Asset Allocation Funds - Diversified mix of investment vehicles suited to an investor personality Conservative - income oriented, lower risk

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1 Fund review - Investment Funds Available in This Plan - Gross Annualized rates of return for periods ending December 3, 208 yr (%) 3 yr (%) 5 yr (%) 0 yr (%) Asset Allocation Funds - Diversified mix of investment vehicles suited to an investor personality Conservative - income oriented, lower risk (0) Conservative Fund (0.38) Moderate - income oriented with some growth potential, lower - medium risk (02) Moderate Fund (.49) Balanced - a balance between growth and income, medium risk (03) Balanced Fund * (2.33) Advanced - growth oriented, medium - higher risk (04) Growth Fund (3.29) Aggressive - maximum growth potential, higher risk (05) Aggressive Fund (4.3) Balanced Funds - Diversified mix of investment vehicles Canadian Balanced - medium growth potential, medium risk (06) Diversified Fund (IA) (3.72) (07) Balanced Fund (Jarislowsky Fraser) (.55) (08) Balanced Fund (PH&N) (2.49) Funds - Predominantly stocks of Canadian companies Canadian Dividend and Large Cap - medium growth potential, medium risk (09) Dividend Fund (IA) (6.54) medium to higher growth potential, medium to higher risk (0) Fund (Jarislowsky Fraser) (6.28) () Fund (QV) (3.38) * 8.36* *Simulation of past returns as if the fund had been in effect for these periods. Cash and Equivalent Funds - Short term and/or interest-bearing investments Canadian Money Market - low risk, low - guaranteed return (2) 5 Year Compound Interest ***.50** Fixed Income Funds - Income bearing investments Canadian Bond - lower risk, lower - medium return (3) Bond Fund (PH&N) Foreign Equity Funds - Predominantly stocks of non-canadian companies U.S. Equity - medium risk, higher return (4) U.S. Equity Core Fund (MFS) International Equity - higher risk, higher return (5) International Equity Fund (Templeton) (7.44) Please note: The indicated growth reflects changes in unit value and reinvestment of all distributions and does not take into account management fees payable by the unit holder which would reduce returns. Performance data is provided for illustrative purposes only and represents past performance, which is not necessarily indicative of future performance. Rates and conditions are subject to change without notice. For information, call The Benefits Company Inc. (59) Your investments are important, and we're here to help you in every way we can. You can also visit our Web site at The historical performance shown is that of the segregated fund. For periods prior to the inception of the segregated fund, the performance of the underlying third party fund was used. * Denotes the default investment. ** Current 5 year rate of return. The rate is guaranteed by the financial institution that is providing the fund. The rate will not change over the term, even if the new rates are changing. You ll be "locked-in" at that rate and can only reinvest when the term is up or pay a penalty to disinvest. ***The lowest published 5 year CIA rate has been used. Some Plan Sponsors have rate enhancements which are not shown on the Fund Review.

2 Asset Allocation - Conservative Fund Code: 506 Inception date: December 2004 Total net assets: $79.0 million Asset Allocation The Fund aims to generate superior long term growth while minimizing risk through diversity in its investments and the integration of several portfolio. The Fund is invested in fixed income, Canadian equity, foreign equity and alternative funds. Its neutral positioning is as follows: 75% in fixed incomes securities, % in Canadian equities, % in foreign equities and 3% in alternative. This allocation varies according to the asset allocation committee responsible for such decisions. Combines different with different management styles in a same fund Asset mix favouring fixed income securities asset and multi-management Money market 0% 20% Fixed income 55% 95% Canadian equity securities 0% 26% Foreign equity securities 0% 26% Alternative/Specialty 0% 6% Asset mix of the Fund As at December 3, 208 Canadian Bonds 63.32%.0% Foreign Equity 7.34%.06% Foreign Bonds 7.27% Target fund allocation Income Funds Money Market 0.000% Bond % Global Fixed Income (PIMCO) 5.000% Floating Rate Bank Loans (AlphaFixe) 2.500% Funds Dividend 3.300% Growth 3.300% (Jarislowsky) 3.300% Small Cap.00% Foreign Equity Funds Global Equity (Templeton) 2.475% Global Equity (Hexavest)* 2.475% Global Equity (Mawer) 2.475% Global Equity 2.475% Global Small Cap (Deutsche AWM).00% Alternative/Specialty Funds Global Direct Real Estate - 00% (UBS) 2.000% Global Infrastructure Equity Index (BlackRock).000% % The asset allocation funds are either invested in the funds identified in the table above or their respective underlying funds. * The Global Equity (C$ - Hedged) (Hexavest) Fund can also be used, as determined by the Fund s asset allocation committee. Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund (0.38) (0.69) (.64) (.75) (0.38) Composite index (0.03) (0.20) (0.97) (.4) (0.03) As at December Fund (0.38) Composite index (0.03) FTSE Canada Universe Bond Index (76.5%), MSCI - World Index (Can. $) (net ret.) (.5%), S&P/TSX Composite Index (0%), MSCI - World Small Cap Index (Can. $) (%), S&P/TSX SmallCap Index (%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 2

