSTSERVICE CORP. GIBSON ENERGY INC. HARDWOODS DISTRIBUTION INC. MORNEAU SHEPELL INC. PARKLAND FUEL CORPORATION SIR ROYALTY INCOME FUND TFI INTERNATIONAL INC. TORONTO-DOMINION BANK DIVIDENDS Paid Monthly 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $0.768 Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at NCM.com.

15 Disciplined Canadian equity balanced fund utilizing both deep fundamental and quantitative analysis to create a portfolio of business with attractive attributes Focuses on high free cash-flow businesses trading at attractive valuations Provides a consistent monthly income stream without sacrificing equity upside 16+ HOW THE FUND INVESTS PORTFOLIO ATTRIBUTES Source: CPMS (of covered securities), as at November 30, 2018 FIVE YEAR METRICS Trailing P/E G<Energy (16.3%) <Basic Materials (10.9%) <Industrials (25.5%) <Consumer Discretionary (6.4%) <Financials (8.8%) <Real Estate (8.1%) <Fixed Income (11.0%) <Net Cash (12.8%) Trailing ROE Dividend Yield Beta Correlation R-squared Standard Deviation % Cash Flow/ Debt NCM Income Growth Class 15.5x 15.6% 4.5% 0.42 S&P / TSX Composite Index 14.7x 14.1% 3.2% 0.31 Advantage -0.8x 1.5% 1.3% 0.11 Fund Codes Net Assets Inception F Series B Series CIFSC Category Risk Rating Management Fee F Series B Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar NRP 500 (F) NRP 503 (B-FE) NRP 504 (B-LSC) NRP 506 (T6) NRP 509 (F6) $67.1 Million December 31, 2005 June 30, 2011 Canadian Equity Balanced Medium 1.00% 2.00% 75% S&P/TSX Composite Total Return Index 25% FTSE TMX Universe Bond Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust- CIBC Mellon Global Securities Services Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. A series is not available for purchase. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. MANAGEMENT TEAM Alex Sasso, CFA Chief Executive Officer and Don Walker, CFA Sarah Hughes, CFA 15

16 MONTHLY SUMMARY as at November 30, 2018 NCM ENERGY PLUS CLASS An all cap Canadian energy equity fund providing access to a specialist Calgary-based portfolio management team with strong relationships in the heart of Canada s energy industry. FOR INVESTORS Seeking exposure to investment opportunities in Canada s energy sector. PERFORMANCE NAV/Share F Series: $5.66 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year Inception F -16.5% -30.6% -35.5% -31.6% -30.2% -16.5% -15.5% -1.5% A -16.6% -30.8% -35.9% -32.3% -31.0% -17.4% -16.5% -2.7% F 36.5% 28.8% -4.7% 0.2% 23.2% -8.4% -26.6% 23.4% -26.6% A 35.1% 27.7% -5.6% -0.9% 22.0% -9.6% -27.7% 22.3% -27.6% return begins with May 31 inception VALUE OF $10,000 INVESTED AT INCEPTION $30,000 $25,000 $20,000 $15,000 $10,000 $8,623 $5, TOP TEN HOLDINGS Listed alphabetically BAYTEX ENERGY CORP. BIRCHCLIFF ENERGY LTD. ENERPLUS CORP. INPLAY OIL CORP. JOURNEY ENERGY KELT EXPLORATION LTD. PAREX RESOURCES INC. PETROTAL CORP. SURGE ENERGY INC. WHITECAP RESOURCES INC. DIVIDENDS 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com. 16

