E-Delivery

2015 TOTAL Since Inception 2011 2012 2013 2014 8.88% 8.73% 8.91% 8.88% 9.25% 8.81% 6.59% 6.46% 6.61% 6.78% 6.72% 7.11% 2.29% 2.27% 2.30% 2.10% 2.14% 2.09% PAST PERFORMANCE e performance information does not take into account early redemption fees on Class B preferred shares, expenses that you may be charged outside of the Fund by a trustee for investing through a registered account or the effect of any income tax you may have to pay as a result of your investment. e performance information presented is net of all management fees, commissions and operating expenses of the Fund. Returns of the Fund are not guaranteed and how the Fund has performed in the past does not necessarily indicate how it will perform in the future. Year-by-Year Returns & Benchmark e following chart documents the Fund's performance for the last five years and since inception as an internal rate of return (IRR) against the Fund's benchmark, 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 the benchmark and the actual return. Class A and Class B preferred shares participate equally in the earnings and distributions of the Fund. e Fund's benchmark is a proxy that was established at the Fund's outset for the expected market rate of return on an investment with a similar risk profile to that of the Fund, and is calculated by adding the average Government of Canada 2 year bond yield (series V122538) for the period shown and a premium of 550 basis points. Benchmark Performance over benchmark 33

• Cover