3 Asset Allocation - Moderate Fund Code: 507 Inception date: December 2004 Total net assets: $47.6 million Asset Allocation The Fund aims to generate superior long term growth while minimizing risk through diversity in its investments and the integration of several portfolio. The Fund is invested in fixed income, Canadian equity, foreign equity and alternative funds. Its neutral positioning is as follows: 60% in fixed incomes securities, 8% in Canadian equities, 8% in foreign equities and 4% in alternative. This allocation varies according to the asset allocation committee responsible for such decisions. Combines different with different management styles in a same fund Asset mix favouring fixed income securities and multi-management Money market 0% 8% Fixed income 40% 80% Canadian equity securities 3% 33% Foreign equity securities 3% 33% Alternative/Specialty 0% 7% Asset mix of the Fund As at December 3, 208 Canadian Bonds 49.53%.% Foreign Equity 25.44% 8.0% Foreign Bonds 5.82% Target fund allocation Income Funds Money Market 0.000% Bond % Global Fixed Income (PIMCO) 4.000% Floating Rate Bank Loans (AlphaFixe) 2.000% Funds Dividend 5.400% Growth 5.400% (Jarislowsky) 5.400% Small Cap.800% Foreign Equity Funds Global Equity (Templeton) 4.050% Global Equity (Hexavest)* 4.050% Global Equity (Mawer) 4.050% Global Equity 4.050% Global Small Cap (Deutsche AWM).800% Alternative/Specialty Funds Global Direct Real Estate - 00% (UBS) 2.667% Global Infrastructure Equity Index (BlackRock).333% % The asset allocation funds are either invested in the funds identified in the table above or their respective underlying funds. * The Global Equity (C$ - Hedged) (Hexavest) Fund can also be used, as determined by the Fund s asset allocation committee. Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund (.49) (.64) (3.29) (3.3) (.49) Composite index (.02) (.5) (2.68) (2.83) (.02) As at December Fund (.49) Composite Index (.02) FTSE Canada Universe Bond Index (62%), MSCI - World Index (Can. $) (net ret.) (8%), S&P/TSX Composite Index (6%), MSCI - World Small Cap Index (Can. $) (2%), S&P/TSX SmallCap Index (2%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 3

4 Asset Allocation - Balanced Fund Code: 508 Inception date: December 2004 Total net assets: $35.5 million Asset Allocation The Fund aims to generate superior long term growth while minimizing risk through diversity in its investments and the integration of several portfolio. The Fund is invested in fixed income, Canadian equity, foreign equity and alternative funds. Its neutral positioning is as follows: 45% in fixed incomes securities, 25% in Canadian equities, 25% in foreign equities and 5% in alternative. This allocation varies according to the asset allocation committee responsible for such decisions. Combines different with different management styles in a same fund Asset mix favouring a fair balance between asset and multi-management Money market 0% 5% Fixed income 25% 65% Canadian equity securities 0% 40% Foreign equity securities 0% 40% Alternative/Specialty 0% 8% Asset mix of the Fund As at December 3, 208 Foreign Equity 35.0% Canadian Bonds 24.24% 35.46% Foreign Bonds 4.3% 0.98% Target fund allocation Income Funds Money Market 0.000% Bond % Global Fixed Income (PIMCO) 3.000% Floating Rate Bank Loans (AlphaFixe).500% Funds Dividend 7.500% Growth 7.500% (Jarislowsky) 7.500% Small Cap 2.500% Foreign Equity Funds Global Equity (Templeton) 5.625% Global Equity (Hexavest)* 5.625% Global Equity (Mawer) 5.625% Global Equity 5.625% Global Small Cap (Deutsche AWM) 2.500% Alternative/Specialty Funds Global Direct Real Estate - 00% (UBS) 3.333% Global Infrastructure Equity Index (BlackRock).667% % The asset allocation funds are either invested in the funds identified in the table above or their respective underlying funds. * The Global Equity (C$ - Hedged) (Hexavest) Fund can also be used, as determined by the Fund s asset allocation committee. Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund (2.33) (2.58) (4.85) (4.4) (2.33) Composite index (.95) (2.0) (4.32) (4.8) (.95) As at December Fund (2.33) Composite Index (.95) FTSE Canada Universe Bond Index (47.5%), MSCI - World Index (Can. $) (net ret.) (25%), S&P/TSX Composite Index (22.5%), MSCI - World Small Cap Index (Can. $) (2.5%), S&P/TSX SmallCap Index (2.5%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 4