17 G An energy equity fund investing primarily in Canadian energy equities of all market capitalizations Provides access to a specialist Calgary-based portfolio management team with strong relationships in the core of Canada s energy industry Gives investors exposure to Canada s energy sector - large reserves, low geopolitical risk, and a fast growing production profile HOW 41+ THE FUND INVESTS PORTFOLIO ATTRIBUTES <Large Cap (40.5%) <Mid Cap (24.3%) <Small Cap (34.5%) <Net Cash (0.7%) NCM Energy S&P/TSX Capped Energy Index Market Cap - Median ($Mn) $979 $1,475 EV/EBITDA 4.1x 6.0x Producer s Production - Median (Boe/d) 41,000 84,600 1 S&P/TSX Capped Energy Total Return Index, as at JUly 31, 2016 Producer s Gas Weighting (%) 31% 30% Fund Codes Net Assets NRP 700 (F) NRP 701 (A-FE) NRP 702 (A-LSC) $16.0 Million Inception May 31, 2009 CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar Energy Equity High 1.00%* 2.00%* S&P/TSX Capped Energy Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services FIVE YEAR METRICS Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). *Does not include performance bonus. MANAGEMENT TEAM Mark Heim, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 17

18 MONTHLY SUMMARY as at November 30, 2018 NCM ENTREPRENEURS CLASS A Canadian micro cap equity fund that utilizes NCM s proven investment methodology to deliver a high quality portfolio of cash generating businesses that trade at reasonable valuations. FOR INVESTORS Seeking exposure to a large, underfollowed and underinvested asset class with many investment opportunities. PERFORMANCE NAV/Share F Series: $28.00 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year Inception F -4.0% -9.3% -12.8% -15.6% -14.0% 5.1% 6.7% 13.2% A -4.1% -9.6% -13.3% -16.5% -15.0% 4.1% 5.6% 12.0% F 26.9% -1.1% 23.8% 38.9% 5.8% 8.4% 23.4% 11.5% A 25.5% -2.0% 22.5% 37.7% 4.8% 7.3% 22.3% 10.3% return begins with May 31 inception VALUE OF $10,000 INVESTED AT INCEPTION $40,000 $32,000 $24,000 $28,719 $16,000 $8,000 $ TOP TEN HOLDINGS Listed alphabetically AKITA DRILLING LTD. CURRENCY EXCHANGE INTERNATIONAL CORP. FIRAN TECHNOLOGY GROUP CORP. GLOBAL WATER RESOURCES, INC. HAMILTON THORNE HARDWOODS DISTRIBUTION INC. ORBIT GARANT DRILLING INC. PFB CORP. QUESTOR TECHNOLOGY INC. REDISHRED CAPITAL CORP. DIVIDENDS 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com. 18

19 Disciplined Canadian micro cap equity fund utilizing NCM s proven investment methodology Provides investors a unique opportunity to invest in a large, underfollowed and diverse asset class Mitigates risk by investing only in proven companies with a track record of success 9+ HOW THE FUND INVESTS PORTFOLIO ATTRIBUTES Source: CPMS (of covered securities), as at November 30, 2018 Trailing P/E <Basic Materials (11.6%) <Industrials (23.7%) <Consumer Discretionary (13.1%) <Healthcare (6.7%) <Financials (6.0%) <Information Technology (6.7%) <Utilities (4.6%) <Net Cash (18.8%) G<Energy (8.7%) Trailing ROE Debt/ Equity Trailing P/CF NCM Entrepreneurs Class 41.3x 8.4% x BMO Small Cap Equity Index (Weighted) 36.8x 5.9% x Advantage -4.5x 2.5% x Fund Codes Net Assets NRP 900 (F) NRP 901 (A-FE) NRP 902 (A-LSC) $77.8 Million Inception May 31, 2010 CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar Canadian Small/Mid Cap Equity Medium to High 1.00%* 2.00%* BMO Small Cap Equity Only Weighted Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services FIVE YEAR METRICS Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). *Does not include performance bonus. MANAGEMENT TEAM Don Walker, CFA Alex Sasso, CFA Chief Executive Officer and Sarah Hughes, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. On June 30, 2016 the benchmark index of the Fund was changed from 70% BMO Small Cap Equity Only Weighted Total Return Index and 30% S&P Developed Small Cap Total Return Index to 100% BMO Small Cap Equity Only Weighted Total Return Index. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 19

