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PAST PERFORMANCE e performance information does not take into account early redemption fees on Class B preferred shares, expenses that may be charged outside of the Fund by a trustee for investing through a registered account or the effect of any income tax that may have to be paid as a result of investing in the Fund. e performance information presented is net of all management fees, commissions and operating expenses of the Fund. Returns of the Fund are not guaranteed; how the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns & Target Yield e bar chart presented to the left documents the Fund's performance for the period shown as an internal rate of return (IRR) and as against the Fund's target yield, and illustrates how the Fund's performance changed from year to year. In percentage terms, the total of each bar shows how much an investment made on the first day of the financial period would have grown or decreased by the last day of the financial period assuming that all distributions made by the Fund in the period shown were reinvested in additional securities of the Fund. e chart further documents the composition of each period's return between 2014 TOTAL 2010 Since Inception 2011 2012 2013 8.88% 8.91% 8.88% 9.25% 10.50% 8.92% 6.59% 6.61% 6.78% 6.78% 7.11% 6.82% 2.29% 2.30% 2.10% 2.14% 2.14% 3.68% Target yield Performance over target Performance Year by year returns & target yield Mortgage portfolio Fundings Repayments Deal count (right axis)