5 Asset Allocation - Growth Fund Code: 509 Inception date: December 2004 Total net assets: $204.0 million Asset Allocation The Fund aims to generate superior long term growth while minimizing risk through diversity in its investments and the integration of several portfolio. The Fund is invested in fixed income, Canadian equity, foreign equity and alternative funds. Its neutral positioning is as follows: 30% in fixed incomes securities, 32% in Canadian equities, 32% in foreign equities and 6% in alternative. This allocation varies according to the asset allocation committee responsible for such decisions. Combines different with different management styles in a same fund Asset mix favouring equities and multi-management Money market 0% 3% Fixed income 0% 50% Canadian equity securities 7% 47% Foreign equity securities 7% 47% Alternative/Specialty 0% 9% Asset mix of the Fund As at December 3, % Foreign Equity 43.03% Canadian Bonds 2.86% Foreign Bonds 2.8%.03% Target fund allocation Income Funds Money Market 0.000% Bond % Global Fixed Income (PIMCO) 2.000% Floating Rate Bank Loans (AlphaFixe).000% Funds Dividend 9.600% Growth 9.600% (Jarislowsky) 9.600% Small Cap 3.200% Foreign Equity Funds Global Equity (Templeton) 7.200% Global Equity (Hexavest)* 7.200% Global Equity (Mawer) 7.200% Global Equity 7.200% Global Small Cap (Deutsche AWM) 3.200% Alternative/Specialty Funds Global Direct Real Estate - 00% (UBS) 4.000% Global Infrastructure Equity Index (BlackRock) 2.000% % The asset allocation funds are either invested in the funds identified in the table above or their respective underlying funds. * The Global Equity (C$ - Hedged) (Hexavest) Fund can also be used, as determined by the Fund s asset allocation committee. Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund (3.29) (3.50) (6.38) (5.68) (3.29) Composite index (2.90) (3.05) (5.95) (5.52) (2.90) As at December Fund (3.29) (2.63) Composite Index (2.90) (.29) FTSE Canada Universe Bond Index (33%), MSCI - World Index (Can. $) (net ret.) (32%), S&P/TSX Composite Index (29%), MSCI - World SmallCap Index (Can. $) (3%), S&P/TSX SmallCap Index (3%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 5