20 MONTHLY SUMMARY as at November 30, 2018 NCM US DIVIDEND PLUS CLASS A U.S. equity fund focusing primarily on dividend paying stocks through a unique all cap approach, offering investors access to the world s deepest and broadest market with a team that has a proven track record of active management FOR INVESTORS Who are seeking exposure to the world s largest economy alongside a stable monthly dividend. PERFORMANCE NAV/Share F Series: $19.52 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year 10 Year Inception F 3.1% -3.2% -0.2% -1.3% -1.3% 6.0% 10.4% 12.4% 7.2% A 3.0% -3.4% -0.7% -2.2% -2.3% 5.0% 9.3% 11.3% 6.1% F 13.7% % 7.4% 23.6% -11.4% 19.0% 36.4% 22.5% 10.9% 16.3% 3.0% A 12.4% -15.6% -19.0% 6.3% 22.5% -12.3% 17.8% 35.3% 21.5% 9.8% 15.3% 1.8% VALUE OF $10,000 INVESTED AT INCEPTION $27,500 $25,000 $22,500 $20,000 $17,500 $15,000 $12,500 $10,000 $7,500 $5, $24,426 TOP TEN HOLDINGS Listed alphabetically COMCAST CORP. CVS HEALTH CORP. EASTMAN CHEMICAL CO. ORACLE CORPORATION PARKER HANNIFIN CORP. STATE STREET CORP. U.S. BANCORP VERIZON COMMUNICATIONS INC. VERMILION ENERGY INC. WHIRLPOOL CORP. DIVIDENDS Paid Monthly 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $ Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com. 20

21 U.S. equity fund focusing primarily on dividend paying stocks through a unique all cap approach Access the world s deepest and broadest market with a team that has a strong track record of active management Targets a $0.04 per share monthly dividend while offering long-term growth potential from U.S. equity markets HOW THE FUND INVESTS 6+ FIVE YEAR METRICS G<Energy (5.8%) <Basic Materials (5.6%) <Industrials (7.4%) <Consumer Discretionary (12.8%) <Consumer Staples (5.0%) <Healthcare (11.8%) <Financials (12.0%) <Information Technology (11.7%) <Communication Services (8.5%) <Real Estate (2.6%) <Net Cash (12.6%) <Cash-Secured Puts (4.3%) Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). Fund Codes Net Assets NRP 600 (F) NRP 601 (A-FE) NRP 602 (A-LSC) $27.6 Million Inception December 31, 2005 CIFSC Category Risk Rating Management Fee F Series A Series US Equity Medium 1.00% 2.00% Benchmark Index S&P Composite 1500 Total Return Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services MANAGEMENT TEAM Craig Millar, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. On January 31, 2013, the investment objective of the NCM US Dividend Plus Class was changed from a focus on small and micro capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalizations. If the change had been in effect prior to January 31, 2013, the Fund s performance could have been materially different. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 21

22 MONTHLY SUMMARY as at November 30, 2018 NCM GLOBAL INCOME GROWTH CLASS A Global equity balanced fund investing primarily in dividend paying equities with a minimum 10% weight in fixed income, targeting a $0.043 per share monthly dividend without sacrificing long-term growth. FOR INVESTORS Looking for diversification into global markets, monthly dividend payments and significant growth. PERFORMANCE NAV/Share F Series: $13.81 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year Inception F 2.1% -5.7% -2.6% -4.9% -4.5% 5.1% 8.3% 8.9% A 2.0% -5.9% -3.2% -5.8% -5.5% 4.1% 7.2% 7.9% F -9.1% 12.9% 26.5% 11.1% 14.9% 3.4% 16.5% A -9.7% 11.8% 25.4% 10.0% 13.7% 2.3% 15.5% return begins with May 31 inception VALUE OF $10,000 INVESTED AT INCEPTION $22,000 $20,000 $18,000 $18,955 $16,000 $14,000 $12,000 $10,000 $8, TOP TEN HOLDINGS Listed alphabetically ALPHABET INC. BANK CENTRAL ASIA CARNIVAL CORP. DSV A/S FIRST REPUBLIC BANK JOHNSON & JOHNSON JPMORGAN CHASE & CO. MEDTRONIC PLC TOPDANMARK AS UNITED TECHNOLOGIES CORP. DIVIDENDS Paid Monthly 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $ Paid Dividends $0.492 Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at

