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KV Annual Report 2013

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Kv Mortgage Fund Inc. MANAGEMENT DISCUSSION OF FUND PERFORMANCE This management discussion of the Fund's performance is based on the views of the Fund's management as at February 28, 2013 and is not intended to provide legal, accounting, tax or investment advice. Investment Objectives and Strategies The Fund commenced operations in 2009 to provide investors indirect access to mortgage investments that were selected and approved by the Fund Manager. It is the intention of the Fund to qualify as a "mortgage investment corporation" as defined under Section 130.1(6) of the Income Tax Act (Canada). Risk The risks associated with investing in the Fund remain as disclosed in its offering memorandum. Changes to the Fund that occurred during the fiscal year ended February 28, 2013 (the "Year") have not affected the overall risk profile. The investment objectives of the Fund are to: 1. Preserve capital; and 2. Generate monthly income. To realize on its objectives, the Fund invests in a diversified portfolio of mortgage investments that mature within two or less years and are exclusively managed by the Fund Manager. 13

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