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Annual report 2013 FORWARD LOOKING STATEMENTS Caution Regarding Forward Looking Statements The terms the "Fund", "we", "us" and "our" in the following Management Report of Fund Performance ("MRFP") refer to KV Mortgage Fund Inc. and its financial position and results of operations for the year ended February 28, 2013. Financial data provided has been prepared in accordance with Canadian Generally Accepted Accounting Principles ("GAAP") as issued by the Accounting Standards Board ("AcSB") of the Canadian Institute of Chartered Accountants ("CICA"). This MRFP should be read in conjunction with the Fund's audited annual financial statements for the year ended February 28, 2013, which have been prepared in accordance with GAAP. Historical results and percentage relationships contained in the Fund's audited financial statements and MRFP related thereto, including trends, which might appear, should not be taken as indicative of future operations. 12 Forward Looking Statement Advisory This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events. These statements are typically identified by the expressions "believe", "expects", "anticipates", "would", "will", "intends", "projected", "in our opinion" and other similar expressions. By their nature, forwardlooking statements require us to make assumptions which include, among other things, that (i) the Fund will have sufficient capital under management to effect its investment strategies and pay its targeted distributions, (ii) the investment strategies will produce the results intended by the Fund Manager, (iii) the markets will react and perform in a manner consistent with the investment strategies and (iv) the Fund is able to invest in mortgages of a quality that will generate returns that meet and or exceed the Fund's targeted investment returns. Forwardlooking statements are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will prove not to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to, general market conditions, interest rates, regulatory and statutory developments, the effects of competition in areas that the Fund may invest in and the risks detailed from time to time in the Fund's offering memorandum. We caution the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, the Fund and KV Capital Inc. (the "Fund Manager") do not undertake, and specifically disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.