Annualized Returns Performance in US Dollars	Inception (Oct. 1,'98)	10 Year	5 Year	3 Year	1 Year	YTD
Long/Short Composite	13.9%	10.4%	-7.2%	-33.7%	59.0%	6.9%
Long Only Composite	13.3%	10.1%	-4.6%	-33.1%	58.1%	7.7%
Income Composite	11.6%	9.7%	-2.3%	-9.8%	32.4%	12.0%
S&P/TSX	11.8%	6.8%	8.6%	-3.9%	22.4%	-4.0%
S&P 500	1.9%	-1.6%	-0.8%	-9.8%	14.4%	-6.7%

Composite returns are net of fees and commissions. Composites include all accounts with like objectives which are managed based on model portfolios at Trapeze Asset Management Inc. and its affiliate, Trapeze Capital Corp., excluding certain accounts based on relatively small size and exceptional mandates (including "balanced" accounts). Accounts are managed on the same basis at both companies. Composites include accounts which are subject to different fee and commission schedules (primarily "legacy" accounts) than new accounts. The aggregate amount of charges to legacy accounts approximates charges to new accounts over most periods. Performance of individual accounts may differ from composites. We have cited common index returns as benchmarks for general comparison with our Long Only and Long/Short composites. However, our portfolios may not necessarily be representative of these indexes and the volatility of our managed accounts may vary substantially compared to these benchmarks for reasons which include, but are not limited to: growth accounts may hold or have held a larger percentage of small cap securities and a higher concentration in specific securities and industries; and certain growth accounts use leverage and short selling for clients who approve such strategies. Our strategies include investment in new issues, such as private placements. Results reflect the reinvestment of dividends and other earnings. Returns have been translated from Canadian to US Dollars. Returns have benefited during the reporting period from accounts holding Canadian securities, as the Canadian dollar has risen materially relative to the US dollar. Inception date October 1, 1998. Past performance is no guarantee of future returns.