HEMISPHERE CAPITAL MANAGEMENT

Conservative Composite
PERFORMANCE SUMMARY AND HISTORY

The Conservative Composite is comprised of consolidated client portfolios of Hemisphere Capital Management where
equity is less than 15% of the asset mix. These portfolios provide capital preservation, modest income, and low risk to
clients.

PERFORMANCE SUMMARY
Period Ending September 2012 - Annualized Returns (%) Gross of Fees
1

10

Inception (June/1993)

Conservative Composite

3.4

4.4

5.1

5.3

5.7

Benchmark

2.2

3.4

4.8

4.5

5.4

Inflation

1.3

1.7

1.6

1.7

1.7

Jun 00

Mar 02

YEARS

350
300
250
200
150
100
50
0

Sep 12

Dec 10

Mar 09

Jun 07

Benchmark

Sep 05

Dec 03

Sep 98

Dec 96

Mar 95

Jun 93

Conservative Composite

Inflation

Benchmark:
June 1993 - December 2002
60% DEX Short-term Bond Indices
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.

STOCK EXCHANGE BUILDING - SUITE 1280 300 5TH AVENUE SW CALGARY, ALBERTA T2P 3C4
PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA

PAGE 2

CONSERVATIVE COMPOSITE

PERFORMANCE HISTORY

1Q

3Q

4Q

YTD

Gross Fee

1.1%

4.6%

5.7%

Net Fee

1.0%

4.1%

5.1%

Benchmark

1.8%

3.0%

4.9%

3.4%

-0.2%

0.7%

Year
1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

Gross Fee

-1.3%

2Q

-1.0%

# of
Port

Year

2006

2007

1Q

2Q

3Q

4Q

YTD

Gross Fee

1.5%

-0.5%

2.2%

1.1%

4.4%

Net Fee

1.3%

-0.7%

1.9%

0.9%

3.4%

Benchmark

0.3%

1.3%

1.7%

0.7%

3.9%

Gross Fee

0.9%

-0.2%

1.2%

1.2%

3.2%

Net Fee

-1.6%

-1.2%

3.2%

-0.4%

-0.2%

Net Fee

0.7%

-0.4%

0.9%

1.0%

2.2%

Benchmark

-1.9%

-0.3%

3.2%

0.8%

1.8%

Benchmark

0.9%

-0.2%

1.9%

2.9%

5.6%

Gross Fee

2.2%

2.7%

0.9%

3.3%

9.3%

Gross Fee

1.9%

1.0%

-0.2%

1.1%

3.9%

Net Fee

2.0%

2.6%

0.8%

3.3%

8.9%

Net Fee

1.6%

0.8%

-0.5%

0.9%

2.7%

Benchmark

1.7%

0.6%

1.3%

2.8%

6.6%

Gross Fee

2.1%

2.5%

2.3%

1.3%

8.5%

Net Fee

1.8%

2.2%

2.0%

1.0%

7.3%

2008

Benchmark

3.6%

2.3%

3.2%

3.2%

12.8%

Gross Fee

1.3%

3.8%

1.3%

3.7%

10.5%

Net Fee

1.3%

3.8%

1.3%

3.6%

10.3%

Benchmark

0.6%

1.9%

4.0%

1.1%

7.8%

Gross Fee

-0.1%

1.9%

2.3%

0.6%

4.7%

Net Fee

-0.3%

1.7%

2.1%

0.4%

4.0%

Net Fee

0.6%

1.2%

2.1%

0.6%

4.5%

Benchmark

0.4%

2.2%

1.4%

0.5%

4.6%

Benchmark

0.4%

1.7%

1.6%

-0.2%

3.6%

Gross Fee

1.7%

1.0%

2.3%

1.4%

6.5%

Gross Fee

0.6%

1.2%

1.1%

1.2%

4.2%

Net Fee

1.5%

0.8%

2.1%

1.3%

5.8%

Net Fee

0.3%

0.9%

0.8%

1.0%

3.0%

0.5%

4.7%

Benchmark

1.1%

0.9%

2.3%

1.2%

5.6%

Gross Fee

1.0%

0.3%

0.9%

-0.1%

2.1%

Net Fee

0.9%

0.1%

0.7%

-0.3%

1.4%

Benchmark

1.1%

0.1%

0.8%

0.6%

2.8%

Gross Fee

1.4%

1.1%

1.7%

2.0%

6.3%

Net Fee

1.2%

0.9%

1.5%

1.8%

5.6%

Benchmark

1.7%

1.8%

1.7%

2.8%

8.3%

Gross Fee

2.1%

0.9%

2.2%

1.9%

7.4%

Net Fee

1.9%

0.7%

1.9%

1.7%

6.4%

Benchmark

1.2%

1.6%

3.7%

0.2%

6.8%

Gross Fee

0.4%

1.2%

2.1%

1.7%

5.5%

Net Fee

0.2%

1.0%

1.9%

1.5%

4.6%

Benchmark

0.3%

2.0%

1.3%

0.9%

4.5%

Gross Fee

0.1%

2.6%

1.7%

2.0%

6.5%

Net Fee

-0.1%

2.4%

1.5%

1.8%

5.7%

Benchmark

1.2%

2.1%

1.0%

2.5%

7.0%

Gross Fee

2.8%

-1.0%

2.0%

2.4%

6.2%

Net Fee

2.6%

-1.2%

1.8%

2.2%

5.4%

Benchmark

0.9%

-0.1%

1.6%

1.9%

4.4%

Gross Fee

1.9%

2.8%

1.3%

0.8%

7.0%

Net Fee

1.7%

2.5%

1.1%

0.6%

6.0%

Benchmark

0.8%

1.2%

-0.5%

0.5%

2.0%

2009

2010

2011

2012

Benchmark

2.0%

0.7%

1.6%

0.5%

4.8%

Gross Fee

0.9%

1.5%

2.4%

0.8%

5.7%

Benchmark

0.3%

1.5%

2.3%

Gross Fee

1.1%

-0.4%

1.4%

Net Fee

0.9%

-0.6%

1.2%

Benchmark

0.0%

0.9%

0.7%

# of
Port
6

Benchmark:
3

June 1993 - December 2002

60% DEX Short-term Bond Indices
40% T-bill 91 days
January 2003 - Current
100% DEX Short-term Bond Indices

10

STOCK EXCHANGE BUILDING - SUITE 1280 300 5TH AVENUE SW CALGARY, ALBERTA T2P 3C4
PH: 403-205-3533 TF: 800-471-7853 F: 403-205-3588 INFO@HEMISPHERE.CA