HEMISPHERE CAPITAL MANAGEMENT

Conservative Composite
PERFORMANCE SUMMARY AND HISTORY

The Conservative Composite is comprised of consolidated client portfolios of Hemisphere Capital Management where
equity is less than 15% of the asset mix. These portfolios provide capital preservation, modest income, and low risk to
clients.

PERFORMANCE SUMMARY
Period Ending March 2014 - Annualized Returns (%) Gross of Fees
YEARS

10

Inception (June/1993)

Conservative Composite

3.8

4.0

4.9

4.8

5.6

Benchmark

1.8

3.7

3.8

4.3

5.3

Inflation

1.3

1.5

1.6

1.7

1.7

350

300

250

200

150

100

50

0
Dec 13

Jun 13

Dec 12

Jun 12

Dec 11

Jun 11

Dec 10

Jun 10

Dec 09

Jun 09

Dec 08

Jun 08

Dec 07

Jun 07

Dec 06

Jun 06

Benchmark

Dec 05

Jun 05

Dec 04

Jun 04

Dec 03

Jun 03

Dec 02

Jun 02

Dec 01

Jun 01

Dec 00

Jun 00

Dec 99

Jun 99

Dec 98

Jun 98

Dec 97

Jun 97

Dec 96

Jun 96

Dec 95

Jun 95

Dec 94

Jun 94

Dec 93

Jun 93

Conservative Composite

Inflation

Benchmark:
June 1993 - December 2002
60% DEX Short-Term Bond Indices
40% T-bill 91 days

January 2003 - Current

80% DEX Short-Term Bond Indices
20% DEX Mid-Term Bond Indices

Disclaimer: This document is not intended to be comprehensive investment advice applicable to the individual circumstances of a potential investor and should not be
considered as personal investment advice, an offer, or solicitation to buy and/or sell investment products. Every effort has been made to ensure accurate information has been
provided at the time of publication, however accuracy cannot be guaranteed. Values change frequently and past investment performance may not be repeated. The manager
accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. Please consult an investment manager prior
to making any investment decisions.

