Annualized Total Gross Returns
as at February 28, 2010

Inception Date: January 1, 2007

Pooled Funds1 Mo3 Mos6 MosYTD1 Yr3 yr5 Yr10 YrInception
QV Cdn Equity Fund4.46.812.80.733.40.9--1.6
Cdn Equity Carve-out^4.87.313.80.942.12.08.416.0-
S&P/TSX Composite5.02.38.5-0.647.6-0.96.54.7-
^The performance for the Canadian Equity Carve-out reflect the returns of the Canadian equity portion of the QV Canadian Balanced 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.