6 Asset Allocation - Aggressive Growth Fund Code: 50 Inception date: December 2004 Total net assets: $0.5 million Asset Allocation The Fund aims to generate superior long term growth while minimizing risk through diversity in its investments and the integration of several portfolio. The Fund is invested in fixed income, Canadian equity, foreign equity and alternative funds. Its neutral positioning is as follows: 5% in fixed incomes securities, 39% in Canadian equities, 39% in foreign equities and 7% in alternative. This allocation varies according to the asset allocation committee responsible for such decisions. Combines different with different management styles in a same fund Asset mix favouring mostly equities and multi-management Money market 0% 0% Fixed income 0% 35% Canadian equity securities 24% 54% Foreign equity securities 24% 54% Alternative/Specialty 0% 0% Asset mix of the Fund As at December 3, % Foreign Equity 5.29% Canadian Bonds 8.56% Foreign Bonds 0.57%.29% Target fund allocation Income Funds Money Market 0.000% Bond 3.500% Global Fixed Income (PIMCO).000% Floating Rate Bank Loans (AlphaFixe) 0.500% Funds Dividend.700% Growth.700% (Jarislowsky).700% Small Cap 3.900% Foreign Equity Funds Global Equity (Templeton) 8.775% Global Equity (Hexavest)* 8.775% Global Equity (Mawer) 8.775% Global Equity 8.775% Global Small Cap (Deutsche AWM) 3.900% Alternative/Specialty Funds Global Direct Real Estate - 00% (UBS) 4.667% Global Infrastructure Equity Index (BlackRock) 2.333% % The asset allocation funds are either invested in the funds identified in the table above or their respective underlying funds. * The Global Equity (C$ - Hedged) (Hexavest) Fund can also be used, as determined by the Fund s asset allocation committee. Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund (4.3) (4.4) (7.93) (7.0) (4.3) Composite index (3.95) (3.99) (7.6) (6.93) (3.95) As at December Fund (4.3) (5.47) Composite Index (3.95) (3.82) MSCI - World Index (Can. $) (net ret.) (38.5%), S&P/TSX Composite Index (35%), FTSE Canada Universe Bond Index (8.5%), MSCI - World SmallCap Index (Can. $) (4%), S&P/TSX SmallCap Index (4%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 6

7 Diversified Fund Code: 040 Inception date: January 987 Total net assets: $2,9.8 million Lead Manager: Clément Gignac, M.E.Sc. Combines capital growth with current income and investment style and by investment style Asset mix favouring a fair balance between asset Short term 0% 25% Bond 20% 70% Mortgage loans/ Mortgage-backed securities 0% 0% Canadian equity securities 5% 45% Foreign equity securities 5% 45% The maximum invested in an economic sector of the stock market is limited to the higher of 20% of the Fund s assets and twice this sector s weighting on the S&P/TSX Composite Index. The average duration of the bond portion of the Fund must be situated between 50% and 50% of the duration of the FTSE Canada Universe Bond Index. The investment strategy of the Fund focuses primarily on a judicious allocation between Canadian and foreign equities and fixed income securities. Given the importance of this allocation, a Committee is responsible for making these decisions in accordance with their views on the economy and the markets. In addition, to further diversify the portfolio, stock selection is entrusted to multiple with different management styles. As such, the Committee also allocates assets across the different management styles, based on market conditions. Asset mix of the Fund As at December 3, % Canadian Bonds 28.40% Foreign Bonds 0.65% Foreign Equity 26.35% 8.64% Top 0 holdings of the Fund As at December 3, 208 Canadian Corporate Bond Fund 9.87% US Equity (Currency Unhedged) Fund 3.78% International Equity Fund 7.99% Small Cap Fund 3.50% Dividend Fund 5.25% Global True Conviction Fund 2.89% Thematic Selection Fund 4.69% ishares S&P/TSX Capped Financials Index ETF 2.59% Government of Canada,.667%, % VanEck Vectors Gold Miners ETF 2.47% 47.40% Performance - Gross returns Characteristics of the Fund As at December 3, 208 Bond and Short term portfolios Average rating - Bonds AA- Average term 7.5 years Modified duration 5.3 years Average coupon 2.6% Yield at market value 3.0% As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Jan. 987 Fund (3.72) (2.56) (5.65) (6.00) (3.72) Composite index (.52) (2.00) (3.90) (3.67) (.52) As at December Fund (3.72) (0.63) Composite index (.52) FTSE Canada Universe Bond Index (45%), S&P/TSX Composite Index (25%), MSCI - World Index (Can. $) (net ret.) (25%), FTSE Canada 9 Day T-Bill Index (5%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. Fourth quarter, ending December 3, 208 7

