Knowledge & Insights Performance universe of pension managers pooled funds

Knowledge & Insights Performance universe of pension managers pooled funds As at June 30, 2014

Asset Management Consulting The managers who contribute to the Universe manage assets totaling approximately $470 billion, including pension funds assets of some $230 billion. Rates of return are calculated before deduction of management fees and in Canadian dollars. You may wish to complete your review of rates of return by consulting our risk analysis. It illustrates the manager s risk and style. This brochure presents excerpts from our Performance Universe produced quarterly. Complete and Express versions of the Performance Universe are available by subscription. If you would like more information or to subscribe to one or more Universes, please contact us at 514.878.9090, local 8304. Jeannette Moussally, Analyst Jean Bergeron, Partner Asset & Risk Management Morneau Shepell provides independent advice on all aspects of asset/liability management for pension funds including the following: Investment Policy Matching asset allocation to liability Projection of liability and risk analysis Cost Control Structure of portfolio management assignments Investment Performance Independent performance evaluation reports Benchmarking performance and risks Reporting process of managers to trustees Governance Outsourcing of fund management monitoring Review of controls and assignments Review of safeguards on derivative instruments Portfolio Managers Selection of managers for both DB and DC plans Contracting of managers Agreement on management fees Investment Strategy Measure of the reduction of your pension costs associated with various levels of investment risks. Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 2

Diversified funds As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pooled Canadian Balanced GARP 4.26 4 9.67 4 20.40 15 4.16 47 7.78 45 Acuity Pooled Conservative AA GARP 3.65 9 9.32 7 17.95 40 5.46 45 8.59 42 Acuity Pooled High Income GARP 6.11 1 11.69 1 23.35 2 4.76 46 8.36 44 Beutel Goodman Value 1.83 46 6.59 43 18.70 32 10.91 18 10.79 18 BMO Asset Management Balanced GARP 3.79 6 9.74 3 21.00 8 11.33 14 10.24 26 Burgundy Balanced Foundation Value 2.20 43 7.19 31 17.20 42 12.55 5 12.21 9 Burgundy Balanced Pension Value 2.47 39 7.52 25 18.05 39 12.07 8 12.22 8 Burgundy Partners Balanced RSP Value 2.50 38 7.81 21 18.50 35 13.13 3 13.16 2 CGOV Balanced Core 3.20 20 9.56 5 20.72 11 12.27 6 11.69 13 CI Signature Canadian Balanced Core 3.78 7 8.56 10 19.63 21 9.67 25 11.54 14 CI Signature Income & Growth Fund Core 3.38 14 8.48 12 20.76 10 11.11 16 12.91 6 CIBC Pooled Balanced Fund Core 2.80 27 7.15 33 16.20 45 9.63 27 10.13 29 Connor, Clark & Lunn Core 2.92 25 7.87 19 21.38 5 11.00 17 11.47 15 Co-operators Value 3.72 8 8.50 11 19.77 20 8.87 38 9.42 33 Desjardins Fiera Balanced Diversified Fund GARP 2.74 31 6.69 42 16.50 44 8.58 39 8.76 40 Desjardins Invesco Balanced-Risk Allocation 5.37 3 8.19 15 14.60 48 Duncan Ross Equity Fund Value 1.55 47 5.59 47 22.71 3 14.64 1 11.21 16 Fiera Capital Balanced Fund Core 3.35 15 7.27 28 19.05 24 10.16 22 10.43 24 Fiera Sceptre Balanced - Core Fund Core 3.40 13 7.60 23 18.97 27 10.24 20 10.60 21 Foyston, Gordon & Payne Value 3.28 17 8.68 9 21.02 7 11.71 11 11.95 11 Franklin Bissett Canadian Balanced Fund GARP 2.83 26 7.49 26 20.24 16 11.87 9 13.01 4 Franklin Bissett Dividend Income Fund GARP 4.23 5 7.19 32 20.07 18 12.56 4 14.13 1 Franklin Quotential Balanced Growth Growth 1.97 44 5.72 46 18.30 38 9.14 34 10.96 17 Franklin Templeton Institutional Balanced Trust GARP 1.91 45 6.97 37 19.46 23 11.31 15 13.06 3 Gryphon Balanced Fund GARP 2.76 30 6.78 39 20.13 17 8.17 41 9.02 38 Heward Fund Other 0.80 48 5.09 48 15.39 46 8.54 40 8.74 41 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 1

Diversified funds Fund name Manager style Quarter Year to date Industrial Alliance GARP 3.11 22 7.97 18 20.03 19 9.17 33 9.53 31 Industrial Alliance (Opportunity) Value 3.54 11 9.89 2 24.87 1 9.65 26 10.48 23 Industrial Alliance (Security) Value 2.69 33 7.11 34 14.67 47 7.45 43 7.73 46 Invesco (Growth) Growth 3.62 10 9.55 6 22.26 4 10.70 19 10.63 20 Invesco (Trimark Value) Value 2.60 34 7.83 20 21.14 6 12.08 7 11.90 12 Jarislowsky Fraser GARP 2.60 35 6.50 44 17.76 41 11.37 13 10.50 22 Leith Wheeler Value 3.02 23 8.40 13 20.58 13 11.49 12 11.99 10 Manulife AM Monthly High Income Value 2.36 41 6.76 40 16.77 43 11.85 10 12.26 7 Mawer Balanced Pooled Fund GARP 2.33 42 7.10 35 20.96 9 13.22 2 13.01 5 MFS MB Balanced Core Core 2.80 28 7.28 27 18.87 29 9.19 32 9.17 36 MFS MB Balanced Growth Fund Growth 2.97 24 7.25 29 18.89 28 8.17 42 8.42 43 MFS MB Balanced Growth Pension Fund Growth 2.57 37 6.75 41 18.63 34 8.98 36 8.85 39 MFS MB Balanced Value Fund Value 2.78 29 7.57 24 18.97 26 10.12 23 9.78 30 MFS MB Responsible Balanced Fund Value 2.59 36 7.21 30 18.84 31 9.36 30 9.07 37 PH&N Balanced Pension Trust GARP 3.12 21 8.27 14 19.60 22 9.01 35 9.50 32 Pyramis Strategic Balanced Trust Core 3.22 19 8.12 16 18.98 25 10.19 21 10.74 19 Pyramis Tactical Asset Allocation Trust Other 3.42 12 6.46 45 18.49 36 9.68 24 Scheer Rowlett & Associates Value 3.23 18 7.60 22 20.41 14 9.55 28 10.20 27 SEI Investments Value 2.44 40 7.09 36 18.40 37 9.42 29 10.20 28 Standard Life Core 2.71 32 6.85 38 18.84 30 9.35 31 9.40 34 TD Emerald Balanced Fund Passive 3.29 16 8.03 17 18.64 33 8.89 37 9.38 35 Templeton Canadian Balanced Fund Value 5.78 2 9.07 8 20.68 12 6.65 44 10.36 25 Number of funds 48 48 48 47 46 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 2

