QV CANADIAN BOND FUND

ANNUALIZED TOTAL GROSS RETURNS AS OF JUNE 30, 2017

Inception Date: July 01, 2011

Pooled Fund 3 Mos 6 Mos YTD 1 Yr 3 yr 5 yr 10 yr 15 yr 20 yr Inception
QV Cdn Bond Fund -0.1 1.2 1.2 0.5 3.1 3.2 - - - 3.9
Cdn Fixed Income Carve-out^ -0.1 1.2 1.2 0.6 3.2 3.4 5.7 5.7 5.5 -
FTSE TMX Canada Univ. Bond Index 1.1 2.4 2.4 0.0 3.8 3.3 - - - 4.3

^The performance for the Canadian Fixed Income Carve-out reflect the returns of the fixed income portion of the QV Canadian Balanced Fund

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

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.