8 Balanced (Jarislowsky) Registered Plans Only Fund Code: 463 Inception date: February 200 Total net assets: $98.6 million The manager s objective is to add value over the benchmark index through long term asset allocation, thereby reducing volatility to a minimum. It is a diversified portfolio, invested in fixed income securities, and Canadian, U.S. and international equities. Asset allocation is reviewed each week by the strategic investment committee. The revision process includes discussions on local and international macroeconomic factors, as well as the relative valuations of the fixed income securities and equities. Combines capital growth with current income Asset mix favouring a fair balance between asset Fund Units of the underlying fund 80% 00% Underlying fund Bond 30% 50% Canadian equity securities 5% 50% U.S. equity securities 5% 35% International equity securities 0% 30% Asset mix of the underlying fund As at December 3, % International Equity 5.50% Bonds 34.00% U.S. Equity 5.40% 5.40% Characteristics of the underlying fund As at December 3, 208 Bond and Short term Portfolios Average rating - Bonds AA Average term 9.5 years Modified duration 7.2 years Yield at market value 2.9% Sector Allocation of the underlying fund As at December 3, 208 Portfolio Financials 0.43% Energy 4.34% Industrials 4.02% Consumer Staples 3.2% Information Technology 2.77% Consumer Discretionary 2.59% Materials 2.22% Utilities 0.2% 29.70% Underlying Fund JF Balanced Fund Asset mix of the Fund As at December 3, 208 Distribution Short term (0.26)% Units of the underlying fund 00.26% 00.00% Fourth quarter, ending December 3, 208 Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Feb. 200 Fund (.55) (2.85) (4.09) (3.50) (.55) Composite index (2.30) (2.9) (4.45) (4.35) (2.30) As at December Fund (.55) Composite index (2.30) January, 208: FTSE Canada Universe Bond Index (37.5%), S&P/TSX Composite Index (30%), S&P 500 Index (Can. $) (2.5%), MSCI - EAFE Index (Can. $) (net ret.) (2.5%), FTSE Canada 9 Day T-Bill Index (5%), MSCI - Emerging Markets Index (Can. $) (2.5%). Before January, 208: FTSE Canada Universe Bond Index (39%), S&P/TSX Composite Index (30%), S&P 500 Index (Can. $) (2.5%), MSCI - EAFE Index (Can. $) (net ret.) (2.5%), FTSE Canada 9 Day T-Bill Index (6%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. 8

9 Balanced (PH&N) Fund Code: 522 First offering: November 2007 Inception date: November 2005 Combines capital growth with current income Asset mix favouring a fair balance between asset Fund Units of the underlying fund 80% 00% Underlying fund Short term 0% 5% Bond 30% 40% Canadian equity securities 30% 40% Global equity securities 20% 30% Underlying Fund Phillips, Hager & North Balanced Pension Trust Asset mix of the Fund As at December 3, 208 Distribution Short term (0.4)% Units of the underlying fund 00.4% 00.00% Fourth quarter, ending December 3, 208 The PH&N balanced approach follows a three part investment philosophy.. Investments in high quality common stocks represent the best vehicle for creating wealth over the long term. 2. Wealth preservation and income objectives are best met by balancing common stock and bond investments. 3. The cyclical nature of markets requires the timely adjustment of the mix of common stock and bond investments. PH&N s goal is to take advantage of market opportunities by anticipating the best performing asset class at each stage of the business cycle. Through increasing exposure to these the overall return of the portfolio can be enhanced. Asset mix of the underlying fund As at December 3, 208 Bonds 37.30% Total net assets: $.5 million 30.40%.90% Global Equity 30.40% Characteristics of the underlying fund As at December 3, 208 Bond and Short term Portfolios Average rating - Bonds AA Average term 0.3 years Modified duration 7.4 years Yield at market value 3.3% Sector Allocation of the underlying fund As at December 3, 208 Performance of the Fund - Gross returns Portfolio Financials.27% Energy 5.92% Industrials 3.47% Materials 3.07% Information Technology.52% Communication Services.37% Consumer Discretionary.25% Consumer Staples.6% Real Estate 0.76% Utilities 0.6% 30.40% As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Nov Fund (2.49) (2.53) (4.97) (5.00) (2.49) Composite index (2.36) (2.42) (4.70) (4.5) (2.36) As at December Fund (2.49) (2.6) Composite index (2.36) (0.52) FTSE Canada Universe Bond Index (38%), S&P/TSX Composite Index (30%), MSCI - World Index (Can. $) (net ret.) (26%), MSCI - Emerging Markets Index (Can. $) (4%), FTSE Canada 9 Day T-Bill Index (2%). Please refer to the Legal Notices at the end of this publication for more information about these Indexes. 9