Diversified funds 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 4.98 9.72 22.56 12.96 13.05 1 st quartile 3.40 8.42 20.61 11.43 11.85 Median 2.95 7.55 19.01 9.68 10.46 3 rd quartile 2.58 7.06 18.47 9.00 9.38 95 th centile 1.86 5.98 15.68 5.82 8.37 Benchmark 1 2.95 7.37 16.82 8.66 9.07 Benchmark 2 3.04 7.61 17.92 8.99 9.41 5% 0% Quarter Year to date 1 year 3 years 5 years 1 45% fixed income/55% equity 2 40% fixed income/60% equity Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 3

Canadian bonds As at June 30, 2014 Fund name Quarter Year to date Acuity Pooled Fixed Income 2.72 16 6.28 15 7.95 14 5.98 23 7.19 22 Addenda (Government Long Term Active Duration) 3.49 12 8.45 12 6.92 23 6.13 20 6.67 28 Addenda Bonds Corporate Core Pooled Fund 1.90 54 5.22 28 6.63 27 6.46 18 7.66 19 Addenda Core Bond Pooled Fund 1.96 50 4.98 47 5.57 55 5.08 51 5.77 48 Addenda Core Long Bond Pooled Fund 3.66 10 9.03 8 7.74 16 Addenda Corporate Long Bond Pooled Fund 3.78 9 10.31 2 10.27 4 9.63 2 10.96 2 Addenda Universe Active Duration 1.82 64 4.74 60 5.66 51 4.49 66 5.10 65 Baker Gilmore Bond Fund 2.13 27 5.28 25 6.31 30 5.19 43 6.14 36 Beutel Goodman 1.46 70 3.65 72 3.81 73 3.75 70 4.66 68 Beutel Goodman (Long Term) 3.22 14 8.00 13 7.07 21 6.89 15 7.81 17 Beutel Goodman (Prov./Corp.) 1.52 69 4.12 71 4.40 71 4.47 67 5.43 56 BMO Asset Management Bond Fund 1.93 52 4.74 61 4.96 69 4.34 68 4.76 67 Burgundy Bond Fund 1.89 57 4.45 69 5.01 68 4.59 65 5.46 54 Burgundy Core Plus Bond Fund 1.82 63 4.47 68 5.99 39 5.90 24 7.00 23 Burgundy Total Return Bond Fund 1.78 66 4.65 66 7.69 17 8.14 5 9.59 5 Casgrain S.E.C. -2.48 75-2.71 75-3.46 75 5.57 29 7.69 18 CC&L Bond Fund 2.07 32 5.15 32 6.15 34 5.14 47 6.16 34 CC&L Long Bond Fund (Pool) 3.79 8 9.13 7 8.48 7 7.80 8 8.74 8 CI Signature Bond Plus Fund 2.00 45 5.63 20 6.97 22 5.82 26 6.73 27 CI Signature Canadian Bond 2.08 31 5.45 22 6.24 32 5.51 30 6.11 38 CI Signature Canadian Corporate Bond 1.30 71 5.25 27 10.38 3 8.67 4 10.31 3 CIBC Pooled Canadian Bond Index Fund 2.02 40 4.86 53 5.41 60 4.88 56 5.51 52 CIBC Pooled Canadian Bond Overlay Fund 2.04 38 4.75 59 5.53 56 4.95 54 5.76 49 CIBC Pooled Fixed Income Fund 1.97 49 5.09 37 5.75 48 5.33 34 6.14 37 Co-operators 1.94 51 4.93 49 5.48 58 5.05 52 5.77 46 Desjardins AlphaFixe Bond 2.08 30 5.05 39 5.64 52 Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 4

Canadian bonds Fund name Quarter Year to date Desjardins Canadian Bond 2.05 34 5.02 41 5.86 44 5.16 45 Desjardins Enhanced Bond 2.48 17 6.03 17 7.15 20 5.47 31 Desjardins Ethical Income Fund 1.81 65 4.42 70 5.04 67 4.89 55 5.44 55 Desjardins Short Term Income 0.70 73 1.99 74 3.67 74 2.86 72 Fiera Capital Active Fixed Income Universe Fund 2.06 33 5.02 42 5.49 57 5.32 36 5.75 50 Fiera Capital Blended Active Fixed Income Fund 2.15 23 5.15 31 5.76 47 4.86 57 5.36 59 Fiera Capital Corporate Mid-Term Bond Fund 2.20 21 5.87 18 7.39 18 6.73 17 8.13 13 Fiera Capital Corporate Universe Bond Fund 1.90 55 5.02 43 6.50 28 6.08 22 7.34 21 Fiera Capital Ethical Active Fixed Income Universe 2.05 35 5.01 45 5.39 61 5.19 42 5.79 44 Fiera Capital High Yield Strategy 2.79 15 6.10 16 12.39 1 9.60 3 13.66 1 Fiera Capital Tactical Fixed Income 1.72 67 4.91 51 5.08 66 5.15 46 6.47 30 Fiera Credit Fund 1.86 59 4.93 48 6.42 29 Fiera Integrated Fixed Income - Long Term Fund 3.84 6 9.18 6 8.10 11 7.56 11 8.02 15 Fiera Integrated Fixed Income - Universe Fund 2.12 28 5.09 38 5.95 40 5.29 37 5.95 40 Foyston, Gordon & Payne 1.71 68 4.67 64 5.74 49 5.20 41 5.77 47 Franklin Bissett Bond Fund 2.19 22 5.32 24 6.68 26 5.60 28 6.17 32 Industrial Alliance (Fund B) 1.92 53 4.81 56 5.58 54 5.13 48 5.33 61 Invesco (Trimark Core) 1.86 61 4.60 67 4.92 70 4.63 64 5.61 51 Jarislowsky Fraser 1.84 62 4.67 63 5.60 53 5.69 27 5.90 42 Leith Wheeler 2.00 44 4.93 50 5.73 50 5.17 44 6.17 33 Leith Wheeler Core Active Bond Fund 2.00 42 5.02 44 5.92 43 5.44 32 6.81 26 Manulife AM Index 2.01 41 4.83 54 5.32 62 4.81 59 5.17 64 Manulife Canadian Core Fixed Income 1.99 47 4.88 52 5.83 45 5.08 49 5.77 45 Manulife Canadian Core Plus Fixed Income 2.35 18 5.52 21 8.00 13 6.78 16 8.19 12 Mawer Canadian Bond Pooled Fund 2.00 43 5.00 46 5.47 59 5.08 50 5.35 60 MFS MB Fixed Income Fund 2.14 24 5.35 23 6.02 38 5.22 40 5.50 53 Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 5

