QV CANADIAN EQUITY FUND

ANNUALIZED TOTAL GROSS RETURNS AS OF DECEMBER 31, 2018

Inception Date: January 01, 2007

Pooled Fund 3 Mos 6 Mos YTD 1 Yr 3 yr 5 yr 10 yr 15 yr 20 yr Inception
QV Cdn Equity Fund -10.8 -12.5 -13.3 -13.3 3.3 2.8 8.4 - - 5.6
Cdn Equity Carve-out^ -11.5 -13.2 -14.1 -14.1 3.6 3.0 9.6 8.7 11.7 -
S&P/TSX Composite TR Index -10.1 -10.6 -8.9 -8.9 6.4 4.1 7.9 - - 3.9

^The performance for the Canadian Equity Carve-out reflect the returns of the Canadian equity portion of the QV Canadian Balanced Fund

Gross performance is before all investment advisory and management fees, including custody, legal and audit.

The performance is historical and is not representative of future performance. The performance is a total return including both income and capital gains or losses.