23 G G Global equity balanced fund investing primarily in dividend paying equities with a minimum 10% weight in fixed income Gives Canadian investors geographic and sector diversification into the other 95% of the world s markets Targets a $0.043 per share monthly dividend without sacrificing long-term growth upside from global equity markets HOW THE FUND INVESTS FIVE YEAR METRICS <Canada (3.5%) <United States (44.5%) <Europe (31.7%) <Asia (ex: Japan) (3.4%) <Japan (2.2%) <Fixed Income (12.8%) <Net Cash (1.9%) <Energy (2.8%) <Basic Materials (4.9%) <Industrials (15.3%) <Consumer Discretionary (6.0%) <Consumer Staples (10.9%) <Healthcare (11.2%) <Financials (27.0%) <Information Technology (4.5%) <Communication Services (2.7%) <Fixed Income (12.8%) <Net Cash (1.9%) Fund Codes Net Assets NRP 1000 (F) NRP 1001 (A-FE) NRP 1002 (A-LSC) NRP 1006 (T6) NRP 1009 (F6 $166.5 Million Inception May 31, 2011 CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar Global Equity Balanced Medium 1.00% 2.00% 75% MSCI World Total Return Index 25% FTSE TMX Universe Bond Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average). MANAGEMENT TEAM Craig Millar, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 23

24 MONTHLY SUMMARY as at November 30, 2018 NCM SHORT TERM INCOME FUND A fixed income fund investing in a wide range of debt securities that targets a 3-4% annual distribution, payable monthly FOR INVESTORS Who want a stable monthly distribution higher than traditional short-term income alternatives. PERFORMANCE NAV/Share F Series: $9.09 A Series: $ month 3 month 6 month YTD 1 year 3 year 5 year Inception F -0.6% -0.9% -0.4% 0.4% 0.5% 2.8% 2.5% 3.1% A -0.7% -1.1% -0.5% 0.0% 0.0% 2.2% 2.0% 2.6% F 0.9% 5.2% 4.3% 1.2% 2.0% 5.8% 2.7% A 0.7% 4.6% 3.8% 0.6% 1.4% 5.2% 2.2% return begins with September 16 inception VALUE OF $10,000 INVESTED AT INCEPTION $13,000 $12,500 $12,000 $11,500 $11,000 $12,469 $10,500 $10,000 $9,500 $9, FIVE YEAR METRICS Beta Correlation R-squared Standard Deviation % Beta represents the tendency of the fund s return to respond to market swings. <1 means the fund has less volatile returns than the index. Correlation measures how two instruments (fund and index) move in relation to each other: +1 is perfect positive correlation. R-Squared is a number 0 to 100 representing the percentage of a fund s movements explained by movements in its index. A high number indicates a more useful beta figure. Standard Deviation is a measurement of investment volatility (up and down) that illustrates how much dispersion there is from the mean. The lower the standard deviation the closer the data points are to the mean (average) DISTRIBUTION Paid Monthly 2018 Paid Distribution $ Paid Distribution $ Paid Distribution $ Paid Distribution $ Paid Distribution $0.449 Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at Ncminvestments.com.