Canadian bonds Fund name Quarter Year to date MFS MB Long Term Fixed Income Fund 3.89 4 9.53 3 8.20 9 7.73 10 8.40 10 MFS MB Responsible Fixed Income Fund 2.10 29 5.28 26 6.09 36 5.22 39 5.42 58 MFS MB Short Term Fixed Income Fund 0.91 72 2.37 73 3.93 72 3.23 71 3.50 69 Optimum Canadian Bond 2.28 19 5.67 19 6.16 33 4.75 61 5.26 62 Optimum Quebec Bond 3.35 13 6.82 14 6.84 25 6.10 21 6.55 29 PH&N Bond Fund 2.04 39 5.10 36 5.81 46 4.99 53 5.84 43 PH&N High Yield Bond Fund 1.87 58 4.69 62 9.33 5 8.13 6 9.43 6 PH&N Total Return Bond Fund 2.04 36 5.14 33 6.08 37 5.23 38 5.94 41 PIMCO Canada Canadian Core Plus Bond Trust 2.14 25 4.81 57 6.09 35 4.84 58 6.25 31 PIMCO Canada Canadian Core Plus Long Bond Trust 3.87 5 8.97 10 8.49 6 7.35 12 8.52 9 Pyramis Bond Core Plus 2.23 20 5.11 35 6.29 31 5.83 25 6.86 25 Pyramis Canadian Bond Trust 2.13 26 5.17 30 5.95 41 5.42 33 6.05 39 Pyramis Canadian Long Bond Core Plus Trust 4.03 2 9.37 5 8.34 8 8.04 7 8.94 7 Pyramis Canadian Long Bond Trust 3.92 3 9.40 4 8.06 12 7.79 9 8.32 11 SEI Investments (Fixed Income) 2.04 37 5.13 34 5.93 42 5.33 35 6.15 35 SL Corporate Bond Fund (SLMF) 1.89 56 5.21 29 6.88 24 6.15 19 7.45 20 Standard Life 1.86 60 4.66 65 5.19 64 4.66 63 5.43 57 Standard Life (Long Term) 3.58 11 8.92 11 7.75 15 7.34 13 8.08 14 Standard Life (RRB) 4.38 1 10.78 1 8.13 10 3.81 69 6.99 24 TD Quantitative (Long Term) 3.79 7 9.01 9 7.36 19 7.30 14 7.91 16 TD Quantitative Capital 1.98 48 4.75 58 5.16 65 4.71 62 5.10 66 TD Quantitative Capital (PFT) 1 1.99 46 4.82 55 5.32 63 4.79 60 5.22 63 UBS (Canada) High Yield Debt Fund -1.50 74 5.05 40 12.00 2 11.48 1 10.01 4 Number of funds 75 75 75 72 69 1 Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 6

Canadian bonds 10% 8% 6% 4% Rank Quarter Year to date % % % % % 5 th centile 3.87 9.38 9.61 8.38 9.84 1 st quartile 2.25 5.65 7.25 6.23 7.69 Median 2.04 5.09 6.02 5.30 6.15 3 rd quartile 1.89 4.81 5.51 4.94 5.51 95 th centile 1.19 3.98 4.26 4.10 5.10 FTSE TMX Canada Universe Bond 1.99 4.82 5.34 4.81 5.19 2% 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 7

Canadian bonds Universe mandate As at June 30, 2014 Fund name Quarter Year to date Acuity Pooled Fixed Income 2.72 1 6.28 1 7.95 1 5.98 1 7.19 1 Addenda Active Duration 1.82 38 4.74 34 5.66 24 4.49 39 5.10 36 Addenda Bonds Universe Core Pooled Fund 1.96 30 4.98 24 5.57 28 5.08 27 5.77 22 Baker Gilmore Bond Fund 2.13 8 5.28 8 6.31 5 5.19 19 6.14 10 Beutel Goodman 1.46 42 3.65 42 3.81 42 3.75 41 4.66 39 BMO Asset Management Bond Funds 1.93 32 4.74 35 4.96 40 4.34 40 4.76 38 Burgundy Core Plus Bond Fund 1.82 37 4.47 40 5.99 12 5.90 2 7.00 2 CC&L Bond Fund 2.07 13 5.15 12 6.15 8 5.14 23 6.16 8 CI Signature Bond Plus Fund 2.00 25 5.63 4 6.97 3 5.82 3 6.73 4 CI Signature Canadian Bond 2.08 12 5.45 5 6.24 6 5.51 6 6.11 12 CIBC Pooled Canadian Bond Index Fund 2.02 20 4.86 29 5.41 32 4.88 31 5.51 25 CIBC Pooled Fixed Income Fund 1.97 29 5.09 16 5.75 21 5.33 10 6.14 11 Co-operators 1.94 31 4.93 25 5.48 30 5.05 28 5.77 20 Desjardins AlphaFixe Bond 2.08 11 5.05 21 5.64 25 Desjardins Canadian Bond 2.05 15 5.02 19 5.86 17 5.16 21 Desjardins Enhanced Bond 2.48 2 6.03 2 7.15 2 5.47 7 Desjardins Ethical Income 1.81 39 4.42 41 5.04 39 4.89 30 5.44 27 Fiera Capital Active Fixed Income Universe Fund 2.06 14 5.02 20 5.49 29 5.32 12 5.75 23 Fiera Capital Blended Active Fixed Income Fund 2.15 5 5.15 11 5.76 20 4.86 32 5.36 30 Fiera Capital Ethical Active Fixed Income Universe 2.05 16 5.01 22 5.39 33 5.19 18 5.79 18 Fiera Capital Tactical Fixed Income 1.72 40 4.91 27 5.08 38 5.15 22 6.47 5 Fiera Integrated Fixed Income - Universe Fund 2.12 9 5.09 17 5.95 13 5.29 13 5.95 14 Foyston, Gordon & Payne 1.71 41 4.67 37 5.74 22 5.20 17 5.77 21 Franklin Bissett Bond Fund 2.19 4 5.32 7 6.68 4 5.60 5 6.17 6 Industrial Alliance (Fund B) 1.92 33 4.81 32 5.58 27 5.13 24 5.33 32 Invesco (Trimark Core) 1.86 35 4.60 39 4.92 41 4.63 38 5.61 24 Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 8

