Mutual Fund Monthly ReviewMutual Fund Industry Vital SignsStarting assets (June 30, 2012) $655.8 billion+ net sales $2.2 billion+/- estimated market effect $1.4 billion (0.2%)= Ending assets (July 31, 2012) $659.4 billion

Vitals Signs by Fund Category for July 2012

EquiSoft specializes in the design and development of digital business solutions primarily for the financial industry. For more information please contact: Jonathan Georges, CIM, FCSI , Vice President, Financial Products. T: 514.989.3141 X 201 | T: 888.989.3141 | Jonathan.Georges@equisoft.com | www.equisoft.com. ©2011 EquiSoft consulting and software solutions.

Did You Know?According to The Investment Funds Institute of Canada – 2011 Value of Advice Report, non-advised investors (investors not using a financial advisor) tend to allocate assets in a much more conservative fashion than the advised investor. In fact, the average non-advised investor holds almost half their investible assets in cash.

July 2012 – Product Development Highlights Brandes Investment Partners launched Brandes Global Opportunities, its first new fund in five years. The fund will apply the Brandes value discipline to select stocks from around the world, regardless of market capitalization. The management fees for the Series A version are 2.20%.

Russell Investments Canada launched to new fixed income corporate-class funds: Russell Core Plus Fixed Income Class and Russell Global High Income Bond Class. Both funds are corporate-class version of existing mutual fund trusts. The company also lowered the minimum investment threshold for its Series E (previously $200,000) and Series O (previously $3 million) to $150,000.

NEI Investments launched three new funds: Northwest Macro Canadian Asset Allocation, Northwest Macro Canadian Equity and Northwest Macro Canadian Equity Corporate Class. The management fees for the Series A versions of the funds are 1.95% for the asset allocation fund and 2.0% for the equity funds.

Sprott Asset Management launched Sprott Flatiron Yield Trust. The new income-oriented fund will invest primarily in Canadian corporate deben-tures on a hedged basis. The fund is only available to accredited investors or to investors who meet the requirements to invest in a prospectus-exempt offering. The management fees for Class A units are 2.0%.

BlackRock Asset Management Canada launched a suite of five low-volatility equity ETFs. One of the funds provides one-stop global exposure while the other four cover Canadian, U.S., overseas and emerging markets equities respectively. The management fees range from 0.30% to 0.79%.

Source: The Investment Funds Institute of Canada – 2011 Value of Advice Report

July 2012

Note: Asset growth figures can be affected by a change in the number of companies reporting to IFIC and by fund category changes.

Source: IFIC except for Performance where the source is Fundata.

Top 3 Categories Bottom 3 Categories

Asset Growth ($) Canadian Fixed Income: $1.697 billion Canadian Money Market: -$670 million Cdn. Fixed Income Balanced: $817 million Canadian Focused Equity: -$298 million Global Neutral Balanced: $712 million Global Equity: -$130 million

Asset Growth Alternative Strategies: 22.4% Japanese Equity: -4.3%(as a % of starting assets) Miscellaneous – Other: 7.2% Global Small/Mid Cap Equity: -3.4% U.S. Synthetic Money Market: 5.8% Precious Metals Equity: -3.0%

Net Sales ($) Canadian Fixed Income: $1.317 billion Canadian Money Market: -$670 million Cdn. Fixed Income Balanced: $687 million Canadian Equity Balanced: -$314 million Global Neutral Balanced: $586 million Canadian Focused Equity: -$298 million

Net Sales Alternative Strategies: 20.7% North American Equity: -2.3%(as a % of starting assets) U.S. Synthetic Money Market: 7.4% Canadian Money Market: -2.1% Miscellaneous – Other: 7.2% Canadian Synthetic Money Market: -2.0%

Performance Natural Resources Equity: 2.7% Japanese Equity: -4.5%(Fund category averages) Real Estate Equity: 1.8% Global Small/Mid Cap Equity: -2.8% Cdn. Inflation Protected Fixed Income: 1.4% Precious Metals Equity: -2.1%

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For more information please contact:Jonathan Georges, CIM, FCSI Vice-président, Produits financiers / Vice President, Financial Products

EquiSoftCONSEILS ET SOLUTIONS INFORMATIQUES / CONSULTING AND SOFTWARE SOLUTIONS

T: 514.989.3141 X 201 | T: 888.989.3141 | F: 514.989.3140 Jonathan.Georges@equisoft.com | www.equisoft.com

EquiSoft specializes in the design and development of digital business solutions primarily for the financial industryDesigning and developing industry-leading business solutions for financial sector clients is second nature to us. Years of delive ring successful projects have made the EquiSoft team a highly sought-after resource. Knowledge, expertise, an entrepreneurial spirit and first-rate client care are some of the hallmarks of our brand.

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Please do not hesitate to contact us for more information.Jonathan Georges, CIM, FCSI Vice-président, Produits financiers / Vice President, Financial Products

EquiSoftCONSEILS ET SOLUTIONS INFORMATIQUES / CONSULTING AND SOFTWARE SOLUTIONS

T: 514.989.3141 X 201 | T: 888.989.3141 | F: 514.989.3140 Jonathan.Georges@equisoft.com | www.equisoft.com

CONSULTING AND SOFTWARE SOLUTIONSCONSULTING AND SOFTWARE SOLUTIONS

Please do not hesitate to contact us for more information.Jonathan Georges, CIM, FCSI Vice-président, Produits financiers / Vice President, Financial Products

EquiSoft CONSEILS ET SOLUTIONS INFORMATIQUES / CONSULTING AND SOFTWARE SOLUTIONS

T: 514.989.3141 X 201 | T: 888.989.3141 | F: 514.989.3140 Jonathan.Georges@equisoft.com | www.equisoft.com