Annualized Total Gross Returns
as at January 31, 2009

Inception Date: January 1, 1997

Pooled Funds1 Mo3 Mos6 MosYTD1 Yr3 yr5 Yr10 YrInception
QV Cdn Balanced Fund-0.7-1.4-7.8-0.7-5.31.14.99.17.7
Balanced Fund Index-2.4-3.2-16.8-2.4-14.5-1.24.45.66.1
The QV Canadian Balanced Fund Index is weighted as follows:
5.0% DEX 91 Day Treasury Bill Index
45.0% DEX Bond Universe Index
40.0% S&P/TSX Composite Total Return Index
10.0% Morgan Stanley CI World Index in Canadian Dollars

The QV Canadian Balanced Pooled Fund holds no non-Canadian securities. The portfolio is not identical to the benchmark
The benchmark 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.