Canadian bonds Universe mandate Fund name Quarter Year to date Jarislowsky Fraser 1.84 36 4.67 36 5.60 26 5.69 4 5.90 16 Leith Wheeler 2.00 24 4.93 26 5.73 23 5.17 20 6.17 7 Leith Wheeler Core Active Bond Fund 2.00 22 5.02 21 5.92 16 5.44 8 6.81 3 Manulife AM Canadian Bond Index 2.01 21 4.83 30 5.32 34 4.81 33 5.17 35 Manulife AM Canadian Core Fixed Income 1.99 27 4.88 28 5.83 18 5.08 25 5.77 19 Mawer Canadian Bond Pooled Fund 2.00 23 5.00 23 5.47 31 5.08 26 5.35 31 MFS MB Fixed Income Fund 2.14 6 5.35 6 6.02 11 5.22 16 5.50 26 MFS MB Responsible Fixed Income Fund 2.10 10 5.28 9 6.09 9 5.22 15 5.42 29 Optimum Canadian Bond 2.28 3 5.67 3 6.16 7 4.75 35 5.26 33 PH&N Bond Fund 2.04 19 5.10 15 5.81 19 4.99 29 5.84 17 PH&N Total Return Bond Fund 2.04 17 5.14 13 6.08 10 5.23 14 5.94 15 Pyramis Canadian Bond Trust 2.13 7 5.17 10 5.95 14 5.42 9 6.05 13 SEI Investments (Fixed Income) 2.04 18 5.13 14 5.93 15 5.33 11 6.15 9 Standard Life 1.86 34 4.66 38 5.19 36 4.66 37 5.43 28 TD Quantitative (PFT) 1 1.99 26 4.82 31 5.32 35 4.79 34 5.22 34 TD Quantitative Capital 1.98 28 4.75 33 5.16 37 4.71 36 5.10 37 Number of funds 42 42 42 41 39 1 Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 9

Canadian bonds Universe mandate 8% 6% 4% 2% Rank Quarter Year to date % % % % % 5 th centile 2.27 5.67 6.96 5.82 6.83 1 st quartile 2.08 5.15 6.01 5.33 6.14 Median 2.01 5.01 5.74 5.16 5.77 3 rd quartile 1.93 4.81 5.42 4.88 5.39 95 th centile 1.72 4.48 4.97 4.49 5.06 FTSE TMX Canada Universe Bond 1.99 4.82 5.34 4.81 5.19 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 10

Canadian equity As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pld Canadian Equity GARP 8.23 6 14.11 10 29.24 44 2.30 62 7.53 58 Acuity Pld Pure Canadian Equity GARP 9.02 2 15.75 4 27.83 52-2.81 63 4.88 59 Addenda Canadian Equity Pooled Fund Value 6.00 45 12.44 32 30.48 32 8.54 46 10.23 54 Beutel Goodman Value 5.08 58 10.51 58 29.68 39 13.28 12 14.22 14 BlackRock Active Canadian Equity Core 6.18 39 12.12 43 28.96 47 8.59 44 11.97 31 BlackRock Canada Alpha Advantage Fund Core 6.32 37 12.35 38 30.95 26 Burgundy Canadian Large Cap Fund Value 5.25 56 12.43 34 27.17 54 Burgundy Focus Canadian Equity Value 4.54 61 10.85 57 26.52 56 13.66 10 16.00 5 CC&L Canadian Equity Fund Core/GARP 7.29 13 14.35 7 35.45 3 11.35 20 12.91 24 CC&L Canadian Q Core Fund Core 5.97 46 11.73 53 31.77 17 10.76 27 13.82 16 CC&L Canadian Q Growth Fund Growth 6.51 26 12.09 44 33.89 9 12.93 14 15.03 10 CC&L Canadian Q Value Fund Value 6.58 24 12.39 36 33.50 10 11.06 24 13.49 21 CGOV Canadian Equity Fund GARP 8.37 5 16.58 1 35.41 4 12.50 17 14.37 13 CGOV Dividend Fund Core 4.99 59 11.88 51 33.05 11 18.01 1 18.27 1 CI Cambridge Core Canadian GARP 9.07 1 14.48 6 34.45 7 CI Signature Canadian Equity Plus Core 4.17 63 9.99 59 26.17 57 11.28 21 13.17 23 CI Signature Dividend Core 3.46 67 8.17 64 19.18 67 11.19 22 13.19 22 CIBC (Value) Value 6.01 44 12.81 24 28.40 50 9.32 38 11.05 41 CIBC S&P/TSX Index Fund Passive index 6.34 35 12.74 27 28.43 49 7.58 56 10.91 45 Co-operators Value 6.17 40 12.56 30 30.72 30 8.80 42 10.67 48 Desjardins Canadian Equity Growth Growth 7.31 12 13.06 16 30.85 29 9.16 41 Desjardins Canadian Equity Value Value 6.80 20 11.93 48 31.72 18 10.24 31 Desjardins Ethical Canadian Equity Value 3.93 65 9.08 62 27.34 53 14.07 9 15.40 9 Fiera Capital Canadian Equity - Growth Growth 7.96 8 14.18 9 31.87 16 8.44 49 10.29 53 Fiera Capital Canadian Equity - Selexia Value 8.44 4 15.77 3 34.98 6 14.22 6 14.19 15 Fiera Capital Canadian Equity - Value Value 7.45 11 11.72 54 29.49 40 9.17 40 11.63 35 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 11