10 Dividend Fund Code: 60 Inception date: January 998 Total net assets: $898.5 million Gil Lamothe, CFA To invest in stocks that generate regular dividends (that will be reinvested in the Fund) while ensuring long term capital growth Conforms to s that are sufficiently distant to tolerate the volatility of the market values Value Short term 0% 25% Canadian equity securities 70% 00% Foreign equity securities 0% 30% The Fund is primarily composed of common stocks of large companies that offer attractive earnings and dividend potential. The investment strategy used to manage this fund is based on a process that combines the bottom-up and top-down approaches. First, the manager uses the top-down approach, which involves carrying out a macroeconomic analysis to determine the economy s best performing sectors. Then, the manager follows the bottom-up approach, which allows him to select securities according to a value style, giving preference to superior quality Canadian stocks offering regular dividends. Asset mix of the Fund As at December 3, % Foreign Equity 0.97% U.S. Equity 2.42% 5.06% Sector Allocation of the Fund As at December 3, 208 Portfolio Financials 37.6% Energy 5.8% Communication Services 6.50% Utilities 6.03% Materials 4.3% Consumer Discretionary 3.09% Industrials 2.48% 74.75% Top 0 holdings of the Fund As at December 3, 208 Canadian Mid Cap Dividend Fund 6.80% Bank of Montreal 4.85% Royal Bank of Canada 6.60% TELUS Corp. 4.08% The Toronto-Dominion Bank 6.29% Canadian Imperial Bank of Commerce 4.00% Enbridge Inc. 5.98% Sun Life Financial Services of Canada Inc. 3.94% Brookfield Asset Management Inc. 4.98% Bank of Nova Scotia 3.54% 5.06% Performance - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Jan. 998 Fund (6.54) (5.77) (8.87) (7.88) (6.54) Benchmark index (7.58) (5.55) (8.93) (9.53) (7.58) As at December Fund (6.54) (.75) (.53) Benchmark index (7.58) (7.76) (9.08) S&P/TSX 60 Index. Please refer to the Legal Notices at the end of this publication for more information about the Index. Fourth quarter, ending December 3, 208 0

11 (Jarislowsky) Fund Code: 488 Inception date: September 2002 Total net assets: $5.2 million Long term capital growth mainly through investments in Canadian equity securities Conforms to s that are sufficiently distant to tolerate the volatility of the market values Growth at a reasonable price Fund Units of the underlying fund 80% 00% Underlying fund Short term 0% 00% Canadian equity securities 0% 00% Underlying Fund JF Fund The Fund s investment philosophy is to look for growth at a reasonable price. Thus, it seeks to obtain growth of capital while reducing the level of risk. The Fund is invested in three groups of securities. More than half the portfolio is invested in group I securities, which represent large cap companies that are leaders in their field, in non-cyclical industries. Slightly less than one third of the portfolio is invested in group II securities, i.e., companies belonging to cyclical industries and which carry out their activities on international markets. Finally, less than 0% of the portfolio is invested in group III securities, which contains smaller-cap companies or special situations. Asset mix of the underlying fund As at December 3, % Top 0 Holdings of the underlying fund As at December 3, 208.0% Sector Allocation of the underlying fund As at December 3, 208 Portfolio Financials 34.67% Energy 4.45% Industrials 3.40% Consumer Staples 0.40% Information Technology 9.23% Consumer Discretionary 8.63% Materials 7.40% Utilities 0.72% 98.90% The Toronto-Dominion Bank 7.70% Royal Bank of Canada 5.00% JF Special Equity Fund 6.60% Alimentation Couche-Tard Inc., Class B, SV 4.40% Canadian National Railway Co. 5.70% Nutrien Ltd. 4.00% Bank of Nova Scotia 5.60% Manulife Financial Corp. 3.90% Enbridge Inc. 5.50% Open Text Corp. 3.60% 52.00% Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Sept Fund (6.28) (5.57) (8.24) (8.08) (6.28) (0.) Benchmark index (8.89) (5.40) (0.) (0.62) (8.89) (0.30) As at December Asset mix of the Fund As at December 3, 208 Distribution Short term (0.2)% Units of the underlying fund 00.2% 00.00% Fourth quarter, ending December 3, 208 Fund (6.28) (2.50) (5.95) Benchmark index (8.89) (8.32) (8.7) S&P/TSX Composite Index. Please refer to the Legal Notices at the end of this publication for more information about the Index.

