Annualized Total Gross Returns
as at January 31, 2009

Inception Date: January 1, 2007

Pooled Funds1 Mo3 Mos6 MosYTD1 Yr3 yr5 Yr10 YrInception
QV Cdn Equity Fund-1.9-8.9-18.8-1.9-15.8-3.26.513.7-7.8
S&P/TSX Composite-3.0-10.0-34.8-3.0-31.8-7.62.84.6-14.9
The performance for the three, five and ten year periods is that of the Canadian equities in the QV Canadian Balanced Fund. Inception returns reflect that of the QV Canadian Equity Fund.
The QV Canadian Balanced Fund holds no non-Canadian securities. The portfolio is not identical to the benchmark. The benchmark, the S&P/TSX Composite Index, is not managed.
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.