25 G G Fixed income fund investing in a wide range of debt securities that targets a net 3% - 4% annualized return Targets a $0.031 per unit monthly distribution Provides investors with a higher yield than traditional short-term income alternatives HOW THE FUND INVESTS <Canada (21.7%) <United States (55.2%) <Other (8.1%) <Net Cash (14.9%) <A (3.2%) <BBB (10.2%) <BB (22.1%) <B (45.8%) <CCC (2.0%) <NR (1.8%) <Net Cash (14.9%) Fund Codes US$ US$ Net Assets NRP 1100 (F) NRP 1101 (A-FE) NRP 1107 (A-FE) NRP 1108 (F) $120.9 Million Inception September 16, 2011 CIFSC Category Risk Rating Management Fee F Series A Series Benchmark Index Auditor Custodian Miscellaneous - Income and Real Property Low to Medium 0.75% 1.25% 50% FTSE TMX Short Term Bond Index 30% Credit Suisse Levered Loan Index 20% Merrill Lynch High Yield Canadian Issuers Index KPMG LLP CIBC Mellon Trust PORTFOLIO COMPOSITION PORTFOLIO ATTRIBUTES Transfer Agent and Registrar CIBC Mellon Global Securities Services Government Bonds 0.0% Internal Yield 4.8% Investment Grade Bonds 13.5% High yield Bonds 32.5% Senior Loans 39.1% Asset backed securities 0.0% Net Cash 14.9% Short Positions 0.0% Total 100% Yield to Maturity 5.1% Modified Duration (years) 1.3 Holdings 49 MANAGEMENT TEAM Bill Holy, MBA, CFA Owen Morgan, MBA, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 25

26 MONTHLY SUMMARY as at November 30, 2018 NCM CORE CANADIAN A Canadian Equity Fund targeting attractive long-term returns with lower volatility than the market, utilizing a highly experienced Canadian equity portfolio management team with an active approach to investing. FOR INVESTORS Who want a portfolio of stable, high quality Canadian large cap equities. PERFORMANCE NAV/Share F Series: $30.55 A Series: $29.69 Z Series: $ month 3 month 6 month YTD 1 year 2 Year Inception F 1.4% -6.5% -2.6% -4.7% -4.4% 4.4% 8.4% A 1.3% -6.8% -3.1% -5.7% -5.4% 3.3% 7.3% F 18.1% 11.2% A 17.1% 10.1% return begins with February 17 inception VALUE OF $10,000 INVESTED AT INCEPTION $13,500 $13,000 $12,500 $12,514 $12,000 $11,500 $11,000 $10,500 $10, TOP TEN HOLDINGS Listed alphabetically ALIMENTATION COUCHE-TARD INC. CANADIAN NATIONAL RAILWAY COMPANY CONSTELLATION SOFTWARE INC. NUTRIEN LTD. OPEN TEXT CORPORATION PARKLAND FUEL CORPORATION ROYAL BANK OF CANADA SLATE RETAIL REIT TORONTO-DOMINION BANK TRANSCANADA CORPORATION DIVIDENDS 2018 Paid Dividends $ Paid Dividends $ Paid Dividends $0.286 Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com. 26

27 Offers investors an actively managed, low fee, large cap Canadian equity portfolio of high quality, lower risk securities Aims to deliver attractive long-term risk adjusted returns with lower volatility Run by a highly experienced team employing a disciplined approach to portfolio management PORTFOLIO WEIGHTS 6+ PORTFOLIO ATTRIBUTES G<Energy (5.6%) Trailing P/E <Basic Materials (3.1%) <Industrials (11.2%) <Consumer Discretionary (4.7%) <Consumer Staples (5.1%) <Financials (27.1%) <Information Technology (9.9%) <Communication Services (7.5%) <Utilities (4.9%) <Real Estate (6.9%) <Net Cash (14.1%) Trailing ROE Yield Three Year Beta NCM Core Canadian 13.5x 17.2% 3.5% 0.63 S&P/ TSX TRI 14.7x 14.1% 3.2% 1.00 Advantage 1.2x 3.1% 0.3% 0.37 Fund Codes Net Assets NRP 3500 (F) NRP 3501 (A-FE) NRP 3507 (Z) $18.2 Million Inception February 17, 2016 CIFSC Category Risk Rating Management Fee F Series A Series Z Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar Canadian Equity Low to Medium 0.75% 1.75% $1,000 Flat Fee S&P/TSX Composite Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services Source: Capital IQ PORTFOLIO POSITIONS Long Positions 35 Short Positions 21 MANAGEMENT TEAM Keith Leslie, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 27

