Performance Appraisal Report€¦ · Member of the Financial Industry Regulatory Authority, Inc. (FINRA) Member of the Investment Industry Regulatory Organization of Canada (IIROC)

Brockhouse & Cooper Inc.

Member of the Financial Industry RegulatoryAuthority, Inc. (FINRA)

Member of the Investment Industry RegulatoryOrganization of Canada (IIROC)

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Member of the Canadian InvestorProtection Fund (CIFP)

Broker-dealer services are provided

1250 Boul. René Lévesque WestSuite 4025

www.brockhousecooper.com

Brockhouse & Cooper International, Inc.

Brockhouse & Cooper International, Inc. is aRegistered Investment Advisor

10 Post Office Square, 8th floorBoston, MA

02109 USA

Montréal, Québec

H3B 4W8 Canada Tel 514-932-1548 Fax 514-932-8288

through Brockhouse & Cooper Inc.

Created : February 07, 2012

Participating organization in theToronto Strock Exchange Inc.

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Performance Appraisal Report

Manager: Jones Collombin Investment Counsel Inc.Product: Jones Collombin Balanced Composite

B&C CANADIAN BALANCED MANDATEUniverse:

B&C BAL'DBenchmark:

December 31, 2011Date:

CADCurrency:

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Table of ContentsB&C CANADIAN BALANCED MANDATE

INTRODUCTION 1

PARTICIPATING INVESTMENT MANAGEMENT FIRMS 2

COMPARATIVE RETURNS ANALYSIS - QUARTERLY/YEAR-TO-DATE RETURNS 3

- ANNUALIZED RETURNS 4

- CALENDAR YEAR RETURNS 5

- MOVING 4-YEAR RETURNS 6

COMPARATIVE RISK AND RISK-ADJUSTED MEASURES - BULL/BEAR MARKET CAPTURE 7

- RISK/RETURN 8

- RISK-ADJUSTED PERFORMANCE 9

- SUMMARY MEASURES 10

GLOSSARY 11

Introduction

Our reports are designed to be of particular interest toinstitutional investors. Our objective is to provide thereader with a concise review of the performance records ofthe world's leading investment managers.

The report includes:

(a) a list of all firms that have provided data for themandate addressed in this report;

(b) four graphs plotting individual manager returns againstits peers and a relevant index over periods of up to 10years;

(c) four graphs plotting a variety of risk and risk-adjustedperformance measures for an individual manager againstits peers and a relevant index over five or four years.

We now maintain data on 35 investment mandates. Oursamples are developed by ranking composite statistics, i.e.,a single data set, on each participating manager. Thisresults in sample data, e.g., calculated medians andquartiles, that is more useful for comparative analysis sincecalculations are not skewed by managers with largenumbers of clients.

All reported rates of return are total returns, (i.e., they includethe effects of price changes as well as dividend or interestincome), reduced by transaction costs but not by managementfees.

We hope that you will find our report a useful tool in youranalysis of fund management performance, and we encourageyou to call or write with any questions that you may havepertaining to this report.

Facts and information provided in this report are believed tobe accurate at the time of preparation. However, certaininformation in this document is provided to BrockhouseCooper by third parties. Although Brockhouse Cooperbelieves this information is reliable, Brockhouse Cooper hasnot independently verified the information. This informationis not to be re-produced, re-distributed or re-transmitted inany form by any means without prior expressed writtenconsent from Brockhouse Cooper.

Dear Reader,

We are pleased to provide you our Performance AppraisalReport.

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Participating Investment Management FirmsB&C CANADIAN BALANCED MANDATE

