Annualized Total Gross Returns
as at January 31, 2009

Inception Date: January 1, 2008

Pooled Funds1 Mo3 Mos6 MosYTD1 Yr3 yr5 Yr10 YrInception
QV Global Equity Fund-5.7-8.2-7.4-5.7-10.8----9.3
MSCI $CAD-8.0-10.9-26.0-8.0-29.4-11.6-5.8-5.1-21.8
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.