Canadian equity Fund name Manager style Quarter Year to date Fiera Capital Canadian Equity Core Core 7.71 9 12.80 25 29.26 43 8.53 47 11.03 42 Fiera Capital Canadian Equity ESG - Selexia Value 8.78 3 15.95 2 35.07 5 14.53 3 14.42 12 Fiera Capital Canadian Equity Value ESG Value 8.12 7 11.95 47 30.22 35 9.37 37 11.67 34 Foyston, Gordon & Payne Value 6.83 19 12.82 22 31.09 24 12.74 15 14.92 11 Franklin Bissett Canadian Core Equity Trust Core 6.60 23 13.00 18 31.13 23 14.28 4 17.58 2 Franklin Bissett Canadian Dividend Fund Core 5.76 52 7.81 66 24.22 66 11.58 19 15.62 8 Franklin Bissett Canadian Equity Fund Growth 6.46 27 12.84 21 30.89 28 14.20 7 17.52 3 GE Canadian Equity Pooled Fund Core 6.87 17 13.74 12 29.79 38 8.34 51 11.02 43 Gryphon GARP 6.76 21 12.46 31 32.29 13 8.41 50 10.70 47 Heward Canadian Dividend Growth Fund Growth 3.48 66 7.68 67 24.40 65 12.67 16 13.59 19 Hexavest Core 5.94 49 12.84 20 24.96 62 6.26 60 9.17 56 Hillsdale Canadian Core Equity Fund Core 7.19 14 14.75 5 35.71 2 11.70 18 13.61 18 Industrial Alliance (Growth) Growth 5.79 51 12.68 28 31.62 19 9.54 35 12.79 25 Industrial Alliance (Large Cap) Large cap value 4.80 60 9.50 60 25.41 59 10.39 30 12.52 27 Invesco (Growth) Growth 4.39 62 11.88 49 32.23 14 13.25 13 13.58 20 Invesco (Trimark Value) Value 7.68 10 13.82 11 32.39 12 14.10 8 15.66 7 Invesco (Value) Value 6.41 32 12.78 26 25.68 58 9.21 39 11.10 40 Jarislowsky Fraser GARP 5.19 57 9.43 61 24.53 63 10.80 26 11.46 37 Leith Wheeler Value 5.94 50 12.64 29 34.13 8 13.32 11 15.94 6 Manulife AM Canadian Large Cap Growth Growth 6.52 25 12.29 40 31.37 21 8.55 45 10.62 49 Manulife AM Large Cap Value Value 4.12 64 8.05 65 24.48 64 11.00 25 12.06 30 Mawer Canadian Equity Pooled Fund GARP 5.67 53 12.07 45 30.97 25 14.87 2 16.65 4 MFS MB Canadian Equity Core Fund Core 6.32 36 12.44 33 31.34 22 8.10 53 10.90 46 MFS MB Canadian Equity Growth Fund Growth 6.25 38 11.88 50 30.43 33 5.92 61 8.84 57 MFS MB Canadian Equity Value Fund Value 6.41 33 13.01 17 32.17 15 9.84 34 12.76 26 Optimum Value 6.86 18 13.16 13 26.96 55 7.20 59 10.61 51 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 12

Canadian equity Fund name Manager style Quarter Year to date PCJ Investment Counsel Growth 6.41 31 11.66 55 29.11 45 7.45 57 10.61 52 PH&N Canadian Equity Fund Growth 6.42 29 13.06 15 31.50 20 9.85 33 11.47 36 PH&N Canadian Equity Plus Pension Trust Growth 6.06 42 12.30 39 30.12 36 10.67 29 12.21 28 PH&N Canadian Equity Value Fund Value 6.64 22 12.22 41 28.05 51 11.14 23 Pyramis Canadian Core Equity Trust Core 6.05 43 12.41 35 29.43 42 9.38 36 12.07 29 Pyramis Canadian Focused Equity Trust Core 6.92 15 14.24 8 36.36 1 14.23 5 Pyramis Canadian Systematic Equity Trust Core 6.45 28 13.11 14 30.95 27 10.16 32 13.64 17 RBC QUBE Low Volatility Canadian Equity Fund Core 5.57 54 11.77 52 25.10 61 Scheer Rowlett & Associates Value 6.91 16 12.19 42 30.49 31 8.27 52 11.32 38 SEI Investments Other 5.96 48 11.56 56 29.03 46 7.41 58 10.61 50 SSgA Canadian Equity Index Plus 1 Core 6.06 41 12.38 37 30.39 34 8.52 48 11.92 32 Standard Life Core 5.97 47 11.97 46 29.48 41 7.82 54 10.21 55 Standard Life (Dividend) Large cap value 5.39 55 8.49 63 25.22 60 10.70 28 11.70 33 TD Emerald Cdn Equity Index Fund Passive index 6.39 34 12.82 23 28.55 48 7.60 55 11.01 44 TD Emerald Enhanced Cdn Equity PFT Enhanced index 6.42 30 12.87 19 30.10 37 8.73 43 11.18 39 Number of funds 67 67 67 63 59 1 Composite Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 13

Canadian equity 40% 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 8.42 15.45 35.30 14.28 16.73 1 st quartile 6.86 13.00 31.74 12.58 14.00 Median 6.39 12.43 30.39 10.16 12.06 3 rd quartile 5.86 11.88 28.22 8.53 10.96 95 th centile 4.13 8.27 24.49 6.35 9.14 S&P/TSX 6.41 12.86 28.66 7.60 11.01 S&P/TSX cap. 6.41 12.86 28.66 7.60 11.01 5% 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 14

Small cap Canadian equity As at June 30, 2014 Fund name Manager style Quarter Year to date Acuity Pooled Cdn Small Cap GARP 6.15 10 13.54 9 25.20 12-7.97 12 6.75 12 Beutel Goodman Value 6.75 9 15.79 8 34.33 10 10.20 10 19.39 8 BlackRock Active Canadian Small Cap Equity Fund Core 7.63 8 15.80 7 36.38 9 12.70 9 19.04 9 BMO Asset Management Small Cap GARP 13.71 2 21.22 3 54.29 1 20.64 1 25.09 1 CC&L Canadian Small Cap Fund Core 8.78 5 18.45 5 48.61 4 17.52 3 23.22 3 CIBC Pooled Smaller Companies Fund Growth 7.89 7 13.00 10 40.38 7 7.76 11 18.17 10 Fiera Capital Canadian Equity Small Cap Core Core 11.94 3 22.33 2 54.09 2 16.73 4 23.68 2 Fiera Capital Small Cap Equity Growth 15.68 1 22.70 1 48.29 5 14.35 8 20.30 5 Foyston, Gordon & Payne Canadian Small Cap Value 5.79 11 10.63 11 32.98 11 14.66 7 20.10 6 Franklin Bissett Small Cap Fund Growth 4.40 12 9.44 12 37.26 8 18.50 2 22.98 4 Hillsdale Core 9.92 4 16.36 6 47.95 6 14.69 6 19.58 7 Standard Life Core 8.17 6 20.37 4 51.32 3 14.72 5 17.51 11 Number of funds 12 12 12 12 12 GARP: growth of reasonable price Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 15

