INVESTMENT COMMITTEE REPORT

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1 Golf Canada Board of Directors Meeting October 2013 INVESTMENT COMMITTEE REPORT Meetings Since Last Report: September 26, 2013 Key Activities: Performance Review see attached report. Return for the 10 months to August 31st is 3.86% compared to a full year budget of 4.25 % and a full year target of 6%. Recent results have been adversely impacted by increasing interest rates and relatively flat equity markets in Canada. The portfolio is still subject to the risks of an uncertain economic and political environment, but we are still projecting that we can finish the year close to budget. The committee reviewed the portfolio and agreed to make some minor adjustments by adding to certain positions while reducing others. No new investments are contemplated at this time. Golf Canada Foundation In contemplation of having increased funds within the Foundation we have started discussions about how we might be able to enhance the Foundation returns while meeting its needs for liquidity and risk management. The investment committee will be pleased to manage the Foundation s money and will work with the Foundation to accomplish this. Future Scheduled Meetings: November, AGM Submitted by, Doug Alexander Chair, Investment Committee

2 Monthly Report - For the Month Ending August 31, 2013 Prepared For: Golf Canada Suite Dorval Drive, Oakville ON, L6M 4X7 Westcourt Private Wealth 175 Bloor St. East, South Tower, Suite 803 Toronto ON M4W 3R8 (416)

3 Asset Allocation % Asset Allocation $ Total Gain For August, 2013 Total Gain Since Oct 31, 2012 Cash Income Equity Alternative 0.08% Cash $21,909 Cash n/a n/a Cash n/a n/a 57.99% Income $14,985,553 Income $12, % Income $313, % 21.67% Equity $5,600,892 Equity ($56,938) -1.01% Equity $519, % 20.25% Alternative $5,232,440 Alternative $18, % Alternative $150, % Total % Total $25,840,794 Total ($26,597) -0.11% Total $983, % Strategic Asset Allocation Target $30,000,000 Objective - Total Return: 6% Investment Min Core Investments 80% Equities 0% Income 40% Alternatives 0% Max 100% 60% 100% 20% $25,000,000 $20,000,000 Strategic Asset Allocation Actual Investment Core Investments 79.75% Equities 21.67% Income 57.99% Alternatives 20.25% % Compliant X X Estimated Income vs Budget Estimated Income $1,063,000 F2013 Budget $1,082,569 Estimated Surplus -$19,569 $15,000,000 $10,000,000 $5,000,000 $0 Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Westcourt Private Wealth for Golf Canada 2

4 All Holdings Return from Oct 31, 2012 to August 31, 2013: 3.86% Class Holding Held Adjusted Book Value* Mkt Value as at July 31, 2013 Mkt Value as at August 31, 2013 Total Gain August % YTD Total Return ($) YTD Total Return (%) Income Cash Var $21,909 $16,828 $21,909 n/a n/a n/a Income Hahn International Income Focus (63%) NBCN $945,000 $953,511 $952, % $7, % Income Hahn Global Balanced (34%) NBCN $510,000 $543,170 $545, % $35, % Income Harbour Edge MIC NBCN $800,000 $818,660 $825, % $63, % Income Morrison Laurier MIC NBCN $800,000 $817,718 $821, % $45, % Income RP Fixed Income Plus NBCN $3,000,000 $3,005,557 $3,008, % $8, % Income O'Leary Global Infrastructure Yield RBC $322,796 $327,729 sold n/a $0 0.00% Income PH&N Short Term Bond & Mortgage PH&N $2,788,940 $2,788,316 $2,787, % $48, % Income PH&N Mortgage Pension Trust PH&N $3,108,452 $3,100,673 sold n/a $0 0.00% Income Raven Rock Income Fund RBC $1,062,115 $1,051,891 $1,045, % $4, % Income JPM Efficiente Note NBCN $3,000,000 - $3,000, % $0 0.00% Income Scotia Income Note NBCN $2,000,000 - $2,000, % $0 0.00% Income Class Dispositions $8,536,309 $101,711 Subtotal $14,927,964 $13,424,053 $15,007, % $313, % Equity Hahn International Income Focus (37%) NBCN $555,000 $559,998 $559, % $4, % Equity Hahn Global Balanced (66%) NBCN $990,000 $1,054,389 $1,058, % $68, % Equity Centurion Apartment REIT NBCN $1,000,000 $1,057,782 $1,064, % $100, % Equity O'Leary Global Infrastructure Yield RBC $484,194 $491,593 sold n/a $0 0.00% Equity Roundtable Dividend & Income Fund RBC $1,000,000 $986,140 $967, % ($32,242) -3.22% Equity Vision Opportunity RBC $750,000 $732,160 $678, % ($56,512) -7.53% Equity PH&N Dividend Income PH&N $1,149,085 $1,267,360 $1,272, % $118, % Equity Class Dispositions $5,770,583 $316,119 Subtotal $5,444,085 $6,149,423 $5,600, % $519, % Alternative RP Debt Opportunities NBCN $1,100,000 $1,126,818 $1,130, % $30, % Alternative Picton Mahoney Market Neutral RBC $2,067,237 $2,145,786 $2,151, % $84, % Alternative Curvature Market Neutral RBC $1,000,000 $1,059,349 $1,059, % $59, % Alternative SW8 Strategy Fund RBC $914,455 $882,197 $891, % ($22,808) -2.49% Subtotal $5,081,692 $5,214,150 $5,232, % $150, % Total $25,453,741 $24,787,626 $25,840, % $983, % Westcourt Private Wealth for Golf Canada 3