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AMI Partners Inc.Acuity Investment Management Inc.Addenda Capital Inc.Adroit Investment Management Ltd.Aegon Capital Management Inc.BMO Asset Management IncBarrantagh Investment Management Inc.Beutel Goodman & Company Ltd.Bissett Investment ManagementBonavista Asset Management Ltd.Brookfield Soundvest Capital Management Ltd.Burgundy Asset Management Ltd.C.F.G.Heward Investment Management Ltd.CI Institutional Asset Management, a division ofCIBC Global Asset Management Inc.Cardinal Capital Management, Inc.Connor Clark & Lunn Investment ManagementCumberland Associates Investment CounselDavis Rea Ltd. Investment ManagementDoherty & AssociatesDundeeWealth Investment CounselFiera Sceptre Inc.Foyston, Gordon & Payne, Inc.GCIC Ltd.GLC Asset Management Group Ltd.Greystone Managed Investments Inc.Gryphon Investment Counsel Inc.Guardian Capital LPHSBC Global Asset Management (Canada) LimitedHighstreet Asset Management Inc.HughesLittle Investment Management Ltd.Industrial AllianceIntegra Capital LimitedInvescoJ. Zechner Associates, Inc.Jarislowsky, Fraser LimitedJones Collombin Investment Counsel Inc.Legg Mason Canada Inc.Leith Wheeler Investment Counsel Ltd.

Letko, Brosseau & Associates Inc.Lincluden Investment Management LimitedMFS McLean BuddenMackenzie Global Advisors, A Division ofManulife Asset ManagementMawer Investment Management Ltd.Morrison Williams Investment Management Ltd.Mulvihill Capital Management Inc.Optimum Asset Management Inc.Pfiffner Management Inc.Phillips, Hager & North Investment ManagementPineBridge InvestmentsPyramis Global AdvisorsQV Investors Inc.REGAR Investment ManagementScheer, Rowlett & Associates InvestmentSeamark Asset Management Ltd.Sionna Investment Managers IncSprung & Co Investment Counsel Inc.Standard Life Investments Inc.TD Asset Management Inc.UBS Global Asset Management

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Glossary

This page shows selected measures of portfolio volatility and risk-adjusted return. These measures provide some insight into how a manager achieved a given level ofhistorical performance. Each measure defines a portfolio characteristic that, when compared to a relevant index or to a peer group, will give further insight into thecharacteristics of the measured manager’s style. No single measure completely captures a manager’s style or performance characteristics, but each measure helps usbetter understand how a manager achieved a given level of performance.

Jensens's Alpha: Alpha is the average difference between the return of themanager and the return of a passive strategy of equal marketabsolute risk.

Bear Market Capture: Bear Market Capture indicates how a manager has performed infalling markets. A bear market capture of 70 for a given managerindicates that in periods when market returns were negative, themanager’s returns declined by only 70% of the market returns. Anegative bear market capture indicates that when market returnswere negative, the manager generated a positive return. When aportfolio’s bear market capture number is ranked withinBrockhouse Cooper’s universe, the lowest bear market capture isgiven the highest rank; i.e., the first percentile.

Bull Market Capture:

Beta: Beta measures the sensitivity or responsiveness of the fund’sexcess return to that of the market portfolio. A beta greater than1.0 indicates a portfolio which is more volatile than the market.A beta less than 1.0 indicates a portfolio that is less volatile thanthe market. When a portfolio beta is ranked within BrockhouseCooper’s universe, the lowest beta is given the highest rank; i.e.,the first percentile.

Bull Market Capture indicates how a manager has performed inrising markets. A bull market capture of 70 for a given managerindicates that in periods when market returns were positive, themanager’s returns increased by only 70% of the market returns.When a portfolio’s bull market capture is ranked withinBrockhouse Cooper’s universe, the highest bull market capture isgiven the highest rank; i.e., the first percentile.

Information Ratio:

R-Squared:

Sharpe Ratio:

Tracking Error:

The Information Ratio is computed by dividing a portfolio’sactive return relative to the benchmark by its Tracking Risk.Positive Information Ratios indicate value added from activemanagement.

R-Squared is a measure that indicates the proportion of totalrisk attributable to market factors. An R-squared close to 1.0indicates that the portfolio is highly correlated with thebenchmark index. An R-squared well below 1.0 indicates thatthe portfolio is not highly correlated with the benchmarkindex.

The Sharpe Ratio measures the relationship of the fund’sexcess return (i.e. the portfolio rate of return minus the risk-free rate) to its standard deviation.

Standard Deviation: Standard Deviation is a measure of total volatility. It measuresthe degree to which a manager’s quarterly returns vary fromthe mean of the manager’s quarterly returns over the periodmeasured.

The Tracking Error measures the standard deviation of excessreturns versus the selected Index.

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