Kingwest U.S. Equity Portfolio

To March 31, 2012

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Winner

Performance Achievement
Award 2010

Investment Objective

The objective of this strategy is to provide investors with superior absolute returns by investing in undervalued companies of all market capitalizations that are publicly traded on major U.S. markets.

Portfolio Details

Asset Class: Equities
Inception Date: May 2001 (pooled); January 1993 (segregated).
Minimum Investment: $1 million (pooled); $3 million (segregated).
RRSP/RRIF Eligible: Yes

Portfolio Statistics

# of Companies: 27
Ann. Portfolio Turnover (5 yr): 37%
Average Forward P/E: 11.4x
Average ROE: 17.4%
P/B Ratio: 1.8x
Dividend Yield: 1.9%
Median Market Cap: $13.4b
Large cap (> $10 b): 75.1%
Mid Cap ($2-10b): 19.2%
Small Cap (< $2b): 5.7%

Performance vs. S&P 500 Total Return Index in US$

	Portfolio	S&P
2011	-9.7%	2.1%*
2010	25.8%	15.1%
2009	59.7%	23.0%
2008	-44.3%	-37.0%
2007	-13.0%	5.5%
2006	20.6%	15.8%
2005	10.4%	4.9%
2004	8.2%	7.2%
2003	38.4%	28.7%
2002	-18.0%	-22.1%
2001	19.3%	-11.9%
2000	12.7%	-9.1%
1999	40.6%	21.0%
1998	12.4%	26.4%
1997	35.9%	33.4%
1996	20.5%	23.0%
1995	47.0%	37.6%
1994	0.9%	1.3%
1993	22.7%	26.4%

*Annual figures are to December 31, 2011

Representative Holdings

JP Morgan Chase
DirecTV Group
American Express
General Growth Properties
Vodafone Group PLC
Whole Foods Market Inc.
Las Vegas Sands
Target Corp.
Corrections Corporation
BP

Recent Performance in US$

Kingwest U.S. Equity Portfolio	2011	Q1 2012	Q2 2012	Q3 2012	Q4 2012
Kingwest U.S. Equity Portfolio	-9.7%	19.4%

Sector Allocation

Compounded Annualized Return - Gross of Fees in U.S.$

Kingwest U.S. Equity Portfolio	1 yr	3 yrs	5 yrs	10 yrs	15 yrs	19 yrs
Kingwest U.S. Equity Portfolio	2.7%	31.8%	1.0%	5.1%	11.2%	13.1%

Performance History – Growth of $1,000 in U.S.$

This information does not constitute an offer of securities. Such an offer will only be made by means of a Confidential Memorandum to be furnished to prospective investors prior to an investment being made. Past performance is not indicative of future results.

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