28 MONTHLY SUMMARY as at November 30, 2018 NCM CORE GLOBAL A Global Equity Fund targeting attractive long-term returns with lower volatility than the market, utilizing a highly experienced Global equity portfolio management team with an active approach to investing. FOR INVESTORS Who want a portfolio of stable, high quality Global equities. PERFORMANCE NAV/Share F Series: $31.64 A Series: $30.73 Z Series: $ month 3 month 6 month YTD 1 year 2 year Inception F 2.9% -2.9% 2.6% 2.2% 3.4% 10.6% 8.5% A 2.8% -3.1% 2.1% 1.3% 2.3% 9.5% 7.3% F 5.1% 16.7% A 4.1% 15.5% return begins with February 17 inception VALUE OF $10,000 INVESTED AT INCEPTION $13,000 $12,500 $12,545 $12,000 $11,500 $11,000 $10,500 $10, TOP TEN HOLDINGS Listed alphabetically BANK CENTRAL ASIA COSTCO WHOLESALE CORP. DSV A/S ELI LILLY AND CO. FIRST REPUBLIC BANK JOHNSON & JOHNSON MCDONALD S CORP. MICROSOFT CORP. VISA INC. WELLS FARGO & CO. 28

29 G Offers investors exposure to global markets though a portfolio of high quality, lower risk securities Aims to produce attractive, long-term risk adjusted returns with lower volatility. Currency exposure is hedged Run by a highly experienced team employing a disciplined approach to portfolio management PORTFOLIO WEIGHTS G<Energy (4.3%) <Canada (4.1%) <United States (62.0%) <Europe (22.4%) <Asia (ex: Japan) (4.2%) <Japan (3.3%) <Net Cash (4.0%) <Basic Materials (3.7%) <Industrials (6.5%) <Consumer Discretionary (13.9%) <Consumer Staples (16.8%) <Healthcare (11.8%) <Financials (23.1%) <Information Technology (12.2%) <Communication Services (3.9%) <Net Cash (4.0%) Fund Codes Assets NRP 3400 (F) NRP 3401 (A-FE) NRP 3407 (Z) $25.9 Million Inception February 17, 2016 CIFSC Category Risk Rating Management Fee F Series A Series Z Series Benchmark Index Portfolio Manager Auditor Custodian Transfer Agent and Registrar Global Equity Low to Medium 0.85% 1.85% $1,000 Flat Fee MSCI World Total Return Index NCM Asset Management Ltd. KPMG LLP CIBC Mellon Trust CIBC Mellon Global Securities Services PORTFOLIO POSITIONS Equity Positions 47 MANAGEMENT TEAM Craig Millar, CFA Except where indicated otherwise, F Series data as of November 30, 2018, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information. 29

30 NCM PRODUCT RANGE 15 NCM OPPORTUNITIES CORP STAND ALONE FUNDS NCM PENSION PORTFOLIOS C O R E F U N D S 2 5 C O R E F U N D S 7 8 ALTERNATIVE INVESTMENTS CORE FUNDS 1 NCM Core Canadian 2 NCM Core Global NCM PENSION PORTFOLIOS 3 NCM Conservative Income Portfolio ALTERNATIVE INVESTMENTS 12 NCM Market Neutral Income Fund 13 NCM Canadian Enhanced Equity Fund STAND ALONE FUNDS 14 NCM Norrep Fund (closed) 4 5 NCM Balanced Income Portfolio NCM Growth and Income Portfolio 15 NCM Short Term Income Fund NCM OPPORTUNITIES CORP. 6 NCM Small Companies Class 9 NCM Entrepreneurs Class 7 NCM Income Growth Class 10 NCM US Dividend Plus Class 30 8 NCM Energy Plus Class 11 NCM Global Income Growth Class

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32 CONTACT US Calgary Suite 1850, Avenue SW Calgary, Alberta T2P 2Z1 Toronto 310, 99 Yorkville Avenue Toronto, Ontario M5R 3K Phone Client Services Toll-Free