Small cap Canadian equity 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 14.60 22.49 54.18 19.46 24.32 1 st quartile 10.43 20.58 49.29 16.93 23.04 Median 8.03 16.08 44.17 14.68 19.84 3 rd quartile 6.60 13.40 35.87 12.08 18.82 95 th centile 5.17 10.09 29.48 0.68 12.67 S&P/TSX small cap. BMO small cap. weighted 9.36 18.04 36.22 2.74 14.06 8.54 18.15 36.15 5.33 16.33 5% 0% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 16

U.S. equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda U.S. Equity Pooled Fund Value 0.84 19 5.82 21 28.01 10 21.06 10 16.26 18 Beutel Goodman Value 1.06 16 9.96 2 25.35 24 22.21 3 17.68 10 Burgundy American Equity Value 0.98 18 7.70 12 22.76 34 19.66 23 14.97 29 Burgundy Smaller Companies Fund Value -0.47 33 3.58 34 25.15 28 23.21 2 22.50 1 Burgundy U.S. Small/Mid Cap Value 0.16 28 3.20 35 22.91 33 21.12 9 20.45 2 CC&L Q U.S. Equity Fund Core 0.55 22 5.64 22 26.93 14 21.69 6 17.86 9 CGOV U.S. Equity Core 1.84 7 7.94 11 26.92 15 21.64 7 15.39 25 Co-operators Value 0.81 20 5.46 27 26.98 13 20.58 15 15.92 21 Desjardins American Equity Growth Growth -0.61 35 4.83 32 28.08 9 17.53 30 Desjardins American Equity Value Value 1.16 14 8.07 10 23.09 32 18.40 29 Desjardins Fiera U.S. Equity Index Hedged 1 Core 5.29 1 7.29 15 25.15 27 16.42 33 18.12 8 Desjardins Lazard U.S. Strategic Equity Blend 2.32 4 8.26 6 25.37 23 Duncan Ross Pooled Trust Value 1.80 8 5.51 24 25.56 21 20.01 21 14.48 30 Fiera Capital U.S. Equity ESG Core -0.33 32 5.48 26 28.40 7 21.73 5 19.03 5 Fiera Capital U.S. Equity Fund Core -0.56 34 5.43 28 27.99 11 21.20 8 18.66 6 Foyston, Gordon & Payne Value 1.04 17 10.11 1 29.09 5 20.19 19 16.85 12 Franklin Flex Cap Growth Fund (O) Growth 0.46 24 5.31 30 31.93 2 17.06 32 15.31 27 Franklin U.S. Rising Dividends Fund Value -0.07 31 5.38 29 22.18 35 18.88 27 16.04 20 GE Asset Management Core 1.36 12 7.69 13 26.78 16 20.78 14 15.31 26 Hexavest Core 0.50 23 7.18 17 22.15 36 17.52 31 13.40 32 Hillsdale U.S. Equity Core -3.15 36 0.03 36 29.94 3 20.43 17 19.09 4 Jarislowsky Fraser GARP 1.49 10 8.13 9 26.67 17 20.89 12 16.27 17 Manulife AM U.S. Large Cap Core Pooled Fund Core 1.12 15 5.06 31 40.97 1 25.50 1 19.78 3 Mawer U.S. Equity GARP 0.28 27 4.66 33 24.11 31 20.79 13 15.59 24 MFS MB U.S. Equity Core Fund Core 0.04 30 5.49 25 25.07 29 MFS MB U.S. Equity Core Pension Fund Core 0.07 29 5.56 23 25.25 25 18.96 26 14.46 31 GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 17

U.S. equity Fund name Manager style Quarter Year to date PH&N U.S. Equity Fund GARP 0.31 26 8.16 8 25.96 19 19.34 25 15.22 28 PH&N U.S. Pooled Pension Fund GARP 0.38 25 8.25 7 26.23 18 19.82 22 15.73 22 Pyramis U.S. Large Cap Core Trust Core 1.22 13 6.42 19 28.17 8 18.86 28 15.63 23 SEI U.S. Large Company Core 0.67 21 6.28 20 27.12 12 21.06 11 17.08 11 Sprucegrove Value 2.07 6 9.83 4 25.18 26 19.60 24 16.52 15 Standard Life Core 2.31 5 8.48 5 29.49 4 21.97 4 16.11 19 TD Emerald HDG Syn U.S. Equity PFT 1,2 Index 5.27 2 6.99 18 24.48 30 16.29 34 18.19 7 TD Emerald U.S. Market Index Index 1.47 11 7.22 16 25.39 22 20.07 20 16.41 16 TD Emerald U.S. Pooled Fund Core 1.54 9 7.38 14 25.74 20 20.46 16 16.78 13 UBS (Canada) American Equity Fund Core 2.90 3 9.95 3 28.64 6 20.33 18 16.63 14 Number of funds 36 36 36 34 32 GARP: growth of reasonable price 1 Hedged 2 Not eligible for Group RRSP money Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 18

U.S. equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 3.49 9.95 30.44 22.56 20.08 1 st quartile 1.51 8.08 28.03 21.11 17.92 Median 0.91 6.71 26.10 20.38 16.34 3 rd quartile 0.25 5.45 25.15 19.06 15.54 95 th centile -0.57 3.48 22.61 16.84 14.47 S&P 500 1.57 7.48 26.41 20.58 16.80 5% 0% -5% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 19

International equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda Capital s EAFE Equity Pooled GARP -0.49 23 3.56 23 21.78 25 Beutel Goodman Value -2.75 34 1.50 32 21.01 28 8.51 33 8.28 30 Burgundy EAFE Value -0.59 24 5.25 10 20.21 30 16.07 1 14.62 1 CI Signature EAFE Core 0.70 12 5.45 9 22.59 21 14.60 4 13.17 5 CIBC Pooled EAFE Equity Growth 0.04 18 3.43 26 16.54 34 11.99 20 12.03 10 CIBC Pooled International Equity Index Fund Index 0.73 11 5.00 13 24.20 15 11.46 26 9.61 26 Desjardins Baillie Gifford International Equity Core -1.45 30 1.87 30 30.42 1 13.71 6 13.98 4 Desjardins Overseas Equity Growth Growth -1.53 31 1.76 31 29.99 3 13.39 10 Desjardins Overseas Equity Value Value 1.92 5 8.56 2 18.94 32 11.59 25 Fiera Capital International Equity Core -0.40 21 4.71 14 21.08 27 15.00 3 Foyston, Gordon & Payne Value 0.83 10 7.38 5 24.96 11 11.24 27 10.49 20 Franklin Bissett International Equity Value -4.28 35 3.47 25 28.48 7 12.51 15 10.97 16 GE Asset Management GARP -1.89 32-0.24 35 18.77 33 9.55 31 8.00 31 Gryphon Europac GARP -2.70 33 0.82 34 20.13 31 9.46 32 11.09 14 Hexavest (Europac) Core 0.96 9 4.12 20 20.81 29 11.71 24 8.69 28 Hexavest (Europac) Class B 1 Core 4.00 1 2.48 28 14.88 35 10.84 29 9.97 25 International Alpha Tilts Core 0.50 13 6.90 6 28.91 6 13.55 9 11.72 11 Invesco (Growth) Growth 2.03 4 8.12 3 30.25 2 15.35 2 14.19 2 Jarislowsky Fraser GARP 1.35 7 3.49 24 22.72 20 13.62 8 13.13 6 Mawer International Equity Fund GARP 2.33 3 7.76 4 24.99 10 13.64 7 14.06 3 MFS MB International Equity Fund Core 0.28 17 3.18 27 22.25 23 11.86 23 10.03 22 NS Partners International Equity Fund GARP -0.17 20 4.28 19 24.55 13 12.86 12 11.24 12 PH&N Overseas Equity Pension Trust Value -0.02 19 4.48 17 27.26 8 8.44 34 8.58 29 Pyramis Concentrated International Small Cap Value -0.91 25 4.35 18 25.55 9 13.11 11 12.69 8 Pyramis International Growth Trust Growth -1.41 29 1.90 29 22.36 22 11.99 19 10.56 18 GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 20

International equity Fund name Manager style Quarter Year to date Pyramis Select International Equity Trust Value 0.29 16 4.08 22 24.38 14 12.45 16 10.54 19 Pyramis Select International Plus Trust Value 1.14 8 5.00 12 23.12 18 10.13 30 9.18 27 Pyrford International Value 2.81 2 8.69 1 21.61 26 14.23 5 12.74 7 SEI Investments (Active) Value -0.43 22 4.10 21 24.19 16 10.92 28 9.98 24 Sprucegrove Value 0.32 15 6.24 8 23.50 17 11.97 21 12.15 9 Standard Life Core -1.40 28 1.12 33 22.09 24 12.33 17 11.12 13 TD Quantitative Capital Passive Index 0.50 14 5.13 11 24.84 12 11.87 22 10.00 23 Templeton International Equity Trust Value -1.06 27 4.66 15 29.19 4 12.85 13 10.99 15 Templeton International Stock Trust Value -1.05 26 4.57 16 29.16 5 12.74 14 10.76 17 UBS (Canada) International Equity Fund Core 1.57 6 6.41 7 22.87 19 12.07 18 10.39 21 Number of funds 35 35 35 34 31 Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 21

International equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 2.47 8.25 30.07 15.12 14.13 1 st quartile 0.89 5.35 25.27 13.51 12.42 Median 0.04 4.35 23.12 12.20 10.97 3 rd quartile -1.06 3.31 21.34 11.49 9.99 95 th centile -2.72 1.03 18.10 9.13 8.43 E.A.F.E 2 0.45 5.04 24.77 11.71 9.85 5% 0% -5% Quarter Year to date 1 year 3 years 5 years 2 E.A.F.E.: Europe, Australasia and Far East Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 22

Global equity As at June 30, 2014 Fund name Manager style Quarter Year to date Addenda Capital s Global Equity Pooled Core -1,08 39 3,51 40 22,46 33 AGF Global Core Equity Pooled Fund Core 2.31 4 6.47 16 25.11 18 16.74 17 Beutel Goodman Value -1.04 37 5.29 30 23.76 25 16.05 19 13.09 20 BlackRock CDN Global Equity Focus Fund Value 0.29 30 3.63 39 19.75 41 11.73 33 Burgundy Global Equity Fund Value 1.02 17 6.59 13 22.84 31 18.73 4 15.37 6 Burgundy Global Focused Opportunities Fund Value 1.21 14 6.82 11 22.15 35 18.28 7 14.22 12 Burgundy Partners Global Value 1.79 6 7.86 8 22.52 32 17.52 13 15.96 3 CC&L Global Alpha Global Small Cap Core -1.05 38 9.42 5 27.69 7 17.56 12 18.71 2 CC&L Q Global Equity Fund Core -0.50 34 4.99 34 27.84 6 18.63 5 15.56 4 CGOV Equity Fund Core 4.36 2 13.18 1 30.96 5 16.98 14 15.35 7 CI Signature Global Equity Fund Core 1.06 16 7.17 10 20.96 37 15.09 24 14.63 10 Desjardins Ethical Global Equity Core 0.63 24 7.89 7 23.91 24 14.22 27 12.76 23 Fiera Capital Global Equity Fund Core 0.32 29 5.42 27 25.74 15 18.81 3 Fiera Capital Global Small Cap Strategy Growth -3.05 43 5.04 33 24.43 20 10.00 35 13.15 19 Desjardins Baillie Gifford Global Equity Growth -0.67 35 6.47 15 27.24 9 Desjardins Global Small Cap Equity Core 1.67 7 10.41 3 34.92 2 19.71 2 Franklin World Growth Corporate Class (O) Growth -0.13 32 2.47 43 23.27 27 11.63 34 12.48 25 Global Dividend Income Fund B Core 1.58 9 7.81 9 21.30 36 Gryphon (GIIC Global Fund) GARP -1.51 40 2.80 42 22.95 30 12.69 31 13.06 21 Hexavest Core 0.69 23 5.04 32 19.89 40 14.60 25 11.22 27 Hexavest Global Equities All Countries Core 0.80 21 4.96 35 19.01 42 13.00 30 Hexavest World Class B 1 Core 4.01 3 4.37 37 17.16 43 12.31 32 12.67 24 Invesco (Trimark Value) Value 0.42 27 6.67 12 25.28 17 18.08 8 15.04 8 Invesco Global Small Cap Core -0.85 36 5.21 31 26.93 12 Standard Life Global Equity Fund Core 0.93 20 6.26 19 27.34 8 15.94 20 15.42 5 Standard Life Global Dividend Growth Fund Core -0.15 33 4.19 38 24.15 22 17.57 11 13.83 16 GARP: growth of reasonable price 1 Hedged Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 23