SUITE 603 734-7TH AVENUE SW CALGARY, ALBERTA T2P 3P8

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA

PAGE 2

CONSERVATIVE COMPOSITE

PERFORMANCE HISTORY

1Q

3Q

4Q

YTD

Gross Fee

1.1%

4.6%

5.7%

Net Fee

1.0%

4.1%

5.1%

Benchmark

1.8%

3.0%

4.9%

3.4%

-0.2%

0.7%

Year
1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Gross Fee

-1.3%

2Q

-1.0%

# of
Port

Year

2006

2007

1Q

2Q

3Q

4Q

YTD

Gross Fee

1.5%

-0.5%

2.2%

1.1%

4.4%

Net Fee

1.3%

-0.7%

1.9%

0.9%

3.4%

Benchmark

0.1%

0.9%

2.3%

0.6%

3.9%

Gross Fee

0.9%

-0.2%

1.2%

1.2%

3.2%

Net Fee

-1.6%

-1.2%

3.2%

-0.4%

-0.2%

Net Fee

0.7%

-0.4%

0.9%

1.0%

2.2%

Benchmark

-1.9%

-0.3%

3.2%

0.8%

1.8%

Benchmark

1.0%

-0.6%

1.9%

2.8%

5.1%

Gross Fee

2.2%

2.7%

0.9%

3.3%

9.3%

Gross Fee

1.9%

1.0%

-0.2%

1.1%

3.9%

Net Fee

2.0%

2.6%

0.8%

3.3%

8.9%

Net Fee

1.6%

0.8%

-0.5%

0.9%

2.7%

Benchmark

2.2%

0.3%

1.0%

3.1%

6.6%

Gross Fee

2.1%

2.5%

2.3%

1.3%

8.5%

Net Fee

1.8%

2.2%

2.0%

1.0%

7.3%

2008

Benchmark

3.6%

2.3%

3.2%

3.2%

12.8%

Gross Fee

1.3%

3.8%

1.3%

3.7%

10.5%

Net Fee

1.3%

3.8%

1.3%

3.6%

10.3%

Benchmark

0.6%

1.9%

4.0%

1.1%

7.8%

Gross Fee

-0.1%

1.9%

2.3%

0.6%

4.7%

Net Fee

-0.3%

1.7%

2.1%

0.4%

4.0%

Net Fee

0.6%

1.2%

2.1%

0.6%

4.5%

Benchmark

0.4%

2.2%

1.4%

0.5%

4.6%

Benchmark

0.7%

2.0%

2.0%

-0.4%

4.3%

Gross Fee

1.7%

1.0%

2.3%

1.4%

6.5%

Gross Fee

0.6%

1.2%

1.1%

1.2%

4.2%

Net Fee

1.5%

0.8%

2.1%

1.3%

5.8%

Net Fee

0.3%

0.9%

0.8%

1.0%

3.0%

Benchmark

1.1%

0.9%

2.3%

1.2%

5.6%

Gross Fee

1.0%

0.3%

0.9%

-0.1%

2.1%

2009

2010

2011

2012

Benchmark

2.1%

0.9%

2.0%

0.3%

5.3%

Gross Fee

0.9%

1.5%

2.4%

0.8%

5.7%

Benchmark

0.2%

1.8%

3.0%

0.8%

5.8%

Gross Fee

1.1%

-0.4%

1.4%

0.8%

2.9%

Net Fee

0.9%

-0.6%

1.2%

0.6%

2.2%

Net Fee

0.9%

0.1%

0.7%

-0.3%

1.4%

Benchmark

1.1%

0.1%

0.8%

0.6%

2.8%

Gross Fee

1.4%

1.1%

1.7%

2.0%

6.3%

Net Fee

1.2%

0.9%

1.5%

1.8%

5.6%

Net Fee

1.4%

-0.6%

0.7%

1.4%

2.9%

Benchmark

1.7%

1.8%

1.7%

2.8%

8.3%

Benchmark

1.0%

-1.0%

0.6%

0.7%

1.3%

Gross Fee

2.1%

0.9%

2.2%

1.9%

7.4%

Gross Fee

1.8%

Net Fee

1.9%

0.7%

1.9%

1.7%

6.4%

Net Fee

1.6%

Benchmark

1.5%

2013

2014

Benchmark

0.0%

1.3%

0.8%

0.3%

2.4%

Gross Fee

1.6%

-0.5%

0.8%

1.6%

3.6%

Benchmark

1.2%

1.6%

3.7%

0.2%

6.8%

Gross Fee

0.4%

1.2%

2.1%

1.7%

5.5%

Net Fee

0.2%

1.0%

1.9%

1.5%

4.6%

Benchmark:

Benchmark

0.3%

2.0%

1.3%

0.9%

4.5%

Gross Fee

0.1%

2.6%

1.7%

2.0%

6.5%

June 1993 - December 2002

60% DEX Short-Term Bond Indices
40% T-bill 91 days

Net Fee

-0.1%

2.4%

1.5%

1.8%

5.7%

Benchmark

0.8%

2.8%

1.1%

2.1%

6.8%

Gross Fee

2.8%

-1.0%

2.0%

2.4%

6.2%

10

January 2003 - Current

80% DEX Short-Term Bond Indices
20% DEX Mid-Term Bond Indices

Net Fee

2.6%

-1.2%

1.8%

2.2%

5.4%

Benchmark

1.4%

-0.6%

1.9%

2.2%

4.9%

Gross Fee

1.9%

2.8%

1.3%

0.8%

7.0%

Net Fee

1.7%

2.5%

1.1%

0.6%

6.0%

Benchmark

0.8%

1.9%

-0.4%

0.4%

2.7%

# of
Port
6

SUITE 603 734-7TH AVENUE SW CALGARY, ALBERTA T2P 3P8

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA