making active management count ncm monthly fund ......fund - f series ytd 1y 3y 5y 10y 15y since...

ncminvestments.com

Making Active Management Count

As at February 28, 2019

NCM MONTHLY FUNDSUMMARIES

Contents

03 1604 18

08 22

10 24

12 26

14

28

06 20

Fund Performance

NCM Income Growth Class

NCM Conservative Income Portfolio NCM Global Income Growth Class

NCM Growth and Income Portfolio

NCM Short Term Income Fund

NCM Entrepreneurs Class

NCM Energy Plus Class

NCM Norrep Fund

NCM Core Canadian

NCM Small Companies Class

NCM Core Global

NCM Balanced Income Portfolio

NCM US Dividend Plus Class

Fund - F Series YTD 1Y 3Y 5Y 10Y 15YSince

InceptionInception

DateFundYield

CANADIAN EQUITY

NCM Norrep Fund (A Series, closed) 11.6% 0.2% 6.0% 1.1% 13.5% 9.3% 14.0% Apr 12, 20001 -

NCM Small Companies Class 11.9% 1.4% 7.4% 1.8% 13.4% - 8.0% Jan 31, 20052 -

NCM Income Growth Class 11.3% 2.1% 7.6% 3.0% 13.5% - 8.6% Dec 31, 2005 4.8%

NCM Energy Plus Class 10.9% -19.2% -13.3% -15.8% - - -1.0% May 31, 2009 -

NCM Entrepreneurs Class 10.3% -8.8% 8.4% 6.8% - - 13.7% May 31, 2010 -

GLOBAL EQUITY

NCM US Dividend Plus Class3 10.5% -1.7% 6.9% 9.0% 14.0% - 6.9% Dec 31, 2005 2.5%

NCM Global Income Growth Class 9.5% -2.4% 7.9% 7.5% - - 8.9% May 31, 2011 3.7%

NCM Short Term Income Fund 2.2% 0.8% 4.1% 2.4% - - 3.1% Sep 16, 2011 4.1%

PENSION PORTFOLIOS

NCM Conservative Income Portfolio - - - - - - - Oct 1, 2018 -

NCM Balanced Income Portfolio - - - - - - - Oct 1, 2018 -

NCM Growth and Income Portfolio - - - - - - - Oct 1, 2018 -

CORE FUNDS

NCM Core Canadian 9.4% 3.0% 9.0% - - - 9.2% Feb 17, 2016 -

NCM Core Global 10.7% 5.4% 9.3% - - - 8.7% Feb 17, 2016 -

FUND PERFORMANCE SUMMARIES as at February 28, 2019

NOTES

1. NCM Norrep Fund inception date May 31, 1997, public inception date listed. 2. NCM Small Companies Class, A Series public inception date February 15, 2002, F Series inception date listed. 3. On January 31, 2013, the investment objective of the NCM US Dividend Plus Class was changed from a focus on small and micro capitalization U.S. equities to a broader mandate focused on dividend-paying U.S. equity securities of all capitalizations. If the change had been in effect prior to January 31, 2013, the Fund’s performance could have been materially different.

All performance F Series as of February 28, 2019, net of fees, annualized, unless otherwise stated. NCM Mutual Funds are offered for sale by prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The rate of return is used only to illustrate theeffects of the compound growth rate and is not intended to reflect the future values or returns in any Fund. We have made reasonable commercial efforts to ensure that the information contained in this document is accurate, complete and timely but provide no guarantees of same either express or implied. NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information.

TOP TEN REASONS TO OWN NCM PENSION PORTFOLIOS

1. Invest just like a sophisticated pension fund

2. Asset allocations are actively managed 3. Provides global diversification in one portfolio

4. Provides sector diversification in one portfolio

5. Exposure to real assets

6. Wealth Preservation to protect your capital

7. Wealth Creation to grow your capital

8. Easy to use, invest and monitor

9. Monthly income solutions available for when you are

10. Lower volatility for peace of mind

MONTHLY SUMMARY as at February 28, 2019

PERFORMANCE

ASSET ALLOCATION

There is no performance for this Fund as it is new.

Who want to target preservation of capital through exposure to fixed income and global equities with potential for capital appreciation

FOR INVESTORS

NCM CONSERVATIVEINCOME PORTFOLIO

NCM Conservative Income Portfolio targets wealth preservation and income by investing in fixed income and global equities.

ASSET ALLOCATION RANGE

The min, max and range targets provided under ‘Asset Allocation Range’ are determined by the Portfolio Manager of the Fund, provided for information purposes only, and are subject to change without notice.

44

Equity 35.9% Cash 6.7%Fixed Income 57.4%

www.ncminvestments.com

5

A global fixed income balanced fund that aims to provide investors with wealth preservation and long-term capital appreciation

Provides investors with geographic and sector diversification beyond the Canadian market

Primarily invests in fixed income with equity opportunities for long-term growth

Except where indicated otherwise, F Series data as of February 28, 2019, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at www.ncminvestments.com. NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information.

ASSET ALLOCATION

PORTFOLIO REGION

EQUITY SECTOR

FIXED INCOME RATING

14+12+6+4+0+6+46+5+7+0+0+0+0+0+0+G9+5+12+8+11+6+18+8+5+8+10+0+0+0+G2+6+21+31+0+0+17+0+0+0+21+1+1+0+0+G 20+58+10+4+0+0+1+0+0+0+7+0+0+0+0+G


66

Who want to balance the need for wealth preservation and capital appreciation by investing in global equitiesand fixed income.

FOR INVESTORS

NCM BALANCEDINCOME PORTFOLIO

NCM Balanced IncomePortfolio targets abalance of income andlong-term growth byinvesting in global equitiesand fixed income.











PERFORMANCE

ASSET ALLOCATION




Equity 54.2% Fixed Income 39.1% Cash 6.7%


7

A global neutral balanced fundthat combines long-term capitalappreciation and stable income

A multi-asset model thattactically blends several uniqueinvestment mandates

Provides investors with geographicand sector diversification beyondthe Canadian market

Except where indicated otherwise, F Series data as of February 28, 2019, net of fees, annualized. The contents of this document are intended for information purposes only and should not be considered an advertisement or offer to sell or solicitation to buy any securities in any jurisdiction. Mutual fund shares or units of the NCM Mutual Funds are offered for sale by way of prospectus in all provinces of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the NCM Mutual Funds prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share or unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not guaranteed, their values change frequently and past performance may not be repeated. If we have included a rate of return or mathematical table to illustrate the potential effects of a compound rate of return, it is not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Each series of the Fund has a different management fee, and accordingly the performance of each series will differ. Performance data for other series can be found at www.ncminvestments.com. NCM Asset Management Ltd. as manager and portfolio manager of the NCM Mutual Funds may engage one or more sub advisors to provide investment management services to certain Funds, including its affiliate, Cumberland Investment Counsel Inc. Please refer to the NCM Mutual Funds prospectus and annual information form for more information.

Craig Millar, CFAPortfolio Manager

MANAGEMENT TEAM

Fund Codes NRP 7200 (F)NRP 7201 (A-FE)NRP 7206 (T6)NRP 7209 (F6)

Net Assets $6.4 Million

Inception October 1, 2018

CIFSC Category

Global Neutral Balanced

Risk Rating Low to Medium

Management FeeF SeriesA SeriesF6 SeriesT6 Series

0.80%1.80%0.80%1.80%

Portfolio Manager

NCM Asset Management Ltd.

Auditor KPMG LLP

Custodian CIBC Mellon Trust Company

Transfer Agent and Registrar

CIBC Mellon Global Securities Services Company

ASSET ALLOCATION

PORTFOLIO REGION

EQUITY SECTOR

FIXED INCOME RATING

18+21+10+4+0+0+1+0+0+0+4+32+3+7+0+G9+4+11+8+11+7+18+8+4+9+11+0+0+0+G2+6+23+34+0+0+15+0+0+0+18+1+1+0+0+G 22+53+12+5+0+0+1+0+0+0+7+0+0+0+0+G


FOR INVESTORS

NCM GROWTH ANDINCOME PORTFOLIO

NCM Growth andIncome Portfolio targetslong-term growth andincome by investing inglobal equities andfixed income.

88

Vanguard FTSE Developed All Cap ex North America Index ETF (CAD $ Hedged)

NCM Core Global

NCM Core Canadian

NCM Norrep Fund

BMO High Yield US Corporate Bond Hedged to CAD Index ETF (CAD $ Hedged)

NCM Short Term Income Fund

BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (CAD $ Hedged)

BMO Global Infrastructure Index ETF

iShares Global Real Estate Index ETF

iShares Global Water Index ETF

3%

17%

11%

3%

3%

5%

14%

3%

3%

3%

Who place more emphasis on capital appreciation over wealth preservation by investing in global equities andfixed income.











PERFORMANCE

ASSET ALLOCATION




Equity 62.0% Fixed Income 28.9% Cash 9.1%

ASSET ALLOCATION

PORTFOLIO REGION

EQUITY SECTOR

FIXED INCOME RATING


9

A global equity balanced fundthat aims to provide investorswith long-term capital appreciationand stable income

A multi-asset model thattactically blends several uniqueinvestment mandates

Provides investors with geographicand sector diversificationbeyond the Canadian market

24+23+10+5+1+3+23+2+9+0+0+0+0+0+0+G10+5+11+8+11+6+17+8+4+10+10+0+0+0+G1+5+19+29+0+0+20+0+0+0+22+2+2+0+0+G 27+46+12+5+0+0+1+0+0+0+9+0+0+0+0+G

NCM ENTREPRENEURS CLASSSeeking exposure to a large, underfollowed and underinvested asset class with many investment opportunities.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year Inception

F 4.7% 7.2% -2.8% 10.3% -8.8% 8.4% 6.8% 13.7%

A 4.6% 6.9% -3.3% 10.1% -9.8% 7.3% 5.7% 12.5%

TOP TEN HOLDINGSListed alphabetically

CURRENCY EXCHANGE INTERNATIONAL CORP.

FIRAN TECHNOLOGY GROUP CORPORATION

HAMILTON THORNE

HARDWOODS DISTRIBUTION INC.

ORBIT GARANT DRILLING INC.

PFB CORPORATION

POLLARD BANKNOTE LIMITED

QUESTOR TECHNOLOGY INC.

REDISHRED CAPITAL CORPORATION

ZCL COMPOSITES INC.

DIVIDENDS

VALUE OF $10,000 INVESTED AT INCEPTION

$0

$8,000

$16,000

$24,000

$32,000

$40,000

2018 201920172016201520142013201220112010

$30,782

20101 2011 2012 2013 2014 2015 2016 2017 2018

F 26.9% -1.1% 23.8% 38.9% 5.8% 8.4% 23.4% 11.5% -18.0%

A 25.5% -2.0% 22.5% 37.7% 4.8% 7.3% 22.3% 10.3% -18.9%

1. 2010 return begins with May 31 inception

NAV/Share | F Series: $30.01 | A Series: $27.41

A Canadian micro cap equity fund that utilizes NCM’s proven investment methodology to deliver a high quality portfolio of cash generating businesses that trade at reasonable valuations.

10

2019 Paid Dividends -

2018 Paid Dividends $0.084


2014 Paid Dividends $0.3968Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com.

Source: CPMS (of covered securities), as at February 28, 2019

PORTFOLIO ATTRIBUTESTrailing

P/ETrailing

ROEDebt/Equity

Trailing P/CF

NCM Entrepreneurs Class 45.8x 8.8% 0.19 10.3x

BMO Small Cap Equity Index (Weighted) 34.6x 6.1% 0.50 7.0x

Advantage -11.2x 2.7% 0.31 -3.3x

Beta represents the tendency of the fund’s return to respond to market swings.

NCM NORREPFUND

Seeking long-term, above average growth who can tolerate medium to high risk levels. Please note that NCM Norrep Fund is currently closed.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year 15 year Inception

A 2.9% 6.7% -6.1% 11.6% 0.2% 6.0% 1.1% 13.5% 9.3% 14.0%

F 2.9% 6.9% -5.7% 11.7% 1.0% 6.8% - - - 1.5%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

A 41.4%1 23.5% 20.7% 43.9% 25.0% 32.4% 25.7% 19.9% -51.1% 62.8%

F - - - - - - - - - -

NAV/Unit | A Series: $32.54 | F Series: $33.56


ARITZIA INC.

BADGER DAYLIGHTING LTD.

CHORUS AVIATION INC.

FIRSTSERVICE CORP.

HUDBAY MINERALS INC.

INTERTAPE POLYMER GROUP INC.

MAJOR DRILLING GROUP INTERNATIONAL INC.

NORTH AMERICAN CONSTRUCTION

PAREX RESOURCES INC.

PARKLAND FUEL CORPORATION

2019 Paid Distributions -

2018 Paid Distributions $2.216



2014 Paid Distributions $3.825Aggregate of eligible and capital gains distributions paid. Complete list and breakdown available at ncminvestments.com.

DISTRIBUTIONS


$0

$30,000

$60,000

$90,000

$120,000

$150,000

2018 2019201720162015201420132012201120102009200820072006200520042003200220012000

$119,827

A Canadian small cap equity fund, focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed.

1. 2000 return begins with April 12 inception 2. 2015 return begins with July 6 inception

12

2010 2011 2012 2013 2014 2015 2016 2017 2018

A 30.8% -4.3% 10.0% 31.3% 0.5% -0.2% 6.2% 6.5% -13.0%

F - - - - - -6.0%2 6.9% 7.2% -12.2%

Source: CPMS (of covered securities)

PORTFOLIO ATTRIBUTES

FIVE YEAR METRICSBeta Correlation R-squared Standard Deviation

0.63 0.79 62.9 11.2%

Trailing P/E

Trailing ROE

Cash Flow/ Debt

TrailingP/CF

NCM Norrep Fund 20.1x 14.0% 0.41 6.4x

BMO Small Cap Equity Index (Weighted) 34.6x 6.1% 0.31 7.0x

Advantage 14.5x 7.9% 0.10 0.6x

HOW THE FUND INVESTS

23+21+17+4+0+0+0+6+0+3+6+0+20+0+0+G

NCM SMALLCOMPANIESCLASSSeeking long-term, above average growth who can tolerate medium to high risk levels.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year 15 Year Inception

F 3.0% 7.1% -5.4% 11.9% 1.4% 7.4% 1.8% 13.4% - 8.0%

A 3.0% 6.8% -5.9% 11.7% 0.3% 6.3% 0.7% 12.3% 7.8%- 10.2%


ARITZIA INC.



DESCARTES SYSTEMS GROUP INC.

FIRSTSERVICE CORPORATION

HUDBAY MINERALS INC.

MAJOR DRILLING GROUP INTERNATIONAL INC.

NORTH AMERICAN CONSTRUCTION



DIVIDENDS


$0

$,5000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2018 20192017201620152014201320122011201020092008200720062005

$29,661

2002 2003 2004 2005 2006 2007 2008 2009

F - - - 34.6%1 19.5% 17.3% -51.9% 64.6%

A 12.2%2 45.8% 23.5% 33.9% 18.6% 16.4% -52.1% 60.5%

1. 2005 return begins with Jan 31 inception 2. 2002 return begins with Feb 15 inception


A Canadian small cap equity fund focusing on fast-growing companies trading at reasonable valuations in an asset class that has historically outperformed.

14

2010 2011 2012 2013 2014 2015 2016 2017 2018

F 32.5% -7.0% 9.4% 28.4% 2.2% -3.5% 10.2% 7.3% -12.1%

A 31.4% -7.9% 8.2% 27.2% 1.1% -4.6% 9.1% 6.2% -13.0%





Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com.

NCM INCOME GROWTHCLASS

Looking for Canadian equity exposure that combines growth with dependable monthly income.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year Inception

F 2.8% 5.5% -4.1% 11.3% 2.1% 7.6% 3.0% 13.5% 8.6%

B 2.8% 5.2% -4.7% 11.2% 1.0% 6.6% 2.0% - 5.2%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

F 14.8% 20.5% -33.1% 42.6% 33.0% 3.3% 13.2% 22.2% -2.2% 1.7% 13.6% 6.3% -11.5%

B - - - - - -3.4%1 12.2% 21.0% -3.0% 0.5% 12.6% 5.3% -12.1%




FIRSTSERVICE CORPORATION

HARDWOODS DISTRIBUTION INC.

MORNEAU SHEPELL INC.


SIR ROYALTY INCOME FUND

TORONTO-DOMINION BANK

WSP GLOBAL INC.

ZCL COMPOSITES INC.







DIVIDENDS

1. 2011 return begins with June 30 inception


$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

2018 2019201720162015201420132012201120102009200820072006

$29,702

Paid Monthly

NAV/Share | F Series: $13.82 | B Series: $12.03

A Canadian balanced fund that combines small and mid cap dividend growth businesses with the stability of high yield fixed income securities, targeting a $0.055 per share monthly tax-advantaged dividend.

16

NCM GLOBAL INCOME GROWTH CLASSLooking for diversification into global markets, monthly dividend payments and significant growth.


PERFORMANCE

FOR INVESTORS


F 3.3% 1.9% -3.9% 9.5% -2.4% 7.9% 7.5% 8.9%

A 3.2% 1.6% -4.4% 9.3% -3.5% 6.8% 6.4% 7.8%


ALPHABET INC.

BANK CENTRAL ASIA

CARNIVAL CORPORATION

DSV A/S

FIRST REPUBLIC BANK

HEINEKEN NV

JOHNSON & JOHNSON

JPMORGAN CHASE & CO.

TOPDANMARK AS

UNITED TECHNOLOGIES CORPORATION






2014 Paid Dividends $0.492Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at www.ncminvestments.com.

DIVIDENDS


$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

$22,000

2018 20192017201620152014201320122011

$19,349

Paid Monthly

20111 2012 2013 2014 2015 2016 2017 2018

F -9.1% 12.9% 26.5% 11.1% 14.9% 3.4% 16.5% -12.4%

A -9.7% 11.8% 25.4% 10.0% 13.7% 2.3% 15.5% -11.5%



A Global equity balanced fund investing primarily in dividend paying equities with a minimum 10% weight in fixed income, targeting a $0.043 per share monthly dividend without sacrificing long-term growth.

18

Paid Monthly

Source: Bloomberg


Current Year P/E

Traiing ROE

Trailing Year EV/EBITDA

Debt/ Equity

Dividend Yield

NCM Global Income Growth Class 17.7x 17.1% 12.8x 0.61 2.7%


NCMUS DIVIDENDPLUS CLASSWho are seeking exposure to the world’s largest economy alongside a stable monthly dividend.


PERFORMANCE

FOR INVESTORS

1 month 3 month 6 month YTD 1 year 3 year 5 year 10 Year Inception

F 2.7% -0.9% -4.1% 10.5% -1.7% 6.9% 9.0% 14.0% 6.9%

A 2.6% -1.2% -4.6% 10.3% -2.8% 5.8% 7.9% 12.9% 5.9%


ALPHABET INC.

BAXTER INTERNATIONAL INC.

BECTON DICKINSON

COMCAST CORPORATION

CONSTELLATION BRANDS

HONEYWELL INTL INC.

MICROSOFT CORPORATION

S&P GLOBAL INC.

UNITEDHEALTH GRP INC .

VISA INC.

DIVIDENDS


2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

F 13.7% -14.6 -18.0% 7.4% 23.6% -11.4% 19.0% 36.4% 22.5% 10.9% 16.3% 3.0% -11.5%

A 12.4% -15.6% -19.0% 6.3% 22.5% -12.3% 17.8% 35.3% 21.5% 9.8% 15.3% 1.8% -12.4%

Paid Monthly


A U.S. equity fund focusing primarily on dividend paying stocks through a unique all cap approach, offering investors access to the world’s deepest and broadest market with a team that has a proven track record of active management

20







$5,000

$7,500

$10,000

$12,500

$15,000

$17,500

$20,000

$22,500

$25,000

$27,500

2018 2019201720162015201420132012201120102009200820072005

$24,204

NCM SHORT TERMINCOME FUNDWho want a stable monthly distribution higher than traditional short-term income alternatives.


PERFORMANCE

FOR INVESTORS


F 1.0% 0.8% -0.1% 2.2% 0.8% 4.1% 2.4% 3.1%

A 0.9% 0.7% -0.4% 2.1% 0.3% 3.6% 1.8% 2.6%






2014 Paid Distributions $0.449Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com.

DISTRIBUTION


Paid Monthly

20111 2012 2013 2014 2015 2016 2017 2018

F 0.9% 5.2% 4.3% 1.2% 2.0% 5.8% 2.7% -0.9%

A 0.7% 4.6% 3.8% 0.6% 1.4% 5.2% 2.2% -1.4%


HOW THE FUND INVESTS

0+0+3+9+31+46+0+4+0+0+0+7G

NCM ENERGY PLUS CLASSSeeking exposure to investment opportunities in Canada’s energy sector.


PERFORMANCE

FOR INVESTORS


F 6.2% 4.7% -27.3% 10.9% -19.2% -13.3% -15.8% -1.0%

A 6.1% 4.3% -27.8% 10.7% -20.2% -14.4% -16.8% -2.2%


ARC RESOURCES LTD.

BAYTEX ENERGY CORPORATION

BIRCHCLIFF ENERGY LTD.

CANADIAN NATURAL RESOURCES LIMITED

ENCANA CORPORATION

ENERPLUS CORPORATION

INPLAY OIL CORPORATION

KELT EXPLORATION LTD.


WHITECAP RESOURCES INC.

DIVIDENDS


$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2018 2019201720162015201420132012201120102009

$9,029

20091 2010 2011 2012 2013 2014 2015 2016 2017 2018

F 36.5% 28.8% -4.7% 0.2% 23.2% -8.4% -26.6% 23.4% -26.6% -35.4%

A 35.1% 27.7% -5.6% -0.9% 22.0% -9.6% -27.7% 22.3% -27.6% -36.2%



An all cap Canadian energy equity fund providing access to a specialist Calgary-based portfolio management team with strong relationships in the heart of Canada’s energy industry.

24





Aggregate of eligible and capital gains dividends paid. Complete list and breakdown available at ncminvestments.com.


| F Series: $31.85 | A Series: $30.87





DIVIDENDS

PERFORMANCE NAV/Share

Who want a portfolio of stable, high quality Canadian equities. FOR INVESTORS



$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

$13,500

2018 201920172016

$13,047

1. 2016 return begins with February 17 inception

ALIMENTATION COUCHE-TARD INC. ROGERS COMMUNICATIONS, INC.

CANADIAN NATIONAL RAILWAY COMPANY ROYAL BANK OF CANADA

CONSTELLATION SOFTWARE INC. SLATE RETAIL REIT

EMERA INC. TORONTO-DOMINION BANK

PARKLAND FUEL CORPORATION TRANSCANADA CORPORATION

1 month 3 month 6 month YTD 1 year 3 Year Inception

F 2.7% 4.3% -2.6% 9.4% 3.0% 9.0% 9.2%

A 2.6% 4.0% -3.0% 9.2% 1.9% 7.8% 8.0%

20161 2017 2018

F 18.1% 11.2% -9.2%

A 17.1% 10.1% -10.2%

NCM CORECANADIAN

A Canadian Equity Fund targeting attractive long-term returns with lower volatility than the market, utilizing a highly experienced Canadian equity portfolio management team with an active approach to investing.

| Z Series: $32.27

26


Offers investors an actively managed, low fee, large cap Canadian equity portfolio of high quality, lower risk securities

Aims to deliver attractive long-term risk adjusted returns with lower volatility

Run by a highly experienced team employing a disciplined approach to portfolio management

PORTFOLIO WEIGHTS


27

7+4+15+2+8+0+24+8+7+8+8+0+2+7+0G


TOP TEN HOLDINGS Listed alphabetically

NAV/Share | F Series: $32.48 | A Series: $31.46PERFORMANCE

1 month 3 month 6 month YTD 1 year 3 year Inception

F 4.6% 2.7% -0.3% 10.7% 5.4% 9.3% 8.7%

A 4.5% 2.4% -0.8% 10.5% 4.4% 8.2% 7.6%

20161 2017 2018

F 5.1% 16.7% -5.2%

A 4.1% 15.5% -6.1%

Who want a portfolio of stable, high quality Global equities. FOR INVESTORS


$10,000

$10,500

$11,000

$11,500

$12,000

$12,500

$13,000

2018 201920172016

$12,878

1. 2016 return begins with February 17 inception

BANK CENTRAL ASIA FIRST REPUBLIC BANK

COSTCO WHOLESALE CORP. JOHNSON & JOHNSON

DSV A/S MCDONALD’S CORPORATION

ELI LILLY AND CO. MICROSOFT CORPORATION

ESTEE LAUDER COS. INC. VISA INC.

NCM COREGLOBAL

A Global Equity Fund targeting attractive long-term returns with lower volatility than the market, utilizing a highly experienced Global equity portfolio management team with an active approach to investing.

| Z Series: $32.92

28


Offers investors exposure to global markets though a portfolio of high quality, lower risk securities

Aims to produce attractive, long-term risk adjusted returns with lower volatility. Currency exposure is hedged

Run by a highly experienced team employing a disciplined approach to portfolio management

PORTFOLIO WEIGHTS


4+4+7+14+17+12+21+10+4+0+0+0+7+0+0G4+60+22+4+3+0+0+0+0+0+0+7+0+0G

31

Our Guiding Principles

RIGHT SIZING THE FUND

We manage the capacity of our funds for each segment of the market we invest in to ensure investment performance is not compromised. When a fund reaches a certain threshold in assets, we will cap the fund, keeping it at the optimal size for the product.

MANAGE RISK BY NOT OVERPAYING FOR GROWTH

We search for growing companies that are trading at lower valuations than their peers, their historical norms, and the overall market. This helps us manage risk within the portfolios with securities that are not overpriced.

PROVEN AND REPEATABLE METHODOLOGY

With over 20 years of experience we understand what works and why it works. We look for securities that trade at lower valuations, have greater profitability, possess less debt and offer better growth than their peers and the overall market. After thoroughly analyzing the numbers we make sure we fully understand a business, its industry and its management team.

CONCENTRATED PORTFOLIOS WITH OUR BEST IDEAS

We strongly believe that a portfolio concentrated with our best ideas is a better investment than one that passively follows an index. We are careful not to over-diversify as holding too many securities can dilute performance. Our funds have concentrated holdings and high active share.

ALIGN OUR INTERESTS WITH OUR CLIENTS

Our Portfolio Managers invest in the funds they manage with their own capital, providing our investors with peace of mind knowing that we are invested alongside them. Delivering long-term outperformance is in everyone's best interest.

INDEPENDENT ACTIVE MANAGEMENT

NCM's independent active management provides investors with an attractive alternative to investments that passively follow an index. Our objective is to provide long-term value with investments that make active management count for our investors.

FUND CIFSC Category

FUND CODES

F A (FE) A (LSC) T6 F6

NCM Conservative Income Portfolio Global Fixed Income Balanced NRP 7100 NRP 7101 - NRP 7106 NRP 7109

NCM Balanced Income Portfolio Global Neutral Balanced NRP 7200 NRP 7201 - NRP 7206 NRP 7209

NCM Growth and Income Portfolio Global Equity Balanced NRP 7300 NRP 7301 - NRP 7306 NRP 7309

NCM Norrep Fund (closed)Canadian Small / Mid Cap Equity NRP 100 NRP 101 - - -

NCM Small Companies ClassCanadian Small / Mid Cap Equity NRP 200 NRP 201 NRP 202 - -

NCM Income Growth ClassCanadian Equity Balanced NRP 500 NRP 503

1 NRP 5041 NRP 506 NRP 509

NCM Energy Plus ClassCanadian Energy Equity NRP 700 NRP 701 NRP 702 - -

NCM Entrepreneurs ClassCanadian Small / Mid Cap Equity NRP 900 NRP 901 NRP 902 - -

NCM US Dividend Plus ClassU.S. Equity NRP 600 NRP 601 NRP 602 - -

NCM Global Income Growth ClassGlobal Equity Balanced NRP 1000 NRP 1001 NRP 1002 NRP 1006 NRP 1009

NCM Short Term Income FundMiscellaneous - Income and Real Property

NRP 1100 NRP 1101 - - -

- U.S. Dollar Series NRP 1108 NRP 1107 - - -

NCM Core Canadian Canadian Equity

NRP 3500 NRP 3501 - - Z Series NRP 3507

NCM Core GlobalGlobal Equity

NRP 3400 NRP 3401 - - Z Series NRP 3407

NCM Market Neutral Income Fund2

Alternative StrategiesNRP 3100 NRP 3101 - - -

NCM Canadian Enhanced Equity Fund2Alternative Strategies NRP 5100 NRP 5101 - - -

1 B Series2 Purchases only accepted on Fridays or at month end

NCM FUND CODES

MINIMUM INVESTMENT

Initial: $5,000

Subsequent:$100

Initial:$5,000

Subsequent:$1,000

Z SERIESInitial:

See Fund Basics for minimums

Max:$1,000,000Subsequent:

$100

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CONTACT US

Calgary Suite 1850, 333 - 7 Avenue SWCalgary, Alberta T2P 2Z1

Toronto 310, 99 Yorkville AvenueToronto, Ontario M5R 3K5

403.531.2650 Phone1.877.531.9355 Client Services1.877.431.1407 [email protected]


ALTERNATIVE INVESTMENTS

STAND ALONE FUNDS

7

8

9

NCM Income Growth Class

NCM Energy Plus Class

NCM Entrepreneurs Class

10

NCM Small Companies Class6

NCM OPPORTUNITIES CORP.

12

13

NCM US Dividend Plus Class

11 NCM Global Income Growth Class

4

5

NCM Balanced Income Portfolio

NCM Growth and Income Portfolio

NCM Conservative Income Portfolio3

NCM PENSION PORTFOLIOS

NCM Market Neutral Income Fund

NCM Canadian Enhanced Equity Fund

14 NCM Norrep Fund (closed)

15 NCM Short Term Income Fund

CORE FUNDS

NCM Core Canadian

2 NCM Core Global

1

NCM OPPORTUNITIES CORP.

CO

RE

FU

ND

S

COR

E F

UN

DS

1

2

3 4

5

6

7

8

9

10

11

12

13

15

14

NCM P

ENSION PORTFOLIOS

S

TAN

D A

LON

E F

UN

DS

A

LTER

NA

TIVE

INV

ES

TME

NTS

NCM PRODUCT RANGE

making active management count ncm monthly fund ......fund - f series ytd 1y 3y 5y 10y 15y since...

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