Global equity Fund name Manager style Quarter Year to date Jarislowsky Fraser GARP 1.66 8 6.02 23 24.31 21 16.87 15 14.26 11 Manulife AM Global Equity Pooled Fund Core 6.33 1 4.76 36 22.33 34 Mawer Global Equity Core 0.47 26 6.52 14 26.96 10 18.34 6 Mawer Global Small Cap Core 1.41 10 9.53 4 42.65 1 26.12 1 25.41 1 MFS MB Global Equity Growth Fund Growth 1.22 13 5.69 26 24.02 23 13.01 29 10.89 29 MFS MB Global Equity Value Fund Value 0.57 25 5.80 24 23.04 29 15.59 21 11.75 26 MFS MB Global Research Fund Core 0.71 22 5.39 29 23.35 26 14.15 28 11.15 28 Pyramis Select Global Core 0.95 18 6.11 21 26.85 13 16.15 18 13.33 18 Pyramis Select Global Plus Trust Core 1.28 12 6.35 17 25.96 14 14.47 26 Schroder Global Alpha Fund (Canada) Core 1.35 11 5.42 28 23.16 28 Schroder Global Blend Fund (Canada) Core 0.95 19 6.27 18 25.58 16 Sprucegrove Value 1.14 15 8.48 6 24.90 19 15.38 23 13.91 15 SSgA Global Managed Volatility Composite 2 Core 2.27 5 11.49 2 20.71 38 16.78 16 13.60 17 Templeton Global Equity Trust Value -1.57 41 6.18 20 32.79 3 18.01 9 14.73 9 Templeton Global Smaller Companies Value 0.22 31 3.38 41 20.39 39 8.63 36 14.16 14 Templeton Global Stock Trust Value -1.62 42 6.03 22 32.05 4 17.95 10 14.17 13 UBS (Canada) Global Sustainable Equity Fund Core 0.33 28 5.78 25 26.94 11 15.45 22 12.89 22 Number of funds 43 43 43 36 29 GARP: growth of reasonable price 2 Composite Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 24

Global equity 35% 30% 25% 20% 15% 10% Rank Quarter Year to date % % % % % 5 th centile 3.84 10.32 32.71 19.04 17.61 1 st quartile 1.31 6.75 26.93 17.97 15.04 Median 0.71 6.03 24.15 16.10 13.91 3 rd quartile -0.14 5.04 22.49 14.20 12.89 95 th centile -1.56 3.39 19.76 11.22 11.18 MSCI World 1.19 6.44 25.25 15.54 13.02 5% 0% -5% Quarter Year to date 1 year 3 years 5 years Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 25

Other funds As at June 30, 2014 Mortgages Rank Quarter Year to date % % % % % 5 th centile 1.61 3.09 5.70 4.62 5.93 1 st quartile 1.48 3.00 5.29 4.45 5.53 Median 1.32 2.89 4.79 4.24 5.04 3 rd quartile 1.18 2.65 4.37 4.11 4.95 95 th centile 1.06 2.47 4.03 4.01 4.89 FTSE TMX Canada Mortgages 0.86 3.18 4.63 4.63 4.78 Number of funds 3 3 3 3 3 Emerging markets Rank Quarter Year to date % % % % % 5 th centile 5.39 10.60 18.99 9.49 10.99 1 st quartile 4.49 8.41 17.77 7.01 10.48 Median 3.88 7.99 15.59 4.28 8.89 3 rd quartile 2.60 5.89 12.91 3.37 7.77 95 th centile 1.89 4.97 10.26 2.43 6.11 MSCI Emerging Markets 2.97 6.58 15.79 3.28 7.69 Number of funds 11 11 11 11 8 Hedge funds As at June 30, 2014 Fund name Quarter Year to date Fiera Capital Global Macro Fund -4.21 2-4.00 2-4.53 2-1.73 2-1.82 2 Fiera Capital North American Market Neutral Fund 3.34 1 6.98 1 13.97 1 1.85 1 1.96 1 Dow Jones Credit Suisse Hedge Fund Index -1.66 3.17 10.41 8.83 5.93 Number of funds 2 2 2 2 2 Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 26

The information herein has been drawn from sources believed to be reliable, but the accuracy or completeness of the information is not guaranteed, nor in providing it does Morneau Shepell Asset & Risk Management Ltd. ( MS ARM ) or its affiliates ( Morneau Shepell ) assume any responsibility or liability. MS ARM or Morneau Shepell is not liable for any errors or omissions in the information or for any loss or damage suffered. Where such statements are based in whole or in part on information provided by third parties, they are not guaranteed to be accurate or complete. The information does not provide individual financial, legal, tax or investment advice and is for information purposes only. Performance universe of pension managers pooled funds as at June 30, 2014 July 2014 Morneau Shepell 27

Morneau Shepell is the largest company in Canada offering human resources consulting and outsourcing services. The Company is the leading provider of Employee and Family Assistance Programs, as well as the largest administrator of pension and benefits plans. Through health and productivity, administrative, and retirement solutions, Morneau Shepell helps clients reduce costs, increase employee productivity, and improve their competitive position. Established in 1966, Morneau Shepell serves more than 20,000 clients, ranging from small businesses to some of the largest corporations and associations in North America. With approximately 3,500 employees in offices across North America, Morneau Shepell provides services to organizations across Canada, in the United States, and around the globe. Morneau Shepell is a publicly traded company on the Toronto Stock Exchange (TSX: MSI). morneaushepell.com @Morneau_Shepell Morneau Shepell 2014 Morneau Shepell Ltd.