7/29/2019 Conservative Composite - 4QTR 2012-5

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STOCK EXCHANGE BUILDING - SUITE 1280 300 5TH AVENUE SW CALGARY, ALBERTA T2P

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHER

Conservative CompositePERFORMANCE SUMMARY AND HISTORY

The Conservative Composite is comprised o consolidated client portolios o Hemisphere Capital Management where

equity is less than 15% o the asset mix. These portolios provide capital preservation, modest income, and low risk toclients.

PERFORMANCE SUMMARY

Period Ending December 2012 - Annualized Returns (%) Gross o Fees

YEARS 1 3 5 10 Inception (June/1993)

ConservativeComposite 2.9 4.3 5.0 5.2 5.7

Benchmark 2.0 3.4 4.3 4.4 5.3

Inlation 1.1 1.5 1.7 1.7 1.6

Benchmark:

June 1993 - December 2002

60% DEX Short-term Bond I ndices

40% T-bill 91 days

January 2003 - Current

100% DEX Short-term Bond Indices

Disclaimer: This document is not intended to be comprehensive investment advice applicable to the individual circumstances of a potential investor and should not be

considered as personal investment advice, an offer, or solicitation to buy and/or sell investment products. Every effort has been made to ensure accurate information has been

provided at the time of publication, however accuracy cannot be guaranteed. Values change frequently and past investment performance may not be repeated. The manager

accepts no responsibility for individual investment decisions arising from the use or reliance on the information contained herein. Please consult an investment manager prior

to making any investment decisions.

Conservative Composite Benchmark Infation

HEMISPHERE CAPITAL MANAGEMENT

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50

100

150

200

250

300

350

Jun93

Jun94

Jun95

Jun96

Jun97

Jun98

Jun99

Jun00

Jun01

Jun02

Jun03

Jun04

Jun05

Jun06

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

7/29/2019 Conservative Composite - 4QTR 2012-5

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STOCK EXCHANGE BUILDING - SUITE 1280 300 5TH AVENUE SW CALGARY, ALBERTA T2P

PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHER

CONSERVATIVE COMPOSITE PAGE 2

PERFORMANCE HISTORY

Year 1Q 2Q 3Q 4Q YTD# ofPort

1993 Gross Fee 1.1% 4.6% 5.7% 1

Net Fee 1.0% 4.1% 5.1%

Benchmark 1.8% 3.0% 4.9%

1994 Gross Fee -1.3% -1.0% 3.4% -0.2% 0.7% 3

Net Fee -1.6% -1.2% 3.2% -0.4% -0.2%

Benchmark -1.9% -0.3% 3.2% 0.8% 1.8%

1995 Gross Fee 2.2% 2.7% 0.9% 3.3% 9.3% 1

Net Fee 2.0% 2.6% 0.8% 3.3% 8.9%

Benchmark 3.6% 2.3% 3.2% 3.2% 12.8%

1996 G ross Fee 1.3% 3.8% 1.3% 3.7% 10.5% 2

Net Fee 1.3% 3.8% 1.3% 3.6% 10.3%

Benchmark 0.6% 1.9% 4.0% 1.1% 7.8%

1997 G ross Fee -0.1% 1.9% 2.3% 0.6% 4.7% 2

Net Fee -0.3% 1.7% 2.1% 0.4% 4.0%

Benchmark 0.4% 2.2% 1.4% 0.5% 4.6%

1998 Gross Fee 1.7% 1.0% 2.3% 1.4% 6.5% 2

Net Fee 1.5% 0.8% 2.1% 1.3% 5.8%

Benchmark 1.1% 0.9% 2.3% 1.2% 5.6%

1999 G ross Fee 1.0% 0.3% 0.9% -0.1% 2.1% 2

Net Fee 0.9% 0.1% 0.7% -0.3% 1.4%

Benchmark 1.1% 0.1% 0.8% 0.6% 2.8%

2000 Gross Fee 1.4% 1.1% 1.7% 2.0% 6.3% 2

Net Fee 1.2% 0.9% 1.5% 1.8% 5.6%

Benchmark 1.7% 1.8% 1.7% 2.8% 8.3%

2001 Gross Fee 2.1% 0.9% 2.2% 1.9% 7.4% 3

Net Fee 1.9% 0.7% 1.9% 1.7% 6.4%

Benchmark 1.2% 1.6% 3.7% 0.2% 6.8%

2002 Gross Fee 0.4% 1.2% 2.1% 1.7% 5.5% 4

Net Fee 0.2% 1.0% 1.9% 1.5% 4.6%

Benchmark 0.3% 2.0% 1.3% 0.9% 4.5%

2003 Gross Fee 0.1% 2.6% 1.7% 2.0% 6.5% 9

Net Fee -0.1% 2.4% 1.5% 1.8% 5.7%

Benchmark 1.2% 2.1% 1.0% 2.5% 7.0%

2004 G ross Fee 2.8% -1.0% 2.0% 2.4% 6.2% 10

Net Fee 2.6% -1.2% 1.8% 2.2% 5.4%

Benchmark 0.9% -0.1% 1.6% 1.9% 4.4%

2005 Gross Fee 1.9% 2.8% 1.3% 0.8% 7.0% 7

Net Fee 1.7% 2.5% 1.1% 0.6% 6.0%

Benchmark 0.8% 1.2% -0.5% 0.5% 2.0%

Year 1Q 2Q 3Q 4Q YTD# ofPort

2006 G ross Fee 1.5% -0.5% 2.2% 1.1% 4.4% 6

Net Fee 1.3% -0.7% 1.9% 0.9% 3.4%

Benchmark 0.3% 1.3% 1.7% 0.7% 3.9%

2007 G ross Fee 0.9% -0.2% 1.2% 1.2% 3.2% 6

Net Fee 0.7% -0.4% 0.9% 1.0% 2.2%

Benchmark 0.9% -0.2% 1.9% 2.9% 5.6%

2008 G ross Fee 1.9% 1.0% -0.2% 1.1% 3.9% 7

Net Fee 1.6% 0.8% -0.5% 0.9% 2.7%

Benchmark 1.7% 0.6% 1.3% 2.8% 6.6%

2009 Gross Fee 2.1% 2.5% 2.3% 1.3% 8.5% 8

Net Fee 1.8% 2.2% 2.0% 1.0% 7.3%

Benchmark 2.0% 0.7% 1.6% 0.5% 4.8%

2010 Gross Fee 0.9% 1.5% 2.4% 0.8% 5.7% 7

Net Fee 0.6% 1.2% 2.1% 0.6% 4.5%

Benchmark 0.4% 1.7% 1.6% -0.2% 3.6%

2011 Gross Fee 0.6% 1.2% 1.1% 1.2% 4.2% 6

Net Fee 0.3% 0.9% 0.8% 1.0% 3.0%

Benchmark 0.3% 1.5% 2.3% 0.5% 4.7%

2012 G ross Fee 1.1% -0.4% 1.4% 0.8% 2.9% 5

Net Fee 0.9% -0.6% 1.2% 0.6% 2.2%

Benchmark 0.0% 0.9% 0.7% 0.3% 2.0%

Benchmark:

June 1993 - December 2002

60% DEX Short-term Bond I ndices

40% T-bill 91 days

January 2003 - Current

100% DEX Short-term Bond Indices