HEMISPHERE CAPITAL MANAGEMENT

Core Balanced Composite

PERFORMANCE SUMMARY AND HISTORY

The Core Balanced Composite is comprised of consolidated client portfolios of Hemisphere Capital Management with
an equity asset mix weight between 40% and 80%. These client portfolios contain some international equities.

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

10

Inception (June/1994)

Core Balanced Composite

13.0

8.5

9.1

7.5

8.7

Benchmark

12.7

10.0

8.0

7.2

8.3

Inflation

2.1

1.6

1.7

1.8

1.8

600

500

400

300

200

100

0
Sep 14

Dec 13

Mar 13

Jun 12

Sep 11

Dec 10

Mar 10

Jun 09

Sep 08

Benchmark

Dec 07

Mar 07

Jun 06

Sep 05

Dec 04

Mar 04

Jun 03

Core Balanced Composite

Sep 02

Dec 01

Mar 01

Jun 00

Sep 99

Dec 98

June 1994 - December 2013

40% DEX Mid-term Bond Index
40% S&P/TSX Total Return Index
10% S&P 500 Total Return Index $Cdn
10% EAFE Total Return Index $Cdn

Mar 98

Jun 97

Sep 96

Dec 95

Mar 95

Jun 94

Benchmark:

Inflation

January 2014 - Current

20% DEX Short-term Bond Index
20% DEX Mid-term Bond Index
30% S&P/TSX Total Return Index
20% S&P 500 Total Return Index $Cdn
10% EAFE Total Return Index $Cdn

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

CORE BALANCED COMPOSITE

PERFORMANCE HISTORY

3Q

4Q

YTD

# of
Port

2.6%

2.0%

4.6%

Net Fee

2.5%

1.8%

4.3%

Net Fee

Benchmark

5.6%

-0.2%

5.3%

Benchmark

1Q

Year

2Q

1994 Gross Fee

1995 Gross Fee

Net Fee
Benchmark

1996 Gross Fee

Net Fee
Benchmark

1997 Gross Fee

Net Fee

4.5%

5.6%

3.1%

1.8%

15.8%

4.2%

5.3%

2.9%

1.5%

14.6%

4.7%

5.1%

2.3%

5.4%

18.6%

3.6%

2.3%

8.7%

10.5%

27.2%

3.3%

2.0%

8.4%

10.2%

25.8%

3.0%

2.3%

4.5%

7.8%

18.9%

-2.2%

3.1%

9.8%

-3.4%

7.0%

-2.4%

2.8%

9.5%

-3.7%

5.9%

13

Year
2006 Gross Fee

-0.2%

3.9%

-6.0%

-6.2%

-8.6%

Net Fee

-0.4%

3.6%

-6.2%

-6.5%

-9.5%

Benchmark

-0.7%

2.6%

-9.8%

-8.9%

-16.2%

1.6%

7.2%

5.0%

3.9%

18.9%

Net Fee

1.4%

6.9%

4.8%

3.7%

17.8%

Benchmark

-1.7%

10.9%

7.3%

1.8%

19.0%

Gross Fee

3.0%

0.3%

5.7%

5.1%

14.7%

Net Fee

2.8%

0.0%

5.4%

4.9%

13.7%

-0.6%

Benchmark

9.1%

0.8%

-9.9%

11.4%

10.4%

1.4%

4.1%

0.2%

-0.3%

5.5%

Net Fee

1.2%

3.8%

-0.1%

-0.5%

4.4%

Benchmark

1.5%

2.7%

-0.4%

10.8%

15.0%

4.5%

6.2%

4.1%

1.4%

17.1%

Net Fee

4.2%

5.9%

3.8%

1.1%

15.8%

Benchmark

6.6%

3.7%

1.2%

-5.3%

6.0%

2.8%

2.4%

-2.8%

5.6%

8.0%

Net Fee

2.5%

2.1%

-3.0%

5.3%

6.8%

Net Fee

Benchmark

-6.7%

0.1%

-4.5%

7.7%

-3.9%

Benchmark

3.8%

-2.9%

-1.3%

3.6%

3.1%

Gross Fee

Net Fee

3.4%

-3.1%

-1.6%

3.3%

1.9%

Net Fee

Benchmark

0.7%

-4.4%

-6.3%

5.4%

-4.8%

Benchmark

-1.9%

5.5%

2.6%

6.0%

12.6%

Net Fee

-2.1%

5.2%

2.3%

5.7%

11.4%

Benchmark

-4.1%

8.1%

4.2%

6.7%

15.3%

3.9%

-1.7%

2.2%

3.1%

7.6%

3.7%

-1.9%

1.9%

2.8%

6.5%

Benchmark

4.3%

-0.3%

0.7%

5.6%

10.5%

1.2%

4.8%

4.0%

1.4%

11.7%

Net Fee

0.9%

4.6%

3.7%

1.1%

10.6%

Benchmark

2.0%

3.6%

4.9%

1.9%

13.0%

2005 Gross Fee

Benchmark

2011 Gross Fee

Net Fee
Benchmark

2012 Gross Fee

Net Fee
Benchmark

43

48

12.8%

3.6%

2.8%

Net Fee

6.7%

7.1%

-0.2%

-9.0%

2004 Gross Fee

2.6%

3.7%

0.7%

1.4%

37

2.8%

-2.7%

1.4%

4.8%

2003 Gross Fee

-2.3%

4.4%

1.7%

2009 Gross Fee

2013 Gross Fee

2014

3.5%

Benchmark

Net Fee

20

51

1.2%

0.4%

2002 Gross Fee

7.8%

2.2%

14.8%

18

2.8%

0.5%

3.0%

2001 Gross Fee

3.1%

0.7%

-1.1%

19

-2.1%

0.1%

6.5%

2000 Gross Fee

3.8%

-0.2%

-8.8%

18

# of
Port

1.0%

8.8%

1999 Gross Fee

YTD

1.2%

2008 Gross Fee

2010

4Q

0.1%

1.6%

14

3Q

-0.1%

0.2%

1998 Gross Fee

2Q

Net Fee

2007 Gross Fee

5.1%

Benchmark

1Q

1.9%

-2.6%

7.7%

4.4%

11.6%

2.7%

0.2%

-1.3%

3.7%

5.3%

2.6%

0.0%

-1.5%

3.4%

4.5%

2.6%

-0.9%

-4.4%

3.3%

0.4%

2.7%

-3.3%

3.5%

0.7%

3.5%

2.5%

-3.5%

3.3%

0.5%

2.6%

3.7%

-1.7%

4.0%

1.6%

7.6%

3.9%

-0.4%

1.9%

4.5%

10.1%

3.7%

-0.6%

1.7%

4.3%

9.2%

4.0%

-1.8%

3.9%

5.4%

11.9%

4.5%

3.4%

0.1%

4.3%

3.2%

-0.1%

3.5%

2.3%

0.9%

53

52

55

58

80

87

101

108

Benchmark:

June 1994 - December 2013

40% DEX Mid-term Bond Index
40% S&P/TSX Total Return Index
10% S&P 500 Total Return Index $Cdn
10% EAFE Total Return Index $Cdn
January 2014 - Current
20% DEX Short-term Bond Index
20% DEX Mid-term Bond Index
30% S&P/TSX Total Return Index
20% S&P 500 Total Return Index $Cdn
10% EAFE Total Return Index $Cdn

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