12 (QV) Fund Code: 634 First offering: November 205 Inception date: September 205 Darren Dansereau, CFA, CIM Ian Cooke, CFA Ryan Watson, CFA Seeks long term capital appreciation by investing in a diversified portfolio of Canadian equities Conforms to s that are sufficiently distant to tolerate the volatility of the market values Value Fund Units of the underlying fund 80% 00% Underlying Fund QV Fund Total net assets: $2.3 million QV Investors Inc. believes investing is the process of buying ownership stakes in businesses run by we want as long term partners. They seek to buy our investments at a price calculated to deliver a rate of return superior to the return on equity of Canadian corporations. They believe the study of the business environment can enhance returns by putting values, companies, credit and cultures in a global or thematic context. The elements of the portfolio management are as follows: - Quality, Value, Growth and Diversification - and relate to the management of portfolio risk. Quality is analysis of the integrity of management and corporate finance. Value is the calculation of a security s price relative to its earning power and inflation. Growth in capital is the objective. Diversification is the means to modify risk. Asset mix of the underlying fund As at December 3, % Top 0 Holdings of the underlying fund As at December 3, % Sector Allocation of the underlying fund As at December 3, 208 Portfolio Financials 23.50% Energy 5.00% Utilities 3.80% Consumer Staples 3.20% Industrials 9.30% Information Technology 6.30% Consumer Discretionary 5.00% Materials 2.50% Communication Services 2.00% 90.60% Loblaw Companies Ltd. 6.40%, Insurance and Financial Services Inc. 4.50% Power Financial Corp. 6.40% SNC-Lavalin Group Inc. 4.40% Bank of Nova Scotia 6.30% ATCO Ltd., Class I, NV 4.30% Canadian Imperial Bank of Commerce 6.0% Alimentation Couche-Tard Inc., Class B, SV 4.0% Enbridge Inc. 4.60% AltaGas Ltd. 3.80% 50.90% Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Sept. 205 Fund (3.38) (4.6) (0.8) (2.52) (3.38) (4.28) * 2.80* 8.36* 3.35 Benchmark index (8.89) (5.40) (0.) (0.62) (8.89) (0.30) As at December Asset mix of the Fund As at December 3, 208 Distribution Short term (0.08)% Units of the underlying fund 00.08% 00.00% Fourth quarter, ending December 3, 208 Fund (3.38) (5.33)* 0.07* 26.72*.47* (.66)* 5.42* 2.25* Benchmark index (8.89) (8.32) (8.7) S&P/TSX Composite Index. Please refer to the Legal Notices at the end of this publication for more information about the Index. * Simulation of past returns as if the Fund had been in effect for these periods. 2

13 Bond (PH&N) Fund Code: 52 First offering: November 2007 Inception date: November 2005 Total net assets: $32.7 million To achieve the Fund s investment objectives, the manager invests in high quality Canadian corporate bond and government bond issued in Canadian or U.S. dollars. The average term to maturity of the portfolio is managed within strict guidelines, typically between seven and twelve years. In addition to the standard investment restrictions imposed by securities legislation, the value of any one investment at month-end must not exceed 5% of the Fund s net assets at market value. This does not apply to government or government-guaranteed debt instruments. Oriented toward current income Moderate long term capital growth Conforms to a medium to long term Interest rate forecasts and spread trading Fund Units of the underlying fund 80% 00% Asset mix of the underlying fund As at December 3, 208 Provinces 32.90% Canada 25.20% Corporates 35.20% Foreign bonds Mortgages 6.00% 0.30% 0.40% Characteristics of the underlying fund As at December 3, 208 Bond and Short term Portfolios Average rating - Bonds AA Average term 0.3 years Modified duration 7.4 years Yield at market value 3.3 % Underlying fund Short term 0% 25% Bond 75% 00% Underlying Fund Phillips, Hager & North Bond Fund Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Nov Fund Benchmark index As at December Asset mix of the Fund As at December 3, 208 Distribution Short term (2.08)% Units of the underlying fund 02.08% 00.00% Fourth quarter, ending December 3, 208 Fund (0.68) Benchmark index (.9) FTSE Canada Universe Bond Index. Please refer to the Legal Notices at the end of this publication for more information about the Index. 3

14 U.S. Equity Core (MFS) Fund Code: 53 Inception date: December 2004 Total net assets: $29.0 million Kevin Beatty Ted Maloney Long term capital growth through investments in US equity securities Conforms to s that are sufficiently distant to tolerate the volatility of the market values Growth at a reasonable price Fund Units of the underlying fund 80% 00% The Fund aims to provide a superior real rate of return, primarily through long term capital appreciation, by investing in a diversified portfolio of U.S. equities. Stocks chosen are considered to be either undervalued in relation to their historical price, industry competitors and/or the overall market, or have prospects for above average earnings growth. At least seventy-five percent of the Fund will normally be invested in companies included in the S&P 500 Index. This fund is generally comprised of 70 to 00 securities. The objective is to outperform the S&P 500 Index (CAD$). Asset mix of the underlying fund As at December 3, 208 U.S. Equity 99.23% 0.77% Sector Allocation of the underlying fund As at December 3, 208 U.S. Equity Portfolio Information Technology 22.43% Health Care 6.6% Financials 3.38% Communication Services 9.79% Consumer Staples 9.59% Consumer Discretionary 9.23% Industrials 7.0% Energy 4.74% Materials 3.5% Real Estate 2.85% Utilities 0.54% 99.23% Underlying Fund MFS U.S. Equity Core Fund Top 0 Holdings of the underlying fund As at December 3, 208 Alphabet Inc., Class A 3.37% Danaher Corp. 2.63% Visa Inc. 3.22% Medtronic Inc. 2.60% Johnson & Johnson 3.5% Bank of America Corp. 2.46% JPMorgan Chase & Co. 3.5% Thermo Fisher Scientific Inc. 2.37% American Tower Corp. 2.85% Fidelity National Information Services Inc. 2.8% 27.98% Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Dec Fund 0.92 (8.2) (9.55) (4.86) Benchmark index 4.23 (6.52) (8.62) (3.29) As at December Asset mix of the Fund As at December 3, 208 Distribution Short term (0.09)% Units of the underlying fund 00.09% 00.00% Fourth quarter, ending December 3, 208 Fund (2.03) Benchmark index S&P 500 Index (Can. $). Please refer to the Legal Notices at the end of this publication for more information about the Index. 4

15 International Equity (Templeton) Fund Code: 080 Inception date: January 996 Total net assets: $55.4 million Maarten Bloemen Long term capital growth through investments in equity securities outside of North America Conforms to s that are sufficiently distant to tolerate the volatility of the market values The manager of the Fund favours a bottom-up approach, a rigorous investment method based on value and patience. The Fund s value-oriented style means that the manager looks for securities that are undervalued by the market and that have strong growth potential. The portfolio s securities are of established mid to large cap companies, from various countries outside of North America. The allocation between these countries is chiefly a result of the bottom-up approach rather than the manager s economic outlook with respect to different areas of the world. Asset mix of the underlying fund As at December 3, 208 Value Europe 6.66% Asia and Pacific 32.62% Fund Units of the underlying fund 80% 00% Mid-east and Africa.60% 4.2% Underlying Fund Templeton International Stock Trust Fund Top 0 Holdings of the underlying fund As at December 3, 208 SHIRE PLC 3.5% Standard Chartered PLC 2.42% BP PLC 3.08% BNP Paribas 2.29% Royal Dutch Shell PLC 2.8% Roche Holdings AG 2.9% Samsung Electronics Co. Ltd. 2.5% Eni SpA 2.02% Sanofi LLC 2.47% Suntory Beverage & Food Ltd. 2.00% 24.94% Performance of the Fund - Gross returns As at December 3, 208 YTD month 3 months 6 months year 2 years 3 years 4 years 5 years 0 years Jan. 996 Fund (7.44) (3.62) (8.38) (8.43) (7.44) Benchmark index (6.03) (2.23) (7.58) (7.96) (6.03) As at December Asset mix of the Fund As at December 3, 208 Distribution Short term (0.2)% Units of the underlying fund 00.2% 00.00% Fourth quarter, ending December 3, 208 Fund (7.44) 6.06 (.95) (0.7) Benchmark index (6.03) 6.68 (2.0) (0.6) MSCI - EAFE Index (Can. $) (net ret.). Please refer to the Legal Notices at the end of this publication for more information about the Index. 5