5 * Adjusted Book Value represents the value as of Oct 31, 2012 or the purchase price if it was purchased after that day ** The figures in green are an estimation as actual figures are not yet available for August ** The figure in purple has been adjusted to reflect a partial redemption of 106,227 units on August 08, 2013 for $1,076,138 Dispositions Year-to-Date Class Holding Adjusted Book Value* Mkt Value as at Disposition Date Disposition Date Realized Capital Gain Distribution Income YTD Total Return (%) Equity Canadian Horizons $837,000 $778, Dec-12 ($58,500) $9, % Income PH&N Short Term Bond & Mortgage $3,001,560 $3,000, Feb-13 ($1,560) $16, % Equity PH&N Dividend Income $1,056,694 $1,100, Feb-13 $43,306 $28, % Equity O'Leary Global Infrastructure Yield $741,579 $750, Feb-13 $3,661 $32, % Equity Mackenzie Cundill Value $1,596,274 $1,792, Feb-13 $195,818 $ % Equity BMO Guardian CDN Diversified $1,086,683 $1,122, Feb-13 $26,580 $9, % Income Arrow Yield Fund $1,040,142 $1,060,537 5-Mar-13 ($9,873) $30, % Income O'Leary Global Infrastructure Yield $301,568 $329, Aug-13 $1,464 $14, % Equity O'Leary Global Infrastructure Yield $452,353 $493, Aug-13 $2,197 $23, % Income PH&N Short Term Bond & Mortgage $1,084,588 $1,076,138 8-Aug-13 ($8,450) $8, % Income PH&N Mortgage Pension Trust $3,108,452 $3,101,439 8-Aug-13 ($41,978) $92, % Subtotal $9,661,499 $152,666 $265,164 Distribution Income for these holdings is accounted for in YTD Total Return on page 3 Westcourt Private Wealth for Golf Canada 4

6 Actual / Rolling Forecast of 2013 Distribution Income on Current Holdings SECURITY Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Total PH&N ST Bond & Mortgage Fund 21, , , ,837-84,752 PH&N Dividend Income Fund 59, , , ,000-83,731 Hahn Global Balanced 5,345 4,525 2,207 2, ,866 5,619 5,619 2,367 2,367 2,367 34,577 Hahn International Income Focus 6,348 4, , ,259 5,444 1, ,942 RP Fixed Income Arrow Raven Rock 5,321 5,321 5,321 5,321 5,321 5,321 31,926 Centurion REIT 6,089 6,089 6,089 6,089 6,089 6,089 6,089 6,089 6,089 6,089 6,089 6,089 73,070 HarbourEdge 6,387 6,181 6,353 6,386 5,707 6,387 6,082 6,082 6,082 6,082 6,082 6,082 73,892 Morrison Laurier 4,667 4,667 4,667 4,667 4,667 4,667 4,667 4,667 4,667 4,667 4,667 4,667 56,002 Scotia Income Note Monthly Total 17, ,692 25,821 19,706 51,378 16,538 26,284 62,514 28,952 25,253 54,090 25, ,625 All Holdings - YTD Total Return $983,657 Forecasted Distributions $79,343 Total Estimated Income $1,063,000 F2013 Budget $1,082,569 *Capital Appreciation is equal to the net increase in market value recognized year-to-date and is subject to fluctuations **Holdings disposed of during 2013 Westcourt Private Wealth for Golf Canada 5

7 Investment Objectives a) To preserve the capital in the Portfolio b) To provide total returns on the Portfolio (with adequate liquidity) which may be used by Golf Canada to fund initiatives to fulfill its mandate; and specifically, c) To obtain a 5-year annualized total return, net of fees, of 6.0%, with volatility not exceeding the actual total return on invested assets. The long-term total return objective will be reviewed no less than annually to assess whether it accurately reflects the current market environment. Notes on understanding the Total Portfolio Gains on Page 2 a) The dollar figures in 'YTD Total Return' are additive. The final figure is the total amount of gain inclusive of capital and distributions over that time period b) The percentage gain in 'YTD Total Return (%)' represents the percentage gain of that strategy over that time period (irrespective of the dollar amount allocated to that strategy), and the total gain is not additive of the individual strategy gains (being Income, Equity, and Alternative) c) The total portfolio return is the weighted average of the individual strategy returns and their weights in the portfolio over that time period and includes capital and distributions d) The percentage gain for the month does not include any investments that have been sold during the period or the JPM Efficiente Note and the Scotia Income Note e) The percentage gain in 'YTD Total Return (%)' does not include the JPM Efficiente Note or the Scotia Income Note Westcourt Private Wealth for Golf Canada 6

8 Investment Guidelines Investment Guidelines a) Prohibited Investments include but are not limited to: - investments precluded by law or regulation; - Investments specifically proscribed by the Board; and - Investments in asset classes or investment strategies not contemplated in any part of the IPS, without the prior written consent of the Committee b) Diversification: To limit the Portfolio s risk associated with potential concentration in securities and/or Investment Funds, diversification requirements are as follows: Diversification relative to a single security: At no time should a single security holding represent more than 2% of the outstanding investable assets of the Portfolio. This limit does not apply to a security whose purpose is to provide exposure to a widely diversified set of other securities, such as an ETF, total return swap, or futures contract. Diversification relative to a single Investment Fund: Any Investment Fund operating within any asset class should not manage more than 25% of the outstanding investable assets of the Portfolio at the time the investment is made. This sub-section does not preclude the possibility that investment in multiple Investment Funds owned by the same entity may aggregately represent more than 25% of the outstanding investable assets of the Portfolio. In the event that an increase in value of such an investment (or a decrease in value in the balance of the Portfolio) results in an individual investment in and Investment Fund representing more than 25% of the portfolio, the CIO shall report to the Committee without delay. The CIO will recommend a plan to bring the holdings in compliance with the IPS in an appropriate time period. c) Currency: The Portfolio may include investments denominated in any currency without restriction. The Committee may, at any time, place guidelines and/or restrictions regarding exposure to foreign currency risks, to be followed by the IMs. If necessary, a currency hedging program may be initiated on the entire Portfolio. Notwithstanding the fact that investments may be in various currencies, reporting on the Portfolio as a whole shall be in Canadian dollars. Westcourt Private Wealth for Golf Canada 7

9 APPENDIX A - EXPANDED ALTERNATIVE DEFINITION (using RBC's definition of alternatives) HOLDINGS CURRENT AMOUNT** % OF PORTFOLIO INCOME $9,285, % RISK RANKING BONDS $9,285, % PH&N Short Term Bond & Mortgage $2,787, % A Hahn Global Balanced (FI Portion) $545, % B Hahn International Income Focus (FI Portion) $952, % B JPM Efficiente Note $3,000, % A Scotia Income Note $2,000, % A REAL ESTATE & INFRASTRUCTURE $0 0.00% PH&N Mortgage Pension Trust % A O'Leary Global Infrastructure Yield % C EQUITY $2,890, % DIVIDEND/GLOBAL EQUITY $2,890, % PH&N Dividend Income $1,272, % C Hahn Global Balanced (Equity Portion) $1,058, % C Hahn International Income Focus (Equity Portion) $559, % C A B C D "Very low risk". This ranking implies little chance of losing money over any period, and is generally associated with low duration, investments-grade debt instruments only "Low Risk". These investments are either low-volatility investments that have some operational or credit risk but are unlikely to have much volatility, or more volatile asset classes with "risk overlays" that mitigage losses in times of crisis "Riskier". These investments are generally un-hedged equity investments that have higher volatility. They bring higher returns but have greater volatility that makes them susceptible to larger losses at times of financial crisis. "Speculative". These fall under the 'Riskier" category but are more risky, usually because they involve investments into start-ups or extremely volatile asset classes. They are not suitable for this portfolio. Portfolio Risk Allocation 17.7% ALTERNATIVES $13,643, % 41.7% A B C Very Low Risk $3,008, % A 41.8% RP Fixed Income Plus $3,008, % A B 40.6% C 17.6% Low Risk $8,988, % % Picton Mahoney Market Neutral $2,151, % B Curvature Market Neutral $1,059, % B Centurion Apartment REIT $1,064, % B RP Debt Opportunities Fund $1,130, % B SW8 Strategy Fund $891, % B Arrow Raven Rock Income $1,045, % B HarbourEdge MIC $825, % B Morisson Laurier MIC $821, % B Very Low R 22.0% Riskier $1,646, % Low Risk 65.9% Vision Capital LP $678, % C Riskier 12.1% RoundTable Canadian Dividend & Income $967, % C % 40.5% Alternatives Risk Allocation 14.6% 70.5% 14.9% Very Low Risk Low Risk Riskier